Subsidiaries Financial Statements 2021 22 Part 1

Independent Auditor’s Report
To the Members of Reliance Wimax Limited.

Report on the Standalone FinancialStatements
We have audited the accompanying Standalone financial statements of Reliance

WimaxLimited(“the Company") which comprises the Balance Sheet as at March 31, 2022, the
Statement of Profit and Loss, Statement of changes in equity and Statement of cash flows for the
year then ended, and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information (“the financial statements”).
In our opinion and to the best of our information and according to the explanations given to us,
the aforesaid standalone financial statements give the information required by 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 Loss,
changes in equity and its cash flows 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 Companies Act, 2013. 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 Companies
Act, 2013 and the Rules thereunder, 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.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on thesematters.
Information other than the financial statements and auditors’ 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 Board‟s Report including Annexures
to Board‟s Report, Business Responsibility Report but does not include the financial statements
and our auditor's report thereon.
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 standalone financial statements or our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated.
lf, 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.
Responsibility of Management for the Standalone 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 standalone financial
statements that give a true and fair view of the financial position, financialperformance, (changes
in equity)' and cash flows of the Company in accordance with the accounting principles generally
accepted in India, including the accounting Standards specified under section 133 of the Act. 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 doso.
Those Board of Directors are also responsible for overseeing the company‟s financial reporting
process.
Auditor’s Responsibility for the Audit of the Financial Statements
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 a part of an audit in accordance with SAs, we exercise professional judgement and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in order to
designauditproceduresthatareappropriateinthecircumstances.UnderSection143(3)(i) of the
Act, we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls system in place and the operating effectiveness of
such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the management.
• 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
standalone 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.
• Evaluate the overall presentation, structure and content of the standalone financial statements,
including the disclosures, and whether the standalone financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that,

individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the financial statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the scope of our audit work and in evaluatingthe
results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial
statements.
We communicate with those charged with governance regarding among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
the relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matter that may be reasonably be thought to bear on our independence,
and where applicable, related safe guards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the standalone financial statements of
the current period and are therefore the key audit matters. We describe these matter in our
auditor‟s report unless law or regulation precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that a matter should not be communicated in
our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor‟s Report) Order, 2020 (”the Order”), issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Companies Act,
2013, we give in the “ Annexure A” a statement on the matters specified in paragraphs 3 and 4 of
the Order, to the extent applicable.
As required by Section 143(3) of the Act, we report that:
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.
a. 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 and proper returns adequate for the
purposes of our audit have been received from the branches not visited by us.
b. The reports on the accounts of the branch offices of the Company audited under Section
143(8) of the Act by branch auditors have been sent to us and have been properly dealt
with by us in preparing this report.
c. The Balance Sheet, the Statement of Profit and Loss, Statement of Changes in Equity and the
Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d. In our opinion, the aforesaid standalone financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules,2014.
e. As per the management representation we report,

• no funds have been advanced or loaned or invested by the company to or in any
other person(s) or entities, including foreign entities (“Intermediaries”), with the
understanding that the intermediary shall whether directly or indirectly lend or
invest in other persons or entities identified in any manner by or on behalf of the
company (Ultimate Beneficiaries) or provide any guarantee, security or the like
or behalf of ultimate beneficiaries.
• no funds have been received by the company from any person(s) or entities
including foreign entities (”Funding Parties”) with the understanding that such
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 guarantee, security or the like on behalf of the
Ultimate beneficiaries.
• Based on the audit procedures performed, we report that nothing has come to our
notice that has caused us to believe that the representations given under sub-clause
(i) and (ii) by the management contains any material mis-statement.
On the basis of the written representations received from the directors as on 31st March,
2022 taken on record by the Board of Directors, none of the directors is disqualified as on
31st March, 2022 from being appointed as a director in terms of Section 164 (2) of the Act.
g. The company has not declared or paid any dividend during the year in contravention of the
provisions of section 123 of the Companies Act, 2f113.
h With respect to the other matters to be included in the Auditor‟s Report in accordance
with the requirements of section 197(16) of the Act, as amended :In our opinion and to
the best of our information and according to the explanations given to us, during the
year the remuneration is not paid by the Company to its directors.
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‟.
with respect to the other matters to be included in the Auditor‟s Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best
of our information and according to the explanations given to us:
i. The Company does not have any pending litigations as at March 31,2022
ii. I' he Company did not have any long-term contracts including derivative contracts
as at 31' March, 2022 for which there were any material foreseeable losses; and
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company during the year ended March 31,
2022.
iv. (a) The management has represented to us that, to the best of its
knowledge and belief 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 or entity, 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;
(b) The management has represented to us that, to the best of its knowledge and belief no
funds have been received by the Company from any person or entity, 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
(c) Based on our audit procedure that has been considered reasonable and appropriate in
the circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (a) and (b) contain any material misstatement.
For Priti V Mehta & Company

Chartered Accountants
Firm Regn.No. 129568W
Priti V. Mehta
(Proprietor) Place: Mumbai
M No.130514 Date: 26/05/2022
UDIN: 22130514AJSGUN1266
Reliance Wimax Limited
Annexure A to Independent Auditor’s Report – 31stMarch 2022
With reference to the ‟Annexure A‟ referred to in the Independent Auditors‟ Report to the Members
of Reliance Wimax Limited(‟the Company‟) on the financial statements for the year ended March
31, 2022, we report the following:
We report that
i). (a) The company does not have fixed assets as on 31st March 2021. Accordingly paragraphs 1(a),
(b) and (c) of the orders are not applicable to the company.
(b) According to the information and explanation and representation given to us by the management,
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.
ii) (a)The Company does not have inventories at the end of financial year. Accordingly clause ii (a) of
paragraph 3 of the orders are not applicable to the company.
iii) (b) As per the information and explanations given to us and books of accounts and records examined
by us, no working capital limits from banks or financial institutions on the basis of security of current
assets has been taken by the Company. Therefore, the reporting requirements under clause ii(b) of
paragraph 3 of the Order is not applicable to the Company.
iii).According to the information and explanations given to us and on the basis of our examination of
the books of account, the Company has not granted any loans, secured or unsecured, to companies,
firms, Limited Liability Partnerships or other parties listed in the register maintained under Section
189 of the Companies Act, 2013. Consequently, the provisions of clauses iii (a), (b) and (c)of the
order are not applicable to the Company.
iv).During the year the company has not provided any loans, guarantees, advances and securities to
the director of the company and the company is compliant provisions of section 185 and 186 of the
Companies Act, 2013. Accordingly, Paragraph of the Order is not applicable to the Company.
v).The Company has not accepted any deposits from the public and hence the directives issued by
the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions
of the Act and the Companies (Acceptance of Deposit) Rules, 2615 with regard to the deposits
accepted from the public are not applicable.
vi).As per information &explanation given by the management, maintenance of cost records has not
been specified by the Central Government under sub-section (1) of section 148 of the Companies
Act,2013.
vii).According to the records of the company, undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Employees‟ State Insurance, Income-tax, Sales-tax, Service
Tax, Goods and Service tax (GST), Custom Duty, Excise Duty, value added tax, cess and any other
statutory dues to the extent applicable, have generally been regularly deposited with the
appropriate authorizes. According to the information and explanations given to us there were no
outstanding statutory dues as on 31st March,2022 for a period of more than six months from the date
they became payable.
Annexure A to Independent Auditor’s Report - 31stMarch 2022
• According to the information and explanations given to us, there is no amount payable in
respect of Income tax, GST, Service tax, Sales tax, Customs duty, Excise duty, Value
added tax and Cess whichever applicable, which have not been deposited on account of
any disputes.
viii).The Company does not have any transactions to be recorded in the books of account 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).In our opinion and according to the information and explanations given by the management,
we are of the opinion that, the Company does not have any dues to a financial institution, bank,
Government or debenture holders.
x). Based on our audit procedures and according to the information given by the management, the
company has not raised any money by way of initial public offer or further public offer (including
debt instruments) or taken any term loan during the year. The company has not made any
preferential allotment or private placement of shares or fully or partly convertible debentures during
the year under review.
xi).(a) According to the information and explanations given to us, we report that no fraud by the
company or any fraud on the Company by its officers or employees has 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 Act has been filed by the auditors in form ADT-4 as prescribed under rule 13 of the
Companies (Audit and Auditors) Rules, 2014 with the Central Government.
(c) We have taken into consideration the whistle blower complaints received by the Company during the
year while determining the nature, timing and extent of audit procedures.
xii). The company is not a Nidhi Company. Therefore, clause (xii) of the order is not applicable to
the company.
xiii).According to the information and explanations given to us, all transactions with the related
parties are in compliance with sections 177 and 188 of Companies Act, 2013 wherever applicable
and the details have been disclosed in the Financial Statements etc. as required by the applicable
accounting standards.
xiv).The company is not covered by section 138 of the Companies Act, 2013, related to
appointment of internal auditor of the company. Therefore, the company is not required to
appoint any internal auditor. Therefore, the provisions of Clause (xiv) of paragraph 3 of the
xv).The company has not entered into noncash transactions with directors or persons connected with
him.
xvi). (a) The company is not required to be registered under section 45-IA of the Reserve Bank of
India Act,1934.
(b) On the basis of examination of records and according to the information and explanation given to us
by the Company, the Company has not conducted any Non-Banking Financial or Housing Finance
activities hence the reporting requirements under clause xvi(b) of paragraph 3 of the Order is not
applicable.
Annexure A to Independent Auditor’s Report –31stMarch 2022
(c) In our opinion and according to the information and explanations given to us, the Company is not a
Core Investment Company as defined in the regulations made by the Reserve Bank of India.
(d) As represented by the management, the Group does not have more than one Core Investment
Company as part of the Group as per the definition of Group contained in the Core Investment
Companies (Reserve Bank) Directions, 2016.
xvii). The company has not incurred cash losses in the financial year and in the immediately
preceding financial year
xviii).There has been no instance of any resignation of the statutory auditors occurred during
xix).No material uncertainty exists as on the date of the audit report that company is capable of
meeting its liabilities existing at the date of balance sheet as and when they fall due within a
period of 1 year from the balance sheet date.
xx).There is no liability of the company under the provisions of section 135 of the Companies Act,
relating to Corporate Social Responsibility. Therefore, the provisions of Clause (xx) of paragraph 3
of the order are not applicable to the Company.
xxi).The company has not made investments in subsidiary company. Therefore, the company
does not require to prepare consolidated financial statement. Therefore, the provisions of
Clause (xxi) of paragraph 3 of the order are not applicable to the Company.

Priti V. Mehta
(Proprietor)
M No.130514
UDIN: 22130514AJSGUN1266
Place: Mumbai
Date: 26/05/2022
Annexure B to Independent Auditor’s Report – 31stMarch 2022 on
the Financial Statements of Reliance Wimax Limited
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of
the Companies Act, 2013 (“the Act”)
We have audited the internal financial consols over financial reporting of Reliance Wimax Limited
(‟the Company') as of March 31, 2022in conjunction with our audit of the 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
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
CompaniesAct, 2013.
Auditor’s Resposibi1ity
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 ICAI. 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 operatingeffectiveness.
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
judgement, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion on the Company‟s internal financial controls system over financial reporting.
AnnexureBtoIndependentAuditor’sReport-31stMarch2022onthe
FinancialStatementsofReliance Wimax Limited
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
authorisations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorised acquisition, use, or
dispositionofthecompany'sassetsthatcouldhaveamaterialeffectonthefinancialstatements.
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 maydeteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial
controls system over financial reporting and such internal financial controls over financial
reporting were operating effectively as at March 31, 2022, based on “ the internal control over
financial reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting issued by the ICAI”.
For Priti V Mehta &Company

FirmRegn.No.129568W
Priti V.Mehta
(Proprietor) Place:Mumbai
M.No.130514 Date: 26/05/2022
UDIN:22130514AJSGUN1266
Reliance WiMax Limited
March 31, 2022
Balance Sheet as at March 31, 2022

(Amount in ` )
Particulars Notes As at As at
March 31, 2022 March 31, 2021
ASSETS
Non Current Assets
(a) Property, Plant and Equipment 2.01 - -
Current Assets
(a) Financial Assets
(i) Cash and Cash Equivalents 2.02 82 766 1 92 482
(ii) Other Financial Assets 2.03 5 09 78 853 5 09 78 853
5 10 61 619 5 11 71 335
5 10 61 619 5 11 71 335
TOTAL ASSETS 5 10 61 619 5 11 71 335
EQUITY AND LIABILITIES

Equity
(a) Equity Share Capital 2.04 68 70 660 68 70 660
(b) Other Equity 2.05 3 22 04 994 3 90 75 654 3 22 50 800 3 91 21 460
Liabilities
Current Liabilities
(a) Financial Liabilities
(i) Borrowings 2.06 1 00 00 000 1 00 00 000
(ii) Other Financial Liabilities 2.07 19 85 965 20 46 125
1 19 85 965 1 20 46 125
(b) Other Current Liabilities 2.08 3 750
1 19 85 965 1 20 49 875
TOTAL EQUITY AND LIABILITIES 5 10 61 619 5 11 71 335
Significant Accounting Policies 1

Notes on Accounts 2
Notes referred to above form an integral part of the Financial Statements.
As per our report of even date

For Priti V Mehta & Co For and on behalf of the Board
Firm Registration No. 129568W
Priti V Mehta VINAY SONI RAKESH GUPTA

Proprietor Director Director
Membership No. 130514 DIN No :- 08567944 DIN No :- 00130829
Place : Mumbai Place : Mumbai

Date :- May 26, 2022 Date :- May 26, 2022
Statement of Profit and Loss for the year ended March 31, 2022
(Amount in ` )
For the year ended For the year ended
Particulars Notes March 31, 2021
March 31, 2022
I INCOME
Revenue from Operations - -
Other Income - -
Total Income (I) - -
II EXPENDITURE
General Administration Expenses 2.09 45 806 1 93 100

Total Expenses (II) 45 806 1 93 100
III Loss before Tax (I - II) ( 45 806) ( 1 93 100)

IV Tax expense:
Current Tax - -
Deferred Tax - -
V Loss after Tax ( 45 806) ( 1 93 100)
VI Other Comprehensive Income - -
VII Total Comprehensive Income/(Loss) for the year ( 45 806) ( 1 93 100)
2.13
Earning per share of face value of ` 10 each fully Paid
Basic (`) (0.07) (0.28)
Diluted (`) (0.07) (0.28)

Notes on Accounts 2



Date :- May 26, 2022 Date :- May 26, 2022
Reliance WiMax Limited
Statement of Change in Equity for the year ended March 31, 2022
A Equity Share Capital (Refer Note 2.04) (Amount in ` )
Particulars For the year ended For the year ended
March 31, 2022 March 31, 2021
Balance at the begning of the year 68 70 660 68 70 660

Change in equty share capital during the year - -
Balance at the end of the year 68 70 660 68 70 660
B Other Equity (Refer Note 2.05)

(Amount in ` )
Other
Securities
Particular General Reserve Retained Earnings Comprehensive Total
Premium
Income
Balance as at April 01, 2020 25 44 42 554 46 78 000 (22 65 57 910) (13,479) 3 25 49 165
Add : Loss for the year - - ( 1 93 100) - ( 1 93 100)
Add : Other Comprehensive Income
- - - - -
during the year
Balance as at March 31, 2021 25 44 42 554 46 78 000 (22 67 51 010) ( 13 479) 3 23 56 065
Add : Loss for the year - - ( 45 806) - ( 45 806)
Add : Other Comprehensive Income
- - - - -
during the year
The accompanying statement of changes in equity should be read in conjunction with the accompanying notes (1-2).



Date :- May 26, 2022 Date :- May 26, 2022
Statement of Cash Flow for the year ended March 31, 2022
(Amount in ` )
Particulars
March 31, 2022 March 31, 2021
A CASH FLOW FROM OPERATING ACTIVITIES
Net Loss before tax as per Statement of Profit and Loss ( 45 806) ( 1 93 100)
Adjusted for:
Remeasurement Gain/Loss of defined benefit plan (Net of Tax) - -
Operating Profit/(Loss) before Working Capital Changes ( 45 806) ( 1 93 100)

Adjusted for:
Receivable and Other Advances
Trade Payable and Other Liabilities ( 63 910) 1 76 480
( 63 910) 1 76 480
Cash (Used in) Operations ( 1 09 716) ( 16 620)
Tax Refund - -
Tax Paid - -
Net Cash from Operating Activities ( 1 09 716) ( 16 620)
B CASH FLOW FROM INVESTING ACTIVITIES - -
Net Cash Generated from Investing Activities - -
C CASH FLOW FROM FINANCING ACTIVITIES - -
Net Cash Generated from / (used in) Financing Activities - -

Net Increase in Cash and Cash Equivalents ( 1 09 716) ( 16 620)
Opening Balance of Cash and Cash Equivalents 1 92 482 ` 2 09 102
Closing Balance of Cash and Cash Equivalents (Refer Note 2.02) 82 766 1 92 482
2 44 01 790
Note: 1
(1) Figures in brackets indicate cash outgo.
(2) Cash and cash equivalents includes bank balances including Fixed Deposits with Bank.
(3) Cash Flow Statement has been prepared under the Indirect Method set out in Indian Accounting Standard 7 "Statement of Cash
Flow".
The accompanying statement of cash flow should be read in conjunction with the accompanying notes (1-2).


Date :- May 26, 2022 Date :- May 26, 2022
Significant Accounting Policies and General Information to the Financial Statements
Note: 1 General Information and Significant Accounting Policy

1.01 General Information
Reliance Wimax Limited (“the Company”), is registered under Companies Act 1956, having Registered Office
at H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400710 and wholly owned subsidiary of
Reliance Communications Limited.
1.02 Basis of Preparation of Financial Statements
The Financial Statements are prepared under historical cost convention in accordance with the generally
accepted accounting principles (GAAP) in India and Comply with Accounting Standard specified under Section
133 the Companies Act, 2013 ("the Act") read with Rule 3 of the Companies (Indian Accounting Standard)
Rules 2015, Companies (Indian Accounting Standards) Amendment Rules 2016 and other provisions of the Act
to the extent notified and applicable, as well as applicable guidance note and pronouncements of the Institute of
Chartered Accountants of India (ICAI).
All assets and liabilities have been classified as current or non-current as per the Company's normal operating
cycle and other criteria set out in Schedule III to the Act. Based on the nature of the services and their
realisation in cash & cash equivalents, the Company has ascertained its operating cycle as twelve months for
the purpose of current or non-current classification of assets and liabilities.
1.03 Use of Estimates

The preparation and presentation of Financial Statements requires estimates and assumptions to be made that
affect the reported amount of assets and liabilities and disclosure of contingent liabilities on the date of the
Financial Statements and the reported amount of revenues and expenses during the reporting period.
Difference between the actual results and estimates is recognised in the period in which the results are known /
materialised. Estimates and underlying assets are reviewed on periodical basis. Revisions to accounting
estimates are recognised prospectively.
The preparation of financial statements requires the use of accounting estimates which, by definition, will
seldom equal the actual results. The management also needs to exercise judgement in applying the accounting
policies.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of
items which are more likely to be materially adjusted due to estimates and assumptions turning out to be
different than those originally assessed. Detailed information about each of these estimates and judgements is
included in relevant notes together with information about the basis of calculation for each affected line item in
the financial statements.
Critical estimates and judgements
The Company has based its assumptions and estimates on parameters available when the financial statements
were prepared. Existing circumstances and assumptions about future developments, however, may change due
to market changes or circumstances arising that are beyond the control of the Company. Such changes are
reflected in the assumptions when they occur.
The areas involving critical estimates or judgements pertaing to useful life of property, plant and equipment
(Note 2.01), current tax expense and payable, recognition of deferred tax assets for carried forward tax losses
(Note 2.14).
Useful life of Property, Plant and Equipment including intangible asset: The residual values, useful lives and
methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted
prospectively, if appropriate.
Taxes : The Company provides for tax considering the applicable tax regulations and based on reasonable
estimates.
Management periodically evaluates positions taken in the tax returns giving due considerations to tax laws and
establishes provisions in the event if required as a result of differing interpretation or due to retrospective
amendments, if any.
The recognition of deferred tax assets is based on availability of sufficient taxable profits in the Company
against which such assets can be utilized. MAT (Minimum Alternate Tax) is recognized as an asset only when
and to the extent there is convincing evidence that the Company will pay normal income tax and will be able to
utilize such credit during the specified period. In the year in which the MAT credit becomes eligible to be
recognized as an asset, the said asset is created by way of a credit to the Statement of Profit and loss and is
included in Deferred Tax Assets.
The Company reviews the same at each balance sheet date and if required, writes down the carrying amount of
MAT credit entitlement to the extent there is no longer convincing evidence to the effect that Company will be
able to absorb such credit during the specified period.

Contingent liabilities are reviewed at each balance sheet date and adjusted to reflect the current best estimates.
Non-financial assets are reviewed for impairment, whenever events or changes in circumstances indicate that
the carrying amount of such assets may not be recoverable. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.04 Functional Currency and Presentation Currency
These financial statements are presented in Indian Rupees (“Rupees” or “`“) which is functional currency of the
Company
1.05 Property, Plant and Equipment
(i) Property, plant and equipment (PPE) are stated at cost net of Modvat/ Cenvat less accumulated
depreciation, amortisation and impairment loss, if any. Subsequent expenditure is capitalised only if it is
probable that the future economic benefits associated with the expenditure will flow to the Company.
(ii) Cost of an item of PPE comprises of its purchase price including import duties and non refundable
purchase taxes after deducting trade discounts and rebates, any directly attributable cost of bringing the
item to its working condition for its intended use and present value of estimated costs of dismantling and
removing the item and restoring the site on which it is located.
(iii) On transition to Ind AS, the Company has availed the deemed cost exemption in relation to the Tangible
Assets on the date of transition
(v) Depreciation is provided on Straight Line Method based on useful life of the assets prescribed in Schedule
II to the Act.
1.06 Borrowing Costs
Borrowing costs that are attributable to the acquisition, construction or production of qualifying assets are
capitalised as part of the cost of such assets upto the commencement of commercial operations. A qualifying
asset is one that necessarily takes substantial period of time to get ready for its intended use. Other borrowing
costs are recognised as expense in the year in which they are incurred.
1.07 Revenue Recognition and Receivables
(i) Revenue is recognised when it is probable that the economic benefits will flow to the Company and
revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured
at the fair value of the consideration received or receivable.
(ii) Interest income on investment is recognised on time proportion basis. Interest income is accounted using
the applicable Effective Interest Rate (EIR), which is the rate that exactly discounts estimated future cash
receipts over the expected life of the financial assets to that asset‟s net carrying amount on initial
recognition.

1.08 Taxes on Income and Deferred Taxes
Provision for income tax is made on the basis of taxable income for the year at current rates. Tax expense
comprises of Current Tax and Deferred Tax at the applicable enacted or substantively enacted rates. Current
tax represents the amount of Income Tax payable / recoverable in respect of the taxable income/loss for the
reporting period. Deferred tax represents the effect of temporary difference between the carrying amount of
assets and liabilities in the financial statement and the corresponding tax base used in computation of taxable
income. Deferred Tax Liabilities are generally accounted for all taxable temporary differences. The deferred tax
asset is recognised for all deductible temporary differences, carried forward of unused tax credits and unused
tax losses, to the extent that is probable that taxable profit will be available against which those deductible
temporary differences can be utilised. Deferred income tax assets and liabilities are offset when there is a
legally enforceable right to offset current income tax assets against current income tax liabilities and when the
deferred income tax assets and liabilities relate to income tax levied by the same taxation authority on either the
same taxable entity or different taxable entities where there is an intention to settle the balances on a net or
simultaneous basis. MAT credit is recognised as an asset only if it is probable that the Company will pay
normal income tax during the specified period.
1.09 Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement are recognised when there is a present
obligation as a result of past events and it is probable that there will be an outflow of resources. Provisions are
determined by discounting expected future cashflows at the pre tax rate that reflects current market
assumptions of time value of money and risk specific to the liability. A disclosure for a contingent liability is made
when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of
resources. When there is a possible obligation or a present obligation in respect of which the likelihood of
outflow of resources is remote, no provision or disclosure is made. Contingent Assets are neither recognised
nor disclosed in the financial statements.
1.10 Earning per Share
In determining Earning per Share, the Company considers the net profit or loss after tax. The number of shares
used in computing Basic Earning per Share is the weighted average number of shares outstanding during the
period. The number of shares used in computing Diluted Earning per Share comprises the weighted average
shares considered for deriving Basic Earning per Share and also weighted average number of shares that could
have been issued on the conversion of all dilutive potential Equity Shares unless the results would be anti-
dilutive. Dilutive potential Equity Shares are deemed converted as of the beginning of the period, unless issued
at a later date.
1.11 Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity.
Financial Assets
(i) Initial recognition and measurement
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at
fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial
asset.
(ii) Subsequent measurement
Subsequent measurement of the debt instruments depends on the Company‟s business model for
managing asset and cash flow characteristics of the asset. There are three measurement categories into
which the Company classifies its debt instruments.
(iii) Financial Assets measured at amortised cost
A „debt instrument‟ is measured at the amortised cost, if both the following conditions are met:
a) Asset is held within a business model, whose objective is to hold assets for collecting contractual cash
flows, and
b) Contractual terms of the asset give rise to cash flows, on specified dates, that are solely payments of
principal and interest (SPPI) on the principal amount outstanding. After initial measurement, such financial
assets are subsequently measured at amortised cost using the effective interest rate (EIR) method.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of EIR. EIR amortisation is included in finance income in the Statement of
Profit and Loss. Losses arising from impairment are recognised in the Statement of Profit and Loss. This
category generally applies to trade and other receivables.
(iv) Financial Assets measured at fair value through other comprehensive income (FVTOCI)
A „debt instrument‟ is classified as FVTOCI if both of the following criteria are met:

a) Objective of the business model is achieved both, by collecting contractual cash flows and selling
financial assets, and
b) Contractual cash flows of the asset represent SPPI: Debt instruments included within FVTOCI category
are measured initially as well as at each reporting date at fair value. Fair value movements are recognized
in OCI. However, the Company recognizes interest income, impairment loss and reversal and foreign
exchange gain or loss in the Statement of Profit and Loss. On derecognition of the asset, cumulative gain
or loss previously recognised in OCI is reclassified from the equity to Statement of Profit and Loss. Interest
earned whilst holding FVTOCI debt instrument is reported as interest income using EIR method.
(v) Financial Assets measured at fair value through profit or loss (FVTPL):
Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as
FVTOCI, is classified as FVTPL. In addition, the Company may elect to designate a debt instrument, which
otherwise meets amortized cost or FVTOCI criteria, as FVTPL. However, such election is allowed only if,
doing so reduces or eliminates measurement or recognition inconsistency (referred to as „accounting
mismatch‟).
(vi) Equity investments:
All equity investments in scope of Ind AS 109 “Financial Instruments” are measured at fair value. Equity
instruments which are held for trading are classified as FVTPL. For all other equity instruments, the
Company decides to classify the same either as FVOCI or FVTPL. The Group makes such election on
instrument by instrument basis. The classification is made on initial recognition, which is irrevocable. If the
Company decides to classify an equity instrument as FVOCI, then all fair value changes on the instrument,
excluding dividend, are recognized in the OCI. There is no recycling of the amounts from OCI to profit and
loss, even on sale of investment. However, the Company may transfer the cumulative gain or loss within
equity. Equity instruments included within FVTPL category are measured at fair value with all changes
recognized in the Statement of Profit and Loss. Also, the Comapny has elected to apply the exemption
available under Ind AS 101 to continue the carrying value for its investments in subsidiaries and associates
as recognised in the financial statements as at the date of transition to Ind AS, measured as per the
previous GAAP as at the date of transition
(vii) Derecognition of Financial Assets
A financial asset is primarily derecognised when: (I) Rights to receive cash flows from the asset have
expired, or (II) The Company has transferred its rights to receive cash flows from the asset or has
assumed an obligation to pay the received cash flows in full without material delay to a third party under
„pass-through‟ arrangement and either (a) the Company has transferred substantially all the risks and
rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and
rewards of the asset, but has transferred control of the asset.
(viii) Impairment of Financial Assets

The Company assesses on a forward looking basis the expected credit losses associated with its assets
carried at amortised cost. Impairment methodology applied depends on whether there has been a
significant increase in the credit risk. As a practical expedient, the Company uses a provision matrix to
determine impairment loss allowance on portfolio of its trade receivables, as permitted by Ind AS 109.
Provision matrix is based on its historically observed default rates over the expected life of the trade
receivables and is adjusted for forward looking estimates. At every reporting date, the historical observed
default rates are updated and changes in the forward looking estimates are analysed.
Financial Liabilities
All financial liabilities are recognised initially at fair value, in the case of loans, borrowings and payables,
net of directly attributable transaction costs. Financial liabilities include trade and other payables and loans.

The measurement of financial liabilities depends on their classification, as described herein:
(a) Financial liabilities at Fair Value through Profit or Loss: Financial liabilities at Fair Value through
Profit or Loss include financial liabilities held for trading and financial liabilities designated upon initial
recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading, if
they are incurred for the purpose of repurchasing in the near term. This category also includes derivative
financial instruments entered into by the Company that are not designated as hedging instruments in
hedge relationship as defined by Ind AS 109. Gains or losses on liabilities held for trading are recognised
in Statement of Profit or Loss.

(b) Financial liabilities measured at amortised cost: After initial recognition, interest bearing loans and
borrowings are subsequently measured at amortised cost using Effective Interest Rate (EIR) method.
Gains or losses are recognised in Statement of Profit and Loss when the liabilities are derecognised as
well as through EIR amortisation process. Amortised cost is calculated by taking into account any discount
or premium on acquisition and fees or costs that are an integral part of EIR. EIR amortisation is included
as finance costs in the Statement of Profit and Loss.
(iii) Derecognition of Financial Liabilities
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability. The
difference in the respective carrying amounts is recognised in the Statement of Profit and Loss.
1.12 Impairment of Non Financial Assets

Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An asset is treated as impaired when the carrying cost of assets exceeds its
recoverable value. An impairment loss is charged to the Statement of Profit and Loss in the year in which an
asset is identified as impaired. The impairment loss recognised in prior accounting period is increased/ reversed
where there has been change in the estimate of recoverable value. The recoverable value is the higher of the
assets‟ net selling price and value in use.
1.08 Cash and Cash Equivalents
Cash and Cash Equivalents for the purposes of cash flow statement comprise cash at bank and in hand and
demand deposits with banks and short-term investments with an original maturity of three months or less.
Notes annexed to and forming part of financial statements
2.01 Property, Plant and Equipment (Amount in ` )
Leasehold Computers Electrical Plant and Office Furniture and

Particulars Vehicles Total
Improvement Installation Machinery Equipment Fixtures
Gross carrying value
As at March 31, 2020 44 50 308 81 69 347 2 37 285 23 22 74 437 65 54 983 19 61 483 18 92 510 25 55 40 353
Additions - - - - - - - -
As at March 31, 2021 44 50 308 81 69 347 2 37 285 23 22 74 437 65 54 983 19 61 483 18 92 510 25 55 40 353
Accumulated Depreciation
As at March 31, 2020 44 50 308 81 69 347 2 37 285 23 22 74 437 65 54 983 19 61 483 18 92 510 25 55 40 353
Depreciation for the year - - - - - - - -
As at March 31, 2021 44 50 308 81 69 347 2 37 285 23 22 74 437 65 54 983 19 61 483 18 92 510 25 55 40 353
Net carrying value as at
March 31, 2021 - - - - - - - -
Leasehold Electrical Plant and Office Furniture and

Particulars Computers Vehicles Total
Improvement Installation Machinery Equipment Fixtures
As at March 31, 2021 44 50 308 81 69 347 2 37 285 23 22 74 437 65 54 983 19 61 483 18 92 510 25 55 40 353
Additions - - - - - - - -
Deletion ( 44 50 308) (81,69,347.00) (2,37,285.00) (23,22,74,437.00) (65,54,982.74) (19,61,483.00) (18,92,510.00) (25 55 40 353)
As at March 31, 2022 -
As at March 31, 2021 44 50 308 81 69 347 2 37 285 23 22 74 437 65 54 983 19 61 483 18 92 510 25 55 40 353
Depreciation for the year - - - - - - - -
Deletion ( 44 50 308) (81,69,347.00) (2,37,285.00) (23,22,74,437.00) (65,54,982.74) (19,61,483.00) (18,92,510.00) (25 55 40 353)
As at March 31, 2022 - - - - - - - -
Net carrying value as at

March 31, 2022 - - - - - - - -
(Amount in ` )
Particulars As at As
As at
at
March 31, 2022 March

April 31,
01, 2021
2015
2.02 Cash and Bank
Cash Balance
Equivalents
Balance with Banks (Refer Note no. 2.23) 62 766 1 72 482
Fixed Deposit (Refer Note no. 2.23) 20 000 20 000
82 766 1 92 482
2.03 Other Financial Assets

Advances to Related Parties 5 09 78 853 5 09 78 853
(Unsecured,Considered good)
5 09 78 853 5 09 78 853
2.04 Share Capital

Authorised
Equity
15 00 000 (15 00 000) Equity Shares of ` 10 each 1 50 00 000 1 50 00 000
Preference
20 00 000 (20 00 000) Preference Shares of ` 10 each 2 00 00 000 2,00,00,000
3 50 00 000 3 50 00 000
Issued, Subscribed and Paid up
6 87 066 (6 87 066) Equity Shares of ` 10 each fully paid up 68 70 660 68 70 660
68 70 660 68 70 660
Equity Shares
a) Shares held by Promoters No of Shares % of Total Shares
Reliance Communications Limited, the Holding Company & its 687,066 100%
nominees. (687,066) (100%)
% Change during the year Nil Nil
Shares held by Holding Company No of Shares % of Total Shares
Reliance Communications Limited, the Holding Company & its 687,066 100%
nominees. (687,066) (100%)
% Change during the year Nil Nil
b) Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of ` 10 per share. Each holder of equity shares
is entitled to one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the
remaining assets of the Company after the distribution of all the preferential amounts, in proportion to their
shareholdings.
Preference Shares
a) All the 10 00 000 shares are held by Reliance Communications Limited, the Holding Company & its nominees.
b) Terms/rights attached to preference shares
7.5% Redeemable Non cumulative Non Convertible Preference Shares shall be redeemed at the end of 20 (twenty)
years from the date of allotment or as mutually agreed by both the parties. The above shares shall be redeemed at
7.5% yield p.a. on face value.
Reconcilation of shares outstanding at the beginning and at the end of the reporting year.
Equity shares No. of Shares Amount
At the beginning of the year 6 87 066 68 70 660
Add/ (Less): Changes during the year - -
At the end of the year 6 87 066 68 70 660
7.5% Redeemable Non Cumulative Non Convertible Preference

No. of Shares Amount
Shares
At the beginning of the year 10 00 000 1 00 00 000
Add/ (Less): Changes during the year - -
At the end of the year 10 00 000 1 00 00 000
2.05 Other Equity (Amount in ` )
Reserves and Surplus

Other
Particulars Comprehensi Total
Securities General Retained ve Income
Premium Reserve Earnings
Balance as at April 01, 2020 25 44 42 554 46 78 000 (22 66 63 175) ( 13 479) 3 24 43 900
Add: Loss for the year - - ( 1 93 100) - ( 1 93 100)
Add : Other Comprehensive
Income during the year - - - - -
Add: Loss for the year - - ( 45 806) - ( 45 806)

Add : Other Comprehensive
Income during the year - - - - -
(Amount in ` )
As at As
As at
at
Particulars
March 31, 2022 March
April 31,
01, 2021
2015
2.06 Borrowings
10 00 000 7.5% Redeemable Non Cumulative Non

Convertible Preference Shares (Refer Note 2.04) 1 00 00 000 1 00 00 000
(10 00 000 )
1 00 00 000 1 00 00 000
2.07 Other Financial Liabilities
Provision for Expenses 11,57,901 13 01 651

Payable to Related Parties 8,28,064 7 44 474
19 85 965 20 46 125
2.08 Other Current Liabilities
Payable to Tax Authorities - 3 750
- 3 750
(Amount in ` )

Particulars
March 31, 2022 March 31, 2021
2.09 General administration Expenses

Bank Charges 1 716 16 620
Legal and Professional Fees 24 090 6 480
Directos Sitting Fees - 70 000
Payment to Auditors 20 000 1 00 000
45 806 1 93 100
2.10 Previous Year
The figures of the previous year have been regrouped and reclassified, wherever required. Amount in financial
statements are presented in Rupees.
2.11 Going Concern

The accompanying financial statements have been prepared assuming the Company will continue as a going concern.
The management believes that it is appropriate to prepare these financial statements on 'going concern' basis. During
the earlier year, License issued by Department of Telecommunications, for providing Internet services had expired but
Management proposes to enter into trading activity and/ or any other activity utilizing the resources of the Company.
As at As at
2.12 Contingent Liabilities March 31, 2022 March 31, 2021
Bank guarantees and letters of credit 2 20 00 000 2 20 00 000
2.13 Earnings per Share (EPS) (Amount in ` )

March 31, 2022 March 31, 2021
Loss attributable to Equity share holders
( 45 806) ( 1 93 100)
(Numerator - Profit after tax) ( ` )
Denominator - Weighted number of equity shares 6 87 066 6 87 066
Basic as well as diluted, earning per equity share ( ` ) (0.07) (0.28)
(Amount in ` )
2.14 Deferred Tax Assets (net) As at As at
March 31, 2022 March 31, 2021
Related to carried forward losses - -
Related to Capital Loss - -
Related to timing difference on depreciation
of Fixed Assets - -
Total Deferred Tax Assets - -
Significant management judgement considered in determining provision for income tax, deferred income tax assets and
liabilities and recoverability of deferred income tax assets. The recoverability of deferred tax assets is based on
estimates of taxable income and the period over which deferred income tax assets will be recovered. As the Company
is not carrying business activites, all the expenses incurred is disallowed, hence there is no deferred tax asset as on
March 31, 2021.
(a) Amounts recognised in profit and loss (Amount in ` )

March 31, 2022 March 31, 2021
Current income tax - -
Tax for earlier years - -
Tax expense for the year - -
(b) Amounts recognised in other comprehensive income. Nil Nil
(c) Reconciliation of Tax Expenses
Loss before Tax (45,806) (1,93,100)
Applicable Tax Rate 26% 26%
Computed Tax Expenses (I) (11,910) (50,206)
Add: Expenses not considered for taxable profit 11,910 50,206
- -
2.15 Segment Reporting
Since, the Company currently does not have any business operations, hence there are no reportable Segments as per
Ind AS-108 "Operating segment".
2.16 Post Reporting Events
The above contingent liability of Rs. 2,00,00,000 has not been renwed subsequent to balance sheet date.
2.17 Related Parties :
As per Ind AS- 24, issued by the Institute of Chartered Accountants of India, the disclosures of transaction with the
related parties as defined in the Accounting Standard are given below
a) Name of the Related Party Relationship
i Reliance Innoventures Private Limited Ultimate Holding Company
ii Reliance Communications Limited Holding Company
iii Reliance Communications Infrastructure Fellow Subsidiary Company
Limited
iv Globalcom IDC Limited Fellow Subsidiary Company
b) Transactions during the year with related parties :

(Amount in `)
Fellow
Sr. Holding
Nature of Transactions Subsidiary Total
No. Company
Company
1 Other Financial Liabilities 6 99 494 1 28 570 8 28 064

( 6 99 484) ( 46 480) ( 6 99 484)
2 Advances to Related Parties 5 09 78 853 5 09 78 853

(5 09 78 853) (5 09 78 853)
3 Preference Shares Issued (7.5% 1 00 00 000 (-) 1 00 00 000

Redeemable Non Cumulative Non
Convertible)
(1 00 00 000) (-) (1 00 00 000)
c) Details of Material Transaction with Related Party

( Amount in ` )
Particulars March 31, 2022 March 31, 2021
Transaction during the year
Reimbursement of expenses (net)
Globalcom IDC Limited 1 28 570 82 090
Balance Sheet (Closing Balance)

Other Financial Liabilities
Reliance Communications Infrastructure
6 99 494 6 99 484
Limited
Othr Financial Assets

Reliance Communications Infrastructure 5 09 78 853 5 09 78 853
Limited
Borrowings
Reliance Communications Limited 1 00 00 000 1 00 00 000
Note : 2.18
The Company has given an advance of Rs. 5,09,78,853 to its fellow subsidiary M/s Reliance Communication
Infrastructure Limited. Since, the advance is given to the Group Company the same is considered as good
and fully recoverable.
Note : 2.19
1 Financial Instruments
The fair value of financial assets and liabilities are included at the amount at which the instrument could be exchanged
in a current transaction between the willing parties, other than in a forced or liquidation sale.
The following methods and assumptions have been used to estimate the fair values:
Fair value of cash , trade and other short term receivables, trade payables, other financial liabilities, short term loans
approximate their carrying amounts largely due to the short term maturities of these instruments
Fair value hierarchy
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
There is no fair valuation of Financial Instruments. The carrying value of the financial instruments by categories were as
follows:
Particulars As at As at
March 31, 2022 March 31, 2021
Financial assets at amortised cost:
Cash and cash equivalents (Refer Note 2.02) 82 766 1 92 482
Other Financial Assets (Refer Note 2.03) 5 09 78 853 5 09 78 853
Financial assets at fair value through Profit Nil Nil
and Loss/ other Comprehensive Income:
Financial liabilities at amortised cost:

Borrowings (Refer Note 2.06) 1 00 00 000 1 00 00 000
Other Financial Liabilities (Refer Note 2.07) 19 85 965 20 46 125
Financial liabilities at fair value through Nil Nil
Statement of Profit and Loss/ other
Comprehensive Income:
2 Financial Risk Management Objectives and Policies
The Company‟s financial liabilities comprise of borrowings to manage its operation and the financial assets include
cash and bank balances, other receivables etc. arising from its operation.
Financial risk management
Interest Rate Risk
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is
the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates.
Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate
because of fluctuations in the interest rates.
Exposure to interest rate risk
The Company does not have Interest rate risk as there is no interest bearing liability or assets.
Credit risk
Credit risk refers to the risk of default on its obligation by the customer/ counter party resulting in a financial loss. The
Company does not have exposure to the credit risk at the reporting date.
Liquidity risk
The Company‟s principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from
operations. The Company doesnot have any contractual maturities of financial liabilities.
Note : 2.20
Capital Management
Capital of the Company, for the purpose of capital management, include issued equity capital and all other equity
reserves attributable to the equity holders of the Company. The primary objective of the Company‟s capital
management is to maximise shareholers value. The funding requirement is met through a mixture of equity, internal
accruals and borrowings which the Compant monitors on regular basis.
Note : 2.21
Accounting Ratio
2021-22
Name of the Ratio Numerator Denominator % Variance #
(2020-21)
Current 25.71
Current Ratio (in times) Current Assets 3%
Liabilities (24.96)
0.26
Debt Equity Ratio (in times) Total Debt Equity 0%
(0.26)
The Company does not have business operations, Turnover, Inventory, Purchases and also having negative Net worth,
during the year and previous year. Accordingly, ratios (i.e. Debt-Equity Debt Service coverage, Return on equity,
Inventory turnover, Trade receivable turnover , Trade payable turnover, Net capital turnover, Net profit, Return on
capital employed and Return on investment) are not applicable.
# There is no significant change (i.e. more then 25%) in the above mentioned ratios during the year in comparison to
Previous year.
Note : 2.22
Authorisation of Financial Statements
The financial statements for the year ended March 31, 2022 were approved by the Board of Directors on May 26, 2022.
Note : 2.23
Cash and Cash Equivalents
Balance confirmation in respect of Fixed Deposit of Rs. 20,000 had not been obtained, however there has been no
transactions during the year.

Date :- May 26, 2022 Date :- May 26, 2022
To The Members of Reliance Bhutan Limited
Report on the Standalone Financial Statements
We have audited the accompanying Standalone financial statements of Reliance Bhutan Limited
(“the Company") which comprises the Balance Sheet as at March 31, 2022, the Statement of
Profit and Loss, Statement of changes in equity and Statement of cash flows for the year then
ended, and notes to the financial statements, including a summary of significant accounting
policies and other explanatory information (“the financial statements”).
Basis for Opinion
Key audit matters
statements that give a true and fair view of the financial position, financ’ial performance, (changes
process.
such controls.
going concern.

statements.

company (Ultimate Beneficiaries) or provide any guarantee, security or the like or
behalf of ultimate beneficiaries.
• no funds have been received by the company from any person(s) or entities including
foreign entities (”Funding Parties”) with the understanding that such 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 guarantee, security or the like on behalf of the Ultimate beneficiaries.
notice that has caused us to believe that the representations given under sub-clause (i)
and (ii) by the management contains any material mis-statement.
On the basis of the written representations received from the directors as on 31st March, 2022
taken on record by the Board of Directors, none of the directors is disqualified as on 31st
March, 2022 from being appointed as a director in terms of Section 164 (2) of the Act.
the best of our information and according to the explanations given to us, during the year
the remuneration is not paid by the Company to its directors.
„Annexure B‟.
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:
ii. I' he Company did not have any long-term contracts including derivative contracts as at
31' March, 2022 for which there were any material foreseeable losses; and
iii. There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company during the year ended March 31, 2022.
iv. (a) The management has represented to us that, to the best of its knowledge
and belief 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 or entity, 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;
(b) The management has represented to us that, to the best of its knowledge and belief no funds
have been received by the Company from any person or entity, 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
(c) Based on our audit procedure that has been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the

Priti V. Mehta
M No.130514 Date:26/05/2022
UDIN: 22130514AJQYPC2773
Reliance Bhutan Limited
of Reliance BhutanLimited (‟the Company‟) on the financial statements for the year ended March
We report that
thereunder.
assets has been taken by the Company. Therefore, the reporting requirements under clause ii(b) of
Act,2013.
statutory dues to the extent applicable, have generally been regularly deposited with the
outstanding statutory dues as on 31st March,2022 for a period of more than six months from the date
they became payable.
added tax and Cess whichever applicable, which have not been deposited on account of any
disputes.
during the year.
the company.
him.
India Act,1934.
(b) On the basis of examination of records and according to the information and explanation given
tous by the Company, the Company has not conducted any Non-Banking Financial or Housing
Finance activities hence the reporting requirements under clause xvi(b) of paragraph 3 of the
Order is not applicable.
does not require to prepare consolidated financial statement. Therefore, the provisions of Clause
(xxi) of paragraph 3 of the order are not applicable to the Company.

Priti V. Mehta
(Proprietor)
M No.130514
UUIN: 22130314AQYPC2773
Place: Mumbai
Date: 26/ 05/ 2022
the Financial Statements of Reliance Bhutan Limited
We have audited the internal financial console over financial reporting of Reliance Bhutan
Limited (‟the Company') as of March 31, 2022in conjunction with our audit of the financial
statements of the Company for the year ended on that date.
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 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 CompaniesAct,
2013.
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 ICAI. 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
operatingeffectiveness.
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 judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinion on the Company‟s internal financial controls system over
financial reporting.
FinancialStatementsofRelianceBhutanLimited
principles.
Opinion
internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the ICAI”.

FirmRegn.No.: 129568W
Priti V.Mehta
M.No.130514 Date: 26/05/2022
UDIN: 22130514AJQYPC2773
Financial Statements
March 31, 2022


(Amount in ` )
As at As at
Notes March 31, 2022 'March 31, 2021
ASSETS
Non Current Assets
(a) Income Tax Assets (net) 2.01 16 115 18 057
Current Assets
(i) Investments 2.02 200 00 00 000 200 00 00 000
(ii) Cash and Cash Equivalents 2.03 6 37 869 200 06 37 869 6 04 553 200 06 04 553
Total Assets 200 06 53 984 200 06 22 610

Equity
(b) Other Equity 2.05 ( 4 99 620) 380 ( 4 95 954) 4 046
Liabilities
Current Liabilities
(i) Borrowings 2.06 200 03 60 765 200 03 60 765
(b) Other Current Liabilities 2.07 2 92 839 200 06 53 604 2 57 799 200 06 18 564
Total Equity and Liabilities 200 06 53 984 200 06 22 610

Notes to the Financial Statements 2 -

-
As per our Report of even date
Firm Registration No 129568W
Rakesh Gupta
Director
DIN No :- 00130829
Priti V Mehta Arvind Purohit

Proprietor Director
Membership No. 130514 DIN No :- 08349713
Place : Mumbai
Date :- May 26, 2022
(Amount in ` )
Notes For the year ended For the year ended
March 31, 2022 March 31, 2021
I INCOME
Other Income 2.08 33 316 25 849
Total Income 33 316 25 849
II EXPENDITURE
General and Administrative Expenses 2.09 28 320 ## 28 320
Total Expenses 28 320 28 320
III Profit /(Loss) Before Tax (I- II) 4 996 ( 2 471)

IV Tax expense:
- Current Tax 8 662 6 721
- Short/ (Excess) provision of earlier years - -
V Profit/ (Loss) After Tax ( 3 666) ( 9 192)

VII Total Comprehensive Income ( 3 666) ( 9 192)
Earning per share of face value of ` 10 each for

fully Paid 2.11
Basic (`) (0.07) (0.18)
Diluted (`) (0.07) (0.18)

Notes to the Financial Statements 2

Rakesh Gupta
Director
DIN No :- 00130829

Proprietor Director
Place : Mumbai
Date :- May 26, 2022
`
(Amount in ` )
A Equity
March 31, 2022 March 31, 2021
Balance at the beginning of the year 5 00 000 5 00 000

Change in equity share capital during the period - -
Balance at the end of the period 5 00 000 5 00 000
B Other Equity
Surplus/ (Deficit) in statement of Profit and Loss

Particular Retained Earnings
Balance of Profit/ (Loss) as at April 1,2020 ( 4 86 762)
Add : Profit \ (Loss) for the year ( 9 192)
Balance Profit/ (Loss) as at March 31, 2021 ( 4 95 954)
Add : Profit \ (Loss) for the period ( 3 666)
Balance Profit/ (Loss) as at March 31, 2022 ( 4 99 620)

Rakesh Gupta
Director
DIN No :- 00130829

Proprietor Director
Place : Mumbai
Date :- May 26, 2022
(Amount in ` )
March 31, 2022 March 31, 2021
Net Profit /(Loss) before tax as per Statement of 4 996 ( 2 471)

Profit and Loss
Adjusted for:
Interest on Fixed Deposit with Bank ( 33 316) ( 25 849)
Operating Profit before Working Capital Changes ( 28 320) ( 28 320)
Adjusted for:
Receivables and other Advances - -
Other Current Liabilities 35 040 35 040 34 820 34 820
Cash (used in) / Generated from Operations 6 720 6 500
Tax Refund - -
Tax Paid ( 6 720) ( 6 500)
Net Cash used in Operating Activities ( )
B CASH FLOW FROM INVESTING ACTIVITIES

Interest on Fixed Deposit with Bank 33 316 39 666
Net Cash Generated from Investing Activities 33 316 39 666
C CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from Short Term Borrowings - -
Net Cash from Financing Activities - -
Net Increase/ (Decrease) in Cash and Cash Equivalents 33 316 39 665
Closing Balance of Cash and Cash Equivalents 6 37 869 6 04 553
Note:
i Cash and Cash Equivalent includes cash on hand, cheques on hand, remittances- in-transit and bank balance including
Fixed Deposits with Banks.
ii Cash Flow Statement has been prepared under the Indirect Method set out in Indian Accounting Standard 7 "Statement of
Cash Flow".

Rakesh Gupta
Director
DIN No :- 00130829

Proprietor Director
Place : Mumbai
Date :- May 26, 2022
Notes on Accounts to the Financial Statement as at March 31, 2022
1. General Information and Significant Accounting Policies

Realsoft Bhutan Limited (“the Company”), is registered under Companies Act 1956 and having Registered Office at
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400710. The Company is wholly owned
subsidiary of Reliance Infratel Limited.
The Financial Statements are prepared under historical cost convention except for certain financial instruments
measured at fair value, in accordance with the generally accepted accounting principles (GAAP) in India and in
compliance with the Indian Accounting Standards (Ind AS) specified under Section 133 of the Companies Act, 2013
("the Act") read with Rule 3 of the Companies (Indian Accounting Standards) Rules 2015, the Companies (Indian
Accounting Standards) Amendment Rules 2016 and other provisions of the Act to the extent notified and applicable,
as well as applicable guidance note and pronouncements of the Institute of Chartered Accountants of India (ICAI).
All assets and liabilities have been classified as current or non-current as per the Company's normal operating cycle
and other criteria set out in Schedule III to the Act. Based on the nature of the services and their realisation in cash
& cash equivalents, the Company has ascertained its operating cycle as twelve months for the purpose of current or
non-current classification of assets and liabilities.
1.03 Recent Accounting Developments
Standards issued but not yet effective:
Recent pronouncements relating to Ind AS 116 "Leases", Ind AS 12 " Income Tax"and Ind AS 19 "Employee
Benefits" issued by the Ministry of Corporate Affairs (the MCA), Government of India (GoI), applicable with effect
from April 1, 2019, does not have any impact on Financial Statements of the Company.

affect the reported amount of assets and liabilities and disclosure of contingent liabilities on the date of the Financial
Statements and the reported amount of revenues and expenses during the reporting period. Difference between the
actual results and estimates is recognised in the period in which the results are known / materialised. Estimates and
underlying assets are reviewed on periodical basis. Revisions to accounting estimates are recognised prospectively.
The preparation of financial statements require the use of accounting estimates which, by definition, will seldom
equal the actual results. The management also needs to exercise judgement in applying the accounting policies.
This provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which
are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those
originally assessed. Detailed information about each of these estimates and judgements is included in relevant
notes together with information about the basis of calculation for each affected line item in the financial statements.

The preparation of financial statements requires management to make judgements, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures
including the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in
outcomes that require an adjustment to the carrying amount of assets or liabilities in future periods. Difference
between actual results and estimates are recognised in the periods in which the results are known / materialise.
were prepared. Existing circumstances and assumptions about future developments, however, may change due to
market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected
in the assumptions when they occur.
amendments, if any.
Estimates and judgements are continually evaluated. They are based on historical experience and other factors,
including expectations of future events that may have a financial impact on the Company and that are believed to be
reasonable under the circumstances.
These financials statements are presented in Indian Rupees ( "Rupees" or "`") which is functional currency of the
Company.
Borrowing costs that are attributable to the acquisition, construction or production of qualifying assets are capitalised
as part of the cost of such assets up to the commencement of commercial operations. A qualifying asset is one that
necessarily takes substantial period of time to get ready for its intended use. Other borrowing costs are recognised
as expense in the year in which they are incurred.
i) Revenue is recognised when control over goods or services is transferred to a customer. A customer obtains
control when he has the ability to direct the use of and obtain the benefits from the good or service, there is transfer
of title, supplier has right to payment etc. – with the transfer of risk and rewards now being one of the many factors
to be considered within the overall concept of control.
ii) The Company determines whether revenue should be recognised „over time‟ or „at a point in time‟.
iii) Interest income on investment is recognised on time proportion basis. Interest income is accounted using the
applicable Effective Interest Rate (EIR), which is the rate that exactly discounts estimated future cash receipts over
the expected life of the financial assets to that asset‟s net carrying amount on initial recognition.
1.08 Taxation
comprises of Current Tax and Deferred Tax at the applicable enacted or substantively enacted rates. Current tax
represents the amount of Income Tax payable / recoverable in respect of the taxable income/loss for the reporting
period. Deferred tax represents the effect of temporary difference between the carrying amount of assets and
liabilities in the financial statement and the corresponding tax base used in computation of taxable income. Deferred
Tax Liabilities are generally accounted for all taxable temporary differences. The deferred tax asset is recognised
for all deductible temporary differences, carried forward of unused tax credits and unused tax losses, to the extent it
is probable that taxable profit will be available against which those deductible temporary differences can be utilised.
MAT credit is recognised as an asset only if it is probable that the Company will pay normal income tax during the
specified period.
obligation as a result of past events and it is probable that there will be an outflow of resources. A disclosure for a
contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the
likelihood of outflow of resources is remote, no provision or disclosure is made. Contingent Assets are not
recognised but disclosed in the financial statements, when economic inflow is probable.
In determining Earning per Share, the Company considers the net profit or loss after tax and includes the post tax
effect of any extraordinary/ exceptional item. Number of shares used in computing Basic Earning per Share is the
weighted average number of shares outstanding during the period. Dilutive earning per share is computed and
disclosed after adjusting effect of all dilutive potential equity shares, if any except when results will be anti dilutive.
Dilutive potential Equity Shares are deemed converted as of the beginning of the period, unless issued at a later
date.
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.
Financial Assets
Classification
(i) The Company classifies financial assets as subsequently measured at amortised cost, fair value through other
comprehensive income or fair value through profit or loss on the basis of its business model for managing the
financial assets and the contractual cash flows characteristics of the financial asset.
(ii) In determining the fair value of its financial instruments, the Company uses a variety of methods and assumptions
that are based on market conditions and risk existing at each reporting date. The method used to determine fair
value include discounted cash flow analysis, available quoted market price. All method of assessing fair value result
in general approximation of value, and such value may never actually be realized. For all other financial instruments
the carrying amounts approximate fair value due to the short maturity of those instruments.
(iii) Initial recognition and measurement

All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value
through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.
(iv) Financial Assets measured at amortised cost:

Financial assets are measured at amortised cost when asset is held within a business model, whose objective is to
hold assets for collecting contractual cash flows and contractual terms of the asset give rise on specified dates to
cash flows that are solely payments of principal and interest. Such financial assets are subsequently measured at
amortised cost using the effective interest rate (EIR) method. The losses arising from impairment are recognised in
the profit or loss.
Financial assets under this category are measured initially as well as at each reporting date at fair value with all
changes recognised in the Statement of Profit and Loss.
(vi) Investment in Mutual Funds:
A Mutual fund is measured at amortised cost or at FVTPL with all changes recognised in the Statement of Profit and
Loss.
A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or the
Company has transferred its rights to receive cash flows from the asset.
In accordance with Ind - AS 109, the Company applies expected credit loss (ECL) model for measurement and
recognition of impairment loss on the financial assets that are Investment in Mutual fund.
(i) Classification
The Company classifies all financial liabilities as subsequently measured at amortised cost, except for financial
liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, shall be
subsequently measured at fair value.
(ii) Initial recognition and measurement
All financial liabilities are recognised initially at fair value, in the case of payables, net of directly attributable
transaction costs. Financial liabilities include trade and other payables.
(iii) Subsequent measurement
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities
designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for
trading, if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative
financial instruments that are not designated as hedging instruments in hedge relationships as defined by Ind - AS
109. Separated embedded derivatives are also classified as held for trading unless they are designated as effective
hedging instruments.
(iv) Loans and Borrowings
Interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest
Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as
through EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in
the Statement of Profit and Loss.
(v) Derecognition of Financial Liabilities

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When
an existing financial liability is replaced by another from the same lender on substantially different terms, or the
terms of an existing liability are substantially modified, such an exchange or modification is treated as the
derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying
amounts is recognised in the Statement of Profit and Loss.
(vi) Derivative Financial Instrument and Hedge Accounting
The Company uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to
hedge its foreign currency risks and interest rate risks respectively. Such derivative financial instruments are initially
recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured
at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when
the fair value is negative.
(Amount in ` )
As at As at
March 31, 2022 'March 31, 2021
2.01 Income Tax Assets
Advance taxes and Tax deducted at source (Net) 16 115 18 057
16 115 18 057
2.02 Investments
a) Investment in Preference Shares of Companies-
50 00 000 7.5% Redeemable Non Cumulative Non Convertible 200 00 00 000 200 00 00 000
Preference share of Reliance Realty Limited
(50 00 000)
(Formerly Reliance Infocomm Infrastructure Limited)
` 10 each
200 00 00 000 200 00 00 000
Balance with Banks 6 807 6 807

Bank Deposit 6 31 062 5 97 746
6 37 869 6 04 553
(Amount in ` )
As at As at
March 31, 2022 'March 31, 2021
2.04 Equity Share Capital

Authorised
50 000 (50 000) Equity Shares of ` 10 each 5 00 000 5 00 000
5 00 000 5 00 000
50 000 (50 000) Equity Shares of ` 10 each 5 00 000 5 00 000
5 00 000 5 00 000
2.04.01 Equity Shares held by Promoters

No. of Shares % of Total % Change
Shares during the year
a) Reliance Infratel Limited, the Holding Company & 50,000 100% Nil
its Nominee. (50,000) (100%) (Nil)
2.04.02 Shares held by Holding Company
No. of No. of
Shares % Shares %
a) Reliance Infratel Limited, the Holding Company &
50 000 100% 50 000 100%
its Nominee.
b) Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of ` 10 per share. Each holder of equity shares is
entitled to one vote per share. In the event of liquidation of the Company, the holder of equity shares will be entitled to
receive the remaining assets of the Company. The distribution will be in proportion to the number of equity shares held
by the shareholder
2.04.03 Reconciliation of shares outstanding at the beginning and at the end of the reporting year
Equity Shares
As at As at
March 31, 2022 'March 31, 2021
No. of shares No. of shares

At the beginning of the Year 50 000 50 000
Add / (Less) : Changes during the period - -
At the end of the period 50 000 50 000
2.05 Other Equity As at As at

March 31, 2022 'March 31, 2021
Surplus / (Deficit) in the Statement of Profit and Loss

As per last Balance Sheet ( 4 95 954) ( 4 86 762)
Add: Profit / (Loss) for the period ( 3 666) ( 9 192)
( 4 99 620) ( 4 95 954)

(Amount in ` )
As at As at
March 31, 2022 March 31, 2021
2.06 Borrowings
Unsecured
Loans and Advances from Related 200 03 60 765 200 03 60 765

Parties (Refer Note 2.16)
200 03 60 765 200 03 60 765

Provision for expenses 1 18 485 97 245
Other Liabilities from Related Party (Refer Note 2.16) 1 74 354 1 60 554
2 92 839 2 57 799
2.08 Interest Income
Interest on Fixed Deposit with Bank 33 316 # 25 849

33 316 25 849
*(Tax Deducted at Source ` nil (Previous year ` nil)
2.09 General and Administrative expenses
Professional Fees 14 160 14 160

Payment to Auditors - Audit Fees 14 160 14 160
28 320 28 320
Note : 2.10
Previous Year
The figures of the previous year have been regrouped and reclassified, wherever required. Amount in financial statements are
presented in Rupees except as otherwise stated.
Note : 2.11 (Amount in ` )

Earnings per Share (EPS)
March 31, 2022 March 31, 2021
Numerator - Profit /(Loss) after tax ( ` ) ( 3 666) ( 9 192)
Denominator - Weighted number of equity shares 50 000 50 000
Note : 2.12
Deferred Tax Assets
Significant management judgement considered in determining provision for income tax, deferred income tax assets and liabilities
and recoverability of deferred income tax assets. The recoverability of deferred income tax assets is based on estimates of
taxable income and the period over which deferred income tax assets will be recovered. The Company on a conservative basis
has restricted deferred tax asset to Nil.
S.No Year of Expiry Amount of Loss
I) A.Y.2018-2019 98,534
II) A.Y.2019-2020 86,555
(a) Amounts recognised in profit and loss

For the year For the year
ended ended
March 31, 2022 March 31, 2021
Current income tax 8 662 6 721

Deferred income tax liability / (asset), net - -
Tax expense for the year 8 662 6 721
(b) Amounts recognised in other comprehensive income - Rs. Nil

Profit/ (Loss) before Tax 4 996 ( 2 471)
Applicable Tax Rate 25.75% 25.75%

Computed Tax Expenses (I) 1 286 ( 636)
Add: Tax on Expenses disallowed 7 376 7 357

Income Tax Expenses charge / (credit) to
8 662 6 721
Statement of Profit and Loss
Note : 2.13
Segment Reporting
There are no reportable Segments as per Ind AS-108 "Operating segment" issued by the Institute of Chartered Accountants of
India.
Note : 2.14
Post Reporting Events
No adjusting or significant non-adjusting events have occurred between the reporting date and the date of authorisation.
Note : 2.15
1 Related Parties :
As per Ind AS- 24, issued by the Institute of Chartered Accountants of India, the disclosures of transaction with the related parties
as defined in the Accounting Standard are given below
i Reliance Communications Limited Ultimate Holding Company
ii Reliance Communications Infrastructure Limited Holding Company of Holding Company
iii Reliance Infratel Limited Holding Company
iv Reliance Realty Limited Fellow Subsidiary Company
v Reliance Tech Services Private Limited Fellow Subsidiary Company
vi Reliance IDC Ltd Fellow Subsidiary Company
(Amount in ` )
Sr. Nature of Transactions Ultimate Holding Company Fellow Total
No. Holding of Holding Subsidiary
Company Company
1 Short Term Borrowings
Balance as at April 1, 2021 - 195 03 60 765 5 00 00 000 200 03 60 765
(-) (195 03 60 765) (5 00 00 000) (200 03 60 765)
Taken During the period - -
(-) (-) (-) (-)
Repaid during the period - - - -
(-) (-) (-) (-)
Balance as at March 31, 2022 - 195 03 60 765 5 00 00 000 200 03 60 765
(-) (195 03 60 765) (5 00 00 000) (200 03 60 765)
2 Other Current Liabilities

Balance as at April 1, 2021 1 41 574 - 18 980 1 60 554
( 1 41 574) (-) ( 5 400) ( 1 46 974)
Taken During the period - - 13 800 13 800
(-) ( 13 580) ( 13 580)
Adjusted during the period - - - -
(-) (-) (-) (-)
Balance as at March 31, 2022 1 41 574 - 32 780 1 74 354
( 1 41 574) (-) ( 18 980) ( 1 60 554)
3 Investment in Preference Shares
Balance as at April 1, 2021 - - 200 00 00 000 200 00 00 000

(-) (-) (200 00 00 000) (200 00 00 000)
Purchases During the period - - - -
(-) (-) (-) (-)
Sale during the period - - - -
(-) (-) (-) (-)
Balance as at March 31, 2022 - - 200 00 00 000 200 00 00 000
(-) (-) (200 00 00 000) (200 00 00 000)
Note : 2.16
The fair value of financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current
transaction between the willing parties, other than in a forced or liquidation sale.
Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short
term loans approximate their carrying amounts largely due to the short term maturities of these instruments

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices).
The carrying value and fair value of the financial instruments by categories were as follows:
'March 31, 2022 March 31, 2021
Cash and cash equivalents (Refer Note 2.03) 6 37 869 6 04 553
Financial assets at fair value through Profit and
Nil Nil
Loss/ other Comprehensive Income:
Investments (Refer Note 2.02) 200 00 00 000 200 00 00 000
Borrowings (Refer Note 2.07) 200 03 60 765 200 03 60 765
Financial liabilities at fair value through Statement
Nil Nil
of Profit and Loss/ other Comprehensive Income:
The Company does not have any activity during the year and therefore no financial risks like market risk, credit risk and liquidity
risk.
Market risk
The Company operates in India only. Market Risk is the risk that changes in market prices such as interest rates will affect income
or value of its holding financial assets/ instruments.
Interest Rate Risk
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of
changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest rate
risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest
rates.
The Company does not have Interest rate risk as there is no interest bearing liability
The Company‟s interest bearing financial instruments are reported as below:
As at As at
'March 31, 2022 March 31, 2021
Fixed Rate Instruments
Financial Assets 6 31 062 5 97 746
Financial Liabilities Nil Nil
Variable Rate Instruments Nil Nil
Fair value sensitivity analysis for fixed-rate instruments

The Company does not account for any fixed rate financial assets or financial liabilities at fair value through profit or loss.
Therefore, a change in interest rates at the reporting date would not affect profit or loss.
Cash flow sensitivity analysis for variable rate instruments
A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity
and profit or loss by the amounts shown below. This analysis assumes that all other variables, remain constant.
Impact on Profit and Loss / Equity

ended ended
March 31, 2022 March 31, 2021
Impact of increase in interest rate by 100 basis
6 311 5 977
point
If the interest rate is adversely affected with decrease by 100 basis point, profit shall also accordingly be affected vise versa.
The risk estimates provided assume a parallel shift of 100 basis points interest rate across all yield curves. This calculation also
assumes that the change occurs at the balance sheet date and is calculated based on risk exposures outstanding as at that date.
The period end balances are not necessarily representative of the average debt outstanding during the period.
Derivative financial instruments
The Company does not hold derivative financial instruments
Credit risk
Credit risk refers to the risk of default on its obligation by the customer/ counter party resulting in a financial loss. The Company
does not have exposure to the credit risk at the reporting date.
Liquidity risk
The Company‟s principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations.
The Company does not have any contractual maturities of financial liabilities.
Note : 2.17
Segment Reporting
The Company is not having any reportable segment as per Indian Accounting Standard ("Ind AS" )108 - 'Operating Segment'
Note : 2.18
Capital Management
Capital of the Company, for the purpose of capital management, include issued equity capital and all other equity reserves
attributable to the equity holders of the Company. The primary objective of the Company‟s capital management is to maximise
shareholders value. The funding requirement is met through a mixture of equity, internal accruals and borrowings which the
Company monitors on regular basis.
Note 2.19
Accounting Ratio
Name of the Ratio Numerator Denominator 2021-22 2020-21 % Variance #
Current Current
Current Ratio (in times) 1.00 1.00 0.00%
Assets Liabilities
Debt Equity Ratio (in times) Total Debt Equity 52,64,107 4,94,405 9.65%
The Company does not have business operations, Turnover, Inventory, Purchases and also having negative Net worth, during the
year and previous year. Accordingly, ratios (i.e. Debt-Equity Debt Service coverage, Return on equity, Inventory turnover, Trade
receivable turnover , Trade payable turnover, Net capital turnover, Net profit, Return on capital employed and Return on
investment) are not applicable.
# There is no significant change (i.e. more then 25%) in the above mentioned ratios during the year in comparison to Previous
year.
Note : 2.20
The financial statements for the year ended March 31, 2022 are approved by the Board of Directors on May 26, 2022.

Rakesh Gupta
Director
DIN No :- 00130829

Proprietor Director
Place : Mumbai
Date :- May 26, 2022
To the Members of RelianceWebstoreLimited.


WebstoreLimited(“the Company") which comprises the Balance Sheet as at March 31, 2022, the
Basis for Opinion
that are relevant to our audit of the financial statements under the provisions ofthe Companies
Key audit matters
accepted in India, including the accounting Standards specified undersection 133 of the Act. This
process.
As a part of an audit in accordance with SAs, we exercise professional judgementand maintain
such controls.
standalone financial statements or, if such disclosures are inadequate, to modifyour opinion.
going concern.

statements.
the current period and are therefore the key audit matters. We describe these matterin our

„Annexure B‟.
ii. I' he Company did not have any long-term contracts including derivative contracts as
at 31' March, 2022 for which there were any material foreseeable losses; and
2022.
and belief 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 or entity, 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;
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
For PritiV Mehta &Company

Firm Regn.No.129568W
PritiV. Mehta
M No.130514 Date: 26/05/2022
UDIN: 22130514AJRBQL3755
Reliance Webstore Limited
of Reliance Webstore Limited(‟the Company‟) on the financial statements for the year ended
March 31, 2022, we report the following:
We report that
i). (a) Thecompany does not have fixed assets as on 31st March 2021. Accordingly paragraphs 1(a),
(b) and(c) of the orders are not applicable to the company.
thereunder.
iii) (b) As per the information and explanations given to us and books of accounts and records examined by
us, no working capital limits from banks or financial institutions on the basis of security of current assets
has been taken by the Company. Therefore, the reporting requirements under clause ii(b) of paragraph 3 of
the Order is not applicable to the Company.
orderare not applicable to the Company.
the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of
the Act and the Companies (Acceptance of Deposit) Rules, 2615 with regard to the deposits accepted
from the public are not applicable.
Act,2013.
Tax, Goods and Service tax (GST), Custom Duty, Excise Duty, value added tax, cessand any other
statutory dues to the extent applicable, have generally been regularly deposited with the appropriate
authorizes. According to the information and explanations given to us there were no outstanding
statutory dues as on 31st March,2022 for a period of more than six months from the date they became
payable.
respect of Income tax, GST, Service tax, Sales tax, Customs duty, Excise duty, Value added
tax and Cess whichever applicable, which have not been deposited on account of any
disputes.
during the year.
xii). Thecompany is not a NidhiCompany. Therefore, clause (xii) of the order is not applicable to the
company.
xiv).The companyis not covered by section 138 of the Companies Act, 2013, related to
xv).Thecompany has not entered into noncash transactions with directors or persons connected with
him.
xvi). (a) Thecompany is not required to be registered under section 45-IA of the Reserve Bank of
India Act,1934.
applicable.
(c) In our opinion and according to the information and explanations given to us, the Company is not
a Core Investment Company as defined in the regulations made by the Reserve Bank of India.
xvii). Thecompany has not incurred cash losses inthe financial year and in the
immediately preceding financial year
xix).No material uncertainty exists as on the date of the audit report that company is
capable of meeting its liabilities existing at the date of balance sheet as and when they
fall due within a period of 1 year from the balance sheet date.
xx).There is no liability of the company under the provisions of section 135 of the Companies
Act, relating to Corporate Social Responsibility. Therefore, the provisions of Clause (xx) of
paragraph 3 of the order are not applicable to the Company.
xxi).The companyhas not made investments in subsidiary company. Therefore, the

company does not require to prepareconsolidated financial statement. Therefore, the
provisions of Clause (xxi) of paragraph 3 of the order are not applicable to the Company.

PritiV. Mehta
(Proprietor)
M No.130514
UDIN: 22130514AJRBQL3755
Place: Mumbai
Date: 26/05/2022
Annexure B to Independent Auditor’s Report –31stMarch 2022 on the
Financial Statements of Reliance Webstore Limited
theCompanies Act, 2013 (“the Act”)
We have audited the internal financial consolsover financial reporting of Reliance Webstore
Limited(‟the Company') as of March 31, 2022in conjunction with our audit of the financial
controls based on ‟the internal control over financial reporting criteria established by the
Company considering the essential components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute
of Chartered Accountantsof 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 CompaniesAct, 2013.
established and maintained and if such controls operated effectivelyin 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 operatingeffectiveness.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion on the Company‟s internal financial controls system over financial
reporting.
FinancialStatementsofReliance Webstore Limited
Meaning of Internal Financial Controls OverFinancial Reporting
principles.
assurance regarding prevention or timely detection of unauthorisedacquisition, use, or
Inherent Limitations of Internal Financial Controls OverFinancial Reporting
evaluation of the internal financial controls over financial reporting to future periodsare 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
maydeteriorate.
Opinion
reporting were operating effectively as at March 31, 2022, basedon “ the internal control over

FirmRegn.No.129568W
PritiV.Mehta
M.No.130514 Date: 26/05/2022
UDIN:22130514AJRBQL3755
(` in Lacs)
NOTES As at As at
March 31, 2022 Mar. 31, 2021
ASSETS
Non Current Assets
(b) Investments in Subsidiaries 2.02 215.00 215.00
(c) Financial Assets
(i) Others Financial Assets 2.03 3.10 3.10
(d) Income Tax Assets 2.04 632.24 632.24
(e) Deferred Tax Assets 2.05 70.00 70.00
Current Assets
(i) Trade Receivables 2.06 707.69 707.69
(ii) Cash and Cash Equivalents 2.07 243.68 235.95
(iii) Other Financial Assets 2.08 0.97 0.97
(b) Other Current Assets 2.09 18 657.72 18 657.95
Total Assets 20 530.40 20 522.90
EQUITY
(a) Equity Share Capital 2.10 5.00 5.00
(b) Other Equity 2.11 ( 64 065.44) ( 64 011.00)
( 64 060.44) (64,006.00)
LIABILITIES
Current Liabilities
(i) Borrowings 2.12 61 231.50 61 231.50
(ii) Trade Payable 2.13
Due to Micro and Small Enterprises 217.61 217.61
Due to Others 6 154.73 6 155.34
(iii) Other Financial Liabilities 2.14 9 147.86 9 102.65
(b) Other Current Liabilities 2.15 7 839.14 7 821.80
Total Equity and Liabilities 20 530.40 20 522.90
Significant Accounting Policies 1 (0.00) (0.01)

Notes On Accounts 2
Notes referred to above form an integral part of the Financial Statements
As per our Report of even date For and on behalf of the Board
For Priti V. Mehta & Co.

Firm Regn No. 129568W Sandeep Garg
Director
DIN : 09513285
Priti V. Mehta
Propritor
Membership No.130514
Dolly Dhandhresha
Place :Mumbai Director
Date :26-05-2022 DIN : 07746698
Statement of Profit and Loss for the Year ended Mar 31, 2021
(` in Lacs)

NOTES
March 31, 2022 March 31, 2021
INCOME
Revenue from Operations 2.16 - -
Other Income 2.17 1.52 9.66
Total Income 1.52 9.66
EXPENDITURE
Cost of Goods Sold 2.18 0.11 -
Utilities and Services Consumed 2.19 0.80 -
Finance Costs 2.20 0.14 11.92
Other Expense 2.21 54.91 128.57
Total Expenses 55.96 140.49
Profit / (Loss) before Tax (54.44) (130.83)
Tax Expense :
Current Tax - -
Short Provision for Tax of Earlier Year - (97.86)
Deferred Tax Charge/ (Credit) (net) - -
Profit / (Loss) After Tax (54.44) (32.97)
Other Comprehensive Income - -

Total Comprehensive Income for the year (54.44) (32.97)
Earning per Share of face value of `10 each fully 2.26

paid up
Basic (`) (108.88) (65.94)
Diluted (`) (108.88) (65.94)

Notes On Accounts 2
Notes referred to above form an integral part of the Financial Statements

Director
DIN : 09513285
Priti V. Mehta
Propritor
Dolly Dhandhresha
Date :26-05-2022 DIN : 07746698
Statement of Cash flow for the period ended March. 31, 2022
(` in Lacs)
Mar 31, 2022 March 31, 2021
Net Profit/ (Loss) before tax as per Statement of Profit and Loss (54.44) (32.97)
Adjusted for:
Finance Cost 0.14 11.91
Effect of change in Unrealised Foreign Exchange Rate - 0.14 - 11.91
Operating Profit before Assets and Liabilities Changes (54.30) (21.06)
Adjusted for:
Receivables and other Advances (0.77) 7,581.81
Trade Payables and Other Liabilities 62.95 (7,525.32)
62.18 57.48
Cash Generated from Operations 7.88 36.43
Income Tax Refund - 108.00

Income Tax Paid - - - 108.00
Net Cash from Operating Activities 7.88 144.50

Interest Income - -
Net Cash from / (used in) Investing Activities - -

Repayment of Short term Borrowings (net) - -
Interest Paid (0.14) (11.91)
Net Cash (Used in ) / from Financing Activities (0.14) (11.91)
Net Increase/ (Decrease) in Cash and Cash Equivalents 7.74 132.59

Opening Balance of Cash and Cash Equivalents 235.94 103.36
Closing Balance of Cash and Cash Equivalents (Refer Note 2.07) 243.68 235.94
NOTE:
1 Figures in brackets indicates Cash Outflow
2 Cash and Cash Equivalent includes cash on hand, cheques on hand and bank balances.

Director
DIN : 09513285
Priti V. Mehta
Propritor
Dolly Dhandhresha
Date :26-05-2022 DIN : 07746698
Statement of Change in Equity for the period ended Mar. 31 2022
(` in Lacs)
For the Period ended For the year ended
Mar 31, 2022 March 31, 2021
A. Equity Share Capital

Balance at the beginning of the year 0.05 0.05
Change in equity share capital during the year - -
Balance at the end of the year 0.05 0.05
B. Other Equity (` in Lacs)

Attributable to the equity holders
Particulars Retained Earnings
Opening Balance as at April 1, 2020 ( 63 977.93)
Total Comprehensive Income for the year ( 33.07)
Balance as at March 31, 2021 ( 64 011.00)
Total Comprehensive Income for the year ( 54.44)
Balance as at March 31, 2022 ( 64 065.44)

Firm Regn No. 129568W
Sandeep Garg
Director
DIN : 09513285
Priti V. Mehta
Propritor
Membership No.130514 Dolly Dhandhresha
Director
Place :Mumbai DIN : 07746698
Date :26-05-2022
General Information and Significant Accounting Policies to the Financial Statements
Note: 1
Reliance Webstore Limited (“RWSL” or “the Company”), is wholly owned subsidiary of Reliance Communications
Limited. The Company is registered under the Companies Act, 1956 having Registered Office at H Block, 1st
Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400710.
The Company is engaged in marketing of Telecom and DTH related products and collection thereof.

(i) The Financial Statements are prepared under historical cost convention except for certain financial instruments
measured at fair value, in accordance with the generally accepted accounting principles (GAAP) in India and
Comply with Accounting Standard specified under Section 133 the Companies Act, 2013 ("the Act") read with
Rule 3 of the Companies (Indian Accounting Standard) Rules 2015, Companies (Indian Accounting Standards)
Amendment Rules 2016 and other provisions of the Act to the extent notified and applicable, as well as
applicable guidance note and pronouncements of the Institute of Chartered Accountants of India (ICAI).
All assets and liabilities have been classified as current or non-current as per the Company‟s normal operating
cycle and other criteria set out in Schedule III to the Act. Based on the nature of the services and their realisation
in cash & cash equivalents the Company has ascertained its operating cycle as twelve months for the purpose of
current or non-current classification of assets and liabilities.
(ii) The Company generally follows mercantile system of accounting and recognises significant items of income and
expenditure on accrual basis.
These financial statements are presented in Indian Rupees (“Rupees” or “`“) which is functional currency of the
Company. All amounts are rounded off to the nearest crore, unless stated otherwise.
Financial Statements and the reported amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates is recognised in the period in which the results are known/ materialised.
Estimates and underlying assets are reviewed on periodical basis. Revisions to accounting estimates are
recognised prospectively.
The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of
items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different
than those originally assessed. Detailed information about each of these estimates and judgements is included in
relevant notes together with information about the basis of calculation for each affected line item in the financial
statements.
The Company has based its assumptions and estimates on parameter available when the financial statements
where prepared. Existing circumstances and assumptions about future developments, however, may change due
to market changes or circumstances arising that are beyond the control of Company. Such changes are reflected
in assumptions when they occur. The areas involving critical estimates or judgements pertaining to useful life of
property, plant and equipment ,current tax expense and payable, and recognisition of Deferred Tax
Assets/(Liabilities) (Note 2.05) . Estimates and judgements are continually evaluated. They are based on historical
experience and other factors, including expectations of future events that may have a financial impact on the
Company and that are believed to be reasonable under the circumstances.
(i) Useful life of Property, Plant and Equipment including intangible asset: Residual values, useful lives and
methods of depreciation of property, plant and equipment are reviewed at each financial year end and
adjusted prospectively, if appropriate.
(ii) Taxes : The Company provides for tax considering the applicable tax regulations and based on probable
estimates.
(iii) Management periodically evaluates positions taken in the tax returns giving due considerations to tax laws
and establishes provisions in the event if required as a result of differing interpretation or due to
retrospective amendments, if any. The recognition of deferred tax assets is based on availability of sufficient
taxable profits in the Company against which such assets can be utilized. MAT (Minimum Alternate Tax) is
recognized as an asset only when and to the extent it is probable evidence that the Company will pay
normal income tax and will be able to utilize such credit during the specified period. In the year in which the
MAT credit becomes eligible to be recognized as an asset, the said asset is created by way of a credit to
the Statement of Profit and loss and is included in Deferred Tax Assets. The Company reviews the same at
each balance sheet date and if required, writes down the carrying amount of MAT credit entitlement to the
extent there is no longer probable that Company will be able to absorb such credit during the specified
period.
(iv) Fair value measurement and valuation process: The Company measures certain financial assets and
liabilities at fair value for financial reporting purposes.
(v)
Trade receivables and Other financial assets: The Company follows a simplified approach for recognition of
impairment loss allowance on Trade receivables (including lease receivables). The Company estimates
irrecoverable amounts based on specific identification method and historical experience. Individual trade
receivables are written off when management deems them not to be collectible.
(vi) Defined benefit plans (gratuity benefits) : The Company‟s obligation on account of gratuity and
compensated absences is determined based on actuarial valuations. An actuarial valuation involves making
various assumptions that may differ from actual developments in the future. These include determination of
the discount rate, future salary increases and mortality rates. Due to the complexities involved in the
valuation and its long-term nature, these liabilities are highly sensitive to changes in these assumptions. All
assumptions are reviewed at each reporting date. The parameter subject to frequent changes is the
discount rate. In determining the appropriate discount rate, the management considers the interest rates of
government bonds in currencies consistent with the currencies of the post employment benefit obligation.
The mortality rate is based on publicly available mortality tables in India. Those mortality tables tend to
change only at interval in response to demographic changes. Future salary increases and gratuity increases
are based on expected future inflation rates.
(vii) Non-financial assets are reviewed for impairment, whenever events or changes in circumstances indicate
that the carrying amount of such assets may not be recoverable. If any such indication exists, the
recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any.
(viii) Provisions and contingent liabilities are reviewed at each balance sheet date and adjusted to reflect the
current best estimates.
(i) Property, plant and equipment (PPE) are stated at cost net of Modvat and Cenvat / GST, less accumulated
depreciation and impairment loss if any. Subsequent expenditure is capitalised only if it is probable that the
future economic benefits associated with the expenditure will flow to the Company.
(ii) Cost of an item of PPE comprises of its purchase price including import duties and non refundable
purchase taxes after deducting trade discounts and rebates, any directly attributable cost of bringing the
item to its working condition for its intended use and estimated costs of dismantling and removing the item
and restoring the site on which it is located.
The residual values, useful lives and methods of depreciation of property, plant and equipment (PPE) are
reviewed at each financial year end and adjusted prospectively, if appropriate.
(iii) Expenses directly attributable to project, prior to commencement of commercial operation are considered
as project development expenditure and shown under Capital Work-in-Progress.
(iv) Depreciation is provided on Straight Line Method based on useful life of the assets as prescribed in
Schedule II to the Companies Act, 2013.
(v) Depreciation on Leasehold Improvements is provided on Straight Line Method based on the lease period
i.e. 10 years or lease period whichever is lower.
The carrying amounts of assets are reviewed at each Balance Sheet date if there is any indication of impairment
based on internal or external factors. An impairment loss is recognised when the carrying cost of assets exceeds
recoverable value. An impairment loss is charged to the Statement of Profit and Loss in the year in which an asset
is identified as impaired. The impairment loss of prior accounting period is increased/reversed where there has
been change in the estimate of recoverable value. The recoverable value is higher of the fair value less cost to
sell and value in use of the Asset.
1.07 Investments
Current Investments are carried at lower of cost and quoted / fair value, computed investment wise. Long Term
Investments are stated at cost. Provision for diminution in the value of long-term investments is made only if such
decline is other than temporary in the opinion of the management.
1.08 Inventories of Stores, Spares and Communication Devices

Inventories of stores and spares are accounted for at cost and all other cost incurred in bringing the inventory to
their present location and condition determined on weighted average basis, or net realisable value, whichever is
less. Net realizable value is the estimated selling price in the ordinary course of business less estimated costs
necessary to make the sale.
1.09 Foreign Currency Transactions

(i) Transactions denominated in foreign currencies are recorded at the exchange rates prevailing on the date
of the transaction.
(ii) Monetary items denominated in foreign currencies at the reporting date are restated at year end rates.
(iii) Non monetary foreign currency items are recorded at the rate prevailing on the date of transaction.
(iv) Any income or expense on account of exchange difference on settlement / restatement is recognised in the
Statement of Profit and Loss.
(a) Exchange difference on foreign currency borrowings relating to depreciable capital asset are
included in cost of assets.
(b) Exchange difference on foreign currency transactions, on which receipt and/ or payments are not
planned, initially recognised in other comprehensive income and reclassified from equity to profit
and loss on repayment of the monetary items.

(i) Revenue includes sale of communication devices, accessories/ any other traded goods and services, net
of taxes and income from services are recognised when the same is performed on the basis of actual
usage of facilities by customers.
(ii) Service Income in Marketing, Billing Income, Common Cost / Infrastructure Sharing Income and
Promotional Activities are recognised after considering credit note / discount.
(iii) Interest on Investment is booked on time proportion basis taking into account the amounts invested and the
rate of interest and in case of Fixed Maturity Plans, the gains are accrued.
(iv) Dividend income on investments is accounted for when the right to receive the payment is established.
(v) Revenue from Contracts with Customers
The Company has applied Ind AS 115 "Revenue from Contracts with Customers" w.e.f. April 1, 2018, using
the cumulative effect method and therefore comparative information has not been restated and continues to
be reported under Ind AS 18. Revenue is recognised when control over goods or services is transferred to a
customer. A customer obtains control when he has the ability to direct the use of and obtain the benefits
from the good or service, there is transfer of title, supplier has right to payment etc. – with the transfer of
risk and rewards now being one of the many factors to be considered within the overall concept of control.
The Company determines whether revenue should be recognised „over time‟ or „at a point in time‟. As a
result, it is required to determine whether control is transferred over time. If not, only then revenue be
recognised at a point in time, or else over time. The Company also determines if there are multiple distinct
promises in a contract or a single performance obligation (PO). These promises may be explicit, implicit or
based on past customary business practices. The consideration gets allocated to multiple POs and revenue
recognised when control over those distinct goods or services is transferred.
The entities may agree to provide goods or services for consideration that varies upon certain future events
which may or may not occur. This is variable consideration, a wide term and includes all types of negative
and positive adjustments to the revenue. Further, the entities will have to adjust the transaction price for the
time value of money. Where the collections from customers are deferred the revenue will be lower than the
contract price, and in case of advance collections, the effect will be opposite resulting in revenue exceeding
the contract price with the difference accounted as a finance expense.
1.11 Taxes on Income and Deferred Tax

Income Tax comprises of current and deferred tax. It is recognised in the Statement of Profit and Loss except to
the extent that it relates to a business combination or to an item recognised directly in equity or OCI.
Provision for Income Tax is made on the basis of taxable income for the year at current rates. Tax expense
comprises of Current Tax and Deferred Tax at the applicable enacted or substantively enacted rates. Current Tax
represents the amount of Income Tax payable / recoverable in respect of the taxable income / loss for the
reporting period. Deferred Tax represents the effect of temporary difference between carrying amount of assets
and liabilities in the financial statement and the corresponding tax base used in the computation of taxable
income. Deferred Tax Liabilities are generally accounted for all taxable temporary differences. The Deferred Tax
Asset is recognised for all deductable temporary difference, carried forward of unused tax credit and unused tax
loss, to the extent that it is probable that taxable profit will be available against which such deductable temporary
differences can be utilised.
Minimum Alternative Tax (MAT) credit is recognised as an asset only when and to the extent there is convincing
evidence that the Company will pay normal income tax during the specified period.

contingent liability is made when there is a possible obligation or a present obligation that may, but probably will
not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of
which the likelihood of outflow of resources is remote, no provision or disclosure is made. Contingent Assets are
neither recognised nor disclosed in the financial statements.

effect of any extraordinary/ exceptional item. The number of shares used in computing Basic Earning per Share is
the weighted average number of shares outstanding during the period. The number of shares used in computing
Diluted Earning per Share comprises the weighted average shares considered for deriving Basic Earning per
Share and also weighted average number of shares that could have been issued on the conversion of all dilutive
potential Equity Shares unless the results would be anti-dilutive. Dilutive potential Equity Shares are deemed
converted as of the beginning of the period, unless issued at a later date.
1.14 Measurement of fair value of financial instruments

The Company‟s accounting policies and disclosures require measurement of fair values for the financial
instruments. The Company has an established control framework with respect to measurement of fair values. The
management regularly reviews significant unobservable inputs and valuation adjustments. If third party
information, such as broker quotes or pricing services, is used to measure fair values, then the management
assesses evidence obtained from third parties to support the conclusion that such valuations meet the
requirements of Ind AS, including level in the fair value hierarchy in which such valuations should be classified.
When measuring the fair value of a financial asset or a financial liability, the Company uses observable market
data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the
inputs used in the valuation techniques as follows.
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either
directly (i.e.as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
If inputs used to measure fair value of an asset or a liability fall into different levels of fair value hierarchy, then fair
value measurement is categorised in its entirety in the same level of fair value hierarchy as the lowest level input
that is significant to the entire measurement. The Company recognises transfers between levels of fair value
hierarchy at the end of the reporting period during which the change has occurred. (Refer to note 2.40.1) for
information on detailed disclosures pertaining to the measurement of fair values.
equity instrument of another entity. Financial instruments also include derivative contracts such as foreign
exchange forward contracts.
Financial Assets
asset.

Subsequent measurement of debt instruments depends on the Company‟s business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Company classifies its debt instruments:
Financial Assets measured at amortised cost
A „debt instrument‟ is measured at the amortised cost if both the following conditions are met:
a) Asset is held within a business model whose objective is to hold assets for collecting contractual cash
flows, and
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of
principal and interest (SPPI) on the principal amount outstanding. After initial measurement, such financial
assets are subsequently measured at amortised cost using the effective interest rate (EIR) method.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. EIR amortisation is included in finance income in the Statement of
Profit and Loss. Losses arising from impairment are recognised in the Statement of Profit and Loss. This
category generally applies to trade and other receivables.”
Financial Assets measured at fair value through other comprehensive income (FVTOCI)
A „debt instrument‟ is classified as at the FVTOCI if both of the following criteria are met: a) The objective of
the business model is achieved both by collecting contractual cash flows and selling the financial assets,
and b) The contractual cash flows of the assets represent SPPI: Debt instruments included within the
FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value
movements are recognized in the other comprehensive income (OCI). However, the Company recognizes
interest income, impairment losses & reversals and foreign exchange gain or loss in the Statement of Profit
and Loss. On derecognition of the asset, cumulative gain or loss previously recognised in Other
comprehensive Income is reclassified from the equity to Statement of Profit and Loss. Interest earned whilst
holding FVTOCI debt instrument is reported as interest income using the EIR method.
Financial Assets measured at fair value through profit or loss (FVTPL)

Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI,
is classified as at FVTPL. In addition, the Company may elect to designate a debt instrument, which
otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. However, such election is allowed only if
doing so reduces or eliminates a measurement or recognition inconsistency (referred to as „accounting
mismatch‟)
Equity Investment
Also, Company has elected to apply the exemption available under Ind AS 101 to continue the carrying
value for its investments in subsidiaries and associates as recognised in the financial statements as at the
date of transition to Ind AS, measured as per the previous GAAP as at the date of transition.
(iii) Derecognition of Financial Assets
A financial asset is primarily derecognised when: a) Rights to receive cash flows from the asset have
expired, or b) The Company has transferred its rights to receive cash flows from the asset or has assumed
an obligation to pay the received cash flows in full without material delay to a third party under a „pass-
through‟ arrangement and either(a) the Company has transferred substantially all the risks and rewards of
the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of
the asset, but has transferred control of the asset.
Financial
1.16 Liabilities
(i) Classification
The Company classifies all financial liabilities as subsequently measured at amortised cost, except for
financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities,
shall be subsequently measured at fair value.
All financial liabilities are recognised initially at fair value, in the case of loans, borrowings and payables, net
of directly attributable transaction costs. Financial liabilities include trade and other payables, loans and
borrowings including bank overdrafts and derivative financial instruments.

Note on Accounts to the Financial Statement
NOTE : 2.01
Property, Plant and Equipment

(` in Lacs)
Particulars Leasehold Plant and Furniture Vehicles Total Capital Work
Improvement Machinery and in Progress
Fixtures
As at April 1, 2020 417.70 22 411.00 274.94 35.75 23 139.88 14 365.65
Additions - - - - - -
Disposals/ Adjustments - - - - - -
As at March 31, 2021 417.70 22 411.00 274.94 35.75 23 139.88 14 365.65
Additions - - - - - -
As at March 31, 2022 417.70 22 411.00 274.94 35.75 23 139.88 14 365.65
As at April 1, 2020 417.70 22 411.00 274.94 35.59 23 140.22 14 365.79
Depreciation for the year - - - - -
Provision for Impairment - - - - - -
Disposals/ Adjustments - - - - -
As at March 31, 2021 417.70 22 411.00 274.94 35.59 23 140.22 14 365.79
Depreciation for the year - - - - - -

Provision for Impairment - - - - - -
As at Mar 31, 2022 417.70 22 411.00 274.94 35.59 23 140.22 14 365.79
Net Carrying Value

As at March 31, 2021 - - - - - -
As at March 31, 2022 - - - - - -
Note on Accounts to the Balance Sheet and Statement of Profit and Loss
(` in Lacs)
As at As at
Mar. 31, 2022 Mar. 31, 2021
NOTE : 2.02
INVESTMENT
In Equity Shares of Subsidiary Companies
Unquoted, fully Paid up
21 00 000 Shares of Globalcom IDC Limited (Formerly known 210.00 210.00

as Reliance IDC Limited ) `10 each
('2100000)
50 000 Shares of Reliance Communication Tamil Nadu Limited 5.00 5.00
` 10 each
('50000)
(Refer Note 2.31) 215.00 215.00
Note: 2.02.01 - Equity Shares of Globalcom IDC Limited (Formerly known Reliance IDC Limited), held by the company has been pledged
against facility of ₹ 1,200 crore sanctioned by State Bank of India to Reliance Communications Limited the holding company and Reliance Infratel
Limited fellow subsidiary.
NOTE : 2.03
OTHERS FINANCIAL ASSETS
Bank deposits with maturity for more than 12 months 3.10 3.10
3.10 3.10
NOTE : 2.04
INCOME TAX ASSETS
TDS and Advance Tax (Net) 632.24 632.24
632.24 632.24
NOTE : 2.05 As at Mar For the

31 year ended
DEFRRED TAX ASSETS 2022 2021 March 31,
2022 2021
Related to carried forward loss - - - -

Related to timing difference on depreciarion - - - -
MAT Credit Entitlement 70.00 70.00 - -
Net Deferred Tax Assets 70.00 70.00 - -

Deferred Tax Charge/ (Credit)
The Company offsets tax assets and liabilities if and only if it has a legally enforceble right to set off current tax assets and current tax liabilities
and the deferred tax assets and deferred tax liabilities related to income taxes levied by the same tax authority.
Significant management judgment considered in determining provision for income tax, deferred income tax assets and liabilities and
recoverability of deferred income tax assets. The recoverability of deferred income tax assets is based on estimates of taxable income for the
period over which deferred income tax assets will recovered.
(` in Lacs)
(a) Amounts recognised in profit and loss For the Period ended For the year
Mar 31, 2022 ended
March 31,
Current Tax - 2021
(97.86)
Deferred Tax Charge/ (Credit) (net) - -
Tax expense for the year - (97.86)
(b) Reconciliation of Tax Expenses

Profit/ (Loss) before Tax (54.44) (130.83)
Computed Tax Expense (I) (16.99) (40.82)
Add: Items not considered for Tax Computation
DTA Recognised in earlier year reversed during the year - -
Tax Losses for which no DTA was recognised 16.99 40.82
Expenses disallowed as per Income Tax Act. - -
Subtotal (II) - -
Less: Items not considered for Tax Computation
Short Provision for Tax of Earlier Year - -
Subtotal (III) - -
Income Tax Expenses charge to Statement of Profit and Loss (I+II-III) -
NOTE : 2.06
TRADE RECEIVABLES (Unsecured)
Considered Good (Refer Note No. 2.31) 1 779.69 1 779.69
Credit Impaired 1 072.00 1 072.00
707.69 707.69
Trade Receivables ageing schedule ( ` in Lacs)

Less Than 6 month to More than
Sr. Particulars 1-2 years 2-3 Years Total
6 months 1 years 3 years
As at March 31, 2022
(i) considered
Undisputed Trade receivables which have good
significant - .30 131.41 693.93 954.05 1,779.69
(ii) increase in credit risk - - - - - -
(iii) Undisputed Trade receivables - Credit Impaired - - 118.38 953.62 1,072.00
(iv) considered
Disputed Trade receivables which have good
significant - - - - -
(v) increase in credit risk - - - - -
(vi) Disputed Trade receivables - Credit Impaired - - - - - -
Total - A - .30 131.41 693.93 954.05 1 779.69
Provision for allowance of credit impaired (B) - - - - 118.38 - 953.62 - 1 072.00

Total - A + B - .30 131.41 575.55 .43 707.69

(i) considered
Undisputed Trade receivables which have good
significant 0.30 131.41 693.93 953.62 0.43 1,779.69
(ii) increase in credit risk
(iii) Undisputed Trade receivables - Credit Impaired - - 118.38 953.62 - 1,072.00
(iv) considered
Disputed Trade receivables which have good
significant
(v) increase in credit risk
(vi) Disputed Trade receivables - Credit Impaired
Total - A .30 131.41 693.93 953.62 .43 1,779.69
Provision for allowance of credit impaired (B) - -118.38 -953.62 - - 1 072.00
Total - A + B .30 131.41 575.55 .00 .43 707.69
(` in Lacs)
As at As at
Mar. 31, 2022 Mar. 31, 2021
NOTE : 2.07
CASH AND CASH EQUIVALENTS
Balances with Banks 243.68 235.95
243.68 235.95
NOTE : 2.08
OTHERS FINANCIAL ASSETS
Interest Accrued 0.97 0.97
0.97 0.97
NOTE : 2.09
OTHER CURRENT ASSETS
Advances and Receivables
Considered good (Refer Note No 2.31) 10 181.31 10 181.31
Others
Deposit with Government Authorities 36.91 36.91
Deposit with Others 161.43 161.43
Balance with Customs, Central Excise Authorities etc. 8 279.07 8 278.30
18 657.72 18 657.95
(` in Lacs)
As at As at
March 31, 2022 March 31, 2021
NOTE : 2.10
SHARE CAPITAL
Authorised
50 000 (50 000) Equity Shares of ` 10 each 5.00 5.00
5.00 5.00
50 000 (50 000) Equity Shares of ` 10 each fully paid up 5.00 5.00
5.00 5.00
1) Shares held by Holding / Ultimate Holding Company and / or their Subsidiaries

No. of Shares No. of Shares
Reliance Communications Limited , Holding 50,000 50,000
Company and its Nominees
2) Details of Shareholders holding more than 5% shares in the Company

No. of % No. of %
Shares Shares
Reliance Communications Limited (Holding 50,000 100.00 50,000 100.00
Company) and its Nominees
3) The Company has only one class of equity shares having a par value of `10 per share. Each holder of equity shares is entitled to one vote per
share. In the event of liquidation of the Company, the holder of equity share will be entitled to receive remaining assets of the Company.
4) Reconciliation of shares outstanding at the beginning and at the end of the reporting period
Number (` in Lacs) Number (` in Lacs)

Equity Shares
At the beginning of the year 50,000 5.00 50,000 5.00
Add/Less: Changes during the year - - - -
At the end of the year 50,000 5.00 50,000 5.00
(` in Lacs)
As at As at
Mar. 31, 2022 Mar. 31, 2021
NOTE : 2.11
OTHER EQUITY
Surplus in Retained Earnings
Opening Balance ( 64 011.00) ( 63 977.93)
Profit/(Loss) for the year (54.44) (33.07)
Balance carried forward ( 64 065.44) ( 64 011.00)
( 64 065.44) ( 64 011.00)
NOTE : 2.12
BORROWINGS
Unsecured
Rupee Loan from Related Party (Refer Note 2.31) 61 231.50 61 231.50
61 231.50 61 231.50
NOTE : 2.13
TRADE PAYABLES
Due to Micro, Small and Medium Enterprises 217.61 217.61
Others 6 154.74 6 155.34
6 372.35 6 372.95
Note : 2.13.01
Disclosure under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED)
Under the Micro, Small & Medium Enterprises Development Act, 2006 (MSMED) which came into force from 2nd October 2006, certain
disclosures are required to be made relating to MSE. On the basis of the information and records available with the Company, the following
disclosures are made for the amounts due to Micro and Small Enterprises.
As at As at
Particulars Mar. 31, 2022 Mar. 31, 2021
(a) Principal amount due to the enterprises defined under MSMED 217.61 217.61
(b) Interest due thereon to the enterprises defined under MSMED 220.50 181.47
(c) Amount of Interest paid to the enterprises under section 16 of MSMED - -
(d) Payment made to the enterprises beyond appointed date under section 16 of MSMED - -
- -
(e) Amount of Interest due and payable for the period of delay in making payment, which has been paid
but beyond the appointed day during the year, but without adding the interest specified under MSMED
(f) The amount of interest accrued and remaining unpaid at the end of each accounting year; and 220.50 181.47
(g) The amount of further interest remaining due and payable even in the succeeding years, until such 148.04 119.27
date when the interest dues as above are actually paid to the small enterprise, for the purpose of
disallowance as a deductible expenditure
NOTE : 2.14
OTHER FINANCIAL LIABILITIES
Provision for Expenses 9 147.86 9 102.65
9 147.86 9 102.65
NOTE : 2.15
OTHER CURRENT LIABILITIES
Advance from Customers 1 049.59 1 049.59
Other Liabilities* 6 789.55 6 772.20
7 839.14 7 821.80
(*Other Liabilities include Book Over draft, Security Deposits, Payable to Government Authorities)
(` in Lacs)
For the year ended March For the year ended March
31, 2022 31, 2021
NOTE : 2.16
REVENUE FROM OPERATIONS
Hand Sets & Devices - -

Less: VAT/Sales Tax - - - -
Income From ancillary services (ancillary to DTH) - -
- -
Revenue for the year from sale of services as disclosed above excluding pertains to revenue from contracts with
customers over a period of time. The Company has not given any volume discounts, service level credits, etc during the
year and there is no further disaggregation. The Company has applied the practical expedient in Ind AS 115. Accordingly,
the Company has not disclosed the aggregate transaction price allocated to pending performance obligations which are
subject to variability due to several factors such as terminations, changes in scope of contracts, periodic revalidations of
the estimates, economic factors (changes in currency rates, tax laws etc). No consideration from contracts with
customers is excluded from the amount mentioned above.
NOTE : 2.17
OTHER INCOME
Interest Income ` 15,500 (Previous Year ` 15,500 ) 0.15 -
Interest Income on Income Tax Refund 1.37 9.66
1.52 9.66
Revenue for the year from sale of services as disclosed above excluding pertains to revenue from contracts with
customers over a period of time. The Company has not given any volume discounts, service level credits, etc during the
year and there is no further disaggregation.
The Company has applied the practical expedient in Ind AS 115. Accordingly, the Company has not disclosed the
aggregate transaction price allocated to pending performance obligations which are subject to variability due to several
factors such as terminations, changes in scope of contracts, periodic revalidations of the estimates, economic factors
(changes in currency rates, tax laws etc). No consideration from contracts with customers is excluded from the amount
mentioned above.
(` in Lacs)

March 31, 2022 March 31, 2021
NOTE : 2.18
COST OF GOODS SOLD
Handsets 0.11 -
0.11 -
Stores and Spares Consumed 0.80 -
0.80 -
(` in Lacs)
For the yearFor
ended
theMar
year31, 2022
ended For the year ended
March 31, 2022 March 31, 2021
NOTE : 2.20
FINANCE COST
Interest and Other Charges on Loans - 11.91

Other Financial Cost (net) ( Bank Charges Rs 14235) 0.14 -
0.14 11.91
NOTE : 2.21
OTHERS EXPENSES
Selling Expenses
Sales Promotion and Trade Discount - -
Selling and Marketing Expense (Rs 9947) 0.00 -
0.00 -
General Administration Expenses
Interest on TDS/GST 46.29 122.91
Rent, Rates & Taxes 2.70 1.00
Professional Fees 2.32 1.56
Other General and Administrative Expenses 1.10 0.60
52.41 126.07
Payment to Auditors
Audit Fees 2.00 2.00
Tax Audit Fees 0.50 0.50
2.50 2.50
54.91 128.57
Note on Accounts to the Balance Sheet as at Mar 31, 2022 and Statement of Profit and Loss for the year
ended on that date
Note : 2.22
Previous Year
Previous year have been regrouped and reclassified, wherever required. Amount in financial statements are presented in
Rupees in crore, except as otherwise stated.
Note 2.23
Contingent Liabilities and Capital Commitment (as represented by the Management)
(` in Lacs)
As at As at
Mar. 31, 2022 March 31, 2021
Estimated amount of contracts remaining to be executed on capital
(i) accounts and not provided for - -
(ii) Disputed Liabilities not provided for
- Sales Tax and VAT 1 754.00 1 754.00
- Custom, Excise and Service Tax 2 621.00 2 621.00
- Entry Tax and Octroi 26.00 26.00
- Other Litigations 1 100.00 1 100.00
Note : 2.24
Going Concern
During the year, operation of the Company adversely Impacted due to competitive intensity in the telecom sector.
Networth of the Company has been eroded. The management believes that it is appropriate to prepare these financial
statements on " going concern" basis as management proposes to enter into trading activity and/ oother activity utilizing
the resources of the Company.
Note 2.25
2.25.1 Financial Instruments
The fair value of financial assets and liabilities are included at the amount at which the instrument could be exchanged in
a current transaction between willing parties, other than in a forced or liquidation sale.
The following methods and assumptions were used to estimate the fair values:
Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current
liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to
the short term maturities of these instruments
Financial Instruments with fixed and variable interest rates are evaluated by the company based on parameters such as
interest rate and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to
account for the expected losses of these receivables.
The carrying value and fair value of financial instruments by categories were as follows:
(` in Lacs)
Mar 31, 2022 March 31, 2021
Cash and Cash Equivalents (Refer Note 2.07) 243.68 235.95
Trade receivables (Refer Note 2.06) 707.69 707.69
Other financial assets (Refer Note 2.08 & 2.03) 4.07 4.07
Total 955.44 947.70
Financial assets at fair value through Profit and Loss: Nil Nil
Financial assets at fair value through other comprehensive
Income: Nil Nil
Financial liabilities at amortised cost: - -
Trade payables (Refer note 2.13) 6 372.33 6 372.95
Other Financial Liabilities (Refer note 2.14) 9 147.86 9 102.65
Borrowings (Refer Note 2.12) 61 231.50 61 231.50
Total 76 751.70 76 707.12
Financial liabilities at fair value through Profit and Loss: Nil Nil
Financial Liabilities at fair value through other Comprehensive
Income: Nil Nil
2.25.2 Financial Risk Management Objectives and Policies
The Company's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk.
The Company‟s financial liabilities comprise of borrowings, trade payable and other liabilities to manage its operation and
financial assets includes trade receivables, deposits, cash and bank balances, other receivables etc. arises from its
operation. Corporate Insolvancy Resolution (CIR) Process has been initiated against the Holding Company and
operations of the Company has also been adversaly impacted and its associated risks are as under
Market risk
The Company purchase its assets and spares in several currencies and consequently the Company is exposed to foreign
exchange risk to the extent that there is mismatch between the currencies in which its purchases from overseas suppliers
and borrowings in various foreign currencies. Market risk is the risk that change in market price such as foreign exchange
rates, interest rates will affect income or value of its holding financial assets/instruments. The exchange rate between the
rupee and foreign currencies has changed substantially in recent years and may fluctuate substantially in future.
Consequently, the results of the Company‟s operations are adversly affected as the rupee appreciates/ depreciates
against US dollar.
Foreign Currency Risk from financial instruments as of :
Particulars March 31, 2022
U.S. dollars GB Pound Total
Borrowings - - -
Trade payables 14.62 0.07 14.69
Net (assets) / liabilities 14.62 0.07 14.69
U.S. dollars GB Pound Total
Borrowings - - -
Trade payables 14.62 0.07 14.69
Net (assets) / liabilities 14.62 0.07 14.69
Sensitivity Analysis
Not relavent till the time operations become normal.
Interest Rate Risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the
risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates, in cases
where the borrowings are measured at fair value through profit or loss. Cash flow interest rate risk is the risk that the
future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates.

Credit risk
Credit risk refers to the risk of default on its obligation by the customer/ counter party resulting in a financial loss. The maximum
exposure to the credit risk at the reporting date is carrying value of respective financial assets.
Trade receivables and unbilled revenue are typically unsecured and are derived from revenue earned from customers. Credit
risk has always been managed by each business segment through credit approvals, establishing credit limits and continuously
monitoring the credit worthiness of customers to which the Company grants credit terms in the normal course of business. On
account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment loss or gain. The
group uses a provision matrix to compute the expected credit loss allowance for trade receivables and unbilled revenues. The
provision matrix takes into account available external and internal credit risk factors such as default risk of industry, credit
default swap quotes and credit ratings from international credit rating agencies and historical experience for customers.
Credit risk on cash and cash equivalents is limited as we generally invest in deposits with banks and financial institutions with
high credit ratings assigned by international and domestic credit rating agencies.
Ageing of Trade Receivable (` in Lacs)
As at Mar 31, 2022 As at March 31, 2021
Weighted Weighted
Gross Loss
Particulars Average loss Gross Amount Average Loss Allowance
Amount Allowance
rate loss rate
0-90 - - - - - -
91-180 - - - - - -
181-365 - - - - - -
Above 365 707.69 - - 707.69 - -
707.69 - - 707.69 -
Liquidity risk
The company's principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from
operations. Corporate Insolvancy Resolution (CIR) Process has been initiated against the Holding Company and operations of
the Company has also been adversaly impacted. Management belives that operations may become normal and thereafter
liquidity periodic budget and rolling forcast shall be determined.
Note 2.26
Earnings per Share (EPS) For the year ended For the year ended
Mar 31, 2022 March 31, 2021
Basic and Diluted EPS (before and after Exceptional Items)
(a) Profit attributable to Equity Shareholders (` in crore) (used as (54.44) (32.97)

numerator for calculating Basic EPS)
(b) Weighted average number of Equity Shares (used as 50 000 50 000
denominator for calculating Basic EPS)
(c) Basic and Diluted Earnings per Share of ` 10 each (`) (108.88) (65.94)
Note 2.27
Segment Performance
The Company has a single line of activity. So there is neither more than one business segment and nor more than one
geographical segment. Hence segment information as per Ind AS - 108 is not required to be disclosed.
Note 2.28
On completion of the corporate insolvency resolution process of the Holding Company, the Company will carry out a
comprehensive review of all the assets and liabilities and accordingly provide for impairment of assets and write back of
liabilities, if any.Consistent with the practice followed in earlier years, interest has not been charged on loans given to
subsidiaries / fellow subsidiaries in earlier years.Receivable and Payable balances are subject to confirmation from the
respective parties Further, the Company is in the process of reconciling Goods & Service Tax (GST) and Tax Deducted at
source.
Note 2.29
Corporate Social Responsibility (CSR) Expenses
(a) Gross amount required to be spent by a company during the year Rs. Nil (Previous year ` 1.02 crore).
March 31, 2022 March 31, 2021
Yet to be paid in Yet to be paid in
In Cash In Cash
cash cash
(b) Amount spent during the year on:
(i) Construction / acquisition of any asset - - - -
(ii) On purposes other than (i) above - - - -
Note 2.30
Related Parties
As per the Ind AS 24 of "Related Party Disclosures" as referred to in Accounting Standard Rules, disclosure of the transactions with the related parties as
defined therein are given below.
A List of related party
1 Reliance Communications Limited Holding Company
2 Globalcom IDC Limited Subsidiary
3 Reliance Communications Tamilnadu Limited Company
4 Reliance Communications Infrastructure Limited
5 Reliance Infratel Limited
6 Reliance Realty Limited
7 Reliance Globalcom Limited (up to June 30,2019) Fellow subsidiary
8 Reliance Tech Services Limited
9 Reliance Communications Hongkong Limited
10 Reliance Telecom Limited
11 Reliance Capital Limited
12 Reliance Nippon Life Asset Management Limited
13 Reliance General Insurance Company Limited Enterprise over which Promoter
14 Big Flicks Private Limited of Holding Company having
15 Reliance Nippon Life Insurance Company Ltd. control
16 Zapak Digital Entertainment Limited
17 Reliance Infrastructure Limited.
B Transactions during the year with related parties

(` in Lacs)
Enterprise over
which Promoter
Holding Subsidiari Fellow
of Holding Total
Company es Subsidiaries
Company
having control
(A) Non Current investment
Balance as at April 1, 2021 - 215.00 - - 215.00
- - - - -
Purchase/(Sale) Of Investment - - - - -
- - - - -
Balance as at March 31, 2022 - 215.00 - - 215.00
(B) Trade Receivables

As at March 31, 2022 - - - 15.66 15.66
As at March 31, 2021 - - - 15.66 15.66
(C) Other Current Assets
As at March 31, 2022 239.88 - 73.12 - 313.00
As at March 31, 2021 239.88 - 73.12 - 313.00
(D) Short Term Borrowings

Balance as at April 1, 2021 - - 61 232.00 - 61 232.00
- - -
Taken/ Adjusted during the year - - - - -
- - - - -
Repaid / Adjusted during the year - - - - -
- - - -
Balance as at March 31, 2022 - - 61 232.00 - 61 232.00
(E) Trade Payables

As at March 31, 2022 - 1 241.18 - 0.39 1 241.57
As at March 31, 2021 - 1 268.00 - 0.39 1 268.39
(F) Other Financial Liabilities

As at March 31, 2022 - - 1 365.75 - 1 365.75
As at March 31, 2021 - - 1 366.00 - 1 366.00
Note 2.31
Note 2.32
Particular of Derivatives Instruments
Foreign Currency exposures that are not hedge by derivative instruments or otherwise for Loans are Nil (Previous year $ Nil ), equivalent to Nil (Previous year
Nil )
Note 2.33
Capital Management
Capital of the Company, for the purpose of capital management, include issued equity capital, securities premium and all other equity reserves attributable to
the equity holders of the Company. The primary objective of the Company's capital management is to maximise shareholders value.
The funding requirement is met through a mixture of equity, internal accruals, long term borrowings and short term borrowings.
The Company monitors capital using gearing ratio, which is debt divided by total capital plus debt.
As at As at March 31,
Mar 31, 2022 2021
(a) Equity ( 64 060.44) ( 64 006.00)
(b) Debt 61 231.50 61 231.50
(c) Equity and Debt (a + b) ( 2 828.93) ( 2 774.49)
(d) Capital Gearing Ratio (b / c) ( 21.64) ( 22.07)
Note 2.43 Ratio

During the year, the Company has not surrendered or disclosed any income, previously unrecorded in the books of account as income, in the tax
assessments under the Income Tax Act, 1961
Sr.noRatios Numerator Denominator March'22 March'21 Variance
1) Current Ratio (in times) Current assets Current Liabilities 0.23 0.23 0%
2) Debt Equity ratio (in times) Total Debt Equity -0.96 -0.96 0%
3) Return on equity (%) Net Profit Equity 0.00 0.00 0%
4) Inventory Turnover ratio (in times) Turnover Average Turnover - - 0%
Average Trade
5) Trade Receivable turnover ratio (in times) Turnover - -
Receivable 0%
6) Trade Payable turnover ratio (in times) Turnover Average Trade
- -
Payable 0%
7) Net Capital Turnover ratio (in times) Turnover Working Capital - - 0%
8) Net profit ratio (%) Net Profit Turnover - - 0%
9) Return on Capital employed (%) Profit before tax Equity - - 0%
Note : 2.34
The financial statements for the years ended March 31, 2022 were approved by the Board of Director on May 26,2022

Director
DIN : 09513285
Priti V. Mehta
Proprietor
Dolly Dhandhresha
Date :26-05-2022 DIN : 07746698
AJAY AGARWAL & CO. ROOM NO-203, 1/42, LALITA PARK
CHARTERED ACCOUNTANTS LAXMI NAGAR, DELHI- 110092
PHONE NO.: +91-11-45874598 (O) +91-9811006446 (M)
E-MAIL: [email protected]
INDEPENDENT AUDITOR’S REPORT
To the Members of Campion Properties Limited
Qualified Opinion
We have audited the standalone financial statements of Campion Properties Limited (“the
Company), which comprise the balance sheet as at 31stMarch 2022, and the statement of Profit and
loss, statement of cash flows, and Statement of change in Equity for the year ended, and notes to
the financial statement, 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,except for the possible effect of matter described on the basis for Qualified Opinion Paragraph
the aforesaid standalone financial statements give the information required by the Companies Act,
2013 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, 2022and
its loss, Changes in equity and its cash flow for the year ended on that date.
Basis for Qualified Opinion
We draw attention to Note No. 27(a) in the financial statement, which indicate that the company
incurred a net loss of Rs.5,60,78,913 for the year ended 2021-22 and, as of that date Company’s
current liabilities exceeded its total assets by Rs. 74,18,97,891.The company is wholly owned
subsidiary of Reliance Communications limited.Reliance Communications Ltd. is under resolution
processed under The Insolvency and Bankruptcy Code 2016 (IBC). As a consequence, management
and operation of the holding company is under the control and custody of Resolution Professionals
(RPs) appointed vide Hon'ble NCLT orders dated May 18. These factor indicate that a material
uncertainty exists that significant doubt on the company's ability to continue as going concern.
The company holds building on leased hold land with build up area of approximately 15000 square
meters with multi-leveled basement parking, spread across two level and valued for 666 crores
approximately as on 1st April 2015 by an independent valuer. Management estimates, current
market of the property in the same range as on 31st March 2022, which exceeds the accumulated
losses by approx. Rs. 600 crores. The company does not have any external borrowing and current
liabilities consists of mainly borrowings from the holding and fellow subsidiary companies. The
company is in process of exploring the opportunity for renting out the property. In view of the
management's expectation of the successful renting of the property in near future, the financial
statement has been prepared on the going concern basis.
However, in view of the above uncertainties, we are unable to comment on the ability of the
company to continue as a going concern and the consequential to accompanying financial
statements, if any, that might have been necessarily had the financial statements prepared under
liquidation basis.
We conducted our audit 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 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 Standalone financial statements under the provisions of the
Companies Act, 2013 and the Rules thereunder, 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.
Responsibility of Management for the StandaloneFinancial Statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 (“Act”) with respect to the preparation of thesestandalone financial
statements that give a true and fair view of the financial position, financial performance, changes 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.
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 accounting policies ; making
judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial control, 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 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
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.
Those Board of director are also responsible for overseeing the company’s financial reporting
process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act,
2013, we are also responsible for expressing our opinion on whether the company has adequate
internal financial controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• Conclude on the appropriateness of 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.
• 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.
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.
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.
1. As required by the Companies (Auditor’s Report) Order, 2020(‘‘the Order’’), issued by the Central
Government of India in terms of sub-section (11) of Section 143 of the Companies Act, 2013, we
report that in our opinion the said order is applicable to the company, hence comments on the
matters specified in paragraphs 3 and 4 of the said order are required and are given in Annexure-1
2. As required by section 143(3) of the Act, we further 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 appears from our examination of those books;
(c) Thestandalone Balance Sheet, Statement of Profit & Loss and cash flow statement dealt with by
this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid standalone financial statements comply with the applicable Indian
Accounting Standards specified under Section 133 of the Act, read with Rule 7of the Companies
(Accounts) Rules 2014.
(e)The Going Concern matter described in basis for Qualified option selection related to Going
Concern Paragraph above, in our opinion, may have an adverse effect on the functioning of the
Company.
(f)On the basis of written representations received from the directors as on March 31,2022 and
taken on record by the Board of Directors, none of the directors aredisqualified as on March
31,2022from being appointed as a director in terms of Section 164(2) of the Act.
(g)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-
II.
(h)With respect to the other matters to be included in the Auditor’s Report in accordance with Rule
11 of the Companies(Audit and Auditors) Rules, 2014 in our opinion and to the best of our
information and according to the explanations given to us:-
(i) The Company does not anypending litigations which would impact its financial position.
(ii) The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses.
(iii) There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company.
(iv) (a) The Management has represented that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been advanced
or loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in any other person or entity,
including foreign entity (“Intermediaries”), with the understanding, whether recorded
in writing or otherwise, that the Intermediary shall, whether, directly or indirectly
lend or invest in other persons or entities identified in any manner whatsoever by or
on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee,
(b)The Management has represented, that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been received
by the Company from any person or entity, including foreign entity (“Funding
Parties”), with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party.
(c) Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us
to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above, contain any material misstatement.
(v) The company has not declared any dividend during the year under reference.
For M/S AJAY AGARWAL & CO.

FRN No. 005972N
M. No. 084812
Place: New Delhi (CA AJAY KUMAR AGARWAL)
Date:25.05.2022Partner UDIN:
Annexure-I to the Auditor’s Report
The Annexure referred to in paragraph 1 of our report of even date to the members of
Campion Properties Limited on the accounts of the company for the year ended 31st March,
2022.
On the basis of such checks as we considered appropriate and according to the information
and explanation given to us during the course of our audit, we report that:
1. In respect of Fixed Assets :
(a)The company is maintaining proper records showing full particulars, including quantitative
details and situation of fixed assets;
(b)As explained to us, fixed assets have been physically verified by the management at
reasonable intervals and no material discrepancies were noticed on such verification.
(c)Title deed of immovable property is held by the Company as Fixed Assets.
(d) The company has not revalued its Property, plant and equipment during the year.
(e) No proceedings have been initiated or are pending against the company for holding any
benami property under Benami Transactions (Prohibition) Act,1988 (45 of 1988) and rule
made hereunder.
2. In respect of its inventories:
There is no inventory maintained by entity.
3. According to the information and explanations given to us and on the basis of our
examination of the books of account, the Company has not granted any loans, secured or
unsecured, to companies, firms, Limited Liability Partnerships or other parties listed in the
register maintained under Section 189 of the Companies Act, 2013. Consequently, the
provisions of clauses iii of the order are not applicable to the Company.
4. In our opinion, the company has not granted any loans, investments and guarantees,
therefore, Clause iv of the Companies (Auditor’s Report) Order 2020 is not applicable to the
company.
5. The company has not accepted deposits during the year.
6. The company is not required to maintain the cost records which has been specified by
the Central Government under sub-section (1) of section 148 of the Companies Act, 2013.
7. In respect of statutory dues:
(a) The company is regular in depositing undisputed statutory dues including provident
fund, employees’ state insurance, income-tax, sales-tax, , service tax, duty of customs, duty
of excise, value added tax, and any other statutory dues with the appropriate authorities.
(b) The company does not have any dues of income tax or sales-tax or service tax or duty
of customs or duty of excise or value added tax on account of any dispute.
8. Since no tax assessments during the year, hence no transactions has been surrendered as
income during the year in tax assessments. Hence clause viii of the Companies (Auditor’s
Report) Order 2020 is not applicable.
9. The company does not have any loans or borrowings from financial institution or
bank or debenture holders, therefore, the clause ix of the Companies (Auditor’s Report)
Order 2020 is not applicable to the company.
10. (a) No money has been raisedby way of public issue or follow-on offer (including debt
instruments) and term loans were applied for the purposes for which those are raised.
(b) The company has not made any preferential allotment or private placement of shares
or fully or partly convertible debentures during the year.
11. (a) No fraud has been made by the company nor has any fraud on the Company by its
officers or employees been noticed or reported during the year.
(b) No report under subsection (12) of section 143 of the Companies Act has been filed in
form ADT-4.
(c) No whistle blowers complaints received during the year.
12. In our opinion, the company is not Nidhi Company. Therefore, the clause xii of the
Companies (Auditor’s Report) Order 2020 is not applicable to the company.
13. All transactions with the related parties are in compliance with Section 188 and 177 of
Companies Act, 2013 and have been disclosed in the Financial Statements etc as required by
the accounting standards and Companies Act, 2013.
14. Since the Company does not have any operations and Section 138 of the Companies
Act,2013 is also not applicable, therefore, clause xiv of the Companies (Auditor’s Report)
Order 2020 is not applicable to the Company.
15. The company has not entered into any non-cash transactions with directors or persons
connected with him.
16. The company is not required to be register under section 45-IA of the Reserve Bank of
India Act, 1934. Hence clause xivof the Companies (Auditor’s Report) Order 2020is not
applicable.
17. The company has not incurred cash losses in the financial year and in the immediately
preceding financial year.
18. There has been no instance of any resignation of the statutory auditors occurred during
the year.
19. No material uncertainty exists as on the date of the audit report that company is capable
of meeting its liabilities existing at the date of balance sheet as and when they fall due within
a period of 1 year from the balance sheet date.
20. Clause xxof the Companies (Auditor’s Report) Order 2020 is not applicable to the
company since there is no requirement of CSR Expenditure as per section 135 of the said act.

FRN No. 005972N
M. No. 084812

Date: 25.05.2022 Partner UDIN:
Annexure -II to the Auditor’s Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act,
2013 (“the Act”)
We have audited the internal financial controls over financial reporting of Campion Properties Limited (“the
Company”) as of March 31, 2022 in conjunction with our audit of the financial statements of the Company for the
year ended on that date.
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 considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial
Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design,
implementation and maintenance of adequate internal financial controls that were operating effectively for
ensuring the orderly and efficient conduct of its business, including adherence to 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 Standards on Auditing issued by the Institute
of Chartered Accountants of India (‘ICAI’) and deemed to be prescribed under Section 143(10) of the Act, 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 that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the Company’s internal financial controls system 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.
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 respects, an adequate internal financial controls system over
financial reporting and such internal financial controls over financial reporting were operating effectively as at
March 31, 2022, based on the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

FRN No. 005972N
M. No. 084812

Date: 25.05.2022 Partner UDIN:
Campion Properties Limited
Balance sheet as at March 31,2022
(Amount in Rs.'000)
Particulars Note No. As at March 31,2022 As at
March 31, 2021
Assets ( d d) ( d d)
Non-current assets
Property, Plant and Equipment 2 69,111 83,119
Investment Property 3 799,346 813,774
868,457 896,893
Current assets
Financial assets
(i) Trade receivables 4 - -
(ii) Cash and cash equivalents 5 2,102 2,220
Current tax assets 6 - -
Other current assets 7 2,003 2,001
4,105 4,221
Total assets 872,562 901,114
Equity and liabilities

Equity
Share capital 8 35,636 35,636
Other equity 9 (777,534) (721,455)
(741,898) (685,819)
Current liabilities
(i) Borrowings 10 1,535,707 1,535,707
(ii) Trade payables
Total outstanding dues of Micro and Small Enterprise 11 - -
Total outstanding dues to creditors other than Micro and
11 43,694 8,561
Small Enterprise
Other current liabilities 12 34,902 42,507
Current Tax Liability 13 157 157
1,614,460 1,586,933
Total Equity and Liabilities 872,562 901,114
See accompanying notes to the financial statements 1-30
In terms of our report of even date attached
For M/S AJAY AGARWAL & CO. For and on behalf of the Board
(Firm Registration No.0005972N)
(CA AJAY KUMAR AGARWAL)
Partner Director Rakesh Gupta Director:Vinay Soni

M No 084812 DIN : 00130829 DIN : 08567944
Place of Signature: New Delhi Place of Signature: Mumbai

Date: 25/05/2022 Date: 25/05/2022
(Amount in Rs.'000)
Particulars Note No. For the year ended For the year ended
March 31, 2022 March 31, 2021
Revenue from Operations 14 - -
Other Income 15 16 -
Total Income 16 -
Expenses
Depreciation and Amortization Expense 16 28,436 41,446
Other Expenses 17 27,659 13,928
Total Expenses 56,095 55,373
Loss before exceptional item and tax (56,079) (55,373)

Tax Expense:
Current Tax - -
Deferred Tax - -
Tax for earlier years
Loss for the year / period (56,079) (55,373)
Other Comprehensive Income

(A) Items that will be reclassified subsequently to profit or
- -
loss
(B) Income tax relating to items that will be reclassified to
- -
profit or loss
Total Other Comprehensive Income, net of taxes - -
Total Comprehensive income for the period (56,079) (55,373)
Earning per equity share

(1) Basic 23 (15.74) (15.54)
(2) Diluted 23 (15.74) (15.54)
See accompanying notes to the financial statements 1-30

(CA AJAY KUMAR AGARWAL) Director Rakesh Gupta Director:Vinay Soni

Partner DIN : 00130829 DIN : 08567944
M No 084812

Date: 25/05/2022 Date: 25/05/2022
Statemenf of Cash Flow for the year ended March 31, 2022
(Amount in Rs.'000)
March 31, 2022 March 31, 2021
(A) Cash flow from Operating Activities

Net Profit /(Loss) after tax (56,079) (55,373)
Adjustment for:
Depreciation 28,436 41,446
Provision for Doubtful Debt - -
Provision for Doubtful Advances - -
Write-back of Creditors - -
Cash loss from operating before Working Capital Changes (27,643) (13,927)
Adjustment for:
(Increase)/Decrease in Trade Receivables - -
(Increase)/Decrease in Current Tax Assets - -
(Increase)/Decrease in Other Current Assets (2) -
Increase/(Decrease) in Trade Payables 35,133 1,454
Increase/(Decrease) in Other Current Liabilities (7,606) 12,344
Cash flow from Operating Activities (A) (118) (129)
(B) Cash Flow from Investing Activities

Property, Plant and Equipment - -
Capital Work in Progress - -
Investment Property - -
Cash Flow from Investing Activities (B) - -
(C) Cash flow from Financing Activities

Secured Loans (net) - -
Cash flow from Financing Activities (C) - -
(D) Net Increase/(Decrease) in Cash and Cash equivalents (A+B+C) (118) (129)
Opening Balance of Cash and Cash equivalents 2,220 2,349

Closing Balance of Cash and Cash equivalents 2,102 2,220
Net Increase/(Decrease) in Cash and Cash equivalents (118) (129)
Components of Cash and Cash Equivalents (refer note 5)

Cash in Hand - -
Balances with Banks- In Current account 2,102 2,220
2,102 2,220
Partner Director:Rakesh Gupta Director:Vinay Soni

M No 084812 DIN: 00130829 DIN : 08567944

Date: 25/05/2022 Date: 25/05/2022
Statement of Changes in Equity for the year ended March 31, 2022
(Amount in Rs.'000)
Particulars Share capital Retained Earning Other Total Equity
Comprehensive
Income
As at 1 April 2020 35,636 (666,082) - (630,446)
Net Profit - (55,373) - (55,373)
Deferred Tax Assets/ (Liabilities) - - - -
Adjustment
As at March 31, 2021 35,636 (721,455) - (685,819)
As at April 1, 2021 35,636 (721,455) (685,819)
Net Profit/ loss for the period - (56,079) - (56,079)
Actuarial (gain)/loss in respect of - - -
defined benefit plan
Fair value change on available for - - -
sale financial assets
As at March 31, 2022 35,636 (777,534) - (741,898)

Chartered Accountants For and on behalf of the Board

Partner Director:Rakesh Gupta
Director:Vinay Soni
M No 084812 DIN: 00130829 DIN : 08567944

Date: 25/05/2022 Date: 25/05/2022
Statement of Changes in Equity for the year ended March 31, 2022
(Amount in Rs.'000)
A. EQUITY SHARE CAPITAL
(1)CURRENT REPORTING PERIOD
Changes in equity
Changes in equity Restated balance at the
Balance at the beginning of share capital Balance at the end of the
share capital due to beginning of current
current reporting period during the current reporting period
prior period errors reporting period
current year
35,636 - 35,636 - 35,636
(2) PREVIOUS REPORTING PERIOD
Changes in equity
Changes in equity Restated balance at the Balance at the end of the
Balance at the beginning of share capital
share capital due to beginning of previous previous reporting
previous reporting period during the
prior period errors reporting period period
previous year
35,636 - 35,636 - 35,636
B. OTHER EQUITY
(1)CURRENT REPORTING PERIOD
Share application Equity component of compound financial Reserves and Surplus Money
money pending instruments Other Retaine d Debt instruments Equity Instruments Effective Exchange Other receive d
allotment Reserve s Earning s through Other through Other portion of differences on items of against
(specify Comprehensi ve Comprehensi ve Cash translating the Other share
nature) Income Income Flow Revaluati financial statements Compreh warran Total
Capital Reserve Securities Premium
Hedges on Surplus of a ens ive ts
foreign operation Income
(specify
nature)
Balance at the beginning of the (721,455) (721,455)
current reporting period
Changes in accountin g policy or - -
prior
period errors
Restat ed balanc e at the beginn (721,455) (721,455)
ing of the current reporti ng
period
Total Compreh ensive Income for - -
the current year
Dividend s - -
Profit for the year (56,079) (56,079)
Any other change - -
(to be specified)
Balance at the end of the current (777,534) (777,534)
reporting
period
(2) Previous reporting period
Share applicatio n Equity componen t of Reserves and Surplus Money
money pending compoun d financial Other Reserve s Retaine d Debt Equity Effective Exchange Other receive d
allotment instrumen ts (specify nature) Earning s instrume Instruments portion differenc items of against
nts through of Cash es on Other share
through Other Flow translatin Compreh warran
Other Comprehens Hedges Revaluati g the ens ive ts
Compreh i ve Income financial Income Total
Capital Reserv e Securitie s Premium on
ensi ve Surplus statement (specify
Income s of a nature)
foreign
operation
Balance at the beginning of the (666,082) (666,082)

previous reporting period
Changes in accountin g policy/pri - -
or period
errors
Restat ed balanc e at the beginn (666,082) (666,082)
ing of the previo us reporti ng
period
Total Compreh ensive Income for - -
the previous year
Dividend s - -
Profit for the year (55,373) (55,373)
Any other change - -
(to be specified)
Balance at the end of the previous (721,455) (721,455)
reporting
period
Notes forming part of Financial Statements for the year ended March 31, 2022
Note 1. Corporate Information, Basis of Preparation of Financials and Significant Accounting Policies
1.1 Background of the Company:

a. Corporate Information
Campion Properties Limited ("the Company" or "CAPL"), having CIN number U55101MH2001PLC218815, was incorporated on August 23, 2001
having its registered office at H Block, 1st Floor Dhirubhai Ambani Knowledge City, Navi Mumbai, Thane, Maharashtra 400710.
The company has been formed to carry on business of leasing of property at Maharaja Ranjit Singh Marg for commercial/ business office.
1.1 Basis of preparation of Financial Statements :
a Statement of Compliance
The financial statements are prepared under historical cost convention in accordance with the generally accepted accounting principles (GAAP) in
India and comply with Indian Accounting Standards specified under Section 133 the Companies Act,2013 ("the Act") read with Rule 3 of the
Companies ( Indian Accounting Standards) Rules 2015, Companies ( Indian Accounting Standards) Amendment Rules 2016 and other provisions of
the Act, to the extent notified applicable as well as applicable guidance notes and pronouncements of the Institute of Chartered Accountants of India
(ICAI).
For all the periods up to and including 31 March 2016, the Company prepared its financial statements in accordance with Generally Accepted
Accounting Principles (GAAP) in India, accounting standards specified under Section 133 of the Companies Act, 2013, the Companies Act, 2013 (to the
extent notified and applicable), applicable provisions of the Companies Act, 1956. The Company followed the provisions of Ind AS 101 in preparing its
opening Ind AS Balance Sheet as of the date of transition, viz. 1 April 2015. Some of the Company’s Ind AS accounting policies used in the opening
Balance Sheet are different from its previous GAAP policies applied as at 31 March 2015, but no additional transitional adjustments were required as
correspond to previous applicable Accounting Standards.
b. Basis of Measurement
These financial statements are prepared in accordance with Indian Accounting Standards (IND ASs) with the going-concern principle and on a
historical cost basis except for Certain Financials Assets and Liabilities that are measured at Fair Value (Refer Accounting Policy Regarding Financial
Instruments). The methods used to measure fair values are discussed below.
The presentation and grouping of individual items in the Balance Sheet, the Statement of Profit & Loss, the Cash Flow statement and the Statement of
Changes in Equities are based on the principle of materiality.
The company’s accounting policies and disclosures require the measurement of fair values for financial instruments.
The company has an established control framework with respect to the measurement of fair values. The management regularly reviews significant
unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values,
then the management assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of
Ind AS, including the level in the fair value hierarchy in which such valuations should be classified.
When measuring the fair value of a financial asset or a financial liability, the company uses observable market data as far as possible. Fair values are
categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e.
derived from prices).
If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement
is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The
company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.
(Refer to note 21 for information on detailed disclosures pertaining to measurement of fair values)
c. Functional and presentation currency

These financial statements are presented in Indian Rupees which is presentation currency of the company. All amounts have been rounded off to the
nearest thousand, unless otherwise stated.
d. Current and non-current classification

The Company presents assets and liabilities in the balance sheet based on current/non-current classification.
An asset is classified as current if:
· It is expected to be realised, or is intended to be sold or consumed, in the normal operating cycle; or
· It is held primarily for the purpose of trading; or
· It is expected to realise the asset within 12 months after the reporting period; or
· The asset is a cash or equivalent unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting
period.
All other assets are classified as non-current.
Similarly, a liability is classified as current if:

· It is expected to be settled in the normal operating cycle; or
· It is held primarily for the purpose of trading; or
· It is due to be settled within 12 months after the reporting period; or
· The Company does not have an unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. Terms
of a liability that could result in its settlement by the issue of equity instruments at the option of the counterparty does not affect this classification.
All other liabilities are classified as non-current.
Deferred tax assets/liabilities are classified as non-current.
e. Use of Estimates :
The preparation and presentation of Financial Statements requires estimates and assumptions to be made that affect the reported amount of assets and
liabilities and disclosure of contingent liabilities on the date of the financial statements and the reported amount of revenues and expenses during the
reporting period. Difference between the actual results and estimates is recognised in the period in which the results are known / materialised.
Estimates and underlying assets are reviewed on going basis. Revisions to accounting estimates are recognised prospectively.
1.2 Significant accounting policies

A summary of the significant accounting policies applied in the preparation of the financial statements are as given below. These accounting policies
have been applied consistently to all periods presented in the financial statements.
The Company has elected to utilize the option under Ind AS 101 by not applying the provisions of Ind AS 16 & Ind AS 40 retrospectively and continue
to use the previous GAAP carrying amount as a deemed cost under Ind AS at the date of transition to Ind AS. Therefore, the carrying amount of
property, plant and equipment and investment property as per the previous GAAP as at 1 April 2015, i.e.; the Company’s date of transition to Ind AS,
were maintained on transition to Ind AS.
a Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
a.1 Financial assets

a.1.1 Initial recognition and measurement
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction
costs that are attributable to the acquisition of the financial asset.
a.1.2 Subsequent measurement

Debt instruments:
Subsequent measurement of debt instruments depends on the company's business model for managing the asset and the cash flow characteristics of
the asset. There are three measurement categories into which the company classifies its debt instruments:
Debt instruments at amortized cost
A ‘debt instrument’ is measured at the amortised cost if both the following conditions are met:
a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal
amount outstanding.
After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised
cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR
amortisation is included in finance income in the profit or loss. The losses arising from impairment are recognised in the profit or loss. This category
generally applies to trade and other receivables.
Debt instrument measured at fair value through other comprehensive income (FVTOCI):
A ‘debt instrument’ is classified as at the FVTOCI if both of the following criteria are met:
a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and
b) The asset’s contractual cash flows represent SPPI
Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are
recognized in the other comprehensive income (OCI). However, the company recognizes interest income, impairment losses & reversals and foreign
exchange gain or loss in the P&L. On derecognition of the asset, cumulative gain or loss previously recognised in OCI is reclassified from the equity to
P&L. Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the EIR method.
Debt instrument at FVTPL (Fair value through profit or loss)

Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as at FVTPL. In addition, the
company may elect to designate a debt instrument, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. However, such election is
allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as ‘accounting mismatch’).
Equity investments :
All equity investments in scope of Ind-AS 109 are measured at fair value. Equity instruments which are held for trading are classified as at FVTPL. For
all other equity instruments, the company decides to classify the same either as at FVOCI or FVTPL. The Company makes such election on an
instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable.
If the company decides to classify an equity instrument as at FVOCI, then all fair value changes on the instrument, excluding dividends, are
recognized in the OCI. There is no recycling of the amounts from OCI to profit and loss, even on sale of investment. However, the Company may
transfer the cumulative gain or loss within equity.
Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the profit and loss.
a.1.3 Derecognition
A financial asset is primarily derecognised when:
I) The rights to receive cash flows from the asset have expired, or
II)The company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full
without material delay to a third party under a ‘pass-through’ arrangement; and either(a) the company has transferred substantially all the risks and
rewards of the asset, or (b) the company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred
control of the asset.
a.1.4 Impairment of financial assets

The company assesses on a forward looking basis the expected credit losses associated with its assets carried at amortised cost. The impairment
methodology applied depends on whether there has been a significant increase in the credit risk.
As a practical expedient, the company uses a provision matrix to determine impairment loss allowance on portfolio of its trade receivables, as
permitted by Ind AS 109. The provision matrix is based on its historically observed default rates over the expected life of the trade receivables and is
adjusted for forward-looking estimates. At every reporting date, the historical observed default rates are updated and changes in the forward-looking
estimates are analysed.
a.2 Financial liabilities

a.2.1 Initial recognition and measurement
All financial liabilities are recognised initially at fair value, in the case of loans, borrowings and payables, net of directly attributable transaction costs.
Financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and derivative financial instruments.
a.2.2 Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at amortized cost
After initial measurement, such financial liabilities are subsequently measured at amortized cost using the EIR method. Amortized cost is calculated
by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included
in finance costs in the profit or loss. This category generally applies to trade payables and other contractual liabilities.
Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial
recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of
repurchasing in the near term. This category also includes derivative financial instruments entered into by the company that are not designated as
hedging instruments in hedge relationships as defined by Ind AS 109. Gains or losses on liabilities held for trading are recognised in the profit or loss.
Borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses
are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by
taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as
finance costs in the statement of profit and loss.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is
replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an
exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective
carrying amounts is recognised in the Statement of Profit and Loss.
b. Property, Plant & Equipment :

Initial recognition and measurement
Property, Plant and Equipment are stated at cost/ fair value net of Modvat/ Cenvat and include amount added on revaluation less accumulated
depreciation, amortisation and impairment loss, if any. Subsequent Expenditure is capitalised only if it is probable that future economic benefits
associated with the expenditure will flow to the company.
All costs including borrowing financing cost of qualifying assets till commencement of commercial operations, net charges of foreign exchange
contracts and adjustments arising up to March 31, 2007 from exchange rate variations relating to borrowings attributable to fixed asset are capitalised.
Cost of an item of PPE comprises its purchase price, including import duties and non refundable purchase taxes after deducting trade discounts and
rebates, any directly attributable cost of bringing the item to its working condition for its intended use and estimated costs of dismantling and
removing the item and restoring the site on which it is located.
Derecognition
An item of Property, Plant and Equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal.
Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the
asset) is included in statement of Profit & Loss in the year the asset is derecognised.
The asset’s residual values, useful lives and methods are reviewed, and adjusted if appropriate, at each financial year end.
c. Investment Properties
Initial recognition and measurement:
Investment Properties are, properties held for rental income and/ or capital appreciation, initially measured at cost including transaction cost and
stated at cost net of Modvat/ Cenvat, Value Added Tax and include amount added on revaluation less accumulated depreciation and amortisation
based on Straight Line Method, impairment loss, if any.
Subsequent to initial recognition, investment properties are stated at cost less accumulated depreciation and accumulated impairment loss, if any.
Though the Company measures investment property using cost based measurement, the fair value of investment property is disclosed in the notes.
Fair values are determined based on valuation performed by qualified and experienced Independent Valuer.
Transition to Ind AS:

The company has availed the deemed cost exemption in relation to the Investment Property on the date of transition.
Derecognition:
Investment properties are derecognised either when they have been disposed of or when they are permanently withdrawn from use and no future
economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised
in profit or loss in the period of derecognition.
d. Intangible Assets other than Goodwill

Intangible assets, namely computer software are amortised on Straight Line Method, over the balance period of Licenses starting from the date of
acquisition or commencement of commercial services, whichever is later.
The Company has elected to utilize the option under Ind AS 101 by not applying the provisions of Ind AS 38 retrospectively and continue to use the
previous GAAP carrying amount as a deemed cost under Ind AS at the date of transition to Ind AS. Therefore, the carrying amount of intangible assets
as per the previous GAAP as at 1 April 2015, i.e.; the Company’s date of transition to Ind AS, were maintained on transition to Ind AS.
Derecognition
An intangible asset is derecognized when no future economic benefits are expected from their use or upon their disposal. Gains and losses on disposal
of an item of intangible assets are determined by comparing the proceeds from disposal with the carrying amount of intangible assets and are
recognized in the statement of profit and loss.
e. Depreciation & Amortisation:

(i) Depreciation on Property, Plant and Equipment's
Depreciation on Property, Plant and Equipment's is provided on the Straight Line Method rates over the useful lives as prescribed in the Schedule II to
the Companies Act, 2013.
Depreciation on additions to/deductions from property, plant & equipment during the year is charged on pro-rata basis from/up to the month in
which the asset is available for use/disposed.
Name of Assets Life in years

Furniture & Fittings 10 Years
Office Equipment 05 Years
Plant & Machinery 15 Years
(ii) Amortisation:
Intangible Assets are amortized over the remaining on straight line method as per Ind AS – 38 as prescribed in Schedule – II of the Companies Act,
2013. Cost of software recognized as intangible asset, is amortized on straight line method over a period of legal right to use or 3 years, whichever is
less.
(iii) Depreciation on Investment Property
Name of Assets Life in years
Building 60 Years
Leasehold Improvements 99 Years (lease period)
f. Impairment of Non- Financial Assets :

The carrying amounts of the Company’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of
impairment considering the provisions of Ind AS 36 ‘Impairment of Assets’. If any such indication exists, then the asset’s recoverable amount is
estimated.
Goodwill and intangible assets that have an indefinite useful life are tested annually for impairment, or more frequently if events or changes in
circumstances indicate that they may be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that
the carrying amount may not be recoverable. An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An
impairment loss is charged to the Statement of Profit and Loss in the year in which an asset is identified as impaired. The impairment loss recognised
in prior accounting period is increased / reversed where there is change in the estimate of recoverable value. The recoverable value is higher of net
selling price and value in use.
g. Borrowing Cost :
Borrowing costs that are directly attributable to the acquisition, construction/exploration/ development or erection of qualifying assets are capitalized
as part of cost of such asset until such time the assets are substantially ready for their intended use. Qualifying assets are assets which take a
substantial period of time to get ready for their intended use or sale.
When the Company borrows funds specifically for the purpose of obtaining a qualifying asset, the borrowing costs incurred are capitalized. When
Company borrows funds generally and uses them for the purpose of obtaining a qualifying asset, the capitalization of the borrowing costs is
computed based on the weighted average cost of general borrowing that are outstanding during the period and used for the acquisition,
construction/exploration or erection of the qualifying asset.
Capitalization of borrowing costs ceases when substantially all the activities necessary to prepare the qualifying assets for their intended uses are
complete. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Income earned on
temporary investment of the borrowings pending their expenditure on the qualifying assets is deducted from the borrowing costs eligible for
capitalization. Borrowing costs include exchange differences arising from foreign currency borrowings to the extent that they are regarded as an
adjustment to interest costs.
Other borrowing costs are recognized as an expense in the year in which they are incurred.
h. Provisions :
A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and
it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect of the time value of money is material,
provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of
money and the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a
finance cost.
The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at reporting date, taking into
account the risks and uncertainties surrounding the obligation.
i. Employee benefits
Long Term Benefits
I. Defined contribution plans
A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into separate entities and will have no
legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognized as an employee
benefits expense in profit or loss in the period during which services are rendered by employees.
Contributions to defined contribution schemes such as Provident Fund, etc. are charged to the Statement of Profit and Loss, as and when incurred.
II. Defined benefit plans

A defined benefit plan is a post-employment benefit plan other than a defined contribution plan like gratuity.
The Company’s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that
employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value. Any
unrecognized past service costs and the fair value of any plan assets are deducted. The discount rate is based on the prevailing market yields of Indian
government securities as at the reporting date that have maturity dates approximating the terms of the Company’s obligations and that are
denominated in the same currency in which the benefits are expected to be paid.
The calculation is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the
Company, the recognized asset is limited to the total of any unrecognized past service costs and the present value of economic benefits available in the
form of any future refunds from the plan or reductions in future contributions to the plan. An economic benefit is available to the Company if it is
realizable during the life of the plan, or on settlement of the plan liabilities. Any actuarial gains or losses are recognized in OCI in the period in which
they arise.
When the benefits of a plan are improved, the portion of the increased benefit relating to past service by employees is recognized in profit or loss on a
straight-line basis over the average period until the benefits become vested. To the extent that the benefits vest immediately, the expense is recognized
immediately in profit or loss.
III. Other long-term employee benefits

Benefits under the Company’s leave encashment constitute other long term employee benefits.
The Company’s net obligation in respect of leave encashment is the amount of future benefit that employees have earned in return for their service in
the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any related assets is deducted. The
discount rate is based on the prevailing market yields of Indian government securities as at the reporting date that have maturity dates approximating
the terms of the Company’s obligations. The calculation is performed using the projected unit credit method. Any actuarial gains or losses are
recognized in profit or loss in the period in which they arise.
Short-term benefits
All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits. These benefits
include compensated absences such as paid annual leave and sickness leave. The undiscounted amount of short-term employee benefits expected to
be paid in exchange for the services rendered by employees is recognized as an expense during the period.
j. Lease
In respect of Operating Leases, lease rentals are expensed on straight line basis with reference to the term of lease unless the payments to the lessor are
structured to increase in line with expected general inflation to compensate for the lessor’s expected inflationary cost increases, except for lease rentals
pertaining to the period up to the date of commencement of commercial operations, which are capitalised.
Where the lessor effectively retains substantially all risk and benefits of ownership of the leased assets they are classified as operating lease. Operating
lease payments are recognised as an expense in the Statement of Profit and Loss.
In respect of Finance Leases, the lower of the fair value of the assets and present value of the minimum lease rentals is capitalised as Fixed Assets with
corresponding amount shown as liabilities for leased assets. The principal component in lease rental in respect of the above is adjusted against
liabilities for leased assets and the interest component is recognised as an expense in the year in which the same is incurred except in case of assets
used for capital projects where it is capitalised.
k. Revenue Recognition :
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured,
regardless of when the payment is being made. Revenue is measured at the fair value of the consideration received or receivable.
Interest income on investment is recognised on time proportion basis. Dividend is considered when right to receive is established.
l. Foreign Currency Transactions

(i) Transactions denominated in foreign currencies are recorded in the reporting currency, by applying to the foreign currency amount the exchange
rate between the reporting currency and the foreign currency at the date of the transaction.
(ii) Foreign currency monetary items (assets and liabilities) are retranslated using the exchange rate prevailing at the reporting date.
(iii) Non-monetary items, which are measured in terms of historical cost denominated in foreign currency, are reported using the exchange rate at the
date of the transaction.
(iv) Gains and losses, if any, at the year-end in respect of monetary assets and monetary liabilities are recognised in the Statement of Profit and Loss
except in case of gains or losses arising on long term foreign currency monetary items relating to the acquisition of depreciable assets which are added
to or deducted from the cost of such assets.
m. Earnings per share :

In determining Earning per Share, the company considers the net profit after tax and includes the post tax effect of any extra-ordinary / exceptional
item. The number of shares used in computing Basic Earnings per Share is the weighted average number of shares, excluding owned by the Trust,
outstanding during the period. Dilutive earning per share is computed and disclosed after adjusting effect of all dilutive potential equity shares, if any
except when results will be anti dilutive. Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a
later date.
n. Accounting for Taxes on Income :

Provision for current tax represents the amount that would be payable based on computation of tax as per the provisions of the Income Tax Act, 1961.
Current tax is determined based on the amount of tax payable in respect of taxable income for the year after taking into consideration benefits
admissible under the Income Tax Act, 1961.Current tax expense is recognized in profit or loss except to the extent that it relates to items recognized
directly in other comprehensive income or equity, in which case it is recognized in OCI or equity.
Deferred tax represents the effect of timing difference between the carrying amount of assets and liabilities in the consolidated financial statement and
the corresponding tax base used in computation of taxable income. Deferred Tax Liabilities are generally accounted for all taxable temporary
differences. The deferred tax asset is recognised for all deductible temporary differences, carried forward of unused tax credits and unused tax losses,
to the extent that is probable that taxable profit will be available against which those deductible temporary differences can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income
tax liabilities and when the deferred income tax assets and liabilities relate to income tax levied by the same taxation authority on either the same
taxable entity or different taxable entities where there is an intention to settle the balances on a net or simultaneous basis.
Deferred Tax assets / Liabilities are not recognised for initial recognition of Goodwill or of an asset or liability in a transition that is not a business
combination and at the time of transaction affects neither the accounting profit nor taxable profit/(loss), MAT credit is recognised as an asset only if
there is convincing evidence that the Company will pay normal income tax during the specified period.
o. Cash and Cash Equivalents:

Cash comprises of Cash on Hand, Cheques on Hand and demand deposits with Banks. Cash Equivalents are short term, highly liquid investments that
are readily convertible into known amounts of cash and which are subject to insignificant risks of changes in value.
p. Cash flow statement

Cash flow statement is prepared in accordance with the indirect method prescribed in Ind AS 7 ‘Statement of Cash Flows’.
q. Contingent liabilities :
Contingent liabilities are possible obligations that arise from past events and whose existence will only be confirmed by the occurrence or non-
occurrence of one or more future events not wholly within the control of the Company. Where it is not probable that an outflow of economic benefits
will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of
economic benefits is remote. Contingent liabilities are disclosed on the basis of judgment of the management/independent experts. These are
reviewed at each balance sheet date and are adjusted to reflect the current management estimate.
Note 2. Property, Plant and Equipment (Refer Note 1.2 b) (Amount in Rs.'000)
Particulars Furniture & Office Plant &
Total
Fittings Equipment Machinery
41004 41006 41007
As at April 1, 2021 102,624 43,006 204,462 350,092
Additions - - - -
Disposals - - - -
As at March 31, 2022 102,624 43,006 204,462 350,092
As at April 1, 2021 97,010 40,855 129,108 266,973
Additions 242 - 13,767 14,009
Disposals - - - -
As at March 31, 2022 97,252 40,855 142,875 280,982
Closing net carrying value as at April 1, 2021 5,615 2,150 75,354 83,119
Closing net carrying value as at March 31 ,2022 5,373 2,150 61,587 69,111
(Amount in Rs.'000)
Particulars Furniture & Office Plant & Total
Fittings Equipment Machinery
41004 41006 41007
As at April 1, 2020 102,624 43,006 204,462 350,092
Additions - - - -
Disposals - - - -
As at Mrach 31, 2021 102,624 43,006 204,462 350,092
As at April 1, 2020 85,805 40,855 113,555 240,215
Additions 11,205 - 15,553 26,758
Disposals - - - -
As at Mrach 31, 2021 97,010 40,855 129,108 266,973
Closing net carrying value as at April 1, 2020 16,820 2,150 90,907 109,877
Closing net carrying value as at March 31, 2021 5,615 2,150 75,354 83,119
Title deeds of Immovable Property not held in name of the Company- NO SUCH PROPERTY
Note 3. Investment Property (Refer Note 1.2 c) (Amount in Rs.'000)

Particulars Leasehold Land Building Total
As at April 1, 2021 164,627 807,464 972,091
Additions - - -
Disposals - - -
As at March 31, 2022 164,627 807,464 972,091
As at April 1, 2021 30,737 127,580 158,317
Additions 1,663 12,765 14,428
Disposals - - -
As at March 31, 2022 32,400 140,344 172,745
Closing net carrying value as at April 1, 2021 133,890 679,884 813,774

Closing net carrying value as at March 31 ,2022 132,227 667,119 799,346
(Amount in Rs.'000)
Particulars Leasehold Land Building Total
As at April 1, 2020 164,627 807,464 972,091
Additions - - -
Disposals - - -
As at March 31, 2021 164,627 807,464 972,091
As at April 1, 2020 29,055 114,575 143,630
Additions 1,683 13,005 14,687
Disposals - - -
As at March 31, 2021 30,738 127,580 158,317
Closing net carrying value as at April 1, 2020 135,573 692,889 828,461

Closing net carrying value as at March 31 ,2021 133,890 679,884 813,774
Title deeds of Immovable Property not held in name of the Company- No SUCH PROPERTY
(Amount in Rs.'000)
Note 4. Trade Receivables As at March 31 , 2022 As at
March 31, 2021
(i) Undisputed, considered good - -
(ii) Undisputed, which have significant increase in credit risk
(iii) Undisputed, credit impaired- outstanding for
-Less than 6 months
-6 months- 1 year
-1-2 years
-2-3 years
-More than 3 years 82,636 82,636
Less: Provision for doubtful debts (82,636) (82,636)
- -
Total - -
(Amount in Rs.'000)
Note 5. Cash and Cash Equivalent As at March 31 , 2022 As at
March 31, 2021
Balances with Banks
Current Accounts 2,102 2,220
Cash on Hand - -
Total 2,102 2,220
(Amount in Rs.'000)
Note 6. Current tax assets As at March 31 , 2022 As at
March 31, 2021
Taxes Paid - -
Total - -
(Amount in Rs.'000)
Note 7. Other Current Assets As at March 31 , 2022 As at
March 31, 2021
Moblization Advance 11,134 11,134
Advance to Supplier and Contractors 282 282
Prepaid Expenses - -
Security Deposits 18,484 18,484
Less: Provision for doubtful advances (29,899) (29,899)
Other Current Assets 2 -
Sub Total (A) 2 -
EMD Deposits 2,001 2,001
Sub Total (B) 2,001 2,001
Total 2,003 2,001

Notes forming part of Financial Statements for the year ended March 31,2022
(Amount in Rs.'000)
Note 8. Share Capital As at As at
March 31, 2022 March 31, 2021
Authorized
Equity Shares of Rs. 10/- each 36,000 36,000
(as at March 31, 2022, : 3,600,000 as at March 31, 2021: 3,600,000)
36,000 36,000
Issued, Subscribed & Fully Paid up
Equity Shares of Rs. 10/- each 35,636 35,636

(as at March 31, 2022, :3,563,601, as at March 31, 2021: 3,563,601)
35,636 35,636
*(Out of the above shares 3,553,601 are allotted as fully paid up under demerger scheme of Hotel Ranjit, New Delhi from ITDC to the company sanctioned
by department of company affairs, Govt of India vide its order dated 12/7/2002 without payment being received. 3,563,601 equity shares are held by
holding company: Reliance Communications Limited.
(a) Movements in equity share capital As at March 31, 2022 As at March 31, 2021
No of Shares Amount No of Shares Amount
Balance at the beginning of the year 3,563,601 35,636,010 3,563,601 35,636,010
Add: Shares issued during the year - - - -
Balance at the end of the year 3,563,601 35,636,010 3,563,601 35,636,010
(b) The rights, preferences and restrictions attaching to equity shares including restrictions on the distribution of dividends and the repayment of
capital;
The company has only one class of Equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. In the
event of Liquidation of the company, the holder of equity share will be entitled to receive remaining assets of the company, after distribution of all the
preferential amounts. The distribution will be in proportion to the number of the Equity shares held by the shareholders.
(c) Shares held by holding company

As at March 31, 2022 As at March 31, 2021
Equity Shares No of Shares Percentage No of Shares Percentage
Reliance Communications Limited and its nominee's* 3,563,601 100% 3,563,601 100%
*As per the records of the company, including its register of shareholder/ member and other declarations received from the shareholders regarding
beneficial interest, the above shareholding represents both the legal and beneficial ownership of shares. Six shares are jointly held for statutory requirement
with six individual of which Reliance Communication Limited has ownership and beneficial interest.
(d) Shares held by each shareholder holding more than 5% shares

Equity Shares No of Shares Percentage No of Shares Percentage
Reliance Communications Limited and its nominee's 3,563,601 100% 3,563,601 100%
(Amount in Rs.'000)
Note 9. Other Equity As at As at
March 31, 2022 March 31, 2021
Deficit in Statement of Profit & Loss

Balance as per last period Balance Sheet (721,455) (666,082)
Add: Loss for the period (56,079) (55,373)
Add: Deferred Tax adjustment
Balance at the end of the year (777,534) (721,455)
(Amount in Rs.'000)
Note 10. Current Liablities - Borrowings As at As at
March 31, 2022 March 31, 2021
Unsecured
Loan from Holding Company* 1,527,520 1,527,520
Loan from Globalcom IDC Limited 8,188 8,188
Total 1,535,707 1,535,707
*Loan from the holding Company is Interest Free loan and payble on demand.
(Amount in Rs.'000)
Note 11. Trade Payables As at As at
March 31, 2022 March 31, 2021
Total outstanding dues of Micro and Small Enterprise* - -
Total outstanding dues to creditors other than Micro and Small 43,694 8,561
Enterprise
Outstanding from due date of payment for-
Less than 1 year 35,133 1,454
1-2 years 1,454 -
2-3 years - -
More than 3 years 7,107 7,107
Disputed Dues-MSME - -
Disputed Dues- Others - -

Total 43,694 8,561
*Note: There are no outstanding dues to Micro, Medium and Small Scale Business Enterprises. This
information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act,
2006 has been determined to the extent such parties have been identified on the basis of information available
with the Company
(Amount in Rs.'000)
Note 12. Other Current Liablities As at As at
March 31, 2022 March 31, 2021
Statuatory Due Payable
TDS Payable 10 12
Service Tax Payable - -
Labour Cess - -
Expenses Payable 34,892 42,496
Security Deposit - -
Interest on Property tax Payable - -
Total 34,902 42,507
(Amount in Rs.'000)
Note 13. Current Tax Liability As at As at
March 31, 2022 March 31, 2021
Provision for Income Tax 157 157

Total 157 157
For Year ended For Year ended

Note 14. Revenue March 31, 2022 March 31, 2021
from Operations
Sale of services
Rental Income - -
Total - -
Note 15. Other For Year ended For Year ended

Income March 31, 2022 March 31, 2021
Interest received on
Fixed Deposits - -
Others 1 -
Miscellaneous Income (Interest on Electricity S 15.167 -
Total 16 -
Note 16. For Year ended For Year ended

Depreciation March 31, 2022 March 31, 2021
Property, Plant and Equipment 14,009 26,758

Investment Property 14,428 14,687
Total 28,436 41,446
Note 17. Other Expenses For Year ended For Year ended
March 31, 2022 March 31, 2021
Lease Rent 6,513 4,675

Rates & Taxes 6,444 7,581
Legal & Professional 28 27
Sitting Fees - 80
Insurance -Fixed Assets 1,779 1,454
Interest on Service Tax - -
Interest on GST - -
Interest on TDS 0 -
Interest on Property Tax demand 7,870 -
Payment to auditors (refer note no. 19) 112 108
Other Miscellaneous Expenses 2 2
Water Expenses 4,912 -
Electricity Expense 0 -
Total 27,659 13,928
Note 18 Payment to Auditors

Particulars For Year ended For Year ended
March 31, 2022 March 31, 2021
As auditors
Audit Fee 50 50
Limited Review 45 45
Tax audit - -
Internal Financial Control - -
In other Capacities - -
Certification - -
Total 95 95
Note 19 Segment Reporting

There are no reportable segments in accordance with Indian Accounting Standard-108 ‘Operating Segment ’
prescribed under the Companies (Indian Accounting Standards) Rules, 2015.
Note 20 Disclosure for Investment Properties

(i) Amount Recognised in Profit or Loss for Investment Property
Particulars For Year ended For Year ended
March 31, 2021 March 31, 2021
Rental income - -
Less: Direct Operating expenses from property that generated rental income - -
Less: Direct Operating expenses from property that did not generated rental (12,957) (12,256)
Profit/ (Loss) from Investment Property before Depriciations (12,957) (12,256)
Less: Deprications (14,428) (14,687)
Profit/ (Loss) from Investment Property (27,384) (26,944)
(ii) Contractual Obligations

There are no contractual obligations to purchase, construct or develop investment property or for repairs, maintenance
or enhancements.
Part of page have been left blank intentionally

(iii) Leasing Arrangements

Certain Investment Properties are leased to tenants under long term operating leases with rental payable monthly.
Minimum lease payments receivable under non cancellable operating leases of Investment properties:
March 31, 2022 March 31, 2021
Within one year - -

Later than one year but not later than 5 years - -
Later than 5 years - -
- -
(iv) Fair Value

March 31, 2022 March 31, 2021
Investment Property 6,656,000 6,656,000
6,656,000 6,656,000
(v) Estimation of Fair Value

The Company's investment properties is a 14,973 sq mtr plot at Maharaja Ranjeet Singh Marg, Minto Road, New Delhi,
110002. The valution of the property is based on valuations performed by Duff & Phelps India Private Limited, an
accredited independent valuer. Duff & Phelps India Private Limited is a specialist in valuing these types of investment
properties. The valuation was carried out by following guidance of Indian Accounting Standards (Ind AS) 16 & 113.
The main inputs used are market rate based on the compareable transactions & industry data, circle rate prevailing in
the area and relacment cost due to paucity of bigger land plots available for sale in near vicinity to the subject
property.
The company has no restrictions on the realisability of its investment properties and no contractual obligations to
purchase, construct or develop investment properties or for repairs, maintenance and enhancements.

Note 21 Employee Benefits

At present the Company does not have any employee, hence no provision in accordance with the Indian Accounting
Standard-19 ‘Employee Benefit’ prescribed under the Companies (Indian Accounting Standards) Rules, 2015.has been
Note 22 Related Party Disclosures

As per the Indian Accounting Standard-24 prescribed under the Companies (Indian Accounting Standards) Rules,
2015, the Company’s related parties and transactions are disclosed below:
A. Parties where control exists
Reliance Communications Limited Holding Company
B. Fellow Subsidiary Company

Zapak Digital Entertainment Limited Fellow Subsidiary Company
C. Directors- are collectively responsilble for all the decision being made
Shri Rakesh Gupta
Shri. Gourav Ranawat Singh
Shri. Vinay Soni
Details of transactions and closing balances

March 31, 2022 March 31, 2021
Advance Taken
Reliance Communications Limited - -
Expense Paid
Insurance Expenses 1,779 1,454
Water Expenses 4,912
Interest on Property Tax 7,870
Professional charges 8
Transaction with Directors

Sitting Fees - 80
Outstanding Balances: As at As at
March 31, 2022 March 31, 2021
Loan Taken
Reliance Communications Limited 1,527,520 1,527,520
GlobalCom IDC Limited 8,188 8,188
Payable
GlobalCom IDC Limited 916 8,258
Reliance Communications Limited 43,694 8,561

Note 23 Earning per Equity Share
March 31, 2022 March 31, 2021
Nominal Value of Equity Shares (Rs.) 10 10

Profit/ (Loss) attributable to Equity Shareholders (56,079,017) (55,373,428)
Weighted Average number of Equity Shares outstanding during the period 3,563,601 3,563,601
Basic and Diluted Earnings per Share (15.74) (15.54)
Note 24 Deferred Tax (Assets)/ Liabilities

In compliance with IND AS-12, "Income Taxes" prescribed under the Companies (Indian Accounting Standards) Rules,
2015, the deferred tax asset arising on account of brought forward losses and unabsorbed depreciation has not been
recognised in view of consideration of prudence and uncertainty regarding the realisation of the same in the
foreseeable future.

Note 25 Financial Instruments - Accounting Classification and Fair Value Measurements

The fair value of the financial assets and liabilities are included at the amount at which the instruments could be exchanged in a
current transaction between willing parties, other than in a forced or liquidation sale.
1. Fair value of cash and short term deposits, trade and other short receivables, trade payables , other current liabilities , short term
loans from banks and other financial institutions approximate their carrying amounts largely due to the short term maturities of these
instruments
The company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation
technique:
Level: 1 Quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2 Other techniques for which all inputs which have a significant effect on the recorded fair value are observables, either directly
or indirectly
Level 3 : Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market
data.
The management assessed that trade receivables, cash and cash equivalents, other recoverable, trade payables, other financial
liabilities approximate their carrying amounts largely due to the short term maturities of these instruments.
(Amount in Rs.'000)
Financial Assets Carrying Amount FVPL FVOCI Amortised cost
Trade Receivables and Cash & Cash Equivalent As at 2,102 - - 2,102
March 31, 2022
Trade Receivables and Cash & Cash Equivalent As at 2,220 - - 2,220
March 31, 2021
Financial liabilities Carrying Amount FVPL FVOCI Amortised cost

Borrowings and Trade payables As at 1,579,402 - - 1,579,402
March 31, 2022
Borrowings and Trade payables As at 1,544,268 - - 1,544,268
March 31, 2021
Note 26 Financial Risk Management Objective and Policies

The purpose of financial risk management is to ensure that the Company has adequate and effective utilized financing as regards the
nature and scope of the business. The objective is to minimize the impact of such risks on the performance of the Company. The
Company's financial risk management policy is set by the Board of Directors.
The Company’s principal financial liabilities comprise trade payables and other liabilities. The main purpose of these financial
instruments is to raise finance for operations. It has various financial assets such as loans, advances, land advances, trade receivables,
cash which arise directly from its operation.

The Company's activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk.
a. Credit risk:
It is one party to a financial instrument or customer contract will cause a financial loss due to non fulfillment of its obligations under a
financial instrument or customer contract for the other party, leading to a finance loss. The Company’s credit risks relate to the leasing
activities and non payment of lease rent by leasee. The customer credit risk is managed by lesing out the properties to group
companies or related companies. Since all the trade receivables are realted companies there is no or mimimal risk of default by
customers as the rental are to be recoevered from within group.
b. Liquidity risk:
The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering
cash or another financial asset. The Company’s cash flow is a mix of cash flow from collections from customers, leasing and interest
income. Further, the company obtains sub-ordinate debts and other debts from the Holding Company to meet out the operational cost.
c. Market Risk :
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
prices. The company is exposed to 2 types of market risks namely currency risk and interest rate risk. Financial Instruments affected by
market risk include loans and borrowings and deposits. The company monitors the risks arising out of trade payables on a regular
basis with the help of the group treasury team. Further the company may enter into derivatives if the exposure arising out of these
risks exceeds significantly.
c.1. Currency Risk:

There is no currency risk since all operations are in INR.
c.2. Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Company’s exposure to the risk of changes in market interest rates is not managed by taking interest free loan.

Note 27 Other Disclosures

a) Basis of Preparation of Financial Statements
The Company has incurred a net loss of Rs. 5,60,78,913 for the Period 1st April, 2021 to March 31,2022 and, as of that date Company’s current liabilities
exceeded its total assets by Rs. 74,18,97,891 . The company is wholly owned subsidiary of Reliance Communications limited.Reliance Communications
Ltd. is under resolution processed under The Insolvency and Bankruptcy Code 2016 (IBC). As a consequence, management and operation of the
holding company is under the control and custody of Resolution Professionals (RPs) appointed vide Hon'ble NCLT orders dated May 18. These factor
indicate that a material uncertainty exists that significant doubt on the company's ability to continue as going concern.
However the Company does not have any intention to suspend the operational activities. The company holds building on leased hold land with build
up area of approximately 15000 square meters with multi-leveled basement parking, spread across two level and valued for 666 crores approximately
as on 1st April 2015 by an independent valuer. Management estimates, current market of the property in the same range as on 31st March 2022, which
exceeds the accumulated losses by approx Rs.600 crores. The company does not have any extrenal borrowing and current liabilities consists of mainly
borrowings from the holding and fellow subsidary companies. The company is in process of exploring the opportunity for renting out the property. In
view of the management's expectation of the successful renting of the property in near future, the financial statement has been prepared on the going
concern basis.
b) Disclosure of Compliance with IND AS

The Company has adopted Indian Accounting Standards ("Ind-AS") and these financial statements have been prepared in accordance with the
principles of recognition and measurement of Ind AS, prescribed under Section 133 of the Companies Act, 2013, read with the relevant rules issued
thereunder.
c) In the opinion of the management, the current assets and loans & advances are at least equal to the value stated in the Balance Sheet, if realized in the
ordinary course of business.
d) Balances with Trade receivables / trade payables are subject to confirmation/ reconciliation.
Note 28 Events occurring after the reporting period

(a) Other events
There are no events occurring after the reporting period which have material impact on the financials.
Note 29 Disclosure as per latest amendment in Schedule III:
(i) Ratios:- 31.03.2022 31.03.2021

Particular Numerator Denominator Ratio Numerator Denominator Ratio
(a) Current Ratio, 4,106 1,614,460 0.003 4,221 1,586,933 0.003
(b) Debt-Equity Ratio, 1,535,707 (741,898) -2.070 1,535,707 (685,819) -2.239
(c) Debt Service Coverage Ratio, (27,643) - 0.000 (13,928) - 0.000
(d) Return on Equity Ratio, (56,079) (713,858) 0.079 (55,373) (658,132) 0.084
(e) Inventory turnover ratio, - - 0.000 - - 0.000
(f) Trade Receivables turnover ratio, - - 0.000 - - 0.000
(g) Trade payables turnover ratio, - 26,127 0.000 - 7,834 0.000
(h) Net capital turnover ratio, - (1,610,355) 0.000 - (1,582,712) 0.000
(i) Net profit ratio, (56,079) - 0.000 (55,373) - 0.000
(j) Return on Capital employed, (56,079) (741,898) 0.076 (55,373) (685,819) 0.081
(k) Return on investment. - - 0.000 - - 0.000
(ii) Compliance with approved Scheme(s) of Arrangements
The company is wholly owned subsidiary of Reliance Communications limited.Reliance Communications Ltd. is under resolution processed under
The Insolvency and Bankruptcy Code 2016 (IBC). As a consequence, management and operation of the holding company is under the control and
custody of Resolution Professionals (RPs) appointed vide Hon'ble NCLT orders dated May 18. These factor indicate that a material uncertainty
exists that significant doubt on the company's ability to continue as going concern.
However the Company does not have any intention to suspend the operational activities. The company holds building on leased hold land with
build up area of approximately 15000 square meters with multi-leveled basement parking, spread across two level and valued for 666 crores
approximately as on 1st April 2015 by an independent valuer. Management estimates, current market of the property in the same range as on
31st March 2022, which exceeds the accumulated losses by approx Rs.600 crores. The company does not have any extrenal borrowing and
current liabilities consists of mainly borrowings from the holding and fellow subsidary companies. The company is in process of exploring the
opportunity for renting out the property. In view of the management's expectation of the successful renting of the property in near future, the
Note 30 Approval of financial statements

The financial statements were approved by the Board of Directors on 25/05/2022
(Firm Registration No. 005972N)

Partner Director:Rakesh Gupta Director:Vinay
Soni
M.No.084812 DIN- 00310829 DIN : 08567944

Date:25/05/2022 Date: 25/05/2022
Reliance Tech Services Limited
2021-22
31-Mar-18
( ` in lakh)
Notes As at As at
March 31, 2022 March 31, 2021
ASSETS
Non Current Assets
(i) Other Financial Assets 2.01 14 14
(b) Income Tax Assets (Net) 2.02 12 27
(c) Other Non Current Assets 2.03 1 27 1 42
Current Assets
(i) Trade Receivables 2.04 4,253 4,252
(ii) Cash and Cash Equivalents 2.05 155 147
(iii) Other Financial Assets 2.06 932 932
(b) Other Current Assets 2.07 2,174 7,514 2,206 7,537
Total Assets 7,541 7,579
Equity
(a) Equity Share Capital 2.08 5 5
(b) Other Equity 2.09 (1,791) (1,786) (1,950) (1,945)
Liabilities
Non Current Liabilities
(a) Provisions 2.10 - - 100 100
Current Liabilities
(i) Borrowings 2.11 1,309 1,309
(ii) Trade Payables 2.12
Total Outstanding due to
Micro and Small Enterprises 34 34
Total Outstanding due to
Creditors other than
Micro and Small Enterprises 4,321 4,317
(iii) Other Financial Liabilities 2.13 369 389
(b) Other Current Liabilities 2.14 3,294 3,307
(c) Provisions 2.15 - 9,327 68 9,424
Total Equity and Liabilities 7,541
0 7,579
0
Notes on Accounts 2
Notes referred to above form an integral part of Financial Statements
For R D Satra & Associates For Reliance Tech Services Limited
Firm Regn. No. 139447W
Rakesh Gupta
Director
DIN : 00130829
Dhaval Satra
Partner Vinay Soni
Membership No. 137056 Director
DIN : 08567944
Anjan Bhattacharya
Resolution Professional
Place : Mumbai
Dated : August 11, 2022
( ` in lakh)
Notes Year ended Year ended
March 31, 2022 March 31, 2021
I REVENUE
(a) Revenue from Operations 2.16 332 733

(b) Other Income 2.17 3 34
Total Income 335 767
II EXPENSES
(a) Employees Benefit Expenses 2.18 144 743
(b) Finance Cost 2.19 - 1
(c) Other Expenses 2.20 32 33
Total Expenses 176 777
IIIProfit / (Loss) Before Tax ( I - II ) 159 (10)

IV Tax expense:
(a) - Current Tax 2.33 - --
(b) - Short provision of earlier years
V Profit / (Loss) After Tax (III - IV) 159 (10)
VI Other Comprehensive Income
Remeasurement Gain/ (Loss) of the defined employee
benefit (Net of Tax) - 3
VII Total Comprehensive Income for the year
(V + VI) 159 (7)
VIII Earnings per share of ` 10 each fully paid up
-Basic and Diluted 2.26 318 (20)

Notes on Accounts 2
Notes referred to above form an integral part of Financial Statements

Rakesh Gupta
Director
DIN : 00130829
Dhaval Satra
Partner Vinay Soni
DIN : 08567944
Anjan Bhattacharya
Place : Mumbai
Statements of Changes in Equity for the year ended March 31, 2022
(a) Equity share capital (Refer Note 2.08) (` in lakhs)

Year ended Year ended
March 31, 2022 March 31, 2021
Balance at the beginning of the year 5 5
Balance at the end of the year 5 5
(b) Other Equity (Refer Note 2.09)

Other
Retained
Particulars Comprehensive Total
Earning
Income
Balance as at March 31, 2021 (2,054) 104 (1,950)
Surplus/ (Deficit) of Statement of Profit and
Loss 159 - 159
Balance as at April 1, 2020 (2,044) 101 (1,943)

Surplus/ (Deficit) of Statement of Profit and
Loss (10) - (10)
Other Comprehensive Income - 3 3

Rakesh Gupta
Director
DIN : 00130829
Dhaval Satra
Partner Vinay Soni
DIN : 08567944
Anjan Bhattacharya
Place: Mumbai
Cash Flow Statement for the year ended March 31, 2022
( ` in lakh)
Sl. Particulars Year ended Year ended
March 31, 2022 March 31, 2021
A: CASH FLOW FROM OPERATING ACTIVITIES:

Net Profit (Loss) before tax as per Statement of Profit and Loss 159 ( 10)
Adjusted for:
Finance Cost - 1
Liability written back - ( 28)
Effect of change in Foreign Exchange Rate (net) 6 ( 5)
Remeasurement of the net defined benefit liability/
asset - 6 3 ( 29)
Operating Profit (Loss) before Working Capital Changes 165 ( 39)
Adjusted for:
Receivables and other Advances 31 87
Trade Payables and Other Liabilities ( 203) 40
( 172) 127
Cash Generated from Operations ( 7) 88
Taxes Refund 21 34
Taxes Paid ( 6) 15 ( 11) 23
Net Cash from/ (used in) Operating Activities 8 111
B: CASH FLOW FROM INVESTING ACTIVITIES:
Interest Income - -
Net Cash from/ (used in) Investing Activities - -
C: CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from/ (Repayment of) Long Term Borrowings (net) - ( 196)
Net Proceeds from Short term Borrowings - 108
Finance Cost - ( 1)
Net Cash from / (used in) Financing Activities ( 89)
Net Increase / (Decrease) in Cash and Cash Equivalents 8 22
Opening Balance of Cash and Cash Equivalents 147 125
Closing Balance of Cash and Cash Equivalents 155 147
Notes:
(2) Cash Flow Statement has been prepared under the Indirect Method set out in Indian Accounting Standard (Ind
AS) 7 "Statement of Cash Flow".
Rakesh Gupta
Director
DIN : 00130829
Dhaval Satra
Partner Vinay Soni
DIN : 08567944
Anjan Bhattacharya
Place : Mumbai
Notes on Accounts to Financial Statements for the year ended March 31, 2022
Reliance Tech Services Limited ("RTSL" or "the Company"), a subsidiary of Reliance Communications Limited
("RCOM" or " the Holding Company" ). The Company is registered under the Companies Act, 1956, having
Registered Office at H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400710. RTSL is
engaged primarily on the business of Design, Development and Extending customer support for Technical
Services, Professional consulting and allied services.
Corporate Insolvency Resolution Process ("CIRP") has been initiated in the case of the Company under the
Provisions of the Insolvency and Bankruptcy Code, 2016 ("the Code") by Hon'ble National Company Law
Tribunal (" the NCLT") on August 04, 2020 and Mr. Anjan Bhattacharya had been appointed as the Interim
Resolution Professional and subsequently as the Resolution Professional ("RP") by the Hon'ble NCLT.The RP
of the Company has filed an application with NCLT on May 04, 2021 ("the Application" ) for initiation of
liquidation proceedings in respect of the Company. Since, the application is presently sub judice, the Financial
Statements has been prepared on going concern basis.The necessary effect in the Financial Statements of
the Company will be given based on the decision of the Hon'ble NCLT on the application.
1.01 (a) Basis of preparation of financial statement

The Financial Statements are prepared under historical cost convention except for certain financial
instruments measured at fair value, in accordance with the generally accepted accounting principles (GAAP)
in India and in compliance with the Indian Accounting Standards (Ind AS) specified under Section 133 of the
Companies Act, 2013 (“the Act”) read with Rule 3 of the Companies (Indian Accounting Standards) Rules,
2015, the Companies (Indian Accounting Standards) Amendment Rules, 2016 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).
1.01 (b) Recent Developments
While the Company is sensitive about the impact of the pandemic (COVID 19), not only on the human life but
on businesses and industrial activity across the globe.
The Company has been monitoring the situation closely and has taken proactive measures to comply with
various directions / regulations / guidelines issued by Government of India, various state governments and
local bodies to ensure safety of workforce across all its offices
Further, the resurgence had led to imposition of various restrictions and lockdowns in various states.
Accordingly, there exists uncertainty over the impact of the pandemic on future business performance of the
Company, and the extent of effect of the pandemic will depend, among other things, on any action to contain
its spread or mitigate its impact, whether government mandated or elected by the Company. However the
Company is providing services to certain Group entities and continued to provide services to them without any
interruptions and honour commitments, despite facing all odds during lockdown hence there is no impact of
the COVID-19 pandemic on the Company‟s future financials.
These financial statements are presented in Indian Rupees (“Rupees” or “`“) which is functional currency of
the Company.All amounts are rounded off to Rupee Lakhs, unless stated otherwise.
1.03 Use of estimates

The preparation and presentation of Financial Statements requires estimates and assumptions to be made
that affect the reported amount of assets and liabilities and disclosure of contingent liabilities on the date of
the Financial Statements and the reported amount of revenues and expenses during the reporting period.
Difference between the actual results and estimates is recognised in the period in which the results are
known/ materialised. Estimates and underlying assets are reviewed on periodical basis. Revisions to
accounting estimates are recognised prospectively.
The preparation of financial statements require the use of accounting estimates which, by definition, will
seldom equal the actual results. The management also needs to exercise judgement in applying the
accounting policies.
This provides an overview of the areas that involved a higher degree of judgement or complexity, and of items
which are more likely to be materially adjusted due to estimates and assumptions turning out to be different
than those originally assessed. Detailed information about each of these estimates and judgements is
The Company has based its assumptions and estimates on parameters available when the financial
statements were prepared. Existing circumstances and assumptions about future developments, however,
may change due to market changes or circumstances arising that are beyond the control of the Company.
Such changes are reflected in the assumptions when they occur.
The areas involving critical estimates or judgements pertaing to current tax expense (Note 2.33) and payable,
impairment of trade receivables (Note 2.04), other financial assets (Note 2.06) and measurement of defined
benefit obligation (Note 2.24). Estimates and judgements are continually evaluated. They are based on
historical experience and other factors, including expectations of future events that may have a financial
impact on the Company and that are believed to be reasonable under the circumstances.
(i) Taxes : The Company provides for tax considering the applicable tax regulations and based on reasonable
estimates.
Management periodically evaluates positions taken in the tax returns giving due considerations to tax laws
and establishes provisions in the event if required as a result of differing interpretation or due to retrospective
amendments, if any.
The recognition of deferred tax assets is based on availability of sufficient taxable profits in the Company
against which such assets can be utilized.
(ii) Fair value measurement and valuation process: The Company measured financial assets and liabilities, if any,
at fair value for financial reporting purposes.
(iii) Trade receivables and Other financial assets: The Company follows a „simplified approach‟ (i.e. based on
lifetime Expected Credit loss [ECL]) for recognition of impairment loss allowance on Trade receivables
(including lease receivables). For the purpose of measuring lifetime ECL allowance for trade receivables, the
Company estimates irrecoverable amounts based on the ageing of the receivable balances and historical
experience. Further, a large number of minor receivables are grouped into homogeneous groups and
assessed for impairment collectively. Individual trade receivables are written off when management deems
them not to be collectible.
(iv) Defined benefit plans (gratuity benefits) : The Company‟s obligation on account of gratuity and compensated
absences is determined based on actuarial valuations. An actuarial valuation involves making various
assumptions that may differ from actual developments in the future. These include the determination of the
discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and
its long-term nature, these liabilities are highly sensitive to changes in these assumptions. All assumptions are
reviewed at each reporting date.
The parameter subject to frequent changes is the discount rate. In determining the appropriate discount rate,
the management considers the interest rates of government bonds in currencies consistent with the
currencies of the post-employment benefit obligation.
The mortality rate is based on publicly available mortality tables in India. Those mortality tables tend to change
only at interval in response to demographic changes. Future salary increases and gratuity increases are
based on expected future inflation rates.
(v) Non-financial assets are reviewed for impairment, whenever events or changes in circumstances indicate that
amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
(vi) Provisions and contingent liabilities are reviewed at each balance sheet date and adjusted to reflect the
current best estimates.
1.04 Employee Retirement Benefits
Short term employee benefits
All employee benefits payable wholly within twelve months of rendering the service are classified as short-term
employee benefits. These benefits include compensated absences such as paid annual leave and sickness
leave. The undiscounted amount of short-term employee benefits expected to be paid in exchange for the
services rendered by employees are recognised as an expense during the period.
Long term employee benefits
(i) Define Contribution plan
The Company‟s contribution towards Employees‟ Superannuation Plan is recognised as an expense during
the period in which it accrues.
All employees of the Company are entitled to receive benefits under the Provident Fund, which is a defined
contribution plan. The employer makes monthly contributions to the plan at a predetermined rate (presently
12%) of the employees' basic salary. The Company's contributions to schemes are expensed in the
(ii) Define benefit plan :
Gratuity Plan
The Company‟s gratuity benefit scheme is a defined benefit plan. The Company‟s net obligation in respect of
the gratuity benefit scheme is calculated by estimating the amount of future benefit that employees have
earned in return for their service in the current and prior periods; that benefit is discounted to determine its
present value and the fair value of any plan assets is deducted. Mortality rate is based on publiclly available
mortality table in India.
The present value of the obligation under such defined benefit plan is determined based on actuarial valuation
using the Projected Unit Credit Method.
The obligation is measured at the present value of the estimated future cash flows. The discount rates used
for determining the present value of the obligation under defined benefit plan, are based on the market yields
on Government Securities as at the Balance Sheet date.
Remeasurements which comprise actuarial gain and losses, the return of plan assets (excluding interest) and
the effect of assets ceiling (if any, excluding interest), are recognised in Other Comprehensive Income.
(iii) Others Long term employee benefits :
Compensated absences which are not expected to occur within twelve months after the end of the period in
which the employee renders the related services are recognised as a liability at the present value of the
defined benefit obligation at the Balance Sheet date, determined based on actuarial valuation using Projected
Unit Credit Method. The discount rates used for determining the present value of the obligation under defined
benefit plan, are based on the market yields on Government Securities as at the Balance Sheet date.
Remeasurements gain and losses is recognised in the Statement of Profit and Loss in the period in which they
arise.

(i) Transactions denominated in foreign currencies are recorded at the exchange rates prevailing at the time of
the transaction.
(ii) Monetary items denominated in foreign currencies at the year end are restated at the year end rates.
(iii) Exchange difference on monetary items are recognised in the Statement of Profit and Loss in the period in
which they arise.
1.06 Revenue recognition
(i) Revenue is recognised when control over goods or services is transferred to a customer. A customer
obtains control when he has the ability to direct the use of and obtain the benefits from the good or service,
there is transfer of title, supplier has right to payment etc. – with the transfer of risk and rewards now being
one of the many factors to be considered within the overall concept of control.
(ii) The Company determines whether revenue should be recognised „over time‟ or „at a point in time‟. As a
result, it is required to determine whether control is transferred over time. If not, only then revenue be
recognised at a point in time, or else over time. The Comapany also determines if there are multiple distinct
promises in a contract or a single performance obligation (PO). These promises may be explicit, implicit or
based on past customary business practices. The consideration gets allocated to multiple POs and revenue
recognised when control over those distinct goods or services is transferred.
which may or may not occur. This is variable consideration, a wide term and includes all types of negative and
positive adjustments to the revenue. Further, the entities will have to adjust the transaction price for the time
value of money. Where the collections from customers are deferred the revenue will be lower than the
contract price, and in case of advance collections, the effect will be opposite resulting in revenue exceeding
the contract price with the difference accounted as a finance expense.
(iii) Interest income on investment is recognised on time proportion basis. Interest income is accounted using
receipts over the expected life of the financial assets to that asset‟s net carrying amount on initial recognition.
Income Tax comprises of current and deferred tax. It is recognised in the Statement of Profit and Loss except
to the extent that it relates to a business combination or to an item recognised directly in equity or other
comprehensive income.
Provision for income tax is made on the basis of taxable income for the period at current rates. Tax expense
income. Deferred Tax Liabilities are generally accounted for all taxable temporary differences. Deferred tax
asset is recognised for all deductible temporary differences, carried forward of unused tax losses, to the
extent that is probable that taxable profit will be available against which such deductible temporary differences
can be utilised.
obligation as a result of past events and it is probable that there will be an outflow of resources. A disclosure
for a contingent liability is made when there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in
respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.
Contingent Assets are not recognised but disclosed in the financial statements when economic inflow is
probable.
In determining Earning per Share, the Company considers the net profit or loss after tax and includes the post
tax effect of any extraordinary/ exceptional item. Number of shares used in computing Basic Earning per
Share is the weighted average number of shares outstanding during the period. Dilutive earning per share is
computed and disclosed after adjusting effect of all dilutive potential equity shares, if any except when results
will be anti dilutive. Dilutive potential Equity Shares are deemed converted as of the beginning of the period,
unless issued at a later date.
Financial Assets
Classification
(ii) In determining the fair value of its financial instruments, the Company uses a variety of methods and
assumptions that are based on market conditions and risk existing at each reporting date. The method used
to determine fair value include discounted cash flow analysis, available quoted market price. All method of
assessing fair value result in general approximation of value, and such value may never actually be realized.
For all other financial instruments the carrying amounts approximate fair value due to the short maturity of
those instruments.
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair
value through Statement of Profit and Loss, transaction costs that are attributable to the acquisition of the
financial asset.
Financial assets are measured at amortised cost when asset is held within a business model, whose objective
is to hold assets for collecting contractual cash flows and contractual terms of the asset give rise on specified
dates to cash flows that are solely payments of principal and interest.Such financial assets are subsequently
measured at amortised cost using the effective interest rate (EIR) method. The losses arising from impairment
are recognised in the profit or loss.
Financial assets under this category are measured initially as well as at each reporting date at fair value with
all changes recognised in the statement of Profit or Loss.
(vi) Derecognition of Financial Assets
A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired
or the Company has transferred its rights to receive cash flows from the asset.
Classification
All financial liabilities are recognised initially at fair value, in the case of loans, borrowings and payables, net of
directly attributable transaction costs. Financial liabilities include trade and other payables, loans and
borrowings.
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial
liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are
classified as held for trading, if they are incurred for the purpose of repurchasing in the near term. This
category also includes derivative financial instruments that are not designated as hedging instruments in
hedge relationships as defined by Ind - AS 109. Separated embedded derivatives are also classified as held
for trading unless they are designated as effective hedging instruments.
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different
terms, or the terms of an existing liability are substantially modified, such an exchange or modification is
treated as the derecognition of the original liability and the recognition of a new liability. The difference in the
respective carrying amounts is recognised in the Statement of Profit and Loss.
( ` in lakh)
As at As at
March 31, 2022 March 31, 2021
Bank Deposits (more than 12 months maturity) 12 12
Interest Accrued on above deposits 2 2
14 14
2.02 Income Tax Assets (Net)

Advance taxes and Tax deducted at source
(Net of Provision for Tax) 12 27
12 27
2.03 Other Non Current Assets

(Unsecured, Considered Good)
Deposits 1 1
1 1
( ` in lakh)
As at As at
March 31, 2022 March 31, 2021
2.04 Trade Receivables
(Unsecured)- ( Refer Note 2.33)
Considered Good 1 -
Which have significant increase in credit risk ( Refer Note 2.04.02) 4,252 4,252
Credit Impaired 1,013 1,013
5,266 5,265
Less: Provision for Expected Credit Loss 1,013 1,013
4,253 4,252
2.04.01 Ageing Trade Receivables from the due date of payment as at March 31, 2022
Particulars Less 6 months- 1-2 2-3 years More than Total
then 6 1 year years 3 years
months
Undisputed Trade Receivables- - 1 - - - 1
Considered Good (-) (-) (-) (-) (-) (-)
Undisputed Trade Receivables-
Which have significant increase - - 17 377 3,858 4,252
in credit risk (-) (17) (377) (1,230) (2,628) (4,252)
Undisputed Trade Receivables- - - - - 1,033 1,033
Credit impaired (-) (-) (-) (-) (1,033) (1,033)
Disputed Trade Receivables- - - - - - -
Considered Good (-) (-) (-) (-) (-) (-)
Disputed Trade Receivables-
- - - - - -
Which have significant increase
in credit risk (-) (-) (-) (-) (-) (-)
Credit impaired (-) (-) (-) (-) (-) (-)
- 1 17 377 4,891 5286
Total-A
(-) (17) (377) (1,230) (3,661) (5285)
Allowance for Credit 1,033 1,033
Impaired (B) (1,033) (1,033)
- 1 17 377 3,858 4253
Total- (A-B)
(-) (17) (377) (1,230) (2,628) (4252)
2.04.02 Includes amount receivable from Reliance Communications Limited, the Holding Company, Rs. 127 lakh and
Rs. 289 lakh from Reliance Telecom Limited, the Fellow subsidiary, which are undergoing CIRP and and
accounting impact,if any, with respect to the said receivable will be provided on completion of the CIRP

Balance with Banks in Current Account 155 147
155 147
Unbilled Revenue 932 932
932 932
2.07 Other Current Assets
Advance to Related Parties* 300 300
Advance to Vendors 36 36
Prepaid Expenses - 1
Others ** 1,838 1,869
2,174 2,206
*Includes amount receivable from Reliance Communications Limited, the Holding Company, which is undergoing
CIRP and accounting impact if any with respect to the said receivable will be provided on completion of the CIRP .
** Includes GST Receivable
( ` in lakh)
As at As at
March 31, 2022 March 31, 2021
Authorised :
1 00 000 ( 1 00 000) Equity Shares of ` 10 each 10 10
10 10
50 000 ( 50 000) Equity Shares of ` 10 each fully paid up 5 5
5 5
(a) Equity Shares held by Promoters

Share Holder Name No of Shares % of Total % Change
Shares during the
year
Reliance Communications Limited, 50,000 100 Nil
Holding Company ( 50,000) (100) (Nil)
(b) Details of Shareholders Holding more than 5% shares in the Company / Holding Company
Share Holder Name No of Shares % No of Shares %
Reliance Communications Limited,

50,000 100.00 50,000 100.00
Holding Company and its nominee
50,000 100.00 50,000 100.00
(c) Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of ` 10 per share. Each holder of equity
shares is entitled to one vote per share. In the event of liquidation of the Company, the holder of equity shares will
be entitled to receive remaining assets of the Company. The distribution will be in proportion to the number of equity
shares held by the shareholders.
(d) The Reconciliation of shares outstanding at beginning and end of the year
Particulars No of Shares ( ` in lakh) No of Shares ( ` in lakh)
At the the beginning of the year 50,000 5 50,000 5
Add/ Less: Shares issued/ bought back
during the year - - - -
At the end of the year 50,000 5 50,000 5
2.09 Other Equity ( ` in lakh)

Surplus/ Other
(Deficit) in Comprehensive Total
retained Income
earnings
Balance as at April 1, 2020 (2,044) 101 (1,943)
Profit / (Loss) for the year (10) - (10)
Additions/ (deduction) during the year (net) - 3 3
Profit / (Loss) for the year 159 - 159
Additions/ (deduction) during the year (net) - - -
( ` in lakh)
As at As at
March 31, 2022 March 31, 2021
2.10 Provisions - Non Current
Provision for Gratuity - 69
Provision for Leave Encashment - 31
- 100
2.11 Borrowings - Current
Unsecured
From Related Parties ( Refer Note 2.36) 1,309 1,309
1,309 1,309
( ` in lakh)
As at As at
March 31, 2022 March 31, 2021
2.12 Trade Payables
Total Outstanding due to Micro and Small Enterprises 34 34
Total Outstanding due to Creditors other
than Micro and Small Enterprises* 4,321 4,317
4,355 4,351
* For Related parties Refer Note 2.33
Note:
2.12.1 Disclosure under Micro, Small and Medium Enterprises
Under the Micro, Small & Medium Enterprises Development Act, 2006 (MSMED), certain disclosures are required to
be made relating to Micro and Small Enterprises. On the basis of the information and records available with the
Company, the following disclosures are made for the amounts due to the Micro and Small Enterprises.

March 31, 2022 March 31, 2021
(i) Principal amount due to any supplier as at the
year end 34 34
(ii) Interest due to suppliers and remaining unpaid as
at year end 26 21
(iii) Amount of Interest paid by the Company in terms
of Section 16 of the MSMED, alongwith the amount of
the payment made to the supplier beyond the - -
appointed day during the accounting year
(iv) Payment made to the enterprises beyond
appointed date under Section 16 of MSMED -
1
(v) Amount of Interest due and payable for the period
of delay in making payment, which has been paid but
beyond the appointed day during the year but without -
adding the interest specified under MSMED
-
(vi) The amount of interest accrued and remaining
unpaid at the end of each accounting year 26 21
(vii) the amount of further interest remaining due and

payable even in the succeeding years, until such date
when the interest dues as above are actually paid to
26 21
the small enterprises for the purpose of disallowance
as a deductible expenditure under Section 23 of the
MSMED
2.12.12 Trade Payables Ageing Schedule

Outstanding for following periods from due date of
payment
Particulars Less Total
More than 3
Not due than 1 1-2 years 2-3 years
years
year
(i) MSME - - - - 34 34
(-) (-) (-) (-) (34) (34)
(ii) Others - - 1 3 4317 4321
(-) (3) (3) (118) (4193) (4317)
(iii) Disputed dues – MSME - - - - - -
(-) (-) (-) (-) (-) (-)
(iv) Disputed dues - Others - - - - - -
(-) (-) (-) (-) (-) (-)
- - 1 3 4351 4355
Total
(-) (3) (3) (118) (4227) (4351)
( ` in lakh)
As at As at
March 31, 2022 March 31, 2021
Employee Benefits Payable 294 305
Other Liabilities 75 84
369 389

Other Current Liabilities* 3,294 3,307
3,294 3,307
* Includes amount due towards Services received, Provident fund contribution & others
2.15 Provisions - Current
Provision for Income Tax - -
Provision for Gratuity - 47
Provision for Leave Encashment - 21
- 68
( ` in lakh)
March 31, 2022 March 31, 2021
2.16 Revenue from Operations
Sale of Services 332 733
332 733
2.17 Other Income
Interest Income 3 1
Net gain on foreign currency transactions and translation - 5
Other Miscellaneous Income - 28
3 34
2.18 Employees Benefit Expenses
Salaries 107 655
Contribution to Provident, Pension and Gratuity Fund 31 27
Employee Welfare and other Amenities 6 61
144 743
2.19 Finance Cost
Interest and Other Finance expenses - 1
- 1
2.20 Other Expenses
CIRP Process Cost 19 19
Travelling Expenses - 1
Net loss on foreign currency transactions and translation 6 -
Insurance 1 7
Professional Fees 1 -
Payment to Auditors* - 1
Other Administration and Miscellaneous Expenses 5 5
32 33
*Payment to Auditors (Amount in ` )

- Audit Fees 35,000 40,000
- Tax Audit Fees - 10,000
- Certification/ Reimbursement of Expenses - 3,700
35,000 53,700
1
RELIANCE TECH SERVICES LIMITED
Note : 2.21
Going Concern
Pursuant to an application filed by certain operational creditors before the National Company Law Tribunal,
Mumbai Bench (“the NCLT”) in terms of Section 9 of the Insolvency and Bankruptcy Code, 2016 read with the
rules and regulations framed there under (“the Code”), the NCLT had admitted the application and ordered the
commencement of corporate insolvency resolution process (“CIRP”) of Reliance Tech Sevices Limited (“the
Company” or "the Corporate Debtor") vide its order dated August 04, 2020. The NCLT had appointed Mr.
Anjan Bhattacharya as the Interim Resolution Professional (IRP) and subsequently as the Resolution
Professional (RP). Therefore, Mr. Anjan Bhattacharya had in his capacity as RP taken control and custody of
the management and operations of the Company. The Resolution Professional of the Company has filed an
application with NCLTon May 04, 2021 ("the Application" ) for initiation of liquidation proceedings in respect of
the Company. Since, the application is presently sub judice, the Financial Statements has been prepared on
going concern basis.The necessary effect in the Financial Statements of the Company will be given based on
the decision of the Hon'ble NCLT on the application.
Note : 2.22
Previous year
The figures of previous year have been regrouped and reclassified, wherever required. Amount in financial
statements are presented in Rupees in lakhs, except as otherwise stated.
Note : 2.23
Code on Social Security, 2020
The Indian Parliament has approved the Code on Social Security, 2020. which would impact the contributions
by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released
draft rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from
stakeholders which are under active consideration by the Ministry. The Corporate Debtor will assess the
impact once the subject rules under the Code are notified and will give appropriate impact in the financial
statements when the code becomes effective.
Note : 2.24
Employee Benefits :
Gratuity: In accordance with the applicable Indian laws, the Company provides for gratuity, a defined benefit
retirement plan (Gratuity Plan) for all its employees. The Gratuity Plan provides a lump sum payment to vested
employees, at retirement or termination of employment, an amount based on respective employees last drawn
salary and for the years of employment with the company.
The define benefit plan exposed the Company at actuarial risk such as logentivity risk. interest risk and market
(Investment) risk.
The following table sets out the status of the Gratuity Plan as required under Indian Accounting Standard ("Ind
AS") 19 "Employee Benefits".
Defined Contribution Plan:
Contribution to Defined Contribution Plan, recognized as expense for the year are as under:
(` in lakh)
March 31, 2022 March 31, 2021
Employer‟s Contribution to Provident Fund 3 19
Employer‟s Contribution to Pension Scheme 1 9
Defined Benefit Plan:

The employees‟ gratuity fund scheme managed by Reliance Life Insurance Company Limited and Life
Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based
on the actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as
giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the
final obligation.
1
(` in lakh)
As at
(i) Reconciliation of opening and closing balances of the present value of the defined benefit obligation
Obligation at the beginning of the year 119 139
Service Cost 26 9
Interest Cost - 7
Actuarial (Gain)/ Loss on obligation -
Due to change in Financial
Assumptions - 1
Actuarial (Gain)/ Loss on obligation -
Due to Experience adjustments - (4)
Benefits paid (145) (33)
Obligation at the end of the year - 119
(ii) Change in plan assets
Plan assets at the beginning of the year, at fair value 3 18
Interest Income - 1
Employer contribution - 17
Benefits paid (3) (33)
Actuarial Gain/ (Loss) [ Previous year (` 7,123) ] - -
Plan assets at the end of the year, at fair value - 3
(` in lakh)
As at
March 31, 2022 March 31, 2021
(iii) Reconciliation of present value of the obligation and the fair value of the plan assets
Fair value of plan assets at the end of the year - 3
Present value of defined benefit obligation at the end of the year - 119
Amount recognized in Balance Sheet - (116)
(iv) Expense recognised in Profit or Loss
Service Cost 26 9
Interest Cost - 6
Total 26 15
(v) Amount Recognised in Other Comprehensive Income
Actuarial Gain/ (Loss) on Plan Assets [ Previous year (` 7,123) ] - -
Actuarial (Gains)/Losses on Obligation - (3)
Total - (3)
(vi) Investment Details of Plan Assets
Investment for employees gratuity fund scheme managed by Reliance Life Insurance Company Limited.
1
(vii) Assumptions
Discount rate (per annum) - 4.54%
Expected rate of return on plan assets (per annum) - 4.54%
Rate of escalation in salary (per annum) - 0.00%
The estimates of rate of escalation in salary is considered in actuarial valuation, taken into account inflation,
seniority, promotion and other relevant factors including supply and demand in the employment market. The
above information is certified by actuary.
(viii) Particulars of the amounts for the year and Previous years
As at March 31 Present value Fair Value of Excess of obligation over plan
of benefit plan Assets assets (plan assets over
obligation obligation)
2022 - - -
2021 119 3 116
2020 139 18 121
2019 432 222 210
2018 482 286 196
(ix) Sensitivity analysis
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other
assumptions constant, would have affected the defined benefit obligation by the amounts shown below.
Discount rate (+ 1% movement) - (2)

Discount rate (- 1% movement) - 2
Future salary growth (+ 1% movement) - -
Future salary growth (- 1% movement) - -
Employee turnover (+ 1% movement) - -
Employee turnover (- 1% movement) - -
Although the analysis does not take account of the full distribution of cash flows expected under the plan, it
does provide an approximation of the sensitivity of the assumptions shown.
(x) Maturity analysis of defined benefit plan (fund)
Project benefit payable in future from the date of reporting
1st following year - 50
2nd following year - 36
3rd following year - 17
4th following year - 9
5th following year - 4
Sum of Years 6 and above - 4
Note 2.25
The fair value of financial assets and liabilities are included at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other
current liabilities, short term loans from banks and other financial institutions approximate their carrying
amounts largely due to the short term maturities of these instruments.
Financial Instruments with fixed and variable interest rates are evaluated by the company based on
parameters such as interest rates and individual credit worthiness of the counterparty. Based on this
evaluation, allowances are taken to account for the expected losses of these receivables.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable
inputs).
There is no fair valuation of financial instruments. The carrying value of the financial instruments by
categories were as follows:
(` in lakhs)
As at As at
Particulars
March 31, 2022 March 31, 2021
Trade receivables (Refer Note 2.04) 4,253 4,252
Cash and cash equivalents (Refer Note 2.05) 155 147
Other financial assets (Refer Note 2.01 & 2.06) 946 946
Total 5,354 5,345
Financial assets at fair value through Nil Nil
other Comprehensive Income:
Borrowings (Refer Note 2.11) 1,309 1,309
Trade payables (Refer note 2.12) 4,355 4,351
Other financial Liabilities (Refer Note 2.13) 369 389
Total 6,033 6,049
Profit and Loss:
Financial Liabilities at fair value through Nil Nil
Activities of the Company expose it to a variety of financial risks: market risk, credit risk and liquidity risk.
The Company‟s financial liabilities comprise of borrowings, trade payable and other liabilities to manage its
operation and financial assets includes trade receivables, deposits, cash and bank balances, other
receivables etc. arises from its operation.
Considering the facts that the Company is under CIRP and RP has filed an application with NCLT for
initiation of liquidation proceedings (Refer Note 2.21), the framework and the strategies for effective
management will be established post decision of the Hon'ble NCLT on the application. Presently, the
financial management activities are restricted to management of current assets and liabilities of the
company and the day to day cash flow hence analysis of financial risks like: market risk, credit risk and
liquidity risk are not relevant till decision on the application in this regard.
Note : 2.26
Earnings per share
Basis and Diluted EPS Year ended Year ended
March 31, 2022 March 31, 2021
Profit attributable to Equity Shareholders (` in
lakh) 159 (10)
Weighted average number of Equity Shares
(used as denominator for calculating Basic 50,000 50,000
Profit attributable to Equity Shareholders (` in
lakh) 159 (10)
Weighted average number of Equity Shares
(used as denominator for calculating Diluted 50,000 50,000
Basic Earnings per Share of ` 10 each 318 (20)
Diluted Earnings per Share of ` 10 each 318 (20)
Note : 2.27
Segment Reporting
The Company has a single line of activity. So there is neither more than one business segment and nor more than one
geographical segment. Hence segment information as per Ind AS - 108 is not required to be disclosed.
Note : 2.28
During the year, the Company has not surrendered or disclosed any income, previously unrecorded transaction in the
books of account as income, in the tax assessments under the Income Tax Act, 1961.
Note : 2.29
During the year, the Company has not received as well as given advances (excluding transactions in the normal course
of business) or loans or invested funds or provided any guarantee, security or the like from/ to any other person(s) or
entity(ies), directly or indirectly, including any foreign entity(ies).under the Income Tax Act, 1961.
Note : 2.30
The Company did not have any material transaction with companies struck off under Section 248 of the Companies Act,
2013 or Section 560 of Companies Act, 1956.
Note : 2.31
Accounting Ratios
Sr. Name of the Ratio Numerator Denominator 2021-22 2020-21 % Variance
1. Current Ratio Current Current 0.81 0.80 1.25%
(in times) Assets Liabilities
2. The Company is under going CIRP and stopped providing service since July' 2022 and also does not have any
Inventory, Purchases and positive Net worth during the year and previous year accordingly other ratio i.e. Debt -Equity,
Debt Service coverage, Return on equity, Inventory turnover, Trade receivable turnover , Trade payable turnover, Net
capital turnover, Net profit, Return on capital employed and Return on investment are not applicable.
3. There is no significant change (i.e. more then 25%) in the above mentioned ratios during the year in comparison to
Previous year.
Note : 2.32
Capital Management
Capital of the Company, for the purpose of capital management , include issued equity capital, securities premium and
all other equity reserves attributable to the equity holders of the Company. The Company‟s objective when managing the
capital is to safeguard the Company‟s ability to continue as a going concern. Since, the Company is under going CIRP
and the application filed by RP is sub judice, hence it's not relevant till the decision on the application in this regard.
Note : 2.33
Income Tax (` in lakh)
March 31, 2022 March 31, 2021
Reconciliation of Tax Expenses
Profit/ (Loss) before Tax 159 (10)
Computed Tax Expenses 50 (3)
Deferred Tax Assets not recognised 2 1
Expenses not allowed in Taxable Income 1 2
Reversal of Provision of expenses (53) -
disallowed in earlier years
Income Tax Expenses charge/ (credit) - -
to Statement of Profit and Loss
Significant management judgment is considered in determining provision for income tax, deferred tax assets and
liabilities and recoverability of deferred tax assets. The recoverability of deferred tax assets is based on estimate of
the taxable income for the period over which deferred tax assets will be recovered.
However, Deferred Tax Assets have not been recognised in respect of losses due to non existence of reasonable
certainty.
Note : 2.34
Note : 2.35
Contingent Liabilities (as represented by the Management)
(` in lakh)
As at
March 31, 2022 March 31, 2021
Disputed Liabilities for CST and VAT* 41980 970
Other Claims against the Company not acknowledged as Debts 249 249
*The Company has deposited ` 13 lakh under protest against the said demand.
Notes to the accounts to the Financial Statements as at March 31, 2022
Note : 2.32
Related Parties
As per the Indian Accounting Standard (“Ind AS”) 24 of “Related Party Disclosures” as referred to in
Accounting Standard Rules, the disclosure of transactions with the related parties as defined therein are given
below. All transactions entered into by the Company with related parties, were in ordinary course of business
and on arm‟s length basis.
(a) List of related parties and their relationships :
Sr. No. Name of the Related Party Relationship
5 Reliance Webstore Limited
7 Globalcom IDC Limited Fellow Subsidiary
8 Reliance Globalcom Limited*
9 Reliance Big Entertainment Private Limited
10 Reliance Communications Inc.
11 Big Animation (India) Private Limited
12 Big Flicks Private Limited
14 Reliance General Insurance Company Limited
15 Reliance Commodities Limited
Enterprise over
16 Reliance Wealth Management Limited
which promoter of
17 Reliance Financial Limited
holding company
18 Reliance Money Solutions Private Limited
having control
19 Reliance Securities Limited
20 Reliance Money Precious Metals Private Limited
21 Reliance Nippon Life Insurance Company Limited
22 Delhi Airport Metro Express Private Limited
23 Reliance Infrastructure Limited
24 SU Toll Road Private Limited
25 NK Toll Road Limited
26 TD Toll Road Private Limited Enterprise over
27 BSES Rajdhani Power Limited which promoter of
28 Reliance Coal Resources Private Limited holding company
29 Rosa Power Supply Company Limited having control
30 Sasan Power Limited
31 Coastal Andhra Power Limited
32 Vidarbha Industries Power Limited
33 Reliance Power Limited
* No control w.e.f.1-7-2019
Transactions with Major Parties
Sr. No. Name of the Related Party

1 Reliance Communications Limited
2 Globalcom IDC Limited
Notes to the accounts to the Financial Statements as at March 31, 2022
(b) Transactions during the year with related parties
(Figures in bracket represent Previous year) (` in lakh)
Sr. Nature of Transactions Holding Fellow Enterprise over Total
No. Company Subsidiary which promoter of
holding company
having control
1 Loans Taken
Balance as at April 1, 2021 - 1,309 - 1,309
(-) (1,201) (-) (1,201)
Taken/ assigned during the year - - - -
(-) (108) (-) (108)
Repaid during the year - - - -
(-) (-) (-) (-)
Balance as at March 31, 2022 - 1,309 - 1,309
(-) (1,309) (-) (1,309)
2 Trade Receivables 127 302 20 449
(126) (302) (20) (448)
3 Other Financial Assets - 932 - 932
(-) (932) (-) (932)
4 Other Current Assets 300 - - 300
(300) (-) (-) (300)
5 Trade Payable - 463 - 463
(-) (463) (-) (463)
6 Other Current Liabilities - 3,174 30 3,204
- (3,174) (30) (3,204)
7 Service Revenue 291 41 - 332
(619) (102) - (721)
Note : 2.37
The financial statements for the year ended March 31, 2022 are approved by the Directors of the Company at
their meeting held on August 11, 2022 which was chaired by Mr. Anjan Bhattacharya, Resolution Professional
(„RP‟) of the Company and RP took the same on record basis recommendation from the directors.

Rakesh Gupta
Dhaval Satra Director
Partner DIN : 00130829
Membership No. 137056
Vinay Soni
Director
DIN : 08567944
Anjan Bhattacharya
Place : Mumbai
Independent Auditors’ Report
To the Members of Reliance Telecom Limited
Report on the Audit of the Financial Statements
Corporate Insolvency Proceedings as per Insolvency and Bankruptcy Code, 2016 (IBC)
The Hon’ble National Company Law Tribunal, Mumbai Bench (“NCLT”) admitted an insolvency and
bankruptcy petition filed by an operational/financial creditor against Reliance Telecom Limited,
Reliance Communications Limited (“the Holding Company”), Reliance Infratel Limited and Reliance
Communication Infrastructure Limited (“the Fellow Subsidiaries”) and appointed Resolution
Professional who has been vested with management of affairs and powers of the Board of Directors
with direction to initiate appropriate action contemplated with extent provisions of the Insolvency and
Bankruptcy Code, 2016 and other related rules.
Qualified Opinion
We have audited the financial statements of Reliance Telecom Limited (“the Company”), which
comprise the balance sheet as at March 31, 2022, and the Statement of Profit and Loss, Statement of
changes in equity and Statement of cash flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies and other explanatory information
(“the financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, except
for the possible effects of matters described in the Basis for Qualified Opinion section of our report,
the aforesaid financial statements give a true and fair view in conformity with the Indian Accounting
Standards prescribed under section 133 of Companies Act 2013 (“the Act”) 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, 2022, and its loss
(including other comprehensive loss) and the statement of changes in equity and its cash flows for the
year ended on that date.
a) We draw attention to Note no. 2.06 & 2.21 of the financial statements on “Assets Held for Sale
(AHS)” regarding Spectrum acquired on deferred payment basis classified as held for sale at the
value ascertained at the end of March 31, 2018, for the reasons referred to in the aforesaid note
and impact of the non-payment of spectrum instalments due to Department of
Telecommunication (DOT). Non determination of fair value of spectrum as on the reporting date
is not in compliance with Ind AS 105 “Non Current Assets Held for Sale and Discontinued
Operations”. Accordingly, we are unable to comment on the consequential impact, if any, on the
carrying amount of Assets Held for Sale and on the reported losses for the year ended March 31,
2022.
b) We draw attention to Note no. 2.18.01 of the financial statements regarding admission of the
Company into Corporate Insolvency Resolution Process (“CIRP"), and pending determination of
obligations and liabilities including various claims submitted by the Operational / financial / other
creditors and employees including interest payable on loans during CIRP. We are unable to
comment the accounting impact & disclosure thereof pending reconciliation and determination
of final obligation.
The Company accordingly has not provided interest on borrowings amounting to Rs. 20,253
lakhs for the year ended March 31, 2022 & Rs. 73,430 lakh up to previous financial year
calculated based on the basic rate of interest as per the terms of the loan. The Company further
has not provided foreign exchange loss amounting to Rs. 5,520 lakh for the year ended March
31, 2022 & foreign exchange loss of Rs. 16,327 lakh up to previous financial year, resulting in
understatement of loss by the said amounts. Had such interest and foreign exchange (gains) /
losses as mentioned above been provided, the reported loss for the year ended March 31, 2022
would have been higher by Rs. 25,773 lakh and Net worth of the Company would have been
lower by Rs. 1,15,530 lakh and Rs. 89,757 crore as on March 31, 2022 and as on March 31, 2021
respectively. Non provision of interest and non-recognition of foreign exchange variation (gain)/
loss is not in compliance with Ind AS 23 “Borrowing Costs” and Ind AS 21 “The Effects of
Changes in Foreign Exchange Rates” respectively.
c) We draw attention to Note no. 2.21 of the financial statements, regarding pending comprehensive
review of carrying amount of all assets (including receivables, investments and balances lying
under Goods & Service Tax) & liabilities and non provision for impairment of carrying value of
the assets and write back of liabilities if any, pending completion of the Corporate Insolvency
Resolution Professional (CIRP). In the absence of comprehensive review as mentioned above for
the carrying value of all the assets and liabilities, we are unable to comment that whether any
adjustment is required in the carrying amount of such assets and liabilities and consequential
impact, if any, on the reported losses for the year ended March 31, 2022. Non determination of
fair value of financial assets & liabilities and impairment in carrying amount for other assets and
liabilities are not in compliance with Ind AS 109 “Financial Instruments”, Ind AS 36 “Impairment
of Assets” and Ind AS 37 “Provisions, Contingent Liabilities & Contingent Assets”.
d) We draw attention to Note no. 2.26 of the financial statements, regarding non adoption of Ind AS
116 “Leases” effective from April 01, 2019 and the consequent impact thereof. The aforesaid
accounting treatment is not in accordance with the relevant Ind AS 116.
e) We draw attention to Note no. 2.21 of the financial statements, regarding continuous losses
incurred by the Company, current liabilities exceeding its current assets, default in repayment of
borrowings, default in payment of regulatory and statutory dues and pending application of
renewal of a Telecom License. This situation indicates that a material uncertainty exists that may
cast significant doubt on the Company’s ability to continue as a going concern. The accounts
however has been prepared by the management on a going concern basis for the reason stated in
the aforesaid note. We however are unable to obtain sufficient and appropriate audit evidence
regarding management’s use of the going concern basis of accounting in the preparation of the
financial statements, in view of ongoing Corporate Insolvency Resolution Process, the outcome
of which cannot be presently ascertained.
The Networth of the Company excludes the effect of qualification under (a), (c), (d) and (e) above
which are non-quantifiable as referred therein.
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 thereunder, 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 qualified opinion.
Emphasis of Matter Paragraph
We draw attention to Note no 2.25 of the financial statements, regarding provision of license fee and
spectrum usage charges based on management estimates pending special audit from Department of
Telecommunications, pursuant to the judgment of Hon’ble Supreme Court of India, vide its order dated
October 24, 2019 and status of payment thereof.
Our opinion on the financial statement is not modified in respect of above matters.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements of the current period. These matters were addressed in the context of
our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters. In addition to the matters stated in the Basis for Qualified
Opinion paragraph, we have determined the matters described below to be the key audit matters to be
communicated in our report
For matter below, our description of how Key audit matter is addressed in our audit is provided in that
context.
We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the
financial statements section of our report, including in relation to these matters. Accordingly, our audit
included the performance of procedures designed to respond to our assessment of the risks of material
misstatement of the Financial Statements. The results of our audit procedures, including the procedures
performed to address the matter below, provide the basis for our audit opinion on the accompanying
financial statements.
Key Audit Matter How our audit addressed the Key Audit Matter
Valuation and disclosure of accrual estimates for legal claims, litigations, regulatory matters and
contingencies and deposits against the same legal matters including provision of license fee and spectrum
usage charges, pursuant to the judgment of Hon’ble Supreme Court of India, vide its order dated October
24, 2019
The Company is involved as a party in legal Our audit procedures included, amongst others, testing
proceedings, including regulatory and other the effectiveness of the Company's internal controls
governmental proceedings. The Company has also around the identification and evaluation of
deposited substantial amounts with regulatory claims/provisions, proceedings and investigations at
authorities against the demands in dispute, which has different levels in the Company, and the recording and
been classified as deposit. continuous re-assessment of the related (contingent)
liabilities and provisions and disclosures. We inquired
This area is significant to our audit, since the with both internal legal staff including Resolution
accounting and disclosure for (contingent) legal Professional (RP) as well as with the Company's
liabilities is complex and judgmental (due to the financial staff in respect of ongoing investigations or
difficulty in predicting the outcome of the matter and claims, proceedings and investigations, inspected
estimating the potential impact if the outcome is relevant correspondence, inspected the minutes of the
unfavourable), and the amounts Involved are, or can meetings of the Audit Committee and requested a
be, material to the financial statements as a whole. confirmation from the group's in-house responsible
Further reference is made to Note no.2.23 Contingent officials and RP. Also the Company has obtained legal
liabilities and note no. 2.25 on provision of Licence opinions in past against these disputes. For claims
fees and Spectrum Usage Charges. settled during the year, we vouched the payments, as
appropriate, and read the related orders to verify
whether the settlements were properly accounted for.
We also assessed the adequacy of the Company's
disclosure around legal claims, litigations, regulatory
matters and contingencies as included in Note no. 2.23
Contingent liabilities.
We consider management's conclusion on the

predicted outcome and estimation of potential impact
reasonable and we assessed that the disclosures in Note
no. 2.23, Contingent liabilities are reasonable.
Information Other than the 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 Annexures to Board’s Report, Business Responsibility Report, but does not
include the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained during the course of our audit or otherwise appears to
be materially misstated. When we read the report containing other information, if we conclude that
there is a material misstatement therein, we are required to communicate the matter to those charged
with governance. We have nothing to report in this regard.
Responsibility of Management and Those Charged with Governance for the Financial Statements
The financial Statements, which is the responsibility of the Company’s Management is relied upon by
the Resolution Professional based on the assistance provided by the Directors and taken on record by
the Resolution Professional as fully described in Note 2.41 of financial Statements.
The Company’s Management 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 the financial
position, financial performance, (changes in equity) and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the accounting Standards specified
under section 133 of the Act.
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
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/Resolution Professional 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/Resolution Professional
either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do
so.
The management/Resolution Professional is also responsible for overseeing the Company’s financial
reporting process read together with Note no. 2.41 of the financial statements.
Auditor’s Responsibilities for the Audit of the Financial Statements
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:
 Identify and assess the risks of material misstatement of the financial statements, whether due to
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
 Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible
for expressing our opinion on whether the company has adequate internal financial controls system
in place and the operating effectiveness of such controls.
 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
 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.
 Evaluate the overall presentation, structure and content of the financial statements, including the
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.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the financial statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest benefits of such communication.
Other Matters
Pursuant to application filed by Ericsson India Pvt. Ltd. before the National Company Law Tribunal,
Mumbai Bench (“NCLT”) in terms of Section 9 of the Insolvency and Bankruptcy Code, 2016 read
with the rules and regulations framed there under (“Code”), the NCLT had admitted the application and
ordered the commencement of corporate insolvency resolution process (“CIRP”) of Reliance Telecom
Limited ("the Company"), vide its orders dated May 15, 2018. The NCLT had appointed the interim
resolution professional of the Company vide its orders dated May 18, 2018. Thereafter, the committee
of creditors (“CoC”) of the Company, at the meetings of the CoC held on May 30, 2019, in terms of
Section 22 (2) of the Code, resolved with the requisite voting share, to replace the Interim Resolution
Professional with the Resolution Professional (“RP”) for the Company, which has been confirmed by
the NCLT in its orders dated June 21, 2019 (published on the website of the NCLT on June 28, 2019).
The financial statements of the Company should be signed by the Chairperson or Managing Director
or Whole Time Director or in absence of all of them, it should be signed by any Director of the Company
who is duly authorized by the Board of Directors to sign the financial statements. As mentioned in Note
No 2.41 of the financial statements, in view of the ongoing CIRP, the powers of the board of directors
stand suspended and are exercised by the Resolution Professional.
As required by the Companies (Auditor’s Report) Order, 2020 (“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 statements on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
(a) Except for the matters stated in Basis for qualified Opinion paragraph 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.
(b) Except for the possible effects of the matters described in the Basis of Qualified opinion
paragraph above, 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, and the Statement of Cash Flows and
Statement of Changes in Equity dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act, read with relevant rules of the Companies (Indian
Accounting Standards) Rules, 2015 as amended, except requirements of Ind AS 105 “Non-
Current Assets Held for Sale and Discontinued Operations”, Ind AS 23 “Borrowing Cost”, Ind
AS 21 “Effects of Changes in foreign exchange rates”, Ind AS 109 “Financial Instruments”, Ind
AS 36 “Impairment of Assets”, Ind AS 37 “Provisions, Contingent Liabilities and Contingent
Assets” and Ind AS 116 “Leases”, with regard to matters described in the Basis of Qualified
Opinion paragraph above.
(e) The matters described under the basis for qualified opinion paragraph above and Qualified
Opinion paragraph of “Annexure B” to this report in our opinion, may have an adverse effect on
functioning of the Company and on the amounts disclosed in financial statements of the
Company;
(f) On the basis of the written representations received from two directors of the Company as on
March 31, 2022 taken on record by the Board of Directors, these two directors are not disqualified
as on March 31, 2022 from being appointed as a director in terms of Section 164 (2) of the Act.
Further as mentioned in Note 2.40 of the financial statements one of the director of the Company
has resigned from the position of director, however his resignation has not been accepted for the
reason stated in the said note and Company has not received declaration from this director in this
regard, accordingly we are unable to comment whether this director is disqualified as on March
31, 2022 from being appointed as a director in terms of Section 164(2) of the Act.
(g) The qualification relating to the maintenance of accounts and other matters connected therewith
are as stated in the Basis for Qualified Opinion paragraph above.
(h) With respect to the adequacy of the internal financial controls with reference to financial
statements of the Company and the operating effectiveness of such controls, refer to our separate
Report in “Annexure B”.
(i) With respect to the other matters to be included in the Auditor’s Report in accordance with the
requirements of section 197(16) of the Act, as amended:
the remuneration paid by the Company to its directors during the year is in accordance with the
provisions of section 197 of the Act.
(j) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its
financial statements – Refer Note 2.23 of the financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses; and
iii. There are no amounts, which are required to be transferred, to the Investor Education and
Protection Fund by the Company.
iv. (a) The management has represented to us that, to the best of its knowledge and belief 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
or entity, 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,
Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries; and
v. The Company has not declared or paid any dividend during the year.
For Pathak H. D. & Associates LLP

Firm’s Registration No. 107783W/W100593
Jigar T. Shah
UDIN: 22161851ALPDMG3742
Date: May 28, 2022

Place: Mumbai
Reliance Telecom Limited
‘Annexure A’ to the Independent Auditor’s Report - March 31, 2022
With reference to the Annexure A referred to in the Independent Auditors’ Report to the Members of
Reliance Telecom Limited ('the Company') on the financial statements for the year ended March 31,
2022, we report the following:
(i) (A) (a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of property, plant and equipment.
(b) The Company is maintaining proper records showing full particulars of Intangible Assets.
(b) The Company has transferred its Property, Plant and Equipment (PPE) (Except Building) to
Assets Held for Sale (AHS) and has fully provided for Property, Plant and Equipment except
to the extent of scrap value. The Management has physically verified some of its PPE during
the year and no material discrepancies were identified on such physical verification.
(c) According to the information and explanations given to us, the title deeds of immovable
properties, as disclosed in Note 2.01 of the financial statements, are held in the name of the
Company.
(d) Based on the records examined by us and information and explanation given to us by the
Company, the Company during the year has not revalued its Property, Plant and Equipment
(including rights to use assets) or intangible assets, hence, the requirements of the said clause
i(d) of paragraph 3 of the Order is not applicable to the Company.
(e) According to the information and explanation and representation given to us by the
management, 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.
(ii) (a) Since the Company does not have any inventory. Accordingly, clause ii(a) of paragraph 3 of
(b) As per the information and explanations given to us and books of accounts and records
examined by us, no working capital limits in excess of five crore rupees, in aggregate, from
banks or financial institutions on the basis of security of current assets has been taken by the
Company. Therefore, the reporting requirements under clause ii(b) of paragraph 3 of the Order
is not applicable to the Company.
(iii) As per information and explanation provided to us and on the basis of verification of records
of the Company, the Company has not granted any loans or advance in nature of loans, , secured
or unsecured, provided any guarantees or given securities or any investment made, to
companies, firms, Limited liability Partnerships or other parties covered in the register
maintained under Section 189 of the Act. Accordingly, provisions of clauses (iii)(a), (iii)(b),
(iii)(c), (iii)(d), (iii)(e) and (iii)(f) of paragraph 3 of the Order are not applicable.
(iv) As per the information and explanation given to us and on the basis of verification of records
of the Company, the Company during the year, has not granted any loan, made investment and
provided guarantees and securities to the parties covered under section 185 and section 186 of
the Act. Accordingly, clause (iv) of paragraph 3 of the Order is not applicable to the Company.
(v) In our opinion and according to the information and explanations given to us, the Company has
not accepted any deposits from the public in accordance with relevant provisions of Sections
73 to 76 or any other relevant provisions of the Act and the rules framed there under.
Accordingly, clause (v) of paragraph 3 of the Order is not applicable to the Company.
According to the information and explanations given to us, no order has been passed by the
Company Law Board or the National Company Law Tribunal or the Reserve Bank of India or
any Court or any other Tribunal.
(vi) According to the information and explanation given to us, since the turnover of the Company
is below threshold limit, maintenance of cost records under sub-section 1 of Section 148 of the
Act, in respect of telecommunication activities is not applicable.
(vii) (a) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, we observed that there are delays in amounts deposited with
appropriate authorities for amounts deducted/accrued in the books of account in respect of
undisputed statutory dues including provident fund, income tax, goods and services tax, service
tax, , duty of customs, sales tax, value added tax, entry tax, employees’ state insurance, cess
and other material statutory dues. As explained to us, the Company did not have any dues on
account of duty of excise. According to the information and explanations given to us,
undisputed amounts payable in respect of provident Fund, income tax, goods and services tax,
sales tax, value added tax, employees’ state insurance and other material statutory dues which
were in arrears as at March 31, 2022 for a period of more than six months from the date they
became payable are as under:
Period to which
Nature of Amount Due Date of
Name of Statute the amount
Dues (Rs.) Date Payment
relates
The Orissa Value Added Tax VAT Various
87,567 2016-17 Unpaid
Act, 2004 Payable Dates
Jharkhand Value Added Tax VAT Various
1,18,370 2017-18 Unpaid
Jharkhand Central Sales Tax Sales Tax Various
7,003 2017-18 Unpaid
The Himachal Pradesh value WCT Various
8,633 2017-18 Unpaid
added Tax Act,2005 payable Dates
The Maharashtra Value Added WCT 2016-17 & Various
1,97,680 Unpaid
Tax Act, 2002 Payable 2017-18 Dates
Jharkhand Value Added Tax WCT Various
6,378 2017-18 Unpaid
Madhya Pradesh Value Added WCT Various
45,202 2017-18 Unpaid
Tax Act,2002 Payable Dates
Chhattisgarh Value Added Tax WCT Various
18,288 2017-18 Unpaid
The West Bengal Value added WCT Various
40,765 2017-18 Unpaid
Tax Act, 2003 payable Dates
The West Bengal Value added WCT Various
18,752 2016-17 Unpaid
Tax Act, 2003 payable Dates
Professional Tax Act,1957 – Professional 2017-18 Various

53,819 Unpaid
Various States Tax payable onwards Dates
Tax
Various
Income Tax Act, 1961 Deducted at 4,58,972 2017-18 Unpaid
Dates
Source
Period to which
Nature of Amount Due Date of
Name of Statute the amount
Dues (Rs.) Date Payment
relates
Tax
07-11-
Income Tax Act, 1961 Deducted at 20,00,000 2019-20 Unpaid
2019
Source
Tax
Various
Income Tax Act, 1961 Deducted at 816 2018-19 Unpaid
Dates
Source
(b) Details of statutory dues referred to in clause vii (a) above, which have not been deposited as
on March 31, 2022 on account of disputes are given below:
Amount*
Forum where the
Name of the Statute Nature of dues (Rs. in Period
dispute is pending
Crore)
Local Sales Tax Act, Value Sales Tax, 7.24 1997-1998, Appellate Authority
Added Tax and Central VAT and CST 2000-2001 to upto Commissioner’s
Sales Tax Act 2015-2016 Level
6.49 1997-1998 to Tribunal

2007-08 ,
2010-2011
Entry Tax Act, 1976 Entry Tax 1.22 2005-2006 to Appellate Authority
2009-2010, upto Commissioner’s
2011-2012 to Level
2013-2014,
2015-2016
2006-2007 to Tribunal
7.26 2010-2011
1.40 1998-1999, High Court
1999-2005,
2010-2011 to
2016-2017
The Finance Act, 1994 Service Tax 1.14 2005-2006, Appellate Authority
2006- 2007 upto Commissioner’s
Level
34.16 2005-2006 to Tribunal
2008-2009
55.41 2012-13 to CGST & Central
June 2017 Excise
Commissionerate
Belapur
The Finance Act, 1994 Service Tax 278.49 October 2012 CGST & Central
to June 2017 Excise
Commissionerate
Belapur
229.43 April 2016 to CGST & Central
June 2017 Excise
Amount*
Forum where the
Name of the Statute Nature of dues (Rs. in Period
dispute is pending
Crore)
Commissionerate
Belapur
Madhya Pradesh Luxury, Entertainment 40.77 2011-2012 to High Court
Entertainment, Merriment, Tax 2014-2015
Advertising Act, 2011
Meghalaya (Mobile phone Cess 0.59 2002-2003 High Court
connection cess) Act, 2002
*Net of amounts paid under protest.
(viii) According to information and explanation given to us and representation given by the
management, there were no transactions relating to previously unrecorded income that were
surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961.
(ix) (a) In our opinion and according to the information and explanations given to us, the Company has
defaulted in repayment of loans or borrowings and interest thereon from banks & financial
institutions, which were not paid as at Balance Sheet date. The lender wise details of principal
and interest are as under.
Period Period
Amount Amount
Sr. (Maximum (Maximum
Lenders' Name (Rs in Crore) (Rs in Crore)
No. Days) Days)
Borrowings Interest
Borrowings Interest
1 Bank of India 46.00 0.61 1827 1,826
2 Canara Bank 50.40 - 1,736 -
Central Bank of
3 18.40 0.22 1,827 1,827
India
Corporation Bank
4 (merged with Union 13.80 0.16 1,827 1,826
Bank of India)
China Development
5 863.67 26.7 1,663 1,849
Bank
Export Import Bank
6 215.92 6.67 1,663 1,849
of China
7 IDBI Bank 276.00 3.78 1,827 1,826
8 IDBI Bank 54.92 - 1,840 -
Indian Overseas
9 18.40 0.22 1,827 1,826
Bank
Oriental Bank of
Commerce (merged
10 13.93 0.22 1,644 1,826
with Punjab National
Bank)
Punjab National
11 187.60 - 1,852 -
Bank
12 State Bank of India 115.00 1.76 1,827 1,826
Syndicate Bank
13 (merged with Canara 36.80 0.44 1,827 1,826
Bank)
14 Union Bank of India 21.96 0.24 1,827 1,826
15 HSBC-France 261.47 4.46 1,771 1,771
Vishvakarma
16 Equipment Finance 118.00 - 851 -
Limited
Total 2,312.27 45.48
(Refer Note No. 2.10.03 of the financial statements)
Apart from above outstanding of interest mentioned above, the Company has not provided
interest of Rs. 20,253 lakh and Rs. 93,683 lakh for the year ended and up to March 31, 2022
respectively and therefore it has not been disclosed above.
Installments amounting to Rs. 89,151 lakh payable to Department of Telecommunications

(DOT) as on March 31, 2022 for spectrum acquired on deferred payment basis, has not been
paid. (Refer note 2.06.01 of the financial statements).
(b) According to the information and explanations given to us and on the basis of the audit
procedures and representation received from management, we report that the Company has not
been declared wilful defaulter by any bank or financial institution or government or any
government authority. However the Company has received a show cause notice from the bank
as to why the Company should not be declared willful defaulter (refer note 2.23).
(c) In our opinion and information and explanation given to us and based on the examination of
records of the Company, the Company has not raised term loans from any lender during the
year and hence reporting under clause ix(c) of paragraph 3 of the Order is not applicable to the
Company.
(d) 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
no funds raised on short term basis have been used for long-term purposes.
(e) In our opinion, and according to the information and explanations given to us, the Company
does not have any subsidiaries, associates or joint ventures. Hence, the reporting requirements
under clause (ix)(e) and (f) of paragraph 3 of the Order is not applicable.
(x) (a) In our opinion, and according to information and explanations given to us, the Company has
not raised money by way of initial public offer or further public offer (including debt
instruments) and hence the provision of clause x(a) of paragraph 3 of the order is not applicable
to the Company.
(b) In our opinion and according to the information and explanation given to us, the Company
during the year has not made any preferential allotment or private placement of shares or fully
or partly convertible debentures and hence reporting under clause x(b) of paragraph 3 of the
Order is not applicable to the Company.
(xi) (a) Based on the audit procedures performed by us and according to the information and
explanations given to us, no material fraud by the Company or on the Company has been
noticed or reported during the year. Also refer Note no. 2.23 of the standalone financial
statements
(b) According to the information and explanations given to us, no report under sub-section (12) of
section 143 of the Act has been filed by the auditors in form ADT-4 as prescribed under rule
13 of the Companies (Audit and Auditors) Rules, 2014 with the Central Government.
(c) We have taken into consideration the whistle blower complaints received by the Company
during the year while determining the nature, timing and extent of audit procedures.
(xii) In our opinion and according to the information and explanations given to us, the Company is
not a nidhi company. Accordingly, clause (xii) of paragraph 3 the Order is not applicable to the
Company.
(xiii) According to the information and explanations given to us and based on our examination of
the records of the Company, transactions with the related parties are in compliance with
Sections 177 and 188 of the Act, where applicable. The details of such related party transactions
have been disclosed in the financial statements as required by the applicable accounting
standards.
(xiv) (a) In our opinion and based on our examination, the Company has an internal audit system
commensurate with the size and nature of its business.
(b) We have considered the internal audit reports of the Company issued till date, for the period
under audit.
(xv) According to the information and explanations given to us and based on our examination of the
records, the Company has not entered into non-cash transactions with directors or persons
connected with him. Accordingly, clause (xv) of paragraph 3 of the Order is not applicable to
the Company.
(xvi) (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India
Act, 1934.
to us by the Company, the Company has not conducted any Non-Banking Financial or Housing
(c) In our opinion and according to the information and explanations given to us, the Company is
not a Core Investment Company as defined in the regulations made by the Reserve Bank of
India.
(xvii) Based on the examination of records, the Company has incurred cash losses of Rs. 1,12,564
lakh in the financial year 2021-22 and Rs. 88,875 lakh in immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year.
(xix) According to the information and explanations given to us and 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, indicate that material uncertainty exists that may cast a significant
doubt on the Company’s ability to continue as a going concern. 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) Based on the examination of records of the Company and information and explanations given
to us, due to losses incurred, the conditions and requirements of section 135 of the act is not
applicable to the company hence, clause xx(a) and xx(b) of paragraph 3 of the Order is not
applicable.

Firm’s Registration No: 107783W/W100593
Jigar T. Shah
Partner
Membership No: 161851
Date: May 28, 2022
Place: Mumbai
‘Annexure B’ to the Independent Auditor’s Report - March 31, 2022
Report on the Internal Financial Controls under Clause (h) of Sub-section 3 of Section 143 of the
Companies Act, 2013 (‘‘the Act’’)
We have audited the internal financial controls with reference to financial statements of Reliance
Telecom Limited (“the Company”) as of March 31, 2022 in conjunction with our audit of the financial
The Company’s management is responsible for establishing and maintaining internal financial controls
based on the internal control with reference to financial statements criteria established by the Company
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 Act.
Our responsibility is to express an opinion on the Company's internal financial controls with reference
to financial statements 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 prescribed under section 143(10) of the Act 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 ICAI. 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 with reference to financial statements 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 with reference to financial statements and their operating effectiveness. Our
audit of internal financial controls with reference to financial statements included obtaining an
understanding of internal financial controls with reference to financial statements, 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 judgement,
including the assessment of the risks of material misstatement of the financial statements, whether due
to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our qualified opinion on the Company’s internal financial controls system with reference to financial
statements.
Meaning of Internal Financial Controls with reference to financial statements
A company's internal financial control with reference to financial statements 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 with reference to financial statements 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 with reference to financial statements
Because of the inherent limitations of internal financial controls with reference to financial statements,
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 with reference to financial statements to future periods are subject to
the risk that the internal financial control with reference to financial statements may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
Basis of Qualified Opinion
According to the information and explanations given to us and based on our audit, the following
material weaknesses has been identified in the operating effectiveness of the Company’s internal
financial controls with reference to financial statements as at March 31, 2022:
i. The Company’s internal process with regard to confirmation and reconciliation of Balances of
trade receivable, trade payables & other liabilities and loan & advances resulting the Company
not providing for adjustments, which are required to be made to the carrying values of such assets
and liabilities. (Read with Note no.2.21).
ii. In respect of delays in payment of certain statutory dues and filing of certain statutory returns
during the year with the respective authorities.
iii. The Company’s internal financial control with regard to the compliance with the applicable Indian
Accounting Standards and evaluation of carrying values of assets and liabilities and other matters,
as fully explained in basis for qualified opinion paragraph of our main report, resulting in the
Company not providing for adjustments, which are required to be made, to the financial
statements.
A ‘material weakness’ is a deficiency, or a combination of deficiencies, in internal financial control

over financial reporting, such that there is a reasonable possibility that a material misstatement of the
company's financial statements will not be prevented or detected on a timely basis.
Qualified Opinion
for the effects / possible effects of the material weaknesses described above under Basis of Qualified
Opinion paragraph on the achievement of the objectives of the control criteria, the Company has, in all
material respects, adequate internal financial controls with reference to financial statements and such
internal financial controls with reference to financial statements were operating effectively as at March
31, 2022, based on the internal control with reference to financial statements criteria established by the
Company considering the essential components of internal control stated in the Guidance Note on Audit
of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
We have considered material weakness identified and reported above in determining the nature, timing,
and extent of audit tests applied in our audit of the financial statements of the Company for the year
ended March 31, 2022 and these material weaknesses has affected our opinion on the said financial
statements of the Company and we have expressed an qualified opinion on these financial statements
of the Company.

Jigar T. Shah
Partner
Date: May 28, 2022

Place: Mumbai

( ` in lakh)
As at As at
Particulars Notes
March 31, 2022 March 31, 2021
ASSETS
Non Current Assets
(a) Property, Plant and Equipment 2.01 2 2
(b) Income Tax Assets (net) 2.02 844 846 846 848
Current Assets
(ii) Cash and Cash Equivalents 2.04 2,609 3,632
(b) Other Current Assets 2.05 33,956 33,814
(c) Assets Held for Sale 2.06 340,277 381,312 340,277 382,193
Total Assets 382,158 383,041

Equity
(a) Equity Share Capital 2.07 8,500 8,500
(b) Other Equity 2.08 (1,180,190) (1,171,690) (1,092,851) (1,084,351)
LIABILITIES
Non-Current Liabilities
(a) Provisions 2.09 3 3
Current Liabilities
(i) Borrowings 2.10 726,085 726,085
Micro and Small Enterprises 1,347 1,349
Creditors other than Micro and Small
Enterprises 55,319 55,295
(iii) Other Financial Liabilities 2.12 436,430 380,092
(c) Provisions 2.14 2 2
(d) Liabilities directly related to Assets Held for
Sale 2.06 330,933 1,553,845 300,848 1,467,389
Notes on Accounts 2
As per our report of even date.
For Pathak H.D. & Associates LLP For Reliance Telecom Limited
Firm Regn No. 107783W/W100593
Anish Niranjan Nanavaty

Jigar T. Shah
Partner
Payal H Shah
Director
DIN 09284328
Mahesh Mungekar
Director
DIN 00778339
Sanjay K Agarwal
Chief Financial Officer
Vinay Soni
Place : Mumbai Company Secretary & Manager
Dated : May 28, 2022 A59194
( ` in lakh)
Particulars Notes
March 31, 2022 March 31, 2021
I INCOME
(a) Revenue from Operations - -
(b) Other Income 2.15 10 587
(c) Total Income ((a) +(b)) 10 587
II EXPENSES
(a) Access Charges, License Fees and Network 2.16 621 752
Expenses
(b) Employee Benefits Expenses 2.17 52 49
(c) Finance Costs 2.18 31,042 28,148
(d) Depreciation and Amortisation ` 7,657 2.01 - 2
(e) General Administration Expenses 2.19 974 401
(f) Total Expenses ((a) to (e)) 32,689 29,352
III Profit /(Loss) before Exceptional items and (32,679) (28,765)
Tax (I(c)- II(f))
IV Exceptional Items
Provision for Liability on account of License and
2.25 54,661 47,213
Spectrum Fees
V Profit / Loss before Tax (III- IV) (87,340) (75,978)
VI Tax Expense:
(a) - Current Tax - -
(b) - Deferred Tax Charge/ (Credit) - -
VII Profit /Loss after Tax (V- VI) (87,340) (75,978)
VIII Other Comprehensive Income
Remeasurement Gain/ (Loss) of the net defined 1 1
employee benefit (Net of Tax)
IX Total Comprehensive Income / (Loss) for the (87,339) (75,977)
year (VII + VIII)
X Earnings per Share of ` 10 each fully paid up 2.28

- Before exceptional items (Basic and Diluted) (`) (38.45) (33.84)
- After exceptional items (Basic and Diluted) (`) (102.75) (89.39)
Notes on Accounts 2

Jigar T. Shah
Partner
Payal H Shah
Director
DIN 09284328
Mahesh Mungekar
Director
DIN 00778339
Sanjay K Agarwal
Vinay Soni
Dated : May 28, 2022 A59194
Statements of Change in Equity as at March 31, 2022
(a) Equity Share Capital (Refer Note 2.07) ( ` in lakh)
As at As at
Particulars
March 31, 2022 March 31, 2021
Balance at the beginning of the year 8,500 8,500
Changes in equity share capital due to prior period errors - -
Restated balance at the beginning of the year 8,500 8,500
Change in Equity Share Capital during the year - -
Balance at the end of the year 8,500 8,500
(b) Other Equity (Refer Note 2.08) ( ` in lakh)
Particulars Preference Share Other Total

Retained
Redemption Comprehensive
Earnings
Reserve Income
Balance as at April 1, 2021 20,000 (1,112,838) (13) (1,092,851)

Surplus/ (Deficit) of Statement of Profit and Loss - (87,340) - (87,340)
Other Comprehensive Income - - 1 1
Balance as at March 31, 2022 20,000 (1,200,178) (12) (1,180,190)
Balance as at April 1, 2020 20,000 (1,036,860) (14) (1,016,874)
Surplus/ (Deficit) of Statement of Profit and Loss - (75,978) - (75,978)
Other Comprehensive Income - - 1 1
Balance as at March 31, 2021 20,000 (1,112,838) (13) (1,092,851)
Notes on Accounts 2

Jigar T. Shah
Partner Payal H Shah
DIN 09284328
Mahesh Mungekar
Director
DIN 00778339
Sanjay K Agarwal
Vinay Soni
Dated : May 28, 2022 A59194
( ` in lakh)
Particulars
March 31, 2022 March 31, 2021
Net Profit /(Loss) before tax as per Statement of Profit and Loss (87,340) (75,978)
Adjusted for:
Depreciation and Amortisation ` 7,657 - 2
Effect of change in Foreign Exchange Rate (net) 549 (512)
Finance Costs 31,042 28,148
Interest Income - (75)
31,591 27,563
Operating Profit / (Loss) before Working Capital Changes (55,749) (48,415)
Adjusted for:
Receivables and Other Advances (143) (76)
Trade Payables and Other Liabilities 54,868 47,445
54,725 47,369
Cash Generated from Operations (1,024) (1,046)
Tax Refund 2 628
Tax Paid - 2 - 628
Net Cash from Operating Activities (1,022) (418)

Additions of Property, Plant and Equipments, Intangible - -
Assets and Capital Work in Progress/ Intangible under
Development
Net Cash from/ (Used in) Investing Activities - -
Finance Costs (1) (1)
Net Cash from/ (Used in) Financing Activities (1) (1)
Net Increase/ (Decrease) in Cash and Cash Equivalents (1,023) (419)

Opening Balance of Cash and Cash Equivalents (20,620) (20,201)
Closing Balance of Cash and Cash Equivalents (21,643) (20,620)
Note:
(2) Cash and Cash Equivalents includes cheques on hand, remittances-in-transit and bank balance.
(3) Cash Flow Statement has been prepared under the Indirect Method set out in Indian Accounting Standard
(Ind AS) 7. "Statement of Cash Flow".
(4) Breakup of Cash and Cash Equivalents:
As at As at
March 31, 2022 March 31, 2021
(i) Cash and cash equivalent 2,609 3,632
(ii) Less: Bank overdraft (24,252) (24,252)

(iii) Cash and cash equivalent (net) as per Ind AS 7 (21,643) (20,620)

Notes on Accounts 2


Jigar T. Shah
Partner
Payal H Shah
Director
DIN 09284328
Mahesh Mungekar
Director
DIN 00778339
Sanjay K Agarwal
Vinay Soni
Dated : May 28, 2022 A59194
Notes on Accounts to Financial Statements as at March 31, 2022
Note: 1
General Information and Significant Accounting Policies
Reliance Telecom Limited (“RTL” or “the Company” or "Corporate Debtor"), a subsidiary of Reliance
Communications Limited ("RCOM" or " the Holding Company" ). The Company is registered under the
Companies Act, 1956, having Registered Office at H Block, 1st Floor, Dhirubhai Ambani Knowledge City,
Navi Mumbai 400710. RTL was providing Telecommunication services in eight telecom service areas
namely: Assam, Bihar, Himachal Pradesh, Kolkata, Madhya Pradesh, North East, Orissa and West
Bengal through GSM Technology. The Company, during the earlier year, had discontinued Wireless
business.
Corporate Insolvency Resolution Process (“CIRP”) has been initiated in case of the Company under the
Provisions of the Insolvency and Bankruptcy Code, 2016 (the Code). Pursuant to the order, the
management of affairs of the Company and powers of board of directors of the Company stands vested
with the Resolution Professional (“RP”) appointed by the Hon'ble National Company Law Tribunal
(NCLT).
The Financial Statements are prepared under historical cost convention except for assets, specified
hereunder, which are measured at fair value, in accordance with the generally accepted accounting
principles (GAAP) in India and in compliance with the Indian Accounting Standards (Ind AS) specified
under Section 133 the Companies Act, 2013 ("the Act") except matters specified in Note 2.06, 2.18.01,
2.21, 2.25 and 2.26 read with relevant rules of the Companies (Indian Accounting Standards) Rules
2015, the Companies (Indian Accounting Standards) Amendment Rules 2016 and other provisions of
the Act to the extent notified and applicable, as well as applicable guidance note and pronouncements of
the Institute of Chartered Accountants of India (ICAI).
All assets and liabilities are classified as current or non-current as per the Company's normal operating
realization in cash & cash equivalents, the Company has ascertained its operating cycle as twelve
months for the purpose of current or non-current classification of assets and liabilities.

These financial statements are presented in Indian Rupees ( "Rupees" or "`") which is also the functional
currency of the Company. All amounts are rounded off to the lakh, unless stated otherwise.

(i) Property, Plant and Equipment (PPE) are stated at cost net of Input credits/ Modvat/ Cenvat less
accumulated depreciation, amortisation and impairment loss, if any. Subsequent expenditure is
capitalised only if it is probable that the future economic benefits associated with the expenditure will
flow to the Company.
(ii) Cost of an item of PPE comprises its purchase price, including import duties and non refundable
purchase taxes after deducting trade discounts and rebates, any directly attributable cost of bringing
the item to its working condition for its intended use and present value of estimated costs of
dismantling and removing the item and restoring the site on which it is located.
(iii) As per Para 46A of Accounting Standard 11, „The Effects of Changes in Foreign Exchange Rates„,
related to acquisition of depreciable assets pursuant to the notifications dated December 29, 2011
and August 9, 2012 issued by Ministry of Corporate Affairs (MCA), under the Companies
(Accounting Standard) (Second Amendment) Rules 2011, the cost of depreciable capital assets
includes foreign exchange differences arising on translation of long term foreign currency monetary
items as at the balance sheet date in so far as they relate to the acquisition of such assets is
capitalised and subsequently on adoption of Indian Accounting Standard also the same is allowed
for the transactions recorded upto March 31, 2016.
(iv) Depreciation is provided on Straight Line Method based on useful life of the assets prescribed in
Schedule II to the Companies Act, 2013 except in case of the following assets where useful life is
different than those that are prescribed in Schedule II, considered based on technical evaluation.
(a) Telecom Electronic Equipments - 20 years

(b) Furniture, Fixtures and Office Equipments - 5, 10 years
(c) Vehicles - 5 years
(d) Leasehold improvements - Shorter of the remaining lease term or useful life.
(v) Any gain or loss on disposal of an item of property, plant and equipment is recognised in Statement
of Profit and Loss.
(vi) Depreciation method, useful lives and residual values are reviewed periodically at each reporting
date.
(vii) Depreciation on all the assets capitalised pursuant to para 46A of AS 11 is provided over the
remaining useful life of the depreciable capital asset.
(viii) Depreciation on additions is calculated pro rata from the following month of addition.
(ix) Expenses incurred relating to project, prior to commencement of commercial operations, are
considered as project development expenditure and shown under Capital Work in Progress.
1.04 Intangible Assets
(i) Intangible Assets are stated at cost as applicable less accumulated amortisation/ impairment, if any.
(ii) Intangible assets acquired are measured on initial recognition at cost. Cost includes all direct costs
relating to acquisition of Intangible assets and borrowing cost relating to qualifying assets.
(iii) Subsequent expenditure is capitalised only if it is probable that the future economic benefits
associated with the expenditure will flow to the Company.
(iv) Intangible assets, namely Telecom Licenses are amortised, over the period of Licenses on Straight
Line Method (SLM) . Software assets are amortized from the date of acquisition or commencement
of commercial services, whichever is later.
(v) There are no intangible assets assessed with indefinite useful life. The life of amortisation of the
intangible assets are as follows:
(a) Telecom Licenses - 20 years
(b) Software - 5 years
(vi) Amortisation method, useful lives and residual values are reviewed periodically at each reporting
date.
1.05 Non-current Assets Held for Sale
Non-current assets are classified as the Assets Held for Sale when their carrying amount is to be
recovered principally through a sale transaction. Non-current assets classified as held for sale are
measured at the lower of their carrying amount and/ or fair value less costs to sell. This condition is
regarded as met only when the sale is highly probable and the asset is available for immediate sale in its
present condition, subject only to terms that are usual and customary for sale of such assets and sale is
expected to be concluded within twelve months from the date of such classification.
Assets and liabilities classified as held for sale are presented separately in the balance sheet. Non-
current assets are not depreciated or amortised while they are classified as held for sale.
Loss is recognised for any initial or subsequent write down of such non current assets to fair value less
costs to sell. A gain is recognised for any subsequent increase in fair value less costs to sell an asset but
not in excess of any cumulative loss previously recognised.
If the criteria for assets held for sale are no longer met, it ceases to be classified as held for sale and are
measured at the lower of (i) its carrying amount before the asset was classified as held for sale, adjusted
for any depreciation or any amortisation that would have been recognised had that asset not been
classified as held for sale, and (ii) its recoverable amount at the date when such assets ceases to be
classified as held for sale.
Intangible assets that have an indefinite useful life are tested annually for impairment, or more frequently
if events or changes in circumstances indicate that they may be impaired. Other assets are tested for
impairment whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. An asset is treated as impaired when the carrying cost of assets exceeds its recoverable
value. An impairment loss is charged to the Statement of Profit and Loss in the period in which an asset
is identified as impaired. The impairment loss recognised in prior accounting period is increased /
reversed where there has been change in the estimate of recoverable value. The recoverable value is
higher of the assets net selling price and value in use.
Inventories of stores, spares and communication devices are accounted for at costs and all other costs
incurred in bringing the inventory to their present location and condition, determined on weighted average
basis or net realizable value, whichever is less. Net realizable value is the estimated selling price in the
ordinary course of business, less estimated costs necessary to make the sale.
1.08 Employee Benefits

Short-term employee benefits
All employee benefits payable wholly within twelve months of rendering the service are classified as short-
term employee benefits. These benefits include compensated absences such as paid annual leave and
sickness leave. The undiscounted amount of short-term employee benefits expected to be paid in
exchange for the services rendered by employees are recognised as an expense during the year.
Long-term employee benefits

(i) Defined contribution plan
The Company‟s contribution towards Employees‟ Superannuation Plan is recognised as an expense
during the period in which it accrues.
(ii) Defined benefit plans
Provident Fund
The Company‟s contribution towards provident fund is recognised as an expense during the period
in which it accrues.
Gratuity Plan
The Company‟s gratuity benefit scheme is a defined benefit plan. The Company‟s net obligation in
respect of the gratuity benefit scheme is calculated by estimating the amount of future benefit that
employees have earned in return for their services in the current and prior periods; that benefit is
discounted to determine its present value, mortality rate and the fair value of any plan assets is
deducted. Mortality rate is based on publicly available mortality table in India.
The present value of the obligation under such defined benefit plan is determined based on actuarial
valuation using the Projected Unit Credit Method.
The obligation is measured at the present value of the estimated future cash flows. The discount
rates used for determining the present value of the obligation under defined benefit plan, are based
on the market yields on Government Securities as at the Balance Sheet date.
Remeasurements which comprise actuarial gain and losses, the return of plan assets (excluding
interest) and the effect of assets ceiling (if any, excluding interest), are recognised in Other
Comprehensive Income.
(iii) Other Long term employment benefits
Compensated absences which are not expected to occur within twelve months after the end of the
period in which the employee renders the related services are recognised as a liability at the present
value of the defined benefit obligation at the balance sheet date, determined based on actuarial
valuation using Projected Unit Credit Method. The discount rates used for determining the present
value of the obligation under defined benefit plan, are based on the market yields on Government
Securities as at the balance sheet date.
Remeasurements gain and losses is recognised in the Statement of Profit and Loss in the period in
which they arise.
Borrowing costs attributable to the acquisition or construction of qualifying assets are capitalised as part
of the cost of such assets upto the commencement of commercial operations. A qualifying asset is one
that necessarily takes substantial period of time to get ready for intended use. Other borrowing costs are
recognised as expense in the period in which they are incurred.
(i) Transactions denominated in foreign currencies are recorded at the exchange rates prevailing at the
time of the transaction.
(ii) Monetary items denominated in foreign currencies at the year end are restated at year end rates.
(iii) Non monetary foreign currency items are carried at cost. (i.e. translated using the exchange rates at
the time of initial transactions).
(iv) Exchange difference on monetary items are recognised in the Statement of Profit and Loss in the
period in which they arise except for;
included in cost of assets which are regarded as an adjustment to interest cost.
planned, initially recognised in other comprehensive income and reclassified from equity to profit
and loss on repayment of the monetary items.
(v) Accounting of transactions that include the receipt or payment of advance consideration in a foreign
currency the date of transaction, for the purpose of determining the exchange rate, is the date of
initial recognition of the non monetary prepayment asset or deferred income liability. If there are
multiple payments or receipts in advance, a date of transaction is established for each payment or
receipt.
(vi) Any Gain/ Loss arising out of marking a class of derivative contracts to market price is recognised in
(i) Revenue is recognised when control over goods or services is transferred to a customer, which
under current GAAP is based on the transfer of risks and rewards. A customer obtains control when
he has the ability to direct the use of and obtain the benefits from the good or service, there is
transfer of title, supplier has right to payment etc. with the transfer of risk and rewards now being
(ii) The Company determines whether revenue should be recognised „over time‟ or „at a point in time‟.
As a result, it is required to determine whether control is transferred over time. If not, only then
revenue be recognised at a point in time, or else over time. The Company also determines if there
are multiple distinct promises in a contract or a single performance obligation (PO). These promises
may be explicit, implicit or based on past customary business practices. The consideration gets
allocated to multiple POs and revenue recognised when control over those distinct goods or
services is transferred.
The entities may agree to provide goods or services for consideration that varies upon certain future
events which may or may not occur. This is variable consideration, a wide term and includes all
types of negative and positive adjustments to the revenue. This could result in earlier recognition of
revenue compared to current practice – especially impacting industries where revenue is presently
not recorded until all contingencies are resolved. Further, the entities will have to adjust the
transaction price for the time value of money. Where the collections from customers are deferred
the revenue will be lower than the contract price, and in case of advance collections, the effect will
be opposite resulting in revenue exceeding the contract price with the difference accounted as a
finance expense.
(iii) Interest income is recognised on time proportion basis.
Income Tax comprises current and deferred tax. It is recognised in Statement of Profit and Loss except
to the extent that it relates to a business combination or to an item recognised directly in equity or other
comprehensive income.
Provision for income tax is made on the basis of taxable income for the year at current rates. Tax
expense comprises of Current Tax and Deferred Tax at the applicable enacted or substantively enacted
rates. Current tax represents amount of Income Tax payable / recoverable in respect of the taxable
income/loss for the reporting period. Deferred tax represents the effect of temporary difference between
carrying amount of assets and liabilities in the financial statement and the corresponding tax base used
in computation of taxable income. Deferred Tax Liabilities are generally accounted for all taxable
temporary differences. Deferred tax asset is recognised for all deductible temporary differences, carried
forward of unused tax credits and unused tax losses, to the extent that is probable and that taxable profit
will be available against which such deductible temporary differences can be utilised. MAT credit is
recognised as an asset only if there is convincing evidence that the Company will pay normal income tax
during the specified period.
1.13 Asset Retirement Obligation (ARO),Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement are recognised when there is a
present obligation as a result of past events and it is probable that there will be an outflow of resources.
Provisions are determined by discounting expected future cash flows at the pre tax rate that reflects
current market assumptions of time value of money and risk specific to the liability. A disclosure for a
contingent liability is made when there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. When there is a possible obligation or a present
obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure
is made. Provisions and contingent liabilities are reviewed at each balance sheet date and adjusted to
reflect the current best estimates.
Asset Retirement Obligation (ARO) relates to the removal of equipments when they will be retired from
its active use. Provision is recognised based on the best estimate, of the management, of the eventual
costs (net of recovery), using discounted cash flow, that relates to such obligation and is adjusted to the
cost of such assets. Estimated future costs of decommissioning are reviewed annually and adjusted as
appropriate. Changes in the estimated future costs or in the discount rate applied are added to or
deducted from the cost of the asset.
Contingent Assets are neither recognised nor disclosed in the financial statements of the Company.
1.14 Earnings per Share
In determining Earnings per Share, the Company considers the net profit or loss after tax and includes
the post tax effect of any exceptional item. Number of shares used in computing basic earnings per
share is the weighted average number of shares outstanding during the period. Dilutive earnings per
share is computed and disclosed after adjusting effect of all dilutive potential equity shares, if any except
when results will be anti-dilutive. Dilutive potential Equity Shares are deemed converted as of the
beginning of the period, unless issued at a later date.
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity. Financial instruments also include derivative contracts such
as foreign currency foreign exchange forward contracts.
Financial Assets
All financial assets are recognised initially at fair value including transaction costs that are
attributable to the acquisition of the financial asset. In the case of financial assets recorded at fair
value through Profit and Loss, the transaction cost is recognised in the Statement of Profit and
Loss.
Subsequent measurement of the Financial Assets depends on the Company‟s business model for
managing the asset and cash flow characteristics of the asset. There are three measurement
categories into which the Company classifies its financial assets:
Financial Assets measured at amortised cost:
a) Asset is held within a business model, whose objective is to hold assets for collecting contractual
cash flows, and
b) Contractual terms of the asset give rise to cash flows on specified dates that are solely payments
of principal and interest (SPPI) on the principal amount outstanding. After initial measurement, such
financial assets are subsequently measured at amortised cost using the effective interest rate (EIR)
method. Amortised cost is calculated by taking into account any discount or premium on acquisition
and fees or costs that are an integral part of EIR. EIR amortisation is included in finance income in
the Statement of Profit and Loss. Losses arising from impairment are recognised in the Statement
of Profit and Loss. This category generally applies to trade and other receivables.
Financial Assets measured at Fair Value through Other Comprehensive Income (FVTOCI):
A „debt instrument‟ is classified as at FVTOCI if both of the following criteria are met:
a) The objective of the business model is achieved both by collecting contractual cash flows and
selling financial assets, and
b) The contractual cash flows of the asset represent SPPI: Debt instrument is included within
movements are recognized in other comprehensive income (OCI). However, the Company
recognizes interest income, impairment losses and reversals and foreign exchange gain or loss in
the Statement of Profit and Loss. On derecognition of the asset, cumulative gain or loss previously
recognised in OCI is reclassified from the equity to Profit and Loss. Interest earned whilst holding
FVTOCI debt instrument is reported as interest income using the EIR method.
Financial Assets measured at fair value through profit or loss (FVTPL):
A „debt instrument‟, which does not meet the criteria for categorization as at amortized cost or as
FVTOCI, is classified as at FVTPL. In addition, the Company may elect to designate a debt
instrument, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. However, such
election is allowed only if doing so reduces or eliminates a measurement or recognition
inconsistency (referred to as „accounting mismatch‟).
All equity investments in scope of Ind-AS 109 are measured at fair value. Equity instruments which
are held for trading are classified as at FVTPL. For all other equity instruments, the company
decides to classify the same either as at FVOCI or FVTPL. The Company makes such election on
an instrument-by-instrument basis. The classification is made on initial recognition and is
irrevocable.
If the company decides to classify an equity instrument as at FVOCI, then all fair value changes on
the instrument, excluding dividends, are recognized in the OCI. There is no recycling of the amounts
from OCI to profit and loss, even on sale of investment. However, the Company may transfer the
cumulative gain or loss within equity.
Equity instruments included within the FVTPL category are measured at fair value with all changes
recognized in the profit and loss.
Also, Company has elected to apply the exemption available under Ind AS 101 to continue the
carrying value for its investments in subsidiaries and associates as recognised in the financial
statements as at the date of transition to Ind AS, measured as per the previous GAAP as at the date
of transition”.
Derecognition of Financial Assets
A financial asset is primarily derecognised when: (I) The rights to receive cash flows from the asset
have expired, or (II)The Company has transferred its rights to receive cash flows from the asset or
has assumed an obligation to pay the received cash flows in full without material delay to a third
party under a „pass-through‟ arrangement and either (a) the Company has transferred substantially
all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained
substantially all the risks and rewards of the asset, but has transferred control of the asset.
Impairment of Financial Assets

The Company assesses on a forward looking basis the Expected Credit Loss associated with its
assets carried at amortised cost. The impairment methodology applied depends on whether there
has been a significant increase in the credit risk. As a practical expedient, the Company uses a
provision matrix to determine impairment loss allowance on portfolio of its trade receivables, as
permitted by Ind AS 109. The provision matrix is based on its historically observed default rates over
the expected life of the trade receivables and is adjusted for forward looking estimates. At every
reporting date, the historical observed default rates are updated and changes in the forward looking
estimates are analysed.
All financial liabilities are recognised initially at fair value, in the case of loans, borrowings and
payables, net of directly attributable transaction costs. Financial liabilities include trade and other
payables, loans and borrowings including bank overdrafts.
Financial liabilities at Fair Value through Profit or Loss: Financial liabilities at fair value through
profit or loss include financial liabilities held for trading and financial liabilities designated upon initial
recognition as at fair value through profit or loss. Financial liabilities are classified as held for
trading, if they are incurred for the purpose of repurchasing in the near term. This category also
includes derivative financial instruments entered into by the Company that are not designated as
hedging instruments in hedge relationships as defined by Ind AS 109. Gains or losses on liabilities
held for trading are recognised in profit or loss.
Financial liabilities measured at amortised cost: After initial recognition, interest bearing loans
and borrowings are subsequently measured at amortised cost using EIR method. Gains and losses
are recognised in Profit and Loss when the liabilities are derecognised as well as through EIR
amortisation process. Amortised cost is calculated by taking into account any discount or premium
on acquisition and fees or costs that are an integral part of EIR. EIR amortisation is included as
finance costs in the Statement of Profit and Loss.
Derecognition of Financial Liabilities
A financial liability is derecognised when the obligation under the liability is discharged or cancelled
or expires. When an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially modified, such an
exchange or modification is treated as the derecognition of the original liability and the recognition of
a new liability. The difference in the respective carrying amounts is recognised in the Statement of
Profit and Loss.
The preparation and presentation of Financial Statements requires estimates and assumptions to be
made that affect the reported amount of assets and liabilities and disclosure of contingent liabilities on
the date of the Financial Statements and the reported amount of revenues and expenses during the
reporting period. Difference between the actual results and estimates is recognised in the period in which
the results are known/ materialised. Estimates and underlying assets are reviewed on periodical basis.
Revisions to accounting estimates are recognised prospectively.
This note provides an overview of the areas that involved a higher degree of judgement or complexity,
and of items which are more likely to be materially adjusted due to estimates and assumptions turning
out to be different than those originally assessed. Detailed information about each of these estimates
and judgements is included in relevant notes together with information about the basis of calculation for
each affected line item in the financial statements
statements were prepared. Existing circumstances and assumptions about future developments,
however, may change due to market changes or circumstances arising that are beyond the control of the
Company. Such changes are reflected in the assumptions when they occur.
The areas involving critical estimates or judgements pertains to useful life of property, plant and
equipment (Note 2.01), current tax expense and payable, recognition of deferred tax assets for carried
forward tax losses, impairment of trade receivables, other current assets (Note 2.02, 2.03 and 2.05),
Assets Held for Sale ( Note 2.06) and measurement of defined benefit obligation (Note 2.31). Estimates
and judgements are continually evaluated. They are based on historical experience and other factors,
including expectations of future events that may have a financial impact on the Company and that are
believed to be reasonable under the circumstances.
(i) Useful life of Property, Plant and Equipment including intangible asset: The residual values, useful
lives and methods of depreciation of property, plant and equipment are reviewed at each financial
year end and adjusted prospectively, if appropriate.
(ii) Taxes : The Company provides for tax considering the applicable tax regulations and based on
probable estimates.
Management periodically evaluates positions taken in the tax returns giving due considerations to
tax laws and establishes provisions in the event if required as a result of differing interpretation or
due to retrospective amendments, if any.
The recognition of deferred tax assets is based on availability of sufficient taxable profits in the
Company against which such assets can be utilized.
(iii) Fair value measurement and valuation process: The Company measured financial assets and
liabilities, if any, at fair value for financial reporting purposes.
(iv) Trade receivables and Other financial assets: The Company follows a „simplified approach‟ (i.e.
based on lifetime Expected Credit Loss (“ECL”)) for recognition of impairment loss allowance on
Trade receivables. For the purpose of measuring lifetime ECL allowance for trade receivables, the
Company estimates irrecoverable amounts based on the ageing of the receivable balances and
historical experience. Further, a large number of minor receivables are grouped into homogeneous
groups and assessed for impairment collectively. Individual trade receivables are written off when
management deems them not to be collectible.
(v) Defined benefit plans (gratuity benefits) : The Company‟s obligation on account of gratuity and
compensated absences is determined based on actuarial valuations. An actuarial valuation involves
making various assumptions that may differ from actual developments in the future. These include
the determination of the discount rate, future salary increases and mortality rates. Due to the
complexities involved in the valuation and its long-term nature, these liabilities are highly sensitive to
changes in these assumptions. All assumptions are reviewed at each reporting date.
The parameter subject to frequent changes is the discount rate. In determining the appropriate
discount rate, the management considers the interest rates of government bonds in currencies
consistent with the currencies of the post-employment benefit obligation.
The mortality rate is based on publicly available mortality tables in India. Those mortality tables tend
to change only at interval in response to demographic changes. Future salary increases and gratuity
increases are based on expected future inflation rates.
(vi) Non-financial assets are reviewed for impairment, whenever events or changes in circumstances
indicate that the carrying amount of such assets may not be recoverable. If any such indication
exists, the recoverable amount of the asset is estimated in order to determine the extent of the
impairment loss (if any).
(vii) Determination of net realisable value of Assets Held for Sale and related liabilities.
(viii) Provisions and contingent liabilities are reviewed at each balance sheet date and adjusted to reflect
the current best estimates.
(ix) The Company has provided liability against License & Spectrum Fee dues along with interest and
penalty, for the demands raised by DoT considering Non-Telecom income till FY 2014-15 and for
the balance years, for which demand have not been raised by DoT, the company has computed
estimated liability on Non-Telecom revenue from FY 2015-16 onwards along with interest and
penalty thereof.
Cash and cash equivalents in the Balance Sheet comprise of cash on hand, demand deposits with
Banks, other short-term, highly liquid investments with original maturities of three months or less that are
readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in
value.
Notes on Accounts to the Financial Statements as at March 31, 2022

Note: 2.01
Property, Plant and Equipment ( ` in lakh)
Capital
Particulars Buildings Work in
Progress

As at April 1, 2020 4 -
Additions - -
Deductions - -
As at March 31, 2021 4 -
Additions - -
Deductions - -
As at March 31, 2022 4 -
As at April 1, 2020 -
Depreciation for the year 2
Deductions -
As at March 31, 2021 2
Depreciation for the year ( ` 7,657) -
Deductions -
Net Carrying Value

Notes:
2.01.01 Building includes cost of shares in Co-operative Society ` 250 (Previous year ` 250).
Note: 2.02
(a) Income Tax Assets (net) (Refer Note 2.21) ( ` in lakh)
As at As at
Particulars
March 31, 2022 March 31, 2021
Advance Income Tax and Tax Deducted at source 844 846
(net of provision for tax)
844 846
(b) Deferred Tax Assets (Net) ( ` in lakh)

Particulars As at As at For the year ended March 31,
March 31, 2022 March 31, 2021 2022 2021
(a) Amount recognised in Financial Statement
(i) Deferred Tax Assets
Relating to Carried forward 203,845 181,962 21,883 10,537
losses and unabsorbed
depreciation
Disallowances under Income 7,381 7,578 (197) 242
Tax Act, 1961
MAT Credit Entitlement - 2,931 (2,931) -
Relating to temporary 3,379 15,102 (11,723) (12,489)
difference on depreciation/
amortisation and Impairment
of Assets
214,605 207,573 7,032 (1,710)
(ii) Deferred Tax Liabilities - - - -
Net Deferred Tax Assets
214,605 207,573 7,032 (1,710)
(i)- (ii)
Deferred Tax Assets
recognised/ restricted Nil Nil Nil Nil
Significant management judgement is considered in determining provision for income tax, deferred tax
assets and liabilities and recoverability of deferred tax assets. The recoverability of deferred tax assets
is based on estimate of the taxable income for the period over which deferred tax assets will be
recovered.
The Company has unabsorbed business losses/depreciation, which according to the management will
be used to setoff taxable profit arising in subsequent years from operation and/or sale of assets of the
Company. However, Deferred Tax Assets have been restricted to ` Nil ( Previous year ` Nil) due to
non existence of reasonable certainty. Year wise expiry of total Losses are as under:
Sr. Year of Expiry Amount of Loss (` in lakh)

i. Financial Year 2022-23 3,955
ii. Financial Year 2024-25 68,856
iii. Financial Year 2025-26 68,406
iv. Financial Year 2026-27 54,268
v. Financial Year 2027-28 53,256
vi. Financial Year 2028-29 51,911
vii. Financial Year 2029-30 55,823
vii. Unabsorbed Depreciation for unlimited period 296,809
(b) Amounts recognised in profit and loss ( ` in lakh)
Particulars
March 31, 2022 March 31, 2021
(c) Amounts recognised in Other

Comprehensive Income Nil Nil
(d) Reconciliation of Tax Expenses
Profit/ (Loss) before Tax (87,340) (75,978)
Computed Tax Expenses (I) (27,250) (23,705)
Add/ (Less):
DTA not recognised on account of
Temporary differences 10,196 8,975
Provision for Impairment disallowed/ Others 17,054 14,730
not allowed under Income Tax Act, 1961
Subtotal (II) 27,250 23,705
Income Tax Expenses charge/ (credit) to - -
Statement of Profit and Loss (I+II)

Note: 2.03
Trade Receivables ( Refer Note 2.21 and 2.27.2) ( ` in lakh)
As at As at
Particulars
March 31, 2022 March 31, 2021
Unsecured
Considered good - -
Which have significant increase in credit risk 4,470 4,470
Credit impaired 19,965 19,965
Less: Allowance for credit impaired 19,965 19,965
4,470 4,470
2.03.01
Ageing Trade Receivables from the due date of payment as at March 31, 2022
Particulars Less then 6 months- 1-2 years 2-3 years More than Total
6 months 1 year 3 years
Undisputed Trade
Receivables-Which have - - - - 4,470 4,470
significant increase in credit (-) (-) (-) (-) (4,470) (4,470)
risk
Undisputed Trade - - - - 19,965 19,965
Receivables-Credit impaired (-) (-) (-) (-) (19,965) (19,965)
- - - - 24,435 24,435
Total-A
(-) (-) (-) (-) (24,435) (24,435)
Less: Allowance for credit - - - - 19,965 19,965
impaired - B (-) (-) (-) (-) (19,965) (19,965)
- - - - 4,470 4,470
Total (A-B)
(-) (-) (-) (-) (4,470) (4,470)
Note: 2.04
Cash and Cash Equivalents ( ` in lakh)
As at As at
Particulars
March 31, 2022 March 31, 2021
Balance with Banks 2,609 3,632
2,609 3,632
Note: 2.05
Other Current Assets (Unsecured)* ( ` in lakh)
As at As at
Particulars
March 31, 2022 March 31, 2021
a) Advances and Receivables
Considered good
Related Parties ( Refer Note 2. 30 ) 862 869
Others 17,392 17,392
18,254 18,261
b) Others
Deposits 3,580 3,580
Balance with GST Authorities etc. 11,953 11,802
Prepaid Expenses 169 171
33,956 33,814
* Refer Note 2.21
Note: 2.06
Assets Held for Sale ( ` in lakh)
Net Block Provision for Assets Held for Sale
Reclassified Impairment
from PPE and
Intangible
Particulars Assets
For the year For the year ended As at
ended March 31, March, 31
March 31,
2022 2021 2022 2021 2022 2021
Tangible
Plant and Machinery - - - - 737 737
Capital Work in Progress - - - - 14 14
Subtotal - - - - 751 751
Intangible
Telecom Licences - - - - 254,212 254,212
Intangible Assets under Development-
- - - - 85,314 85,314
Telecom Licences
Subtotal - - - - 339,526 339,526
Total - - - - 340,277 340,277
Liabilities directly related to Assets Held for Sale ( ` in crore)
As at As at
Particulars
March 31, 2022 March 31, 2021
Deferred Payment Liabilities relating
to Telecom Licences 192,148 192,148
Interest accrued on Spectrum 138,785 108,700
330,933 300,848
2.06.01 The assets pertaining to Wireless Business continued to be classified as assets held for sale at
the value ascertained as at March 31, 2018, along with liabilities and disclosed separately as
discontinued operations in line with Ind AS 105 “Non-current. During the year, ` Nil (Previous year ` Nil)
have been impaired and represented as exceptional items. On finalisation and implementation of debt
resolution process through Hon'ble NCLT, the Company will carry out a comprehensive impairment
review of its tangible, intangible assets and Assets held for sale. Refer Note 2.21.
During the earlier years, Reliance Communications Limited (RCOM), being the Holding Company,
successfully bid under auction conducted for spectrum, by The Department of Telecommunications
(DoT), for and on behalf of the Company and won spectrum in 5 service areas at a total cost of `
258,457 lakh. RCOM has made upfront payment of ` 66,309 lakh on behalf of the Company, under the
deferred payment option on April 8, 2015 and balance ` 475,472 lakh (including interest), was payable
in 16 annual installment starting from Financial year 2018-19. The Installments of ` 29,717 lakh each
aggregating to ` 89,151 lakh, due on April 9, 2019,April 9, 2020 and April 9, 2021 are yet to be paid and
balance installments not due as at March 31, 2022 is aggregating to ` 356,604 lakh including interest
@10% per annum. Further, an installment of ` 29,717 lakh due on April 9, 2022 is yet to be paid.
Spectrum won in 3 service areas are yet to be put to use and was reflected as Intangible assets under
development.
In this regard it is pertinent to note that the dues pertaining to the spectrum (including entire deferred
payments) have been claimed by DoT vide letter dated May 20, 2020 and the same have been admitted
by the RP, and accordingly, the dues shall be dealt with in accordance with provisions of the Code. In
accordance with the aforesaid and admission of deferred spectrum installments as claims, the Company
has not paid the installments.
2.06.02 Refer note 2.10.01 for security in favour of lenders. Reliance Communications Limited (RCOM),
the Holding Company had, during the earlier years, allotted, 1,500, 11.25% Secured Redeemable, Non
Convertible Debentures (NCDs) of the face value of ` 10,000,000 each, aggregating to ` 150,000 lakh
(current outstanding ` 75,000 lakh), and 3,000, 11.20% Secured Redeemable, Non Convertible
Debentures (NCDs) of the face value of ` 10,000,000 each, aggregating to ` 300,000 lakh. The NCD's,
alongwith 6.5% Senior Secured Notes (SCN's), Foreign Currency Loans and Rupee Term Loans of `
2,542,400 lakh availed by Reliance Communications Limited (RCOM), the Holding Company and
Foreign Currency Loans of ` 162,300 lakh availed by Reliance Infratel Limited ( RITL), a fellow
subsidiary were secured by a first pari passu charge on the whole of the movable plant and machinery
of the Company including (without limitations) tower assets and optic fibre cables, if any (whether
attached or otherwise), capital work-in-progress (pertaining to movable fixed assets) both present and
future including all the rights, title, interest, benefits, claims and demands in respect of all insurance
contracts relating thereto of the Borrower Group; comprising of the Company, RCOM, the Holding
Company and its fellow subsidiaries namely RITL and Reliance Communications Infrastructure Limited
(RCIL) in favour of the Security Trustee for the benefit of the NCD Holders and the Lenders of the said
secured loans. Further, Rupee Term Loan of ` 235,900 lakh availed by RCOM and ` 110,900 lakh
availed by RITL have also been secured by second pari passu charge on the said assets. Rupee
loans availed by RCOM also includes ` 546,300 lakh secured by current assets, movable and
immovable assets including intangible, both present and future of the Borrower Group. Further, non
fund based outstanding of ` 24,600 lakh availed by the Company, ` 136,100 lakh availed by RCOM and
` 400 lakh availed by RCIL have been secured by second pari passu charge on movable fixed assets of
the Borrower Group.
2.06.03 The Company, during the year ending March 31, 2018, had discontinued Wireless business
accordingly, Plant and Machinery, Capital Work-in-Progress and Intangible Assets under Development-
Telecom Licences were classified as "Assets held for Sale" hence cost comparision and delay in project
to original plan w.r.t. Capital Work-in-Progress and Intangible Assets under Development- Telecom
Licences are not relevant.

Note: 2.07
Equity Share Capital ( ` in lakh)
As at As at
Particulars
March 31, 2022 March 31, 2021
Authorised
40 00 00 000 Equity Shares of ` 10 each 40,000 40,000
(40 00 00 000)
10 00 00 000 Preference Shares of ` 10 each 10,000 10,000
(10 00 00 000)
50,000 50,000
8 50 00 000 Equity Shares of ` 10 each fully paid up 8,500 8,500
(8 50 00 000)
8,500 8,500
2.07.01 Equity Shares

(a) Equity Shares held by Promoters
Particulars No of Shares % of Total % Change
Shares during the
year
Reliance Communications Limited, Holding Company 6 69 80 100 (6 78.80% Nil
and its nominees 69 80 100) (78.80%) (Nil)
(b) Equity Shares held by Holding Company and its subsidiaries

Particulars No of Shares No of
Shares
Reliance Communications Limited, Holding Company 6 69 80 100 6 69 80 100

and its nominees
Reliance Realty Limited , a fellow subsidiary 1 80 19 900 1 80 19 900
(c) Details of Shareholders holding more than 5% shares in the Company
Particulars No of Shares % No of Shares %
Reliance Communications Limited 6 69 80 100 78.80% 6 69 80 100 78.80%
and its nominees
Reliance Realty Limited 1 80 19 900 21.20% 1 80 19 900 21.20%
(d) The Company has only one class of equity shares having a par value of ` 10 per share. Each holder
of equity shares is entitled to one vote per share.
In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the
Company after the distribution of all the preferential amounts, in proportion to their shareholding.

(e) Reconciliation of Shares outstanding at beginning and at the end of the reporting period.
No of Shares (` in lakh) No of Shares (` in lakh)
Equity Shares
At the beginning of the year 8 50 00 000 8,500 8 50 00 000 8,500
Add: Shares issued during the year - - - -
At the end of the year 8 50 00 000 8,500 8 50 00 000 8,500
Note: 2.08
Other Equity ( ` in lakh)
As at As at
Particulars
March 31, 2022 March 31, 2021
Preference Share Redemption Reserve

(i) Opening Balance 20,000 20,000
(ii) Additions during the year - 20,000 - 20,000
Surplus /(Deficit) in retained earnings

(i) Opening Balance (1,112,838) (1,036,860)
(ii) Add: Profit /( Loss) for the year (87,340) (1,200,178) (75,978) (1,112,838)

(i) Opening Balance (13) (14)
(ii) Add: Additions during the year (net) 1 (12) 1 (13)
(1,180,190) (1,092,851)
Nature and Purpose of Reserve
Preference Share Redemption Reserve
Preference Share Redemption Reserve was created out of profits as required under the Act then applicable
which shall be utilised for the purpose of redemption of Preference Shares issued by the Company.
Note: 2.09
Provisions ( ` in lakh)
As at As at
Provision for Retirement Benefit (Refer Note 2.22 & 2.31) 3 3
3 3
Note: 2.10
Borrowings- Current ( ` in lakh)
As at As at
Particulars
March 31, 2022 March 31, 2021
Secured
From Banks (Refer Note 2.10.01)
Foreign Currency Loans 134,106 134,106
Rupee Term Loan 3,680 3,680
Current Maturities of Long Term Debts
Secured
From Banks (Refer Note 2.10.01)
Rupee Term Loan 57,389 57,389
Unsecured
From Others
Rupee Loans 11,800 11,800
Unsecured
From Banks
From Related Parties (Refer Note 2.30)
Borrowings 355,588 355,588
Preference Shares (Refer Note 2.10.06 & 2.10.07) 139,270 139,270
726,085 726,085
2.10.01 Secured Loans
The Company, during earlier years, had availed Rupee Term Loan (Outstanding as on March 31, 2022 was
` 61,069 lakh) under consortium banking arrangement and Foreign Currency Loan (Secured Loans)
(Outstanding as on March 31,2022 was ` 134,106 lakh), which have been secured by way of first pari passu
charge on movable plant and machinery, including (without limitations) tower assets and optic fibre cables,
if any (whether attached or otherwise), capital work-in-progress (pertaining to movable fixed assets), both
present and future, including all rights, title, interest, benefits, claims and demands in respect of all
insurance contracts relating thereto of the Borrower Group; comprising of the Company, Reliance
Communications Limited (RCOM), the Holding Company and its fellow subsidiaries namely Reliance
Infratel Limited (RITL) and Reliance Communications Infrastructure Limited (RCIL) (Borrower Group) in
favour of the Security Trustee for the benefit of the Lenders. The said Secured Loans apart from the above
security, are also secured by pledge of equity shares of RCIL held by RCOM and of the Company held by
RCOM and Reliance Realty Limited (RRL) by execution of the Share Pledge Agreement with the Share
Pledge Security Trustee.
The Company, in favour of the Lenders of the Foreign Currency Loans, has also assigned eight Unified
Access Services (UAS) Licences, by execution of Tripartite Agreements with Department of
Telecommunications (DoT) and IDBI Bank, being the agent acting on behalf of the Lenders. The Company,
during the earlier year, migrated to Unified licence in 7 telecom circles. Assignment of Telecom Licenses of
the Company for the Rupee Term Loans is pending to be executed. The said Foreign Currency Loans are
also guaranteed by Holding Company.
Rupee Term loans are also secured by pledge of equity shares of RITL held by RCIL, current assets,
movable and immovable assets including intangible, both present and future of the Borrower Group and
Corporate Guarantee of the Borrower Group. During the earlier year, charge over the three immovable
assets of the Borrower Group was created. However, charge over balance immovable assets of the
Borrower Group and Reliance Globalcom BV (RGBV) the security for Rupee Loan is pending to be created.
During the earlier year, lenders have invoked guarantees provided by Borrower group for outstanding
Rupee loan of ` 61,069 lakh availed by the Company, ` 595,000 lakh availed by RCOM and ` 48,500 lakh
availed by RITL. Further, the Company created first ranking exclusive charge (pari passu inter se the
Lenders) over Designated Account with future rights, title and interest therein, including all of its rights in
respect of any amount standing to the credit of the Designated Account and the debt represented by it, in
favour of State Bank of India, the Convenor (for the benefit of the Lenders) as continuing security.

2.10.02 Long term loans of ` 137,786 lakh has classified as Short term as the Company is under CIRP.
2.10.03 Delay/ Default in Repayment of Borrowings and interest
The Company has delayed/ defaulted in payment of dues to banks and other lenders. The lenderwise details are
as under:
Borrowings Interest Borrowings Interest
Default as at Default as at Default as at Default as at

March 31, 2022 March 31, 2022 March 31, 2021 March 31, 2021
Sr Name of Bank
Amount Period Period Amount Period Amount Period

Amount
[` in [Maximum [Maximum [` in [Maximum [` in [Maximum
[` in lakh]
lakh] days] days] lakh] days] lakh] days]
1 Central Bank of India 1,840 1,827 22 1,827 1,840 1,462 22 1,462
2 Bank of India 4,600 1,827 61 1,826 4,600 1,462 61 1,461
3 Canara Bank 5,040 1,736 - - 5,040 1,371 - -
4 Indian Overseas Bank 1,840 1,827 22 1,826 1,840 1,462 22 1,461
Oriental Bank of
5 Commerce (merged with 1,393 1,644 22 1,826 1,393 1,279 22 1,461
Punjab National Bank)
6 State Bank of India 11,500 1,827 176 1,826 11,500 1,462 176 1,461
7 IDBI Bank Ltd 27,600 1,827 378 1,826 27,600 1,462 378 1,461
8 Union Bank of India 2,196 1,827 24 1,826 2,196 1,462 24 1,461
Corporation Bank (merged

9 1,380 1,827 16 1,826 1,380 1,462 16 1,461
with Union Bank of India)
Syndicate Bank (merged
10 3,680 1,827 44 1,826 3,680 1,462 44 1,461
with Canara Bank)*
11 Punjab National Bank 18,760 1,852 - - 18,760 1,487 - -
12 IDBI Bank Ltd 5,492 1,840 - - 5,492 1,475 - -
Vishvakarma Equipment
13 11,800 851 - - 11,800 486 - -
Finance Ltd.
14 HSBC- France 26,147 1,771 446 1,771 26,147 1,406 446 1,406
15 China Development Bank* 86,367 1,663 2,670 1,849 86,367 1,298 2,670 1,484
Export Import Bank of
16 21,592 1,663 667 1,849 21,592 1,298 667 1,484
China*
17 Total 231,227 4,548 231,227 4,548
* Facilities recalled

2.10.04 Since the Company is under CIRP and claims have been filed by lenders, the overall obligations and
liabilities including obligation for interest on loans shall be determined during the CIRP. Hence due to non
availability of revised repayment schedule of borrowings, the total loan amount has been disclosed in delay/
default however, the figures of delay/ default are based on original terms of facility and from the date of recall,
where loans have been recalled.
2.10.05 Apart from above outstanding of Interest, the Company has not provided Interest Expenses of ` 93,683
lakh upto March 31, 2022 ( Previous year upto March 31, 2021 ` 73,430 lakh) calculated based on basic rate of
interest as per terms of loan as at March 31, 2022 and therefore it has not been disclosed.
2.10.06 Preference Shares
(a) 1% Non Convertible, Non Cumulative, Redeemable Preference Shares

(i) Preference Shares held by Promoters and Holding Company
Pre No of shares % of Total Shares % Change during
Particulars
the year
Reliance Communications Limited, Holding 4 50 00 000 100 Nil
Company (4 50 00 000) (100%) ( Nil)
(ii) Preference Shares are redeemable at any time after expiry of 6 months from the date of allotment (i.e. March
3, 2003 ) and before expiry of 20 years from the date of allotment, at a face value of ` 10/- each by one month
notice from the Preference Shareholders; or on expiry of 20 years from the date of allotment at a price of ` 100/-
per share (including ` 90/- premium per share), in case above option is not exercised.
(b) 1% Redeemable, Non Cumulative, Non Convertible Preference Shares
(i) Preference Shares held by Fellow subsidiary
Pre No of shares % of Total Shares % Change during
Particulars
the year
Reliance Communications Tamilnadu Limited 1 34 77 000 100% Nil
(RCTL) (1 34 77 000) (100%) ( Nil)
(ii) Preference Shares are redeemable at any time after the date of allotment (i.e. December 11, 2013) and
before expiry of 20 years from the date of allotment, at 1% yield per annum less dividend paid, if any, at the time
of redemption on issue price (Face value plus premium paid at the time of application) by giving three months
notice to the Preference Shareholders; or on expiry of 20 years from the date of allotment at a price of ` 1000/-
per share (including ` 990/- premium per share), in case above option is not exercised.
2.10.07 Details of Authorised Capital (Refer Note 2.07)


Note: 2.11
Trade Payables ( Refer Note 2.21 & 2.29) ( ` in lakh)
As at As at
Particulars
March 31, 2022 March 31, 2021
Due to Micro and Small Enterprises 1,347 1,349

Due to Creditors other than Micro and Small Enterprises
Related Parties (Refer Note 2.30) 17,327 17,327
Others 37,992 37,968
56,666 56,644
Note: 2.12
Other Financial Liabilities ( ` in lakh)
As at As at
Particulars
March 31, 2022 March 31, 2021
Interest accrued and due on borrowings 4,548 4,548

Capital Creditors 16,991 16,460
Other Liabilities*
-From Related Parties* (Refer Note 2.30) 6,785 6,785
-Others** (Refer Note 2.21 & 2.25) 408,106 352,299
436,430 380,092
* The amount was received from Reliance Realty Limited during financial year 2018-19. Pending
finalisation of terms, interest has not been charged and the same has been shown as "Other
Financial Liabilities".
**Includes amounts due towards Provision for accrual of expenses, salary payable and other.
Note: 2.13
Other Current Liabilities ( Refer Note 2.21) ( ` in lakh)
As at As at
Particulars
March 31, 2022 March 31, 2021
Income received in advance 1,325 1,325
Other Liabilities* 2,404 2,393
3,729 3,718
* Includes amounts due towards security deposit, advance from customers and statutory dues.
Note: 2.14
Provisions ( ` in lakh)
As at As at
Particulars
March 31, 2022 March 31, 2021
Employee Benefits (Refer Note 2.22 & 2.31) 2 2
2 2
Note: 2.15
Other Income ( ` in lakh)
March 31, 2022
Interest Income - 75
Net gain on Foreign currency transactions and
translation - 512
Miscellaneous Income / Liabilities written back 10 -
10 587
Note: 2.16
Access Charges, License Fees and Network Expenses ( ` in lakh)
March 31, 2022
License Fees 599 608

Rent, Rates and Taxes 1 51
Repairs and Maintenance 8 23
Power, Fuel and Utilities 13 70
621 752
Note: 2.17
Employee Benefits Expenses* ( ` in lakh)
March 31, 2022
Salaries and Wages 49 47

Contribution to Provident and Other Funds
(Refer Note 2.31) 2 1
Employee Welfare and Other Amenities 1 1
52 49
*Including Managerial Remuneration (Refer Note 2.30)
Note: 2.18
Finance Costs ( ` in lakh)
March 31, 2022
Interest on Financial Liabilities 30,085 27,350

Other Financial Cost 957 798
31,042 28,148
2.18.01 Non Provision of Interest and Foreign Exchange Variation

Considering various factors including admission of the Company to debt resolution process under the
IBC with effect from May 15, 2018 and pursuant to the commencement of Corporate Insolvency
Resolution Process (CIRP) of the Company under Insolvency and Bankruptcy Code, 2016 (IBC),
there are various claims submitted by the operational creditors, the financial creditors, employees and
other creditors. The Overall obligation and liabilities including obligation for interest on loans and the
principal rupee amount in respect of loans including foreign currency denominated loans shall be
determined during the CIRP and accounting impact/ disclosure, if any, will be given on completion of
CIRP. Further, prior to May 15, 2018, the Company was under Strategic Debt Restructuring (SDR)
and asset monetization and debt resolution plan was being worked out. The Company has not
provided Interest of ` 20,253 lakh calculated based on basic rate of interest as per terms of loan and
foreign exchange variation loss of ` 5,520 lakh for the year ended March 31, 2022. Had the Company
provided Interest and foreign exchange variation, the Loss would have been higher by ` 25,773 lakh
for the year ended March 31, 2022. The Net worth as on March 31, 2022 and as on March 31, 2021
would have been lower by ` 115,530 lakh and ` 89,757 lakh respectively. During the previous years,
Interest of ` 73,430 lakh and foreign exchange variation loss to ` 16,327 lakh was not provided
during the financial year ended March 31, 2018, March 31, 2019, March 31, 2020 and March 31,
2021. Consistent with the practice followed in earlier years, interest has not been charged on loans
availed from Holding Company & Fellow Subsidiary.
Note: 2.19
General Administration Expenses ( ` in lakh)
Particulars
March 31, 2022 March 31, 2021
Professional Fees 29 2
CIRP Cost 199 220
Net loss on Foreign currency transactions and
translation 549 -
Other General and Administration Expenses 193 970 176 398
Payment to Auditors
- Audit Fees 3 3
- Certification Fees 1 4 - 3
974 401
Note : 2.20
Previous Year
Figures of the previous year have been regrouped and reclassified, wherever required. Amount in financial
statements are presented in Rupees in lakh, except as otherwise stated.
Note: 2.21
Going Concern
Pursuant to an application filed by Ericsson India Pvt. Ltd before the National Company Law Tribunal, Mumbai
Bench (“NCLT”) in terms of Section 9 of the Insolvency and Bankruptcy Code, 2016 read with the rules and
regulations framed there under (“Code”), the NCLT had admitted the application and ordered the commencement
of corporate insolvency resolution process (“CIRP”) of Reliance Telecom Limited (“the Company” or " Corporate
Debtor") vide its order dated May 15, 2018. The NCLT had appointed Ms. Mitali Shah as the interim resolution
professional for the Company vide its order dated May 18, 2018. However, the Hon'ble National Company Law
Appellate Tribunal ("NCLAT") by an order dated May 30, 2018 had stayed the order passed by the Hon'ble NCLT
for initiating the CIRP of the Company and allowed the management of the Company to function. In accordance
with the order of the Hon'ble NCLAT, Ms. Mitali Shah handed over the control and management of the Company
back to the erstwhile management of the Company on May 30, 2018. Subsequently, by order dated April 30, 2019,
the Hon'ble NCLAT allowed stay on CIRP to be vacated. On the basis of the order of the Hon'ble NCLAT, Ms. Mitali
Shah, wrote to the management of the Company on May 02, 2019 requesting the charge, operations and
management of the Company to be handed over back to IRP. Therefore, Ms. Mitali Shah had in his capacity as IRP
taken control and custody of the management and operations of the Company from May 02, 2019. Subsequently,
the committee of creditors of the Company pursuant to its meeting held on May 30, 2019 resolved, with requisite
voting share, to replace the existing interim resolution professional, i.e. Ms. Mitali Shah with Mr. Anish Niranjan
Nanavaty as the resolution professional for the Company in accordance with Section 22(2) of the Code.
Subsequently, upon application by the CoC in terms of Section 22(3) of the Code, the NCLT appointed Mr. Anish
Niranjan Nanavaty as the resolution professional for the Company (“RP”) vide its order dated June 21, 2019, which
was published on June 28, 2019 on the website of the NCLT. Accordingly, the IRP handed over the matters
pertaining to the affairs of the Company to the RP as on June 28, 2019 who assumed the powers of the board of
directors of the Company and the responsibility of conducting the CIRP of the Company.
On the basis of the Hon'ble NCLAT's order dated April 30, 2019, the CIRP in respect of the Company has been re-
commenced and interim resolution professional has been appointed. Subsequently, appointment of Mr. Anish
Niranjan Nanavaty as the Resolution Professional (RP) of the Company has been confirmed by the NCLT vides its
order dated June 21, 2019, which was published on June 28, 2019 on the NCLT‟s website.
Pursuant to strategic transformation programme, as a part of asset monetization and resolution plan of the
Company, Reliance Communication Limited, the holding company and Reliance Infratel Limited, the fellow
subsidiary, with the permission of and on the basis of suggestions of the Lenders, had entered into definitive
binding agreements with Reliance Jio Infocomm Limited (RJio) for monetisation of certain specified assets on
December 28, 2017 for sale of Wireless Spectrum, Towers, Fibre and Media Convergence Nodes (MCNs). During
the earlier financial year, the said asset sale agreements were terminated by mutual consent on account of various
factors and developments including inter alia non receipt of consents from lenders and permission/ approvals from
Department of Telecommunication.
On completion of the CIRP, the Company will carry out a comprehensive review of all the assets including balances
lying in Goods and Service Tax and liabilities and accordingly provide for impairment of assets and write back of
liabilities, if any. Receivable and Payable balances are subject to confirmation from the respective parties.
The Company had filed applications with the Department of Telecommunication (DoT) for migration of Telecom
License for Kolkata Circle from Unified Access Service License (UASL) to the Unified License regime (UL) on July
16, 2021 (which was supposed to expire on September26, 2021). On August 9, 2021, the DoT has issued a letter
to the Corporate Debtor requiring payments of various categories of certain amounts such as 10% of the Adjusted
Gross Revenue (AGR) dues, deferred spectrum installments falling due within the CIRP period, etc. against the
telecom licenses, stating such dues to be in the nature of “current dues” and prescribing such payment as a pre-
condition to the consideration/processing of the migration applications (“DoT Letter”). On August 18, 2021, the
Company has issued a letter to DoT clarifying that the various categories of dues stipulated by the DoT are not in
the nature of the “current dues” and are to be resolved within the framework of the Code (being dues that pertain to
the period prior to May 7, 2019) and/ or are not payable at present, and requesting that making payments against
the said dues should not be mandated as a pre-condition for further processing of the migration applications filed by
the Company.
In light of the urgency of the matter, the RP had filed an application before the Hon'ble NCLT praying that the DoT
inter alia be restrained from taking any action which may interfere with the continued holding of the telecom
spectrum of the Company.
The issue under consideration by the Hon'ble NCLT relates to whether the dues being claimed by DoT in its letter of
August 9, 2021 for the purposes of processing the license renewal/ migration applications of the Company are in
the nature of “current dues” (within the meaning of the Explanation to Section 14(1) of the Code) and therefore,
payable during the CIRP period.
Simultaneously, a petition has been filed before the TDSAT seeking directions for migration of its Kolkata Circle
telecom license, in view of the Guidelines for Grant of Unified License dated March 28, 2016 issued by the DoT, not
prescribing pre-condition for any payment to be made prior to the migration of the telecom licenses.
Similarly, Reliance Communications Limited (RCOM), the holding company, had filed applications with DoT for
migration of its various telecom licenses to UL wherein the DoT has sought for payment of certain dues as
“current dues” (being dues that pertain to the period prior to May 7, 2019 and are not payable at present) as a pre-
condition for consideration of the application. The RP has filed an application in the Hon'ble NCLT and a petition
before the Hon'ble TDSAT in this regard (The Company matter's are also heard together with RCOM license
migration matters). On September 23, 2021, the Hon'ble TDSAT has directed that “Since the matters are similar in
nature, in the interest of justice and uniformity the interim order of status quo as operating in TP No. 31 of 2021
shall operate in this matter also till the next date. It will be in the interest of petitioner to expedite the proceeding
pending before the Hon'ble NCLT and try its best to produce the orders passed by that Tribunal by the next date.
On March 15, 2022, the DOT has been granted six weeks‟ time by Hon'bleTDSAT to file the reply, rejoinder is to be
filed before the next date of hearing. the Hon'ble TDSAT granted time for filing rejoinder and continued the interim
order dated September 23, 2021.The matter is currently sub judice. .
Considering these developments including, in particular, the RP having taken over the management and control of
the Company inter alia with the objective of running them as going concern, the financial results continue to be
prepared on going concern basis. However, since the Company continues to incur loss, current liabilities exceed
current assets and Company has defaulted in repayment of borrowings, payment of regulatory and statutory dues
and pending application of renewal of a Telecom License, these events indicate that material uncertainty exists that
may cast significant doubt on Company‟s ability to continue as a going concern.
Note: 2.22
Movement of Provisions (Current/ Non current)
(` in lakh)
Current Non Current
Provision for Retirement Benefits (Refer Note 2.31)

Balances at the beginning of the year 2 1 3 3
Additional Provision/(Reduction) - 1 - -
Balances at the close of the year 2 2 3 3
Note: 2.23
(` in lakh)
As at As at
(i) Estimated amount of contracts remaining to be executed on capital
accounts (net of advances) and not provided for Nil Nil
(ii) Claims against the Company not acknowledged as debts* 171,830 119,864
* These includes demands received from Sales Tax/ Service Tax/ Entry Tax authorities in various States/
Department of Telecommunications, which are pending before the Appellate Authorities/ Tribunal/ High
Court/ TDSAT and the stay orders are granted against the said demands. The Company is confident that the
aforesaid claims will be successfully contested.
The Company has deposited ` 3,150 lakh ( Previous year ` 3,150 lakh) under protest with the Sales tax/
Service tax/ Entry tax authorities/ Income tax/ Department of Telecommunications against the demand,
which are included in Income Tax Assets, Deposits and Advances and Receivables-Others (Refer Note
2.02 " Income Tax Assets and 2.05 "Other Current Assets").
(iii) Guarantees given including on behalf of other
companies for business purpose 8 8
(iv) Spectrum Charges

Department of Telecommunication (DoT) had, during the earlier year, issued demand on the Company for ` 470
lakh towards levy of one time Spectrum Charges, being the prospective charges for holding GSM Spectrum beyond
6.2 MHz for the period from July 1, 2008 to December 31, 2012 and prospective charge of ` 16,877 lakh for GSM
spectrum held beyond 4.4 MHz for the period from January 1, 2013 till the expiry of the initial terms of the
respective Licenses. Based on a petition filed by the Company (T.P. No. 220 of 2018), the Hon‟ble TDSAT, vide its
order dated February 4, 2019, set aside the impugned orders and demands for OTSC except for Bihar circle. The
said order passed by Hon‟ble TDSAT has been stayed by Hon'ble Supreme Court vide its order dated August 19,
2019 and the matter remains sub-judice .
(v) Considering various factors including admission of the Company to debt resolution process under the Code with
effect from May 15, 2018 and pursuant to the commencement of Corporate Insolvency Resolution Process (CIRP)
of the Company under the Code, there are various claims submitted by the operational creditors, the financial
creditors, employees and other creditors. The Overall obligations and liabilities including obligation for interest on
loans and the principal rupee amount in respect of loans including foreign currency denominated loans shall be
determined during the CIRP.
(vi) Consequent to the investigations by an investigative agency (CBI) in relation to the entire telecom sector in India,
certain preliminary charges were framed by a Trial Court in October, 2011 against a Director and the Company.
The Special CBI Judge vide judgement dated December 21, 2017 has acquitted the persons so named. CBI has
filed an appeal before the Hon'ble Delhi High Court challenging the said Trial Court order. These proceedings have
no impact on the business, operations, and/ or licenses of the Company and, even more so, are not connected in
any manner to any other group companies.
(vii) The Company has been served with copies of writ petitions filed by Mr. Punit Garg and certain others, being
directors of the Company, its holding company and its fellow subsidiary before the Hon‟ble High Court of Delhi,
challenging the provisions of the RBI Master Directions on Frauds- Classification and Reporting by commercial
banks and select FIs bearing No. RBI/ DBS/ 2016-17/ 28 DBS. CO. CFMC. BC. No. 1/ 23.04.001/ 2016-17 dated
July 1, 2016 (“Circular”) and the declaration by certain banks classifying the loan accounts of the Company,
Reliance Communications Limited ("RCOM") and Reliance Infratel Limited (“RITL”) being fraudulent in terms of the
Circular.
The Company, RCOM and RITL have been represented through their advocates and accepted notice in the
petitions. The respective respondent-banks have been directed, on various dates of hearing, to maintain status quo
until the next date of hearing by the Hon‟ble High Court, the said petitions have been listed on various dates,where
counsels of various parties have made arguments and are presently sub judice before the Hon‟ble High Court of
Delhi. Currently, there is no impact of such declaration by the banks, in the financial statements.
(viii) During the previous year and current year, Certain banks had issued show cause notices to the Company, its
holding Company and its fellow subsidiaries and certain directors seeking reasons as to why the Company, its
holding company and its fellow subsidiaries should not be classified as willful defaulter. The Company has
responded to the show cause notices. The Company in its response has highlighted that the proceedings and the
classification of the Company as a willful defaulter is barred during the prevailing moratorium under section 14 of
the Code and requested the banks to withdraw the notices.Further, certain banks had issued notices seeking
personal hearing by the authorized representative of the Company, its holding company and its fellow subsidiaries
in respect of the aforesaid matter. Hearings were attended to and necessary submissions were made in
accordance with the submissions made earlier in the responses to the show cause notices. No further response
has been received from the banks since then.
Note: 2.24
The Indian Parliament has approved the Code on Social Security, 2020. which would impact the contributions by
the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft
rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stakeholders
which are under active consideration by the Ministry. The Company will assess the impact once the subject rules
under the Code are notified and will give appropriate impact in the financial statements when the code becomes
effective.
Note: 2.25
License Fees and Spectrum Fee demands on account of Special Audit and Comptroller and Audit General
(CAG)
The Hon‟ble Supreme Court of India, vide its order dated October 24, 2019 had dismissed the petition filed by the
telecom operators and agreed with the interpretation of the Department of Telecommunications (DoT) to the
definition of Adjusted Gross Revenue (AGR) under the license.
On September 01, 2020, Hon‟ble Supreme Court pronounced the judgement in the AGR matter (“SC Judgement”).
It has framed various questions in respect of companies under insolvency and in respect of such questions, the
Court has held that the same should be decided first by the Hon'ble NCLT by a reasoned order within 2 months,
and that it has not gone into the merits in this decision.
The RP of the Company had filed intervention applications before the NCLAT in the appeal filed by the Department
of Telecommunications against the resolution plan approval orders of the Aircel companies (wherein the NCLAT
was adjudicating on the questions framed by the Hon‟ble Supreme Court in the SC judgement ). The RP had also
filed written legal submissions in this regards with the NCLAT. The Hon‟ble NCLAT has pronounced its judgement
dated April 13, 2021 setting out its findings on the questions framed in the SC Judgement. The RP has filed
appeals in respect of the Company and RCOM against the judgement of the NCLAT before the Supreme Court.On
August 2, 2021, the appeals were listed when the bench issued notice in the matter and tagged the same with Civil
Appeal No 1810 of 2021 (being the appeal filed by the COC of Aircel companies) and also allowed the application
seeking permission to file the civil appeal. On February 22, 2022, the Hon‟ble Supreme Court has granted a period
of six weeks to the DoT to file counter affidavit. The matter was last listed on May 2, 2022 wherein the Hon‟ble
Supreme Court directed the matter to be tentatively listed in the third week of July 2022. The appeals are currently
sub judice.
Further, in the SC judgement, reiterating that AGR dues as per original decision should be paid, the Hon‟ble
Supreme Court had directed that DoT should complete the assessment in cases where demand had not been
raised and raise demand if it has not been raised, to examine the correctness of self-assessment and raise
demand, if necessary, after due verification. In case demand notice has not been issued, DoT should raise the
demand within six weeks from date of judgement. The Company has not received any such demand in this regard
till date.
The DoT had during the pendency of the various proceedings simultaneously directed Special Audit in relation to
the computation of License fee, Spectrum fee, applicable interest and penalties thereon, which is under progress
for the financial year 2015-16 onwards. In this regard, the Company has provided for estimated liability aggregating
to ` 348,811 lakh upto the previous year ended March 31, 2021 and has provided additional charge of ` 54,661
lakh during the year ended March 31, 2022 and represented as exceptional items which may undergo revision
based on demands from DoT and / or any developments in this matter.
Considering various factors including admission of the Company to resolution process under the Code and the
moratorium applicable under the Code, discharge of the aforesaid liability will be dealt with in accordance with the
Code (subject to orders in the relevant judicial proceedings).
Note: 2.26
Lease
The Assets of the Company are held for sale as per Ind AS 105 and being short term in nature and accordingly
lease agreements are considered to be short term in nature hence Ind AS 116 has not been applied.
Note: 2.27
Since the Company is under CIRP, there is no fair valuation of financial instruments has been carried out. The
carrying value of financial instruments by categories are as follows:
(` in lakh)
As at As at
Particulars
March 31, 2022 March 31, 2021
Cash and cash equivalents (Refer Note 2.04) 2,609 3,632
Total 7,079 8,102
Financial assets at fair value through Profit and Nil Nil
Loss:
Financial assets at fair value through other
Nil Nil
Other financial liabilities (Refer Note 2.12) 436,430 380,092
Borrowings (Refer Note 2.10) and Deferred payment
liabilities ( Refer Note 2.06) 1,057,018 1,026,933
Total 1,550,114 1,463,669
Financial Liabilities at fair value through other Comprehensive Income: Nil Nil
Activities of the Company expose it to a variety of financial risks: market risk, credit risk and liquidity risk.
The Company‟s financial liabilities comprise of borrowings, trade payable and other liabilities to manage its
operations and the financial assets include trade receivables, deposits, cash and bank balances, other receivables
etc. arising from its operation.
Corporate Insolvency Resolution Process (“CIRP”) has been initiated in case of the Company under the Provisions
of the Insolvency and Bankruptcy Code, 2016 (the Code). Pursuant to the order, the management of affairs of the
Company and powers of board of directors of the Company stands vested with the Resolution Professional (“RP”)
appointed by the Hon'ble NCLT. The framework and the strategies for effective management will be established
post implementation of Resolution Plan. Presently, the financial risk management activities are restricted to
management of current assets and liabilities of the company and the day to day cash flow.
Market risk
The Company also deals internationally and hence, a portion of the business is transacted in several currencies.
Consequently, the Company is exposed to foreign exchange risk to the extent that there is mismatch between the
currencies in which its sales and services, purchases from overseas suppliers and borrowings in various foreign
currencies. Market Risk is the risk that changes in market prices such as foreign exchange rates, interest rates will
affect income or value of its holding financial assets/ instruments. The exchange rate between rupee and foreign
currencies has changed substantially in recent years and may fluctuate significantly in the future. As a result
operations of the Company are affected as rupee appreciates/ depreciates against US Dollar. Since the Company
is under CIRP, it is not required to meet any loan or interest obligation till the resolution plan is implemented. As the
overall obligation and liabilities shall be determined during CIRP, foreign currency loans are stated at exchange rate
as at March 31, 2018.
Foreign Currency Risk from financial instruments as of : (` in lakh)
March 31,2022 March 31,2021
Particulars U.S. Other Total U.S. dollars Other Currency Total
dollars Currency
Trade Receivables - - - - - -
Borrowings (134,106) - (134,106) (134,106) - (134,106)
Trade payables and
Other Liabilities (19,532) (551) (20,083) (18,974) (561) (19,535)
Net assets/ (liabilities) (153,638) (551) (154,189) (153,080) (561) (153,641)

Not relevant till the time resolution plan is finalised.
Interest Rate Risk
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk
is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest
rates, in cases where the borrowings are measured at fair value through profit or loss. Cash flow interest rate risk is
the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the
interest rates. Since the Company is under CIRP, it could not meet interest obligation during the year and shall be
finalised when resolution plan is implemented.
Exposure to interest rate risk/ Sensitivity Analysis
The Company does not hold derivative financial instruments.
The Company offsets a financial asset and a financial liability when it currently has a legally enforceable right to set
off the recognized amounts and the company intends either to settle on a net basis, or to realise the asset and
settle the liability simultaneously.
Credit risk
Credit risk refers to the risk of default on its obligation by the customer/ counter party resulting in a financial loss.
The maximum exposure to the credit risk at the reporting date is carrying value of respective financial assets.
Trade receivables and unbilled revenue are typically unsecured and are derived from revenue earned from the
customers. Credit risk has always been managed by each business segment through credit approvals, establishing
credit limits and continuously monitoring the credit worthiness of customers to which the Company grants credit
terms in the normal course of business. On account of adoption of Ind AS 109, the Company uses expected credit
loss (ECL) model to assess the impairment loss or gain. ECL methodology depends on whether there is any
significant increase in credit risk. In case of significant increase in credit risk, life time ECL is used; otherwise twelve
month ECL is used. The Company uses a provision matrix to compute the expected credit loss allowance for trade
receivables and unbilled revenues. The provision matrix takes into account available external and internal credit risk
factors such as default risk of industry, credit default swap quotes, credit ratings from international credit rating
agencies and historical experience for the customers. Since the Company is under going CIRP, any impairment
relating to Trade receivables will be reviewed and recognised upon completion and implementation of resolution
plan.
Liquidity risk
The Company is under CIRP. The Company depends upon receipt from Trade receivables and delay in realisation
as well as vendor payments can severely impact the current level of operation. Liquidity crises had led to default in
repayment of principal and interest to lenders. Since the Company is under CIRP, it is not required to meet any loan
or interest obligation till the resolution plan is implemented.
Liquidity risk is the financial risk that is encountered due to uncertainty resulting in difficulty in meeting its
obligations. An entity is exposed to liquidity risk if markets on which it depends are subject to loss of liquidity for any
reason; extraneous or intrinsic to its business operations, affecting its credit rating or unexpected cash outflows. A
position can be hedged against market risk but still entail liquidity risk. Prudence requires liquidity risk to be
managed in addition to market, credit and other risks as it has tendency to compound other risks. It entails
management of asset, liabilities focused on a medium to long-term perspective and future net cash flows on a day-
by-day basis in order to assess liquidity risk.
Liquidity Periodic budget and rolling forecasts shall be determined during CIRP.
Note: 2.28
Particulars ended ended
March 31, 2022 March 31, 2021
Basic and Diluted EPS ( before Exceptional Items)
(a) Profit/ (Loss) attributable to Equity Shareholders (` in lakh) (used as (32,679) (28,765)
numerator for calculating Basic and Diluted EPS)
(b) Weighted average number of Equity Shares (used as 85,000,000 85,000,000
denominator for calculating Basic and Diluted EPS)
( c) Basic and Diluted Earnings per Share of ` 10 each (`) (38.45) (33.84)
Basic and Diluted EPS ( after Exceptional Items)

(a) Profit attributable to Equity Shareholders (` in lakh) (used as numerator for (87,340) (75,978)
calculating Basic and Diluted EPS)
(b) Weighted average number of Equity Shares (used as 85,000,000 85,000,000

denominator for calculating basic and Diluted EPS)
( c) Basic and Diluted Earnings per Share of ` 10 each (`) (102.75) (89.39)
Note: 2.29
2.29.01 Disclosure under Micro, Small and Medium Enterprises
Under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED) which came into force from
October 2, 2006, certain disclosures are required to be made relating to MSME. On the basis of the information and
records available with the Company, the following disclosures are made for the amounts due to the Micro, Small
and Medium Enterprises.
(` in lakh)
March 31, 2022 March 31, 2021
(i) Principal amount due to any supplier as at the year end 1,459 1,461
(ii) Interest due to suppliers and remaining unpaid as at year end 1,190 946
(iii) Amount of Interest paid by the Company in terms of Section 16 of the - 0
MSMED, alongwith the amount of the payment made to the supplier beyond
the appointed day during the accounting year
(iv) Payment made to the enterprises beyond appointed date under Section 16 2 1
of MSMED
(v) Amount of Interest due and payable for the period of delay in making - -
payment, which has been paid but beyond the appointed day during the
year but without adding the interest specified under MSMED
(vi) Amount of interest accrued and remaining unpaid at the end of each 1,190 946
accounting year
(vii) Amount of further interest remaining due and payable even in the 859 657
succeeding years, until such date when the interest dues as above are
actually paid to the small enterprises for the purpose of
disallowance as a deductible expenditure under Section 23 of MSMED
2.29.02 Trade Payables Ageing Schedule (` in lakh)

Outstanding for following periods from due date of payment
Particulars Total
Less than 1 More than 3
Not due 1-2 years 2-3 years
year years
(i) MSME - - - 26 1,372 1,398
(-) (2) (26) (68) (1,304) (1,400)
(ii) Others - 9 9 224 55,026 55,268
(-) (10) (798) (5,872) (48,564) (55,244)
(iii) Disputed dues – MSME - - - - - -
(-) (-) (-) (-) (-) (-)
(iv) Disputed dues - Others - - - - - -
(-) (-) (-) (-) (-) (-)
- 9 9 250 56,398 56,666
Total
(-) (12) (824) (5,940) (49,868) (56,644)
Note: 2.30
Related Parties
As per the Indian Accounting Standard ("Ind AS") 24 of "Related Party Disclosures", the disclosure of transactions
with the related parties as defined therein are given below. All transactions entered into by the Company with
related parties, were in ordinary course of business and on arm`s length basis.
A List of related parties
1 Reliance Innoventures Private Limited Ultimate Holding Company (upto February 6, 2019)
2 Reliance Communications Limited (RCOM) Holding Company
3 Reliance Communications Infrastructure Limited (RCIL)
4 Reliance Infratel Limited (RITL)
5 Reliance Tech Services Limited (RTSL)
Fellow subsidiary
6 Reliance Webstore Limited (RWSL)
7 Globalcom IDC Limited (GIDC)
8 Reliance Realty Limited (RRL)
9 Reliance Communications Tamilnadu Limited (RCTL)
10 Reliance Capital Limited Enterprises over which Promoter of Holding
11 Reliance General Insurance Company Limited Company having control
10 Reliance Telecom Limited Employees Provident Fund
10 Reliance Telecom Ltd. Employees Group Gratuity Assurance Employee Benefits Trust
Scheme
11 Reliance Telecom Ltd. Employees Superannuation Scheme
12 Shri Vinay Soni - Company Secretary and Manager Key Managerial Person (KMP)
(Figures relating to current year are reflected in Bold, relating to previous year are reflected in brackets and italic.)
(` in lakh)
Particulars Holding Fellow Enterprises Employee KMP Total
Company Subsidiaries over which Benefits
Promoter of Trust
Holding
Company
having
control
(i) Advances/ Other Receivables
24 806 - 32 - 862
(24) (815) - (30) - (869)
(ii) Trade Payable
- 17,327 - - - 17,327
- (17,327) - - - (17,327)
(iii) Other Financial Liabilities
- 6,785 - - - 6,785
- (6,785) - - - (6,785)
(` in lakh)
Particulars Holding Fellow Enterprises Employee KMP Total
Company Subsidiaries over which Benefits
Promoter of Trust
Holding
Company
having
control
(iv) Loans Taken
Opening Balance as on April 1, 2021
235,588 120,000 - - - 355,588
(235,588) (120,000) - - - (355,588)
Add: Taken/Adjusted during the year
- - - - - -
- - - - - -
Less: Repayment/ Adjusted during the year
- - - - - -
- - - - - -
Balance as on March 31, 2022
235,588 120,000 - - - 355,588
(235,588) (120,000) - - - (355,588)
(v) Preference Shares including Share Premium
4,500 134,770 - - - 139,270
(4,500) (134,770) - - - (139,270)
(vi) Corporate - - - -
194,223 194,223
Guarantee on
behalf of the (188,705) - - - - (188,705)
Company
(vii) Managerial Remuneration
Shri Vinay Soni - - - - 5 5
- - - - (4) (4)
The following table describes the components of compensation paid or payable to key management personnel for
the services rendered during the year ended:
(` in lakh)
March 31, 2022 March 31, 2021
Salaries and other benefits 4 4
Contributions to defined benefit plans - -
` 19,383 ( Previous year ` 17,562)
Contributions to defined contribution plans - -
` 7,770 ( Previous year ` 7,346)
Total 5 4
Note: 2.31
Employee Benefits
2.31.01 Gratuity:
In accordance with the applicable Indian laws, the Company provides for the gratuity, a defined benefit retirement
plan (Gratuity Plan) for all employees. The Gratuity Plan provides a lump sum payment to vested employees, at
retirement or termination of employment, an amount based on respective employee‟s last drawn salary and for the
years of employment with the Company.
The gratuity plan is governed by the Payment of Gratuity Act, 1972 (Gratuity Act). The Company is bound to pay the
statutory minimum gratuity as prescribed under Gratuity Act. There are no minimum funding requirements for a
gratuity plan in India. The Company‟s philosophy is to fund the benefits based on its own liquidity and tax position
as well as level of underfunding of the plan vis-à-vis settlements. The management is responsible for the overall
governance of the plan. The management have outsourced the investment management of the fund to insurance
company which in turn manage these funds as per the mandate provided to them by the trustees and applicable
insurance and other regulations.
The Company operates its gratuity and superannuation plans through separate trusts which is administered and
managed by the Trustees. As on March 31, 2022 and March 31, 2021, the contributions towards the plans have
been invested in Insurer Managed Funds.
The plan is of a final salary defined benefit in nature which is sponsored by the Company and hence it underwrites
all the risks pertaining to the plan. In particular, there is a risk for the Company that any significant change in salary
growth or demographic experience or inadequate returns on underlying plan assets can result in an increase in cost
of providing these benefits to employees in future.
The define benefit plan exposed the Company at actuarial risk such as logentivity risk, interest risk and market
(Investment) risk.
The following table set out the status of the Gratuity Plan as required under Indian Accounting Standard ("Ind AS")-
19 "Employee Benefits".
(` in lakh)
As at As at
Particulars
March 31,2022 March 31, 2021
Obligation at beginning of the year 13 13
Service cost 1 1
Interest cost 1 -
Actuarial (Gain)/ Loss (1) (1)
Benefits paid - -
Obligation at year end 14 13
*Defined benefit obligation liability as at the balance sheet is wholly funded by the Company
Plan assets at beginning of the year, at fair value 44 42
Expected return on plan assets 2 1
Actuarial Gain/ (Loss) ( ` 4,255) - 1
Contributions - -
Benefits - -
Plan assets at year end, at fair value 46 44
(` in lakh)
As at As at
Particulars
March 31,2022 March 31, 2021
Fair value of plan assets at the end of the year 46 44
Present value of the defined benefit obligations at
the end of the year 14 13
Liability/ (Advance) recognised in the Balance Sheet (32) (31)
(iv) Expense Recognised in Profit or Loss
Service Cost 1 1
Interest Cost (1) (1)
Total - -
(V) Amount Recognised in Other Comprehensive Income
Actuarial (Gain)/Loss on Obligation (1) (1)
Actuarial (Gain)/ Loss on Plan Assets - (1)
Total (1) (2)
(vi) Investment details of plan assets - 100% of the plan assets are invested in balanced Fund Instruments
(vii) Actual return on plan assets 2 2
(viii) Assumptions
Interest rate 4.97% 4.54%
Estimated return on plan assets 4.97% 4.54%
Salary Growth rate 0.00% 0.00%
*The estimates of future salary increases, considered in actuarial valuation, take into account inflation, seniority,
promotion and other relevant factors such as supply and demand factors in the employment market.
(ix) Particulars of the amounts for the year and previous years
As at March 31,
Particulars
2022 2021 2020 2019 2018
Present Value of benefit obligation 14 13 13 13 29
Fair value of plan assets 46 44 42 37 51
Excess of (obligation over plan
assets) / plan assets over obligation
32 31 29 24 22
The expected contribution is based on the same assumptions used to measure the company's gratuity obligations
as of March 31, 2022.
(x) Sensitivity analysis
(` in lakh)
As at As at
Particulars
March 31,2022 March 31, 2021
Discount rate (+1% movement) { ` (20,386) (Previous year ` (21,012))} - -
Discount rate (-1% movement) { ` 20,732 (Previous year ` 21,396)} - -
Future Salary growth (+1% movement) - -
Future Salary growth (-1% movement) - -
Employee Turnover (+1% movement) { ` (17) (Previous year ` (15))} - -
Employee Turnover (-1% movement) { ` 24 (Previous year ` 20)} - -
Although the analysis does not take account of the full distribution of cash flows expected under the plan, it does
provide an approximation of the sensitivity of the assumptions shown.
(xi) Maturity analysis of defined benefit plan (fund)
Project benefit payable in future from the date of reporting (` )
1st following year 708,692 555,442
2nd following year 357,498 445,172
3rd following year 176,187 166,565
4th following year 161,020 82,013
5th following year 4,690 75,317
Sum of 6 years and above 4,572 3,819
2.31.02 Defined contribution plan: -Provident Fund :
Provident Fund contribution of ` 2 lakh (Previous year ` 2 lakh) is recognised as an expense and included in
"Employee Benefit Expenses" (Refer Note 2.17) to Statement of Profit and Loss.
Note: 2.32
Segment Information
The Company is having one reportable segment accordingly Indian Accounting Standard ("Ind AS" )108 -
'Operating Segment' does not apply to the Company .
Note: 2.33
Capital Management
Capital of the Company, for the purpose of capital management , include issued equity capital and all other equity
reserves attributable to the equity holders of the Company. The Company‟s objective when managing the capital is
to safeguard the Company‟s ability to continue as a going concern and the Company under going CIRP and
thereby operating as a going concern.
(` in lakh)
As at As at
Particulars
March 31,2022 March 31,2021
(a) Equity (1,171,690) (1,084,351)
(b) Debt 726,085 726,085
(c) Equity+ Debt (a+b) (445,605) (358,266)
(d) Capital Gearing Ratio (b/c) -163% -203%
Capital gearing ratio reflects reduction in equity on account of net losses incurred during the year.
Note: 2.34
Accounting Ratios
Sr. Name of the Ratio Numerator Denominator 2021-22 2020-21 % Variance #
1. Current Ratio (in Current Current 0.25 0.26 -3.85%
times) Assets Liabilities
2. Debt-Equity Ratio Total Debt Equity (0.62) (0.67) -7.46%
(in times)
3. The Company is under going CIRP and does not have any Turnover, Inventory, Purchases and positive Net
worth during the year and previous year accordingly other ratio i.e. Debt Service coverage, Return on equity,
Inventory turnover, Trade receivable turnover , Trade payable turnover, Net capital turnover, Net profit, Return on
capital employed and Return on investment are not applicable.
# There is no significant change (i.e. more then 25%) in the above mentioned ratios during the year in comparison
to Previous year.
Note: 2.35
During the year, the Company has not surrendered or disclosed any income, previously unrecorded transaction in
the books of account as income, in the tax assessments under the Income Tax Act, 1961.
Note: 2.36
During the year, the Company has not received as well as given advances (excluding transactions in the normal
course of business) or loans or invested funds or provided any guarantee, security or the like from/ to any other
person(s) or entity(ies), directly or indirectly, including any foreign entity(ies).
Note: 2.37
Transaction with Struck off Companies
The Company did not have any material transaction with companies struck off under Section 248 of the Companies
Act, 2013 or Section 560 of Companies Act, 1956.
Note: 2.38
Corporate Social Responsibility
The Company is not required to spend towards Corporate Social Responsibility (CSR) as per Section 135 of the
Companies Act, 2013, since there is no average profit in the last 3 years calculated as per the provisions of the Act.
Note: 2.39
No adjusting or significant non-adjusting events have occurred between the reporting date and the date of
authorisation.
Note: 2.40
Director's disqualification
During an earlier year, one of the directors has resigned from the position of the Director, however his resignation
has not been accepted by the Committee of Creditors (CoC) under the Code and the Company has not received
declaration under section 164 (2) of the Companies Act, 2013.
Note: 2.41
Upon application by the CoC in terms of Section 22(3) of the Code, the Hon'ble NCLT appointed Mr. Anish Niranjan
Nanavaty as the resolution professional for the Corporate Debtor (“RP”) vide its order dated June 21, 2019, which
was published on June 28, 2019 on the website of the NCLT. Accordingly, the IRP handed over the matters
pertaining to the affairs of the Corporate Debtor to the RP as on June 28, 2019 who assumed the powers of the
board of directors of the Corporate Debtor and the responsibility of conducting the CIRP of the Corporate Debtor.
With respect to the financial statements for the year ended March 31, 2022, the RP has signed the same solely for
the purpose of ensuring compliance by the Corporate Debtor with applicable laws, and subject to the following
disclaimers:
(i) The RP has furnished and signed the report in good faith and accordingly, no suit, prosecution or other legal
proceeding shall lie against the RP in terms of Section 233 of the Code;
(ii) No statement, fact, information (whether current or historical) or opinion contained herein should be construed
as a representation or warranty, express or implied, of the RP including, his authorized representatives and
advisors;
(iii) The RP, in review of the financial statements and while signing this financial statements, has relied upon the
assistance provided by the directors of the Corporate Debtor, and certifications, representations and statements
made by the directors of the Corporate Debtor, in relation to these financial statements. The financial statements of
the Corporate Debtor for the year ended March 31, 2022 have been taken on record by the RP solely on the basis
of and on relying the aforesaid certifications, representations and statements of the aforesaid directors and the
management of the Corporate Debtor. For all such information and data, the RP has assumed that such
information and data are in the conformity with the Companies Act, 2013 and other applicable laws with respect to
the preparation of the financial statements and that they give true and fair view of the position of the Corporate
Debtor as of the dates and period indicated therein. Accordingly, the RP is not making any representations
regarding accuracy, veracity or completeness of the data or information in the financial statements.
(iv) In terms of the provisions of the Code, the RP is required to undertake a review of certain transactions. Such
review has been completed and the RP has filed the necessary applications with the adjudicating authority.
After review, the Directors of the Corporate Debtor have approved the financial statements at their meeting held on
May 28, 2022 which was chaired by Mr. Anish Niranjan Nanavaty, Resolution Professional („RP‟) of the Corporate
Debtor and RP took the same on record basis recommendation from the directors.

Jigar T. Shah
Partner Payal H Shah
DIN 09284328
Mahesh Mungekar
Director
DIN 00778339
Sanjay K Agarwal
Vinay Soni
Place : Mumbai Company Secretary
Dated : May 28, 2022 A59194
Independent Auditor’s Report on financial statements
To the Members of Reliance Communications Infrastructure Limited (A Company under

Corporate Insolvency resolution process vide NCLT Order)
Report on the financial statements
The Hon’ble National Company Law Tribunal, Mumbai Bench (“NCLT”) admitted an insolvency and
bankruptcy petition filed by a financial creditor against Reliance Communications Infrastructure
Limited (“the Company”) and appointed Resolution Professional (RP) who has been vested with
management of affairs and powers of the Board of Directors with direction to initiate appropriate
action contemplated with extant provisions of the Insolvency and Bankruptcy Code, 2016 and other
related rules.
Qualified Opinion
We have audited the financial statements of Reliance Communications Infrastructure Limited

(“the Company”), which comprise the balance sheet as at March 31, 2022, and the statement of Profit
and Loss, statement of changes in equity and statement of cash flows for the year then ended, and
notes to the financial statements, including a summary of significant accounting policies and other
explanatory information.
for the possible effects of the matters described in the Basis for Qualified Opinion section of our
report, the aforesaid financial statements give a true and fair view in conformity with the Indian
Accounting Standards prescribed under section 133 of the Companies Act 2013 (“the Act”) 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, 2022 and its profit (including total comprehensive income) and its cash flows for the year ended
on that date.
a) We draw attention to Note no. 2.12 of the financial statements regarding “Assets Held for Sale
(AHS)" continues to be classified as held for sale at the value ascertained at the end of March
31, 2018, for the reasons referred to in the aforesaid note. Non determination of fair value as on
the reporting date is not in compliance with Ind AS 105 “Non Current Assets Held for Sale and
Discontinued Operations". Accordingly, we are unable to comment on the consequential
impact, if any, on the carrying amount of Assets Held for Sale and on the reported profit for the
year ended March 31, 2022.
b) We draw attention to Note no. 2.30 of the financial statements regarding admission of the
Company into Corporate Insolvency Resolution Process ("CIRP"), and pending determination
of obligations and liabilities with regard to various claims submitted by the
Operational/financial/other creditors and employees including interest payable on loans during
CIRP. We are unable to comment the accounting impact/ disclosure thereof pending
reconciliation and determination of final obligation.
The Company accordingly has not provided interest on borrowings amounting to Rs. 1,274 lakh
for year ended March 31, 2022 and Rs. 11,683 lakh up to the previous financial year calculated
based on basic rate of interest as per terms of loan. Had such interest as mentioned above been
provided, the reported profit for the year ended March 31, 2022 would have been lower by Rs.
1,274 lakh and the Net worth of the Company would have been lower by Rs. 12,957 lakh and
Rs. 11,683 lakh for the year ended March 31, 2022 and March 31, 2021 respectively. Non
provision of interest is not in compliance with Ind AS 23 “Borrowing Costs”.
c) We draw attention to Note no. 2.28 of the financial statements, regarding pending
comprehensive review of carrying amount of all other assets (including investments and
balances lying under Goods & Service Tax) & liabilities and non provision for impairment of
carrying value of the assets and write back of liabilities if any, pending completion of the CIRP.
In the absence of comprehensive review as mentioned above for the carrying value of all the
assets and liabilities, we are unable to comment that whether any adjustment is required in the
carrying amount of such assets and liabilities and consequential impact, if any, on the reported
profit for the year ended March 2022. Non determination of fair value of financial assets &
liabilities and impairment in carrying amount for other assets and liabilities are not in
compliance with Ind AS 109 “Financial Instruments”, Ind AS 36 “Impairment of Assets” and
Ind AS 37 “Provisions, Contingent Liabilities & Contingent Assets”.
d) We draw attention to Note no 2.34 of the financial statements, regarding non adoption of Ind
AS 116 “Leases" effective from April 01, 2019 and the consequent impact thereof. The
aforesaid accounting treatment is not in accordance with the relevant Ind AS 116.
e) We draw attention to Note no 2.28 of the financial statements, regarding continuous losses
incurred by the Company, current liabilities exceeding its current assets, default in repayment
of borrowings and default in payment of regulatory and statutory dues. This situation indicates
that a material uncertainty exists that may cast significant doubt on the Company's ability to
continue as a going concern. The accounts, however has been prepared by the management on a
going concern basis for the reason stated in the aforesaid note. We however are unable to obtain
sufficient and appropriate audit evidence regarding management's use of the going concern
basis of accounting in the preparation of the financial statements, in view of ongoing CIRP, the
outcome of which cannot be presently ascertained.
f) We draw attention to Note No 2.29 of the financial statements regarding non receipt of balance
confirmation from balance with Industrial and Commercial bank of China in Fixed Deposit
account amounting to Rs. 3,162 lakh as at March 31, 2022. Pending receipt of balance
confirmation as on reporting date, we are unable to comment on the consequential impact if
any, on the financial statements of the Company.
audit evidence we have obtained is sufficient and appropriate to provide a basis for qualified opinion.
Information Other than the financial statements and Auditor’s Report Thereon
other information comprises the information included in the Board’s Report including Annexures to
Board’s Report but does not include the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained during the course of our audit or otherwise
appears to be materially misstated. When we read the report containing other information, if we
conclude that there is a material misstatement therein, we are required to communicate the matter to
those charged with governance. We have nothing to report in this regard.
Responsibility of Management and Those Charged with Governance for the financial
statements
The financial Statements, which is the responsibility of the Company’s Management is relied upon by
the Resolution Professional based on the assistance provided by the Directors and taken on record by
the Resolution Professional as fully described in Note 2.49 of financial Statements. The Company’s
Management 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 the financial position,
financial performance, (changes in equity) and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the accounting standards specified under
section 133 of the Act.
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,
In preparing the financial statements, Board of Directors/ Resolution Professional 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 (RP)
either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do
so.
The resolution professional is also responsible for overseeing the Company’s financial reporting
process read together with Note no. 2.49 of the financial statements
Auditor’s Responsibilities for the Audit of the financial statements
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
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.
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.
that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also
responsible for expressing our opinion on whether the company has adequate internal financial
controls system in place and the operating effectiveness of such controls.
 Conclude on the appropriateness of management’s use of the going concern basis of accounting
auditor’s report to the related disclosures in the financial statements or, if such disclosures are
the date of our auditor’s report. However, future events or conditions may cause the Company to
ethical requirements regarding independence, and to communicate with them all relationships and
other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.
Other Matters
Pursuant to an application filed by State Bank of India before the National Company Law Tribunal,
with the rules and regulations framed thereunder (“Code”), the NCLT had admitted the application
and ordered the commencement of corporate insolvency resolution process (“CIRP”) of the Company
(“Corporate Debtor”) vide its order dated September 25, 2019 which has been received by the IRP (as
defined hereinafter) on September 28, 2019 (“CIRP Order”). The NCLT has appointed Mr. Anish
Niranjan Nanavaty as the interim resolution professional for the Company (“IRP”) vide the CIRP
Order who has been confirmed as the resolution professional of the Company (“RP”) by the
committee of creditors. Reliance Communications Limited (being the Holding Company of the
Company), Reliance Telecom Limited and Reliance Infratel Limited are also undergoing CIRP under
the provisions of the Code and the RP is also the resolution professional of the aforesaid companies.
The financial statements of the Company should be signed by the Chairperson or Managing Director
or Whole Time Director or in absence of all of them, it should be signed by any Director of the
Company who is duly authorized by the Board of Directors to sign the financial statements. As
mentioned in Note No. 2.49 of the financial statements, in view of the on going Corporate Insolvency
Resolution Process, the powers of the board of directors stand suspended and are exercised by the
Resolution Professional.
As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central
A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
(a) Except for the matters described in the Basis of Qualified Opinion paragraph 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 Company so far as it appears from our examination of those books
account.
(d) In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards
(Ind AS) specified under Section 133 of the Act, read with relevant rules of the Companies
(Indian Accounting Standards) Rules, 2015, except requirement of Ind AS 105 “Non Current
Assets Held for Sale and Discontinued Operations”, Ind AS 23 “Borrowing Cost”, Ind AS 116
“Leases”, Ind AS 109 “Financial Instruments”, Ind AS 36 “Impairment of Assets”, Ind AS 37
“Provisions, Contingent Liabilities and Contingent Assets”, with regard to matters described in
the Basis of Qualified Opinion paragraph above.
(e) The matter described under the basis for qualified opinion paragraph above and Qualified
Opinion paragraph of 'Annexure B' to this report in our opinion, may have an adverse effect on
Company;
(f) With respect to the other matters to be included in the Auditor’s Report in accordance with the
(g) The qualification relating to maintenance of accounts and other matters connected therewith are
as stated in the Basis for Qualified Opinion paragraph above
statements of the Company and the operating effectiveness of such controls, refer to our
separate Report in “Annexure B”.
(i) With respect to the other matters to be included in the Auditor’s Report in accordance with
financial statements – Refer Note 2.33 to the financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses; and
iii. There are no amounts which are required to be transferred, to the Investor Education and
premium or any other sources or kind of funds) by the Company to or in any other
person or entity, 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;

Jigar .T. Shah

Partner
UDIN: 22161851AMBJUS7341
Date: May 28, 2022

Place: Mumbai
Reliance Communications Infrastructure Limited
‘Annexure A’ to the Independent Auditor’s Report for the year ended March 31, 2022
With reference to the Annexure A referred to in the Independent Auditor’s Report to the Members of
Reliance Communications Infrastructure Limited ('the Company') on the financial statements for the
year ended March 31, 2022, we report the following:
i. (A) (a) The Company has maintained proper records showing full particulars, including
(b) The Company is maintaining proper records showing full particulars of Intangible Assets.
(b) The Company has transferred its Property, Plant and Equipment (PPE) (Except leasehold
land) to Assets Held for Sale (AHS) and has been fully depreciated. The Management has
physically verified some of its some of the Property, Plant and Equipment on sample basis
which is not under electronic surveillance and certain assets which are under electronic
surveillance and no material discrepancies were identified on such physical verification.
(c) According to the information and explanations given to us and based on the examination of
the records of the Company, the title deeds of immovable properties, as disclosed in Note
2.01, 2.12 & 2.46 to the financial statements, are held in the name of the Company.
ii. (a) Since the Company does not have any inventory, accordingly, clause ii (a) of paragraph 3 of
Company. Therefore, the reporting requirements under clause ii(b) of paragraph 3 of the
iii. (a) According to information and explanations given to us and books of accounts and records
examined by us, during the year the Company has not given any loans or advances and
guarantees or security to subsidiaries, joint ventures, associates and others. Hence, the
reporting requirements under clause (iii)(a)(A) and (B) of paragraph 3 of the Order is not
applicable.
(b) In our opinion and according to information and explanations given us and on the basis of our
audit procedures, the Company has not made any investments or provided any guarantees or
given security and has not granted loans or any advances in the nature of loans during the
year. Accordingly the reporting requirements under clause (iii)(b) of paragraph 3 of the Order
is not applicable.
(c) According to the information and explanation and records examined by us in respect of the
loans and advances in nature of loans, the schedule of repayment of principal and payment of
interest has not been stipulated or are not available for our verification, hence we are unable
to comment whether the repayment or receipts are regular.
(d) According to the information and explanation and records examined by us in respect of the
loans and advances in nature of loans, the schedule of repayment of interest has not been
stipulated or are not available for our verification, hence we are unable to comment whether
total amount is overdue for more than ninety days. In absence of sufficient and appropriate
evidence, we are unable to comment on reasonable steps have been taken by the Company for
recovery of the principal and Interest thereon.
(d) According to information and explanations given to us and books of accounts and records
examined by us, the Company has not renewed the loans granted to various parties as on
March 31, 2019.
(e) Based on our verification of records of the Company and information and explanation given
to us, the Company has granted loans or advance in nature of loans either repayable on
demand or without specifying any terms or period of repayment are as follows:
(Rs. in Lakh)
Particulars All Parties Promoters Related Parties
Aggregate amount of loans/ advances in
nature of loans
- Repayable on demand (A) -
- Agreement does not specify any terms or 99,455 99,455
-
period of repayment (B)
Total (A+B) 99,455 - 99,455
Percentage of loans/ advances in nature of
100% - 100%
loans to the total loans
iv. As per information and explanation provided to us and on the basis of verification of records
of the Company, the Company during the year has not granted any loan, made investment and
the Act. Accordingly, clause (iv) of paragraph 3 of the Order is not applicable to the
Company.
v. In our opinion and according to the information and explanations given to us, the Company
has not accepted any deposits from the public in accordance with relevant provisions of
Sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under.
Accordingly, clause (v) of paragraph 3 of the Order is not applicable to the Company.
vi. We have broadly reviewed the books of account maintained by the Company pursuant to the
rules prescribed by the Central Government for maintenance of cost records under subsection
1 of Section 148 of the Act, in respect of telecommunication activities and are of the opinion
that prima facie, the prescribed accounts and records have been made and maintained.
However, we have not made a detailed examination of the records.
vii. (a) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, we observed that there are delays in amounts
deposited with appropriate authorities for amounts deducted/accrued in the books of account
in respect of undisputed statutory dues including provident fund, income tax, goods and
services tax, service tax, duty of customs, sales tax, value added tax, entry tax, employees
state insurance, cess and other material statutory dues. According to the information and
explanations given to us, undisputed amounts payable in respect of provident fund, income
tax, goods and services tax, sales tax, value added tax, employees state insurance and other
material statutory dues which were in arrears as at March 31, 2022 for a period of more than
six months from the date they became payable are as under:
Amount Period to which

Due Date of
Name of Statute Nature of Dues (Rs.) the amount
Date Payment
relates
The Central Sales Tax Act, Central Sales Various
2,67,643 Prior to Mar-17 Unpaid
1956 Tax Dates
Delhi Value Added Tax Value Added Various
95,691 Prior to Mar-17 Unpaid
Act, 2004 Tax Payable Dates
Manipur Value Added Tax Value Added Various
Act, 2004 Tax Payable Dates
The Uttar Pradesh Value Value Added Various
Added Tax Act, 2008 Tax Payable Dates
Tamil Nadu Value Added Value Added Various
Tax Act, 2006 Tax Dates
Kerala Value Added Tax Value Added Various
Act, 2003 Tax Dates
Karnataka Value Added Value Added Various
Chandigarh Value Added Value Added Various
West Bengal Value Added Value Added Various
Nagaland Value Added Value Added Various
138 Prior to Mar-17 Unpaid
Various
Central Excise Act, 1944 Excise 25,02,825 Prior to Mar-17 Unpaid
Dates
Various
Maharashtra Sales tax Act Sales Tax 12,27,724 Prior to Mar-17 Unpaid
Dates
Profession Tax Act, 1957 Professional Tax 1,16,70,043 Prior to Mar-18 Various Unpaid
Due Date of
Date Payment
relates
Payable Dates
Chhattisgarh Value Added Works Contract Various
36 Prior to Mar-17 Unpaid
Tax Act, 2003 Tax payable Dates
Kerala Value Added Tax Works Contract Various
Act, 2003 Tax payable Dates
Chhattisgarh Value Added Works Contract Various
Tax Act, 2003 Tax payable Dates
Tax Deducted at Prior to October - Various
Income Tax Act, 1961 1,15,24,936 Unpaid
source 2020 Dates
Labour Welfare Fund – Labour Welfare Various
Various States Fund Dates
Employee
Employees Provident Fund Various
Provident and 68,49,821 Prior to Mar-19 Unpaid
Act Dates
Pension Fund
Nature of Forum where the dispute is Amount*

Period to which the amount relates
Dues pending (Rs. in lakh)
Sales Tax Officer 2001-02 16
Assessing Authority 2000-01 (Rs. 21,527/-) 0
Addl. Commissioner (Appeals) 2009-10 1
Dy. Commissioner (Appeals) 2010-11 (Rs. 1,000/-) 0
2005-06, 2006-07, 2007-08, 2011-12, 2013-
Jt. Commissioner (Appeals) 22
14
Entry Tax 2000-01, 2002-03, 2003-04, 2004-05, 2006-
Tribunal 6
07
2004-05, 2005-06, 2006-07, 2007-08, 2008-
Tax Board 121
09, 2009-10
2002-03, 2003-04, 2004-05, 2010-11, 2011-
High Court 101
12, 2012-13, 2013-14, 2014-15
Supreme Court of India 2012-13 (Rs. 13,510/-) 0
Entry Tax Total 267
Sales Tax Officer 2001-02 215
Sales Tax Jt. Commissioner (Appeals) 2005-06, 2006-07, 2007-08 2
Tribunal 2000-01, 2004-05 45
Sales Tax Total 294
Commercial Tax Officer 2014-15 56
VAT/CST
Nature of Forum where the dispute is Amount*
Period to which the amount relates
Dues pending (Rs. in lakh)
Commissioner 2009-10, 2010-11, 2011-12 16
2003-04, 2004-05, 2006-07, 2007-08, 2008-
Jt. Commissioner (Appeals) 09, 2009-10, 2010-11, 2011-12, 2012-13, 4,133
2013-14
Tribunal 2005-06, 2007-08, 2008-09 64
High Court 2007-08 238
Appellate Authority 2010-11, 2011-12, 2012-13, 2014-15 139
Dy. Commissioner of Sales Tax 2013-14 38
VAT Total 4,710
2007-08, 2008-09, 2009-10, 2010-11, 2011-
CESTAT 13,864
12, 2014-15, 2008-2012, 2008-2018
Service 01/09/2006 to 30/10/2010, 01/05/2008 to
Comm. Appeals 146
Tax / 31/03/2011
CENVAT
Commissioner of CGST 2009-10, 2014-15 to 2016-17 1,925
Service Tax Total 15,935
Income Tax Appellate Tribunal 2008-09, 2009-10, 2010-11, 2011-12 36,899
Income Commissioner of Income Tax
Tax Act, (Appeals) 2014-15, 2016-17 & 2017-18 28,835
1961
Income Tax Total 65,734
*Net of amounts paid under protest.
viii. According to information and explanation given to us and representation given by the
Tax Act, 1961.
ix. (a) In our opinion and according to the information and explanations given to us, the Company
has defaulted in repayment of loans or borrowings and interest thereon from banks &
financial institutions, which were not paid as at Balance Sheet date. The lender wise details of
principal and interest are as under.
Sr. No Name of Lender Borrowings Interest

Amount Period Amount Period
(Rs. In Lakh) (No. of days) (Rs. In Lakh) (No. of days)
I Loan From banks
1. Corporation bank 11,060 1 805 797 1 805
2. IDBI bank 374 1 830 46 1 830
Total 11,434 843
(Refer Note no 2.17.01 of the financial statements)
The Company has not provided interest of Rs. 1,274 lakh and Rs. 12,957 lakh for the year and
upto March 31, 2022 respectively and therefore it has not been disclosed above.
procedures and representation received from management, we report that the Company has
been declared wilful defaulter by any bank or financial institution or government or any
government authority. The Company has received a show cause notice from the bank as to
why the Company should not be declared willful defaulter (refer note 2.42).
year and hence reporting under clause ix(c) of paragraph 3 of the Order is not applicable to
the Company.
(e) According to the information and explanations given to us and on an overall examination of
the financial statements of the Company, we report that the Company has not taken any funds
from any entity or person on account of or to meet the obligations of its subsidiaries,
associates or joint ventures.
(f) In our opinion and according to the information and explanations given to us, the Company
has not raised loans during the year on the pledge of securities held in its subsidiaries, joint
ventures or associate companies.
x. (a) In our opinion, and according to information and explanations given to us, the Company has
instruments) and hence the provision of clause (ix) of the order is not applicable to the
Company.
xi. (a) Based on the audit procedures performed by us and according to the information and
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 Act has been filed by the auditors in form ADT-4 as prescribed under
rule 13 of the Companies (Audit and Auditors) Rules, 2014 with the Central Government.
xii. As the Company is not a nidhi company. Accordingly, paragraph (xii) of the Order is not
applicable to the Company.
xiii. According to the information and explanations given to us and based on our examination of
Sections 177 and 188 of the Act, where applicable. The details of such related party
transactions have been disclosed in the standalone financial statements as required by the
applicable accounting standards.
xiv. (a) In our opinion and based on our examination, the Company has an internal audit system
under audit.
xv. According to the information and explanations given to us and based on our examination of
the records, the Company has not entered into non-cash transactions with directors or persons
connected with him. Accordingly, paragraph (xv) of the Order is not applicable to the
Company.
xvi. (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of
India Act, 1934.
to us by the Company, the Company has not conducted any Non-Banking Financial or
Housing Finance activities hence the reporting requirements under clause xvi(b) of paragraph
3 of the Order is not applicable.
India.
xvii. Based on the examination of records, the Company has incurred cash losses of Rs. 1,173 lakh
in the financial year 2021-22 and Rs. 2,656 lakh in immediately preceding financial year.
xviii. There has been no resignation of the statutory auditors during the year.
xix. According to the information and explanations given to us and on the basis of the financial
supporting the assumptions, indicate that material uncertainty exists that may cast a
significant doubt on the Company’s ability to continue as a going concern. 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. Based on the examination of records of the Company and information and explanations given
to us, due to losses incurred in previous years, the conditions and requirements of section 135
of the act is not applicable to the Company hence, clause (xx) (a) and (xx) (b) of paragraph 3
of the Order is not applicable.

Jigar .T. Shah

Partner
Date: May 28, 2022

Place: Mumbai
‘Annexure B’ to the Independent Auditor’s Report - March 31, 2022

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the
Companies Act, 2013 (“the Act”)
Communications Infrastructure Limited (‘the Company’) as of March 31, 2022 in conjunction with
our audit of the financial statements of the Company for the year ended on that date.
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
of India’. These responsibilities include the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to 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 Act.
Standards on Auditing, issued by ICAI, 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 with reference to financial statements was established and
maintained and if such controls operated effectively in all material respects.
internal control based on the assessed risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatement of the financial statements,
for our qualified opinion on the Company’s internal financial controls system with reference to
principles.
accordance with generally accepted accounting principles and that receipts and expenditures of the
company are being made only in accordance with authorisations of management and directors of the
unauthorised acquisition, use, or disposition of the company's assets that could have a material effect
Because of the inherent limitations of internal financial controls with reference to financial
statements, 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 with reference to financial statements to future periods are
subject to the risk that the internal financial control with reference to financial statements may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or
financial controls with reference to financial statements as at March 31, 2022.
i. Balances of trade receivable, trade payable, other liabilities and loan & advances are subject to
confirmations. (Refer Note No. 2.28)
ii. The Company’s internal financial control with regard to the compliance with the applicable
Indian Accounting Standards and evaluation of carrying values of assets and liabilities and
other matters, as fully explained in basis for qualified opinion paragraph of our main report,
resulting in the Company not providing for adjustments, which are required to be made, to the
iii. The Company’s Internal control process in respect of outstanding entries in bank
Reconciliation Statements which are pending to be reconciled.

with reference to financial statements, such that there is a reasonable possibility that a material
misstatement of the Company’s financial statements will not be prevented or detected on a timely
basis.
Qualified Opinion
In our opinion and to the best of our information and according to the explanation given to us except
for the effect / possible effect of the material weaknesses described above under Basis for Qualified
Opinion paragraph on the achievement of the objectives of the control criteria, the Company has, in
all material respects an adequate internal financial controls system with reference to financial
statements and such internal financial controls with reference to financial statements were operating
effectively as at March 31, 2022, based on the internal control over financial statements criteria
established by the Company considering the essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.
We have considered material weakness identified and reported above in determining the nature,
timing, and extent of audit tests applied in our audit of financial statements of the Company for the
year ended March 31, 2022 and these material weaknesses has affected our opinion on financial
statements of the Company for the year ended March 31, 2022 & our audit report dated May 28, 2022,
which expressed a qualified opinion on those financial statements of the Company.

Jigar .T. Shah

Partner
Date: May 28, 2022

Place: Mumbai
Annual Report
FY 2021-22
RELIANCE COMMUNICATIONS INFRASTRUCTURE LIMITED

( ` in lakh )
March 31, 2022 March 31, 2021
ASSETS
Non Current Assets
(b) Intangible Assets 2.02 - -
(c) Financial Assets
(i) Investments 2.03 31,830 31,830
(d) Income Tax Assets 2.04 6,613 7,169
(e) Deferred Tax Asset (net) 2.05 467 38,910 467 39,466
Current Assets
(ii) Cash and Cash Equivalents 2.07 636 5,760
(iii) Bank Balances other than (ii) above 2.08 12,576 7,178
(iv) Loans 2.09 99,455 99,455
(v) Other Financial Assets 2.10 206 66
(b) Other Current Assets 2.11 22,077 21,931
(c) Assets held for sale 2.12 2,19,050 3,55,752 2,19,019 3,55,344
Total Assets 3,94,662 3,94,810

Equity
(b) Other Equity 2.14 (3,22,874) (2,29,074) (3,22,975) (2,29,175)
LIABILITIES
(i) Borrowings 2.15 2 2
(b) Provisions 2.16 347 349 347 349
Current Liabilities
(i) Borrowings 2.17 5,78,367 5,78,367
Due to Micro and Small Enterprises 298 302
Due to Others 22,609 22,642
(c) Provisions 2.21 1,300 6,23,387 1,299 6,23,636
Total Equity and Liabilities 3,94,662 3,94,810

Notes on Accounts 2
The Notes referred to above form an integral part of the Financial Statements.
Statement of Profit and Loss for the year ended March 31,2022
( ` in lakh )
Particulars Notes For the year For the year

ended ended
March 31, 2022 March 31, 2021
Discontinued Operations
INCOME
Revenue from Operations 2.22 38 479
Other Income 2.23 537 376
Total Revenue 575 855
EXPENDITURE
Network Operating Expenses 2.24 47 135

Finance Costs 2.25 43 39
Other Expenses 2.26 384 932
Total Expenses 474 1,106
Tax Expenses
Current Tax - -
Earlier year taxes - 1,131
Profit/ (Loss) after tax 101 (1,382)

Total Comprehensive Income /
(Loss) for the year 101 (1,382)
Earnings per Share of ` 1 each 2.39

Basic 0.001 (0.015)
Diluted 0.001 (0.015)

Notes on Accounts 2
Statement of Changes in Equity as at March 31, 2022
(a) Equity Share Capital (Refer Note 2.13) ( ` in lakh )

Particulars
31, 2022 31, 2021
Changes in equity share capital due to prior period errors - 0
B. Other Equity (Refer Note 2.14) ( ` in lakh )
Particulars Securities Total

General Retained
Premium
Reserve Earnings
Reserve
i) For the year ended March 31, 2022

Balance as at 1st April 2021 52,994 78,357 (4,54,326) (3,22,975)
Surplus/ Deficit in statement of profit and Loss 101 101
Balance as at March 31, 2022 52,994 78,357 (4,54,225) (3,22,874)
ii) For the year ended March 31, 2021
Balance as at 1st April 2020 52,994 78,357 (4,52,944) (3,21,593)
Surplus/ Deficit in statement of profit and Loss - - (1,382) (1,382)
Balance as at March 31, 2021 52,994 78,357 (4,54,326) (3,22,975)
( ` in lakh )
Particulars
March 31, 2022 March 31, 2021

Net Profit / (Loss) before tax as per Statement of Profit
101 (251)
and Loss from Discontinued Operations:
Adjusted for:
Bank Balances written off - 129
Finance Costs 43 39
Write back of Provision for Liabilities no longer required (3) (3)
Interest Income (479) (373)
(439) - (208)
Operating Profit / (Loss) before Working Capital Changes (338) (459)

Adjusted for:
Receivables and Other Advances 74 (222)
Inventories - -
Trade Payables and Other Liabilities (249) 979
(175) 757
Cash Generated from Operations (513) 298

Income Tax Refund 588 3,204
Income Tax Paid - 588 - 3,204
Net Cash from Operating Activities 75 3,502

Additions to PPE and Capital Work in Progress (31) -
Interest received 273 417
Investment in Bank Deposit (5,399) (385)
Net Cash from/ (Used in) Investing Activities (5,157) 32
Finance Costs (43) (39)
Net Cash from/ (used in) Financing Activities (43) (39)
Net Increase/ (Decrease) in Cash and Cash Equivalents (5,124) 3,495

Opening Balance of Cash and Cash Equivalents 5,760 2,394
Effect of Exchange Loss (Gain)/ Provision for write off on Cash and Cash Equivalents - (129)
Closing Balance of Cash and Cash Equivalents (Refer Note 2.07) 636 5,760
Note:
(i) Cash and Cash Equivalents includes cash on hand, cheques on hand, remittances-in-transit and bank balance.
Cash Flow Statement has been prepared under the Indirect Method set out in Indian Accounting Standard 7 " Cash Flow
(ii)
Statements".
(iii) Figures in brackets indicates cash outgo.

Notes on Accounts 2

Note: 1

Reliance Communications Infrastructure Limited (“RCIL” or “the Company”), is a wholly owned subsidiary of Reliance
Communications Limited. The Company is registered under the Companies Act, 1956 having Registered Office at H
Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400 710.In the earlier years, the Company was
engaged in providing, call center services to telecom operators in India, trading in Handsets,providing infrastructure
services and Internet Data Centre services.
Corporate Insolvency Resolution Process (“CIR Process”) has been initiated in case of the Company and under the
Provisions of the Insolvency and Bankruptcy Code, 2016 (the Code). Pursuant to the order, the management of
affairs of the Company and powers of board of directors of the Company stands vested with the Interim Resolution
Professional (“IRP”) appointed by the NCLT.

The Financial Statements are prepared under historical cost convention , in accordance with the generally accepted
accounting principles (GAAP) in India and in compliance with the Indian Accounting Standards (Ind AS) specified
under section 133 of the Companies Act, 2013 (“the Act”), except note no 2.28, 2.29, 2.30 and 2.34 read with Rule 3
of the Companies (Indian Accounting Standards) Rule 2015, the Companies (Indian Accounting Standards)
Amendment Rules 2016 and other other provisions of the Act, to the extent notified and applicable, as well as
applicable guidance note and pronouncements of the Institute of Chartered Accountants of India (ICAI).
All assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle
and other criteria set out in Schedule III to the Act. Based on the nature of the services and their realisation in cash &
cash equivalents the Company has ascertained its operating cycle as twelve months for the purpose of current or
non-current classification of assets and liabilities.

These financial statements are presented in Indian Rupees (“Rupees” or “ `") which is also the functional currency of
the Company. All amounts are rounded off to the nearest lakh, unless stated otherwise.

(i) Property, plant and equipment (PPE) are stated at cost net of Modvat and Cenvat / GST, less accumulated
depreciation and impairment loss if any. Subsequent expenditure is capitalised only if it is probable that the
future economic benefits associated with the expenditure will flow to the Company.
(ii) Cost of an item of PPE comprises of its purchase price including import duties and non refundable purchase
taxes after deducting trade discounts and rebates, any directly attributable cost of bringing the item to its
working condition for its intended use and estimated costs of dismantling and removing the item and restoring
the site on which it is located.
(iii) Expenses directly attributable to project, prior to commencement of commercial operation, are considered as
project development expenditure and shown under Capital Work-in-Progress.
(iv) Depreciation is provided on Straight Line Method based on useful life of the assets prescribed in Schedule II to
the Companies Act, 2013 except in case of the following assets where useful life is different than those
prescribed in Schedule II are used :
(a) Telecom Electronic Equipments - 20 years
(b) Furniture, Fixtures and Office Equipments - 5, 10 years
(c) Vehicles - 5 years
(d) Leasehold improvements - Shorter of the remaining lease term or useful life
(v) Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss.
(vi) Depreciation methods, useful lives and residual values are reviewed periodically at each financial year.
(vii) Depreciation on additions is calculated pro rata from the following month of addition.

Note: 1

(i) Intangible assets, namely entry fees/ fees for Telecom Licenses are amortised over the balance period of
Licenses. Software are amortized from the date of acquisition or commencement of commercial services,
whichever is later. The life of amortisation of the intangible assets are as follows.
(a) Software - 5 years
The carrying amounts of assets are reviewed at each Balance Sheet date if there is any indication of impairment
based on internal or external factors. An impairment loss is recognised when the carrying cost of assets exceeds
recoverable value. An impairment loss is charged to the Statement of Profit and Loss in the year in which an asset is
identified as impaired. The impairment loss of prior accounting period is increased/reversed where there has been
change in the estimate of recoverable value. The recoverable value is higher of the fair value less cost to sell and
value in use of the Asset.
Inventories of stores and spares are accounted for at cost and all other cost incurred in bringing the inventory to their
present location and condition determined on weighted average basis, or net realisable value, whichever is less. Net
realizable value is the estimated selling price in the ordinary course of business less estimated costs necessary to
make the sale.
All employee benefits payable wholly within twelve months of rendering the service are classified as short term
employee benefits. These benefits include compensated absences such as paid annual leave and sickness leave.
The undiscounted amount of short term employee benefits expected to be paid in exchange for the services
rendered by employees are recognised as an expense during the period.
The Company’s contribution towards Employees’ Superannuation Plan is recognised as an expense during the
period in which it accrues.
Provident Fund
Provident Fund contributions are made to a Trust administered by the Trustees. Interest payable to the
Provident Fund members, shall not be at a rate lower than the statutory rate. Liability is recognised for any
shortfall in the income of the fund vis-à-vis liability of the interest to the members as per statutory rates.
Gratuity Plan
The Company’s gratuity benefit scheme is a defined benefit plan. The Company’s net obligation in respect of
the gratuity benefit scheme is calculated by estimating the amount of future benefit that employees have earned
in return for their service in the current and prior periods; that benefit is discounted to determine its present
value and the fair value of any plan assets is deducted.
The obligation is measured at the present value of the estimated future cash flows. The discount rates used for
determining the present value of the obligation under defined benefit plan, are based on the market yields on
Government Securities as at the Balance Sheet date.
Actuarial gains and losses are recognised immediately in Other Comprehensive Income.
(iii) Compensated absences which are not expected to occur within twelve months after the end of the period in
which the employee renders the related services are recognised as a liability at the present value of the defined
benefit obligation at the Balance Sheet date, determined based on actuarial valuation using Projected Unit
Credit Method. The discount rates used for determining the present value of the obligation under defined

Note: 1
as part of the cost of such assets upto the commencement of commercial operations. A qualifying asset is one that
necessarily takes substantial period of time to get ready for its intended use. Other borrowing costs are recognised
as expense in the year in which they are incurred.
(i) The functional currency of the Company is Indian Rupee.
(ii) Transactions denominated in foreign currencies are recorded at the exchange rates prevailing at the time of the
transaction.
(iii) Monetary items denominated in foreign currencies at the year end are restated at year end rates.
(iv) Non monetary foreign currency items are recorded at the rate prevailing on the date of transaction.
(v) Any income or expense on account of exchange difference on settlement / restatement is recognised in the
(a) Exchange difference on foreign currency borrowings relating to depreciable capital asset are included in
cost of assets.
planned, initially recognised in other comprehensive income and reclassified from equity to profit and loss on
repayment of the monetary items.
1.11 Non Current assets held for sale

Non current assets (or disposal group) are classified as the assets held for sale when their carrying amount is to be
recovered principally through a sale transaction. Non-current assets (or disposal group) classified as held for sale
are measured at the lower of their carrying amount and/ or fair value less costs to sell. This condition is regarded as
met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its
present condition, subject only to terms that are usual and customary for sale of such assets and sale is expected to
be concluded within twelve months from the date of such classification.
Assets and liabilities classified as held for sale are presented separately in the balance sheet. A disposal group
qualifies as discontinued operations if it is a component of the company that either has been disposed off or is
classified as held for sale, and; represents a separate major line of business or geographical area of operations, or
part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations,
or a subsidiary acquired exclusively with a view to resale. Non-current assets are not depreciated or amortised while
they are classified as held for sale.
Loss is recognised for any initial or subsequent write down of such non current assets (or disposal group) to fair
value less costs to sell. A gain is recognised for any subsequent increase in fair value less costs to sell an asset (or
disposal group) but not in excess of any cumulative loss previously recognised.
If the criteria for assets held for sale are no longer met, it ceases to be classified as held for sale and are measured
at the lower of (i) its carrying amount before the asset was classified as held for sale, adjusted for any depreciation or
any amortisation that would have been recognised had that asset not been classified as held for sale, and (ii) its
recoverable amount at the date when the disposal group ceases to be classified as held for sale.

Note: 1
(ii) Interest income is recognised on time proportion basis.
(iii) Revenue from Contracts with Customers
The Comapny has applied Ind AS 115 "Revenue from Contracts with Customers" w.e.f. April 1, 2018, using the
cumulative effect method and therefore comparative information has not been restated and continues to be
reported under Ind AS 18. Revenue is recognised when control over goods or services is transferred to a
customer. A customer obtains control when he has the ability to direct the use of and obtain the benefits from
the good or service, there is transfer of title, supplier has right to payment etc. – with the transfer of risk and
rewards now being one of the many factors to be considered within the overall concept of control.
The Company determines whether revenue should be recognised ‘over time’ or ‘at a point in time’. As a result,
it is required to determine whether control is transferred over time. If not, only then revenue be recognised at a
point in time, or else over time. The Comapany also determines if there are multiple distinct promises in a
contract or a single performance obligation (PO). These promises may be explicit, implicit or based on past
customary business practices. The consideration gets allocated to multiple POs and revenue recognised when
control over those distinct goods or services is transferred.
value of money. Where the collections from customers are deferred the revenue will be lower than the contract
price, and in case of advance collections, the effect will be opposite resulting in revenue exceeding the contract
price with the difference accounted as a finance expense.

Income Tax comprises of current and deferred tax. It is recognised in the Statement of Profit and Loss except to the
extent that it relates to a business combination or to an item recognised directly in equity or OCI.
Provision for Income Tax is made on the basis of taxable income for the year at current rates. Tax expense
comprises of Current Tax and Deferred Tax at the applicable enacted or substantively enacted rates. Current Tax
represents the amount of Income Tax payable / recoverable in respect of the taxable income / loss for the reporting
period. Deferred Tax represents the effect of temporary difference between carrying amount of assets and liabilities
in the financial statement and the corresponding tax base used in the computation of taxable income. Deferred Tax
Liabilities are generally accounted for all taxable temporary differences. The Deferred Tax Asset is recognised for all
deductable temporary difference, carried forward of unused tax credit and unused tax loss, to the extent that it is
probable that taxable profit will be available against which such deductable temporary differences can be utilised.
Minimum Alternative Tax (MAT) credit is recognised as an asset only when and to the extent there is convincing
evidence that the Company will pay normal income tax during the specified period.

likelihood of outflow of resources is remote, no provision or disclosure is made. Contingent Assets are neither
recognised nor disclosed in the financial statements.

Note: 1
In determining Earnings per Share, the Company considers the net profit or loss after tax and includes the post tax
effect of any extraordinary/ exceptional item. The number of shares used in computing Basic Earnings per Share is
the weighted average number of shares outstanding during the period. The number of shares used in computing
Diluted Earning per Share comprises the weighted average shares considered for deriving Basic Earnings per Share
and also weighted average number of shares that could have been issued on the conversion of all dilutive potential
Equity Shares unless the results would be anti-dilutive. Dilutive potential Equity Shares are deemed converted as of
the beginning of the period, unless issued at a later date.

The Company’s accounting policies and disclosures require measurement of fair values for the financial instruments.
TheCompany has an established control framework with respect to measurement of fair values. The management
regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker
quotes or pricingservices, is used to measure fair values, then the management assesses evidence obtained from
third parties to support the conclusion that such valuations meet the requirements of Ind AS, including level in the fair
value hierarchy in which such valuations should be classified. When measuring the fair value of a financial asset or a
financial liability, the Company uses observable market data as far as possible. Fair values are categorised into
different levels in a fair value hierarchy based on theinputs used in the valuation techniques as follows.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly
(i.e.as prices) or indirectly (i.e. derived from prices).
value measurement is categorised in its entirety in the same level of fair value hierarchy as the lowest level input that
is significant to the entire measurement. The Company recognises transfers between levels of fair value hierarchy at
the end of the reporting period during which the change has occurred. (Refer to note 2.35.1) for information on
detailed disclosures pertaining to the measurement of fair values.
instrument of another entity.Financial instruments also include derivarive contracts such as foreign exchange forward
contracts.
Financial Assets
value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.

Subsequent measurement of debt instruments depends on the Company’s business model for managing the
asset and the cash flow characteristics of the asset. There are three measurement categories into which the
Company classifies its debt instruments:

Note: 1
(a) Asset is held within a business model whose objective is to hold assets for collecting contractual cash flows,
and
(b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal
and interest (SPPI) on the principal amount outstanding. After initial measurement, such financial assets are
subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is
calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral
part of the EIR. EIR amortisation is included in finance income in the Statement of Profit and Loss. Losses
arising from impairment are recognised in the Statement of Profit and Loss. This category generally applies to
trade and other receivables.”
Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is
classified as at FVTPL. In addition, the Company may elect to designate a debt instrument, which otherwise meets
amortized cost or FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or
eliminates a measurement or recognition inconsistency (referred to as ‘accounting mismatch’)
Equity Investment
All equity investments in scope of Ind-AS 109 are measured at fair value. Equity instrumenrs which are held for
trading are classified as at FVTPL. For all other equity instruments, the company decides to classify the same either
as at FVOCI or FVTPL. The Company makes such election on an instrument-by-instrument basis. The classification
is made on initial recognation and is irrevocable.
If the company decides to classify an equity instruments as at FVOCI, then all fair value changes on the instruments,
excluding dividends, are recognized in the OCI. There is no recycling of the amount from OCI to profit and loss, even
on sale of investment. However, the Company may transfer the cumulative gain or loss within equity.
Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the
profit and loos.
Also, Comapny has to elected to apply the exemption available under Ind AS 101 to continue the carrying value for
its investments in subsidiaries and associates as recognised in the fincial statements as at the date of transition to
Ind AS, measured as per the previous GAAP as at the date of transition"

A financial asset is primarily derecognised when: a) Rights to receive cash flows from the asset have expired, or b)
The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement and either(a) the
Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither
transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
The Company assesses on a forward looking basis the expected credit lossess asociated with its assets carried at
amortised cost. The impairment methodology applied depends on whether thers has been significant increase in the
credit risk. As a practical expedient, the Company uses a provision matrix to determine impairment loss allowance
on portfolio of its trade receivables, as permitted by Ind AS 109. The provision matrix is based on its histocically
observed dafult rates over the expected life of the trade receivables and is adjusted for forward-looking estimated. At
every reporting date, the historical observed default rates and updated and changes in the forward-looking estimates
are analysed.

Note: 1
(a) Financial liabilities at fair value through Profit or Loss: Financial liabilities at fair value through Profit or
Loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at
fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the
purpose of repurchasing in the near term. This category also includes derivative financial instruments entered
into by the Company that are not designated as hedging instruments in hedge relationships as defined by Ind
AS 109. Gains or losses on liabilities held for trading are recognised in the Statement of Profit and Loss.
(b) Financial Libilities measured at amortised cost: After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in Statement of Profit and Loss when the liabilities are derecognised as well as through the EIR
amortisation process. Amortised cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance
costs in the Statement of Profit and Loss.
(c ) Derecognition of Financial Liabilities: A financial liability is derecognised when the obligation under the
liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the
same lender on substantially different terms, or the terms of an existing liability are substantially modified, such
an exchange or modification is treated as the derecognition of the original liability and the recognition of a new
liability. The difference in the respective carrying amounts is recognised in the Statement of Profit and Loss.
affect the reported amount of assets and liabilities and disclosure of contingent liabilities on the date of the Financial
actual results and estimates is recognised in the period in which the results are known/ materialised. Estimates and
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items
which are more likely to be materially adjusted due to estimates and assumptions turning out to be different than
those originally assessed. Detailed information about each of these estimates and judgements is included in relevant
notes together with information about the basis of calculation for each affected line item in the financial statements.

Note: 1
The Company has based its assumptions and estimates on parameter available when the financial satements where
prepared. Existing circumstances and assumptions about future developments, however, may change due to market
changes or circumstances arising that are beyond the control of Company. Such changes are refelected in
assumptions when they occur.The areas involving critical estimates or judgements pertaining to useful life of
property, plant and equipment ,current tax expense and payable, and recognisition of Deffered Tax
Assets/(Liabilities) (Note 2.05) . Estimates and judgements are continually evaluated. They are based on historical
experience and other factors, including expectations of future events that may have a financial impact on the
i Useful life of Property, Plant and Equipment including intangible asset: Residual values, useful lives and
methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted
prospectively, if appropriate.
ii Taxes : The Company provides for tax considering the applicable tax regulations and based on probable
estimates.
iii Management periodically evaluates positions taken in the tax returns giving due considerations to tax laws and
amendments, if any. The recognition of deferred tax assets is based on availability of sufficient taxable profits in
the Company against which such assets can be uilized. MAT (Minimum Alternate Tax) is recognized as an
asset only when and to the extent it is probable evidence that the Company will pay normal income tax and will
be able to utilize such credit during the specified period. In the year in which the MAT credit becomes eligible to
be recognized as an asset, the said asset is created by way of a credit to the Statement of Profit and loss and is
included in Deferred Tax Assets. The Company reviews the same at each balance sheet date and if required,
writes down the carrying amount of MATcredit entitlement to the extent there is no longer probable that
Company will be able to absorb such credit during the specified period.
iv Fair value measurement and valuation process: The Company measures certain financial assets and liabilities
at fair value for financial reporting purposes.
v Trade receivables and Other financial assets: The Company follows a simplified approach for recognition of
impairment loss allowance on Trade receivables (including lease receivables). The Company estimates
irrecoverable amounts based on specific identification method and historical experience. Individual trade
receivables are written off when management deems them not to be collectible.
vi Defined benefit plans (gratuity benefits) : The Company’s obligation on account of gratuity and compensated
absences is determined based on actuarial valuations. An actuarial valuation involves making various
assumptions that may differ from actual developments in the future. These include determination of the
discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and
its long-term nature, these liabilities are highly sensitive to changes in these assumptions. All assumptions are
reviewed at each reporting date.The parameter subject to frequent changes is the discount rate. In determining
the appropriate discount rate, the management considers the interest rates of government bonds in currencies
consistent with the currencies of the post employment benefit obligation. The mortality rate is based on publicly
available mortality tables in India. Those mortality tables tend to change only at interval in response to
demographic changes. Future salary increases and gratuity increases are based on expected future inflation
rates.
vii Non-financial assets are reviewed for impairment, whenever events or changes in circumstances indicate that
amount of the asset is estimated in order to determine the extent of the impairment loss, if any.
viii Provisions and contingent liabilities are reviewed at each balance sheet date and adjusted to reflect the current
best estimates.
ix Determination of net realisable value for Assets held for sale and related liabilities.

Cash and cash equivalents in the Balance Sheet comprise of cash on hand, demand deposits with Banks, other
short-term, highly liquid investments with original maturities of three months or less that are readily convertible to
known amounts of cash and which are subject to an insignificant risk of changes in value.
Note 2.01
( ` in lakh )
Leasehold
Particulars Total
Land
As at March 31, 2020 38 38
Additions - -
Disposals - -
Transferred to Assets held for Sale - -
As at March 31, 2021 38 38
Additions - -
Disposals - -
As at March 31, 2022 38 38
As at March 31, 2020 38 38
Depreciation for the year - -
Disposals - -
As at March 31, 2021 38 38
Depreciation for the year - -
Disposals - -
As at March 31, 2022 38 38
Net Carrying Value
As at March 31, 2021 - -
As at March 31, 2022 - -
Note:
2.01.01 Reliance Communications Limited (RCOM), the Holding Company had, during the earlier years,
allotted, 1,500, 11.25% Secured Redeemable, Non Convertible Debentures (NCDs) of the face value of
`1,00,00,000 each, aggregating to ` 750 crore (original amount `1,500 crore), 11.20% Secured Redeemable,
Non Convertible Debentures (NCDs) of the face value of `10,000,000 each, aggregating to `3,000 crore. The
said NCD's, 6.5% Senior Secured Notes of `1,955 crore, Rupee Term Loans of ` 9,139 crore along with
Foreign Currency Loans of `14,156 crore ("the Secured Loans") availed by Reliance Communications Limited
(RCOM), the Holding Company, Reliance Telecom Limited (RTL) a fellow subsidiary and Reliance Infratel
Limited (RITL) a subsidiary were secured by a first pari passu charge on the whole of the movable plant and
machinery of the Company including (without limitations) tower assets and optic fiber cables, if any (whether
attached or otherwise), capital work-in-progress (pertaining to movable fixed assets) both present and future
including all the rights, title, interest, benefits, claims and demands in respect of all insurance contracts relating
thereto of the Borrower Group; comprising of the Company, RCOM, the Holding Company and fellow
subsidiary namely RTL and subsidiary RITL in favor of the Security Trustee for the benefit of the NCD Holders
and the Lenders of the said Secured Loans. Further, Rupee Term Loan of ` 2,359 crore availed by RCOM and
` 485 crore availed by RTIL has been secured by second pari passu charge over movable plant and
machinery and capital work in progress of the Borrower Group. Rupee loan of `5,463 crore and `611 crore
availed by RCOM and RTL respectively are also secured by current assets, movable and immovable assets
including intangible, both present and future of borrowers group. The said loan is also secured by pledge of
equity share of RITL held by the company. Non funded based outstanding of ` 1,361 crore availed by Reliance
Communications Limited the Holding company , ` 246 crore by Reliance Telecom Limited the Fellow subsidiary
and ` 4 crore by the Company have been secured by second paripasu charges on movable fixed assets of
borrower group.
2.01.02 Depreciation has been charged till September 30 2017, i.e. the date of classification of Assets held for
sale.
Note 2.02
Other Intangible Assets
( ` in lakh )
Software
Particulars Software Total
Non-embedded

As at March 31, 2020 15 58 73
Additions - - -
As at March 31, 2021 15 58 73
Additions - - -
As at March 31, 2022 15 58 73
Accumulated amortisation
As at March 31, 2020 15 58 73
Amortisation for the year - - -
As at March 31, 2021 15 58 73
Amortisation for the year - - -
As at March 31, 2022 15 58 73
Net Carrying Value

As at March 31, 2021 0 - 0
As at March 31, 2022 0 - 0
( ` in lakh )
Particulars As at March 31, 2022 As at March 31, 2021
Note : 2.03 (refer note 2.35 & 2.40)

INVESTMENTS IN SUBSIDIARIES (valued at cost unless otherwise stated)
Trade Investment

Unquoted, fully Paidup
222 64 15 796 Reliance Infratel Limited of ` 10 each 31,806 31,806

(222 64 15 796)
1 50 700 Internet Exchangenext.com Limited of ` 10 each 15 15
(150 700)
10 000 Reliance BPO Private Limited ` 10 each 1 1
(10 000)
10 000 Worldtel Tamilnadu Private Limited ` 10 each 1 1
(10 000)
10 000 Realsoft Cyber Systems Private Limited ` 10 each 1 1
( 10 000)
50 000 Globalcom Realty Limited ( Formerly Reliance Infra Realty Limited) of ` 10 5 5
each
(50 000)
31,829 31,829
Note: Investment in Equity Shares of Reliance Infratel Limited, held by the Company, has been pledged against Loans and/ or Non
Convertible Debentures availed by Reliance Communication Limited (Holding Company) and Reliance Telecom Limited (Fellow Subsidiary).
In Equity Shares of Fellow Subsidiary (valued at cost unless otherwise stated)

1,750 Reliance Globalcom BV, the Netherlands EURO 100 each 99 99
(1 750) Less: Provision of Impairment (99) (99)
Government Securities (valued at cost unless otherwise stated)

Unqouted
6 Year National Savings Certificates (Lodged with Sales Tax Department) 1 1
Total 31,830 31,830
Aggregate Book Value of Investments

Unquoted 31,830 31,830
Quoted - -
( ` in lakh )
As at March As at March
Particulars
31, 2022 31, 2021
Note 2.04
Income Tax Assets
Advance Income Tax (net of provision for tax) (Refer note 2.28) 6,613 7,169
6,613 7,169
Note 2.05
Deferred Tax Assets (Net)
MAT Credit Entitlement 467 467
467 467
( ` in lakh )
Particulars For the year ended March 31,
As at As at
2022 2021
March 31,2022 March 31,2021
(a) Amount recognised in Financial Statement
Relating to Carried forward losses and unabsorbed
44,660 41,732 2,928 3,476
depreciation
Disallowances under Income Tax Act, 1961 5,101 5,101 - -
MAT Credit Entitlement 1,919 4,405 -2,486 -
Relating to temporary difference on depreciation /
16,537 19,455 -2,918 -4,039
amortisation and Impairment of Assets
68,217 70,693 -2,476 -563
Net Deferred Tax Assets (i)- (ii) 68,217 70,693 -2,476 -563
Deferred Tax Assets recognised/ restricted 467 467 Nil Nil
Significant management judgement is considered in determining provision for income tax, deferred tax assets and
liabilities and recoverability of deferred tax assets. The recoverability of deferred tax assets is based on estimate of the
taxable income for the period over which deferred tax assets will be recovered.
The Company has unabsorbed business losses/depreciation and MAT Credit entitlement which according to the
management will be used to setoff taxable profit arising in subsequent years from operation and/or sale of assets of the
Company. However, Deferred Tax Assets have been restricted to Rs. 467 lacs ( Previous year Rs. 467 lacs) due to
non existence of reasonable certainty. Year wise expiry of total Losses are as under:
( ` in lakh )
Amount of
Year of Expiry Loss
Financial Year 2028-29 631
Financial Year 2029-30 253
Unabsorbed Depreciation for unlimited period 1,26,920
(b) Amounts recognised in profit and loss ( ` in lakh )

Particulars ended March ended March
31, 2022 31, 2021
Earlier year tax - 1,131
Tax expense for the year - 1,131
(c) Amounts recognised in Other Comprehensive Income Nil Nil
(d) Reconciliation of Tax Expenses

Computed Tax Expenses (I) 35 (88)
Add/ (Less):
DTA not recognised on account of :
Unabsorbed Losses 35 (88)
Earlier year Tax - 1,131
Subtotal (II) 35 1,043
Income Tax Expenses charge/ (credit) to Statement of Profit and Loss (I-II) - (1,131)

( ` in lakh )
Particulars
31, 2022 31, 2021
Note 2.06
Trade Receivables
Unsecured
Considered Good ( Refer Note:2.28 & 2.40) 1,752 1,935
Credit Impaired 13,000 13,000

Less: Provision for Doubtful Debts (13,000) (13,000)
1,752 1,935
Outstanding for following periods from due date of payment

Less than 6 months - More than 3
Sr Particulars 1-2 years 2-3 years Total
6 months 1 year years
- - - 1,752 - 1,752
(i) Undisputed Trade receivables – considered good
(183) (-) (-) (1,752) (-) (1,935)
Undisputed Trade Receivables –which have - - - - -
(ii) -
significant increase in credit risk (-) (-) (-) (-) (-)
- - - - 13,000 13,000
(iii) Undisputed Trade Receivables – credit impaired
(-) (-) (-) (-) (13,000) (13,000)
- - - - -
(iv) Disputed Trade Receivables- considered good -
(-) (-) (-) (-) (-)
Disputed Trade Receivables-which have - - - - -
(v) -
significant increase in credit risk (-) (-) (-) (-) (-)
- - - - -
(vi) Disputed Trade Receivables – credit impaired -
(-) (-) (-) (-) (-)
- - - 1,752 13,000 14,752
Total- A
(183) (-) (-) (1,752) (13,000) (14,935)
- - - - 13,000 13,000
Allowance for Credit Impaired (B)
(-) (-) (-) (-) (13,000) (13,000)
- - - 1,752 - 1,752
Total-(A-B)
(183) (-) (-) (1,752) (-) (1,935)
Note 2.07
Balance with Banks 636 5,760
636 5,760
Note 2.08
Bank Balances other than Cash and Cash Equivalents
Bank deposits with less than 12 months' maturity 12,576 7,178
(Refer note: 2.29) 12,576 7,178
Note 2.09
Loans
Unsecured, Considered good
Loans to Related Party ( Refer Note:2.28, 2.40 & 2.49) 99,455 99,455
99,455 99,455
Note 2.10
Other Financial Assets
Interest accrued on Investment and Loans (Refer note: 2.29) 206 29
Unbilled Revenue - 37
206 66
Note 2.11
Other Current Assets (refer note 2.28)
Advances and Receivables (Unsecured)
Other Loans and Advances
Considered good Others 12,704 12,628
Related Party 328 328
Unsecured, Doubtful
Considered doubtful 6,771 6,771
Less: Provision for doubtful advances (6,771) (6,771)
13,032 12,956
Balances with GST, Customs, Central Excise
7,595 7,525
Authorities etc. (refer note 2.28)
Deposits 1,450 1,450
22,077 21,931
Note 2.12
Assets Held for Sale
Consequent to discontinuance of commercial operations, the following assets have been classified as assets held for sale at the value ascertained as at the end of year ended
March 31,2018 and recorded at lower of carrying amount and fair value less selling cost. Also Refer Note 2.01.02 for Security in favour of Lenders. On finalisation and
implementation of debt resolution process through Hon'ble NCLT, the Company will carry out a comprehensive impairment review of its tangible, intangible assets and Assets
held for Sale. Details of Assets held for Sale are as under:
( ` in lakh )
For the year ended March 31, 2022
Net Block Reclassified from PPE Provision for Impairment Addition Assets Held for Sale (Net)
Particulars For the year For the year For the year For the year For the year For the year For the year
For the year
ended ended March ended ended March ended ended March ended
ended March 31,
March 31, 31, March 31, 31, March 31, 31, March 31,
2022 2021 2022 2021 2022 2021 2022 2021

Free Hold Land - - - 31 - 2,296 2,265
Building - - - - - - 1,254 1,254
Plant and Machinery - - - - - - 2,15,232 2,15,232
Electric Installation - - - - - 27 27
Office Equipment - - - - - 76 76
Furniture & Fixture - - - - - 68 68
Vehicle - - - - - 97 97
Total - - - - 31 - 2,19,050 2,19,019
( ` in lakh )
As at March 31, As at MarchAs at
Particulars
2022 31, 2021
Note 2.13
Share Capital
Authorised
940 00 00 000 Equity Shares of ` 1 each 94,000 94,000
( 940 00 00 000)
1 00 00 000 Preference Shares of ` 10 each fully paid up 1,000 1,000

(1 00 00 000)
95,000 95,000
938 00 00 000 Equity Shares of ` 1 each fully paid up 93,800 93,800
(938 00 00 000)
93,800 93,800
2.13.01 Shares held by Holding/Ultimate holding company and/or their subsidiaries/associates

Equity Shares No of Shares No of Shares
Reliance Communications Limited, the Holding Company and
its nominees 9,38,00,00,000 9,38,00,00,000
Preference Shares
Reliance Communications Limited, the Holding Company
(refer note 2.18) 20,000 20,000
2.13.02 Details of Shareholders holding more than 5% shares in the Company

Equity Shares % of holding No of Shares % No of Shares
Reliance Communications Limited and its
nominees 100% 9,38,00,00,000 100% 9,38,00,00,000
Preference Shares
Reliance Communications Limited 100% 20,000 100% 20,000
2.13.03 Terms/rights attached to Equity Shares

entitled to one vote per share. In the event of liquidation of the Company, the holder of equity share will be entitled to
receive remaining assets of the Company.
2.13.04 Terms/rights attached to Preference Shares

The Company has 20,000, 8% Cumulative Preference Shares of ` 10/- each to be redeemed at par at on or before July 29,
2022.
2.13.05 Details of Shares held by Promoters at the end of the year

% change
Equity Shares % of holding No of Shares % No of Shares during the
year
Reliance Communications Limited and its
nominees 100% 9,38,00,00,000 100% 9,38,00,00,000 NIL
Preference Shares
Reliance Communications Limited 100% 20,000 100% 20,000 NIL
2.13.06 Reconciliation of shares outstanding a the beginning and at the end of the reporting period
As at As at
Particulars
March 31, 2022 March 31, 2021
No of Shares ( ` in lakh ) No of Shares ( ` in lakh )

(i) Equity shares
At the beginning of the Year 9,38,00,00,000 93,800 9,38,00,00,000 93,800
Add : Issued during the year - -
At the end of the Year 9,38,00,00,000 93,800 9,38,00,00,000 93,800
(ii) Preference Shares

At the beginning of the Year 20,000 2 20,000 2
Add/(Less) : Changes during the year - - - -
At the end of the Year 20,000 2 20,000 2

( ` in lakh )
Particulars As at March 31, 2022 As at March 31, 2021
Note 2.14
OTHER EQUITY
Security Premium
(ii) Additions during the year - 52,994 - 52,994
General Reserve
(ii) Add: Profit /( Loss) for the year - 78,357 - 78,357
Surplus/ (Deficit) in Statement of Profit and Loss

(i) Opening Balance (4,54,326) (4,52,948)
(ii) Add: Profit /( Loss) for the year 101 (4,54,225) (1,382) (4,54,326)
(3,22,874) (3,22,975)
Securities Premium
Securities Premium represents the premium charged to the shareholders at the time of issuance of shares. It also includes ` 6,583
lakh created pursuant to the scheme of Amalgamation/Arrangements of the earlier years. It can be utilised based on the relevant
requirements of the Act.
General Reserve
General Reserve represents amount transferred from Statement of Profit & loss account in earlier years.
Note 2.15
Borrowings
20 000 8% Non Convertible Cumulative Preference 2 2
Shares of ` 10 each fully paid up (20 000)
(Refer Note: 2.13)
2 2
Note 2.16
Provisions
Provision for Retirement Benefit 347 347
347 347
Note 2.17
Borrowings
Unsecured
From Banks
From Related Parties (Refer Note: 2.28 and 2.40) 5,66,934
- 5,66,934
-
From Others 5,78,367 5,78,367
Note 2.17.01
Delay/ Default in repayment of Borrowing and Interest
Corporation IDBI Bank Total
Default as at March 31, 2022 Bank
Borrowings
Amount (Rs. in crore) 11,060 374 11,434
Period (Maximum Days) 1,805 1,830
Interest
Amount (Rs. in crore) 797 46 843
Period (Maximum Days) 1805 1,830
Default as at March 31, 2021
Borrowings
Amount (Rs. in crore) 11,060 374 11,434
Interest
Amount (Rs. in crore) 797 46 843
Note 2.17.02
Apart from above outstanding of Interest, the Company has not provided Interest Expenses of ` 12,957 lakh upto March 31, 2022 (
Previous year upto March 31, 2021 ` 11,683 lakh) calculated based on basic rate of interest as per terms of loan as at March 31,
2022 and therefore it has not been disclosed.
Note 2.17.03
Since the Company is under CIR Process and claims have been filed by lenders, the overall obligations and liabilities including
obligation for interest on loans shall be determined during the CIR process. Hence due to non availability of revised repayment
schedule of borrowings, above delay/ default is disclosed based on original terms of facility and from the date of recall, where loans
have been recalled.
Note 2.18
Trade Payables (refer note 2.28)
Others 22,609 22,642
22,907 22,944
Note 2.18.01
Ageing of Trade payables from the due date of payment as at March 31, 2022
Particulars 1-2 years 2-3 years Total
year years
- - - 298 298
(i) MSME
(3) (-) (21) (278) (302)
161 208 460 21,780 22,609
(ii) Others
(394) (463) (2,731) (19,054) (22,642)
- - - - -
(iii) Disputed dues – MSME
(-) (-) (-) (-) (-)
- - - - -
(iv) Disputed dues - Others
(-) (-) (-) (-) (-)
161 208 460 22,078 22,907
Total
(397) (463) (2,752) (19,332) (22,944)
Note 2.18.02
Disclosure under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED)
Under the Micro, Small & Medium Enterprises Development Act, 2006 (MSMED) which came into force from 2nd October 2006, certain
disclosures are required to be made relating to MSE. On the basis of the information and records available with the Company, the
following disclosures are made for the amounts due to Micro and Small Enterprises.
Sr. Particulars
31, 2022 31, 2021
a. Principal amount due to any supplier as at the year end 298 302
b. Interest due on the principal amount unpaid at the year end to any supplier
252 201
c. Amount of Interest paid by the Company in terms of section 16 of the MSMED, along with the - -
amount of the payment made to the supplier beyond the appointed day during the accounting year
d. Payment made to the enterprises beyond appointed date under section 16 of MSMED
5 5
e. Amount of Interest due and payable for the period of delay in making payment, which has been paid
but beyond the appointed day during the year, but without adding the interest specified under
0 0
MSMED
f. The amount of interest accrued and remaining unpaid at the end of each accounting year
252 201
g. The amount of further interest remaining due and payable even in the succeeding years, until such
date when the interest dues as above are actually paid to the small enterprise, for the
purpose of disallowance as a deductible expenditure under section 23 of the MSMED. 233 185
Note 2.19
Other Financial Liabilities (refer note 2.28)
Interest Accured on Borrowings (Refer Note: 2.28 and 2.40) 2,213 2,213
Others Financial Liabilities* 804 958
3,017 3,171
* Includes Bank OD, Provision for Expenses and Salary Payable
Note 2.20
Other Current Liabilities (refer note 2.28)
Others
Statutory Dues 11,193 11,183
Other Payables* 6,603 6,673
17,796 17,856
* Includes Advance from Customers, Security deposits, Collection payable and Income received in advance
Note 2.21
Provisions (refer note 2.28)
Provision for Employee Benefits
Employee Benefits 1,216 1,216
Others
Wealth Tax 83 83
1,300 1,299
( ` in lakh )
March 31, 2022 March 31, 2021
Note 2.22
Revenue from Operations
Service Revenue
Income From Internet and Telecommunication Services 38 479
38 479
Revenue for the year from sale of services as disclosed above pertains to revenue from contracts with
customers over a period of time. The Company has not given any volume discounts, service level credits,
etc during the year and there is no further disaggregation.
The Company has applied the practical expedient in Ind AS 115. Accordingly, the Company has not
disclosed the aggregate transaction price allocated to pending performance obligations which are subject to
variability due to several factors such as terminations, changes in scope of contracts, periodic revalidations
of the estimates, economic factors (changes in currency rates, tax laws etc). No consideration from
contracts with customers is excluded from the amount mentioned above.
The company classifies the right to consideration in exchange for deliverables as either a receivable or as
unbilled revenue if revenues is accrued. Receivable and unbilled revenue are a right to consideration that is
unconditional upon passage of time. Receivable is presented net of impairment in the Balance Sheet.
Unbilled revenue as at April 1, 2021, was ` 37 lakh and it was billed during the year. Unbilled Revenue as at
March 31, 2022 is Rs. Nil.
Note 2.23
Other Income
Interest Income (Refer note: 2.29) 479 373

Miscellaneous Income 58 3
537 376
( ` in lakh )
March 31, 2022 March 31, 2021
Note 2.24
Network Operating Expenses
Power, Fuel and Utilities - 88
Repairs and Maintenance - Plant and Machinery 17 5
Rent - 37
Stores and Spares Consumed - 5
Other Network Expenses 30 -
47 135
Note 2.25
Finance Cost
Other Financial Cost 43 39
43 39
Note 2.26
Other Expenses
Selling Expenses
Cost of Handsets and Accessories - - 109 109
Business Centre Expenses and IT Services 3 -
Rent, Rates & Taxes 10 21
Professional Fees 15 38
CIRP Cost 314 276
Insurance 4 4
Interest on TDS & GST 22 296
Other Administration,Telephone expenses and Miscellaneous

14 185
expenses 382 820
Payment to Auditors 2 3
Total 384 932
Note : 2.27
Previous Year
Figures of the previous year have been regrouped and reclassified, wherever required. Amount in financial statements are presented in Rupees in lakh, except as
otherwise stated.
Note : 2.28
Going Concern
Pursuant to an application filed by State Bank of India before the National Company Law Tribunal, Mumbai Bench (“NCLT”) in terms of Section 7 of the Insolvency
and Bankruptcy Code, 2016 read with the rules and regulations framed thereunder (“Code”), the NCLT had admitted the application and ordered the
commencement of Corporate Insolvency Resolution Process (“CIRP”) of the Company (“Corporate Debtor”) vide its order dated September 25, 2019 which has
been received by the IRP (as defined hereinafter) on September 28, 2019 (“CIRP Order”). The NCLT has appointed Mr. Anish Niranjan Nanavaty as the interim
resolution professional for the Company (“IRP”) vide the CIRP Order who has been confirmed as the resolution professional of the Company (“RP”) by the
committee of creditors. Reliance Communications Limited (being the Holding Company of the Company), Reliance Telecom Limited and Reliance Infratel Limited
are also undergoing CIRP under the provisions of the Code and the RP is also the resolution professional of the aforesaid companies.In the meeting held on
August 05, 2021, the CoC with 67.97% votes in favour, approved the resolution plan submitted by Reliance Projects & Property Management Services Limited,
and in accordance with the Sec 30(6) of the Insolvency and Bankruptcy Code, 2016, on August 31, 2021, the plan was submitted to Hon’ble NCLT for its due
consideration and approval. The matter is currently sub-judice.
On finalisation and implementation of resolution process through Hon'ble NCLT, the Company will carry out a comprehensive impairment review of its tangible and
intangible assets, assets held for sale and other assets including investment in subsidiaries and liabilities and balance lying in GST, which are pending for
confirmation and accordingly provide for impairment of assets and write back of liabilities, if any. Consistent with the practice followed in earlier years, interest has
not been charged on loans given/taken to/from Holding company/ subsidiaries / fellow subsidiaries.
Considering these developments including, in particular, the RP having taken over the management and control of the Company inter alia with the objective of
running them as going concerns, the financial statements continue to be prepared on going concern basis. However, since the Company has incurred a net loss
during the year and preceding financial year, current liabilities exceed current assets and Company has defaulted in repayment of borrowings, payment of
statutory dues, these events indicate that material uncertainty exists that may cast significant doubt on Company’s ability to continue as a going concern.
Note : 2.29
Fixed Deposit balance confirmation from ICBC and transfer of money to designated account
The Company has written to ICBC requesting for balance confirmation of Rs. 3,279 lakh as at March 31, 2022 and transfer the entire amount lying in fixed deposit
including all interest monies accruing thereon up to the date of remittance to the designated account of the Company. The Auditors and the Company have not
received balance confirmation from ICBC for March 31, 2022.
Note : 2.30
Non Provision of Interest on loans
Considering various factors including admission of the Holding Company to CIRP under the Code, there are various claims submitted by the operational creditors,
the financial creditors, employees and other creditors. The overall obligations and liabilities including obligation for interest on loans and the principal rupee
amount in respect of loans including foreign currency denominated loans shall be determined during the CIRP and accounting impact / disclosure if any will be
given on completion of CIRP. Further, prior to May 15, 2018, the Holding Company were under Strategic Debt Restructuring (SDR) and asset monetization and
debt resolution plan was being worked out.The Company has not provided Interest of Rs. 1,274 lakh for the year ended March 31, 2022. Had the Company
provided Interest, the profit would have been lower by Rs 1,274 lakh for the year ended March 31, 2022. The Net worth of the Company would have been lower by
Rs. 12,957 lakh and Rs. 11,683 lakh as on March 31, 2022 and as on March 31, 2021 respectively. During the previous years, Interest of Rs 11,683 lakh were not
provided.
Note : 2.31
Employee Benefits
Since there were no employees at the reporting period, the Company is being managed by Resolution Professional and their team, hence the disclosure as
required under Indian Accounting Standard (“Ind AS”) 19 “Employee Benefits” is not applicable.
Note : 2.32
Special Audit
Pursuant to the Telecom License Agreement, The Department of Telecommunications (DoT) directed audits of various telecom companies including of the
Company. The Special Auditors appointed by DoT were required to verify records of the Company for the years ended March 31, 2007 and March 31, 2008. The
Special Auditors have completed the audit of previous financial years and submitted the report to DoT. As the Company was, then having only Internet Service
Provider (ISP) license, revenue of the Company was not subject to License Fee. Hence no liability of License Fee is expected by the Company.
Note 2.33
(` in lakh)
March 31, 2022 March 31, 2021
(i) Estimated amount of contracts remaining to be executed on capital accounts (net of advances) and not
- -
provided for
(ii) Disputed Liabilities in Appeal:
- Sales Tax and VAT 5,326 5,326
- Custom, Excise and Service Tax 17,709 15,784
- Entry Tax and Octroi 668 668
- Income Tax 65,734 37,361
- Other Litigations 725 723
(iii) Arrears of Dividend on 8% Cumulative Preference Shares of ` 10 each ` 2,08,000/- 2 2
(iv) (Previous
Guarantees Year ` 1,92,000)
given including on behalf of other companies for business purpose 1,814 1,750
Note 2.34
Lease
The Assets of the Company are held for sale as per Ind AS 105 and being short term in nature and accordingly lease agreements are considered to be short term
in nature hence Ind AS 116 has not been applied.
Note 2.35
The fair value of financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing
parties, other than in a forced or liquidation sale.
Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other
financial institutions approximate their carrying amounts largely due to the short term maturities of these instruments
Financial Instruments with fixed and variable interest rates are evaluated by the company based on parameters such as interest ratea and individual credit
worthiness of the counterparty. Based on this evaluation, allowances are taken to account for the expected losses of these receivables.
Fair value hierarchy:
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived
from prices).
The carrying value and fair value of financial instruments by categories as of March 31, 2022 and as of March 31, 2021 were as follows:
(` in lakh)
As at As at
Particulars
March 31, 2022 March 31, 2021
Cash and cash equivalents (Refer Note 2.07) 636 5,760
Bank Balance (Refer Note 2.08) 12,576 7,178
Loans (Refer Note 2.09) 99,455 99,455
Other Financial Assets (Refer Note 2.10) 206 66
Total 1,14,625 1,14,394
Financial assets at fair value through other Comprehensive Income: Nil Nil
Investments (Refer Note 2.03) 31,830 31,830
Total 31,830 31,830
(` in lakh)
As at As at
Particulars
March 31, 2022 March 31, 2021
Borrowings (Refer Note 2.15 & 2.17) 5,78,369 5,78,369
Total 6,04,293 6,04,484

The Company's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk.
The Company’s financial liabilities comprise of borrowings, trade payable and other liabilities to manage its operation and financial assets includes trade
receivables, deposits, cash and bank balances, other receivables etc. arises from its operation.
Corporate Insolvency Resolution Process (“CIR Process”) has been initiated in case of the Company and iys Holding Company under the Provisions of the
Insolvency and Bankruptcy Code, 2016 (the Code). Pursuant to the order, the management of affairs of the Company and powers of board of directors of the
Company stand vested with the Resolution Professional (“RP”) appointed by the NCLT. The framework and the strategies for effective management will be
established post implementation of Resolution Plan. Presently, the financial management activities are restricted to management of current assets and liabilities of
the Company and the day to day cashflow and its associated risks are as under:
The Company’s business activities exposed it to variety of financial risk, namely liquidity risk, market risk and credit risk.
Risk Exposure arising from Measurement Management

Credit Risk Cash and cash equivalants, * Specific provision on individual Divercification of bank deposits, letter of credit,
Liquidity Risk Borrowings and other Rolling cash flow forecasts Availability of committted credit lines and borrowing
liabilities facilities.
Market Risk - foreign Recognised financial Sensitivity analysis Un hedged

exchange assets and liabilities not
(`) denominated in Indian
rupee.
Market Risk - interest rate Long-term borrowings at variable rates Sensitivity analysis Un hedged
Market risk
The Company operates internationally and a major portion of the business is transacted in several currencies and consequently the Company is exposed to
foreign exchange risk to the extent that there is mismatch between the currencies in which its sales and services, purchases from overseas suppliers and
borrowings in various foreign currencies. Market Risk is the risk that changes in market prices such as foreign exchange rates, interest rates. The Company also
holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency
exposures. The exchange rate between the rupee and foreign currencies has changed substantially in recent years and may fluctuate substantially in the future.
Consequently, the results of the Company’s operations are adversely affected as the rupee appreciates/ depreciates against US dollar.Since the Company is
under CIRP, it is not required to meet any loan or interest obligation till the resolution plan is implemented.
Foreign Currency Risk from financial instruments as of : (` in lakh)

March 31, 2022
Particulars
U.S. dollars GB Pound Other Currency Total
Trade Receivables 19 - 5 24
Trade Payables (122) - - (122)
Net assets / (liabilities) (103) - 5 (98)
March 31, 2021
Particulars
U.S. dollars GB Pound Other Currency Total
Trade Receivables 19 - 5 24
Trade payables (122) - - (122)
Net assets / (liabilities) (103) - 5 (98)
Interest Rate Risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed
interest bearing investments because of fluctuations in the interest rates, in cases where the borrowings are measured at fair value through profit or loss. Cash
flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates. Since
the Company is under CIRP, it could not meet interest obligation during the year and shall be finalised when resolution plan is implemented.
Exposure to interest rate risk/ Sentivity Analysis
Credit risk
Credit risk refers to the risk of default on its obligation by the customer/ counter party resulting in a financial loss. The maximum exposure to the credit risk at the
reporting date is carrying value of respective financial assets.
Trade receivables and unbilled revenue are typically unsecured and are derived from revenue earned from customers. Credit risk has always been managed by
each business segment through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to which the Company
grants credit terms in the normal course of business. On account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the
impairment loss or gain. The company uses a provision matrix to compute the expected credit loss allowance for trade receivables and unbilled revenues. The
provision matrix takes into account available external and internal credit risk factors such as default risk of industry, credit default swap quotes, credit ratings from
international credit rating agencies and historical experience for customers. The Company didnot have any revenue from operations during the year and is
undergoing CIR process.Any impairment relating to Trade receivables will be reviewed and recognised upon completion and implementation of resolution plan.
Liquidity risk
The Company is under CIRP. The Company depends upon receipt from Trade receivables and delay in realisation as well as vendor payments can severely
impact the current level of operation. Liquidity crises had led to default in repayment of principal and interest to lenders. Since the Company is under CIRP, it is
not required to meet any loan or interest obligation till the resolution plan is implemented.Liquidity risk is the financial risk that is encountered due to uncertainty
resulting in difficulty in meeting its obligations. An entity is exposed to liquidity risk if markets on which it depends are subject to loss of liquidity for any reason;
extraneous or intrinsic to its business operations, affecting its credit rating or unexpected cash outflows. A position can be hedged against market risk but still
entail liquidity risk. Prudence requires liquidity risk to be managed in addition to market, credit and other risks as it has tendency to compound other risks. It entails
management of asset, liabilities focused on a medium to long-term perspective and future net cash flows on a day-by-day basis in order to assess liquidity
risk.Liquidity Periodic budget and rolling forecasts shall be determined during CIRP.
Note 2.36 Segment Performance

The Company has discontinued its wireless business during earlier year and there are no major operations in the Company. Hence segment information as per
Ind AS - 108 is not required to be disclosed.
Note 2.37 Post Reporting Event

No adjusting or significant non - adjusting events have occurred between the reporting date and the date of authorisation.
Note 2.38 Capital Management

Capital of the Company, for the purpose of capital management, include issued equity capital, securities premium and all other equity reserves attributable to the
eqity holders of the Company. The Company’s objective when managing the capital is to safeguard the Company’s ability to continue as a going concern.
However, in view of certain adverse factors and liquidity problems faced by the Company, the net worth of the Company has been fully eroded and the Comany is
presently under CIRP process and thereby continue to operate as a going concern.
The
The funding
Company requirement is metusing
monitors capital through a mixture
gearing ratio,ofwhich
equity, internal
is debt accruals,
divided long
by total term borrowings
capital plus debt. and short term borrowings.
(` in lakh)
As at As at
Particulars
March 31, 2022 March 31, 2021
(a) Equity (2,29,074) (2,29,175)

(b) Debt 5,78,369 5,78,369
(c) Equity and Debt (a+b) 3,49,296 3,49,194
(d) Capital Gearing Ratio (b/c) 166% 166%
Note 2.39 Earnings per Share (EPS)

March 31, 2022 March 31, 2021
Basic and Diluted EPS
(a) Profit/(Loss) attributable to Equity Shareholders (` in lakh) (used as numerator for 101 (1,382)
calculating Basic and diluted EPS)
(b) Weighted average number of Equity Shares (used as denominator for calculating Basic 9,38,00,00,000 9,38,00,00,000
and diluted EPS)
(c) Basic and diluted Earnings per Share of ` 1 each (`) 0.001 (0.015)
Note 2.40
1 Related
As per theParties
Indian Accounting Standard ("Ind AS") 18 of "Related Party Disclosures" as referred to in Accounting Standard Rules, the disclosure of transactions
with the related parties as defined therein are given below.
A List of related parties
2 Reliance Infratel Limited.
3 Globalcom Realty Limited (formerly Reliance Infra Realty Limited)
4 Realsoft Cyber Systems Private Limited
Subsidiary Company
5 Internet Exchangenext.Com Limited
6 Worldtel Tamilnadu Private Limited
7 Reliance BPO Private Limited
(Parties With whom transactions taken place)

8 Reliance Wimax Limited
10 Globalcom IDC Limited ( Formerly Reliance IDC Limited)
11 Reliance Communications International Inc.
12 Reliance Communications Inc.
13 Reliance Communications Hongkong Limited
14 Reliance Globalcom Limited, Bermuda and its Subsidiaries
15 Reliance Communications Canada Inc.
16 Reliance Communications U.K. Limited
17 Reliance Communications Australia Pty Limited Fellow Subsidiaries
19 Gateway Net Trading Pte. Limited Singapore
21 Reliance Bhutan Limited
22 Globalcom Mobile Commerce Limited
24 Campion Properties Limited
25 Reliance Communications New Zealand Pte Limited
26 Reliance Globalcom B.V. The Netherlands
27 Reliance Communications Tamilnadu Limited
29 Reliance Capital Asset Management Limited
Enterprises over which promoters of Holding
Company having control
31 Reliance Life Insurance Limited
32 Reliance Spot Exchange Infrastructure Limited
35 BSES Rajdhani Power Limited
36 BSES Yamuna Power Limited
37 RELIANCE INFOCOM LTD EMPLOYEES
38 Shri Anil D. Ambani Promoter having significant influence over Holding

Company
(Figures in bracket represent Previous year) (` in lakh)
Enterprise over
which Promoter
Holding Fellow Employee
Subsidiaries of Holding Total
Company Subsidiaries Benefit Trust
Company
having control
(A) Investments
Balance as at April 1, 2021 - 31,829 99 - - 31,928
- (31,829) (99) - - (31,928)
Add/Less : Purchase/Sale during the year - - - - - -
- - - - - -
Balance as at March 31, 2022 - 31,829 99 - - 31,928
- (31,829) (99) - - (31,928)
Less : Provision for impairment - - 99 - - 99
- - (99) - - (99)
Net Investment as at March 31, 2022 - 31,829 - - - 31,829
- (31,829) - - - (31,829)
(B) Trade Receivables - - 345 62 - 407

- - (345) (62) - (407)
(C) Loans
Balance as at April 1, 2021 - 10,000 89,455 - - 99,455
- (10,000) (89,455) - - (99,455)
Given during the year - - - - - -
- - - - - -
Refund during the year - - - - - -
- - - - - -
Balance as at March 31, 2022 - 10,000 89,455 - - 99,455
- (10,000) (89,455) - - (99,455)
(D) Other Current Assets - Advances/Receivables 0 709 7,997 46 8 8,759

(0) (841) (7,997) (46) (8) (8,891)
(E) Borrowings (Refer Note 2.17.3)

Balance as at April 1, 2021 3,46,108 1,09,919 1,10,907 - - 5,66,934
(3,46,108) (1,09,919) (1,10,907) - - (5,66,934)
Taken /adjusted during the year - - - - - -
- - - - - -
Repaid/Adjusted during the year - - - - - -
- - - - - -
Balance as at March 31, 2022 3,46,108 1,09,919 1,10,907 - - 5,66,934
(3,46,108) (1,09,919) (1,10,907) - - (5,66,934)
(F) Trade Payables - - 9,228 870 - 10,098

- - (9,228) (870) - (10,098)
(G) Other Financial Liabilities

Interest Accured on Borrowings 1,769 - - - - 1,769
(1,769) - - - - (1,769)
(H) Other Liabilities - - 192 32 - 224

- - (183) (32) - (215)
(I) Expenses including Sharing and 3 - - - - 3

Recovering of Expenses (4) - - - - (4)
(J) Managerial Remuneration - - - - - -

Shri Rakesh M Gupta - - - - - -
(w.e.f 1st September 2021)
(K) Corporate guarantee on behalf of the 18,017 - - - - 18,017
Company (26,247) - - - - (26,247)
The following table describe the components of compensation paid or payable to key management personnel for the services rendered during the year ended.
(` )
March 31, 2022 March 31, 2021
Salaries and other benefits - -
Contribution to Provident fund/ Superannuation fund - -
Provision of Gratuity - -
Total - -
Note 2.41
The Company is engaged in the business of providing infrastructural facilities as per Section 186 (11) read with Schedule VI of the Act. Accordingly, Section 186
of the Act is not applicable to the Company.
Note 2.42
Notice as Wilful Defaulter
During the previous year and current year, a bank had issued show cause notices to the Company, its holding company, its subsidiary and its fellow subsidiary
and certain directors seeking reasons as to why the Company, its ultimate holding company, its holding company and its fellow subsidiary should not be classified
as willful defaulter. The Company, its holding company, its subsidiary and its fellow subsidiary have responded to the show cause notices. The Company in its
response has highlighted that the proceedings and the classification of the Company as a willful defaulter is barred during the prevailing moratorium under section
14 of the Code and requested the banks to withdraw the notices. Further, the bank had issued notice seeking personal hearing by the authorized representative
of the Company, its holding company, its subsidiary and its fellow subsidiary in respect of the aforesaid matter. Hearings were attended to and necessary
submissions were made in accordance with the submissions made earlier in the responses to the show cause notices . No further response has been received
from the banks since then. Currently, there is no impact of such notices issued by banks, in the financial statements.
Note 2.43
Note on Disqualification of Directors
One of the Directors has not submitted the declaration required to be filed u/s 164 (2) of the Companies Act 2013.
Note 2.44
Corporate Social Responsibility Note
The Company is not required to spend towards Corporate Social Responsibility (CSR) as per Section 135 of the Companies Act, 2013, since there is no average
profit in the last 3 years calculated as per the provisions of the Act.
Note 2.45
During the year, the Company has not surrendered or disclosed any income, previously unrecorded transaction in the books of account as income, in the tax
assessments under the Income Tax Act, 1961.
Note 2.46
a. The title deeds of immovable properties, as disclosed in Note 2.01 & 2.12 to the financial statements, are held in the name of the Company.
b. No proceedings have been initiated or pending against the Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 (45
of 1988) and the Rules made thereunder.
Note 2.47 Accounting Ratios

Sr.no Name of the Ratio Numerator Denominator March'22 March'21 % Variance
1 Current Ratio (in times) Current Assets Current Liabilities 0.57 0.57 0%
2 Debt Equity ratio (in times) Total Debt Equity (2.52) (2.52) 0%
3 Return on equity (%) ** Net Profit Equity 0% 1% -107%
Average Trade
4 Trade receivable turnover ratio (in times) * Net Sales 0.02 0.24 -92%
Receivables
Average Trade
5 Trade payable turnover ratio (in times) Net Purchases 0.00 0.01 -65%
Payables
6 Net Capital Turnover ratio (in times) * Net sales Working Capital (0.00) (0.00) -92%
7 Net Profit ratio (%) ** Net Profit Net sales 270% -289% -193%
8 Return on Capital employed (%) EBIT Equity 0% 0% -140%
Income from Average
9 Return on investment (%) 0% 0% 0%
investments investments
Remarks for major variance:-
i) * Turnover during FY 21-22 is significantly less than previous year,hence all the above ratios are highly impacted compared to previous year.
ii) ** Net Profit has increased because Other Income has increased & total expenses have reduced during FY 21-22.
iii) There are no Principal repayments made during the year as the Company is under CIRP, hence Debt Service Coverage Ratio is not applicable.
iv) The Company does not have inventory, hence Inventory Turnover Ratio is not applicable.
v) Trade Payable ratio has decreased due to decrease in operating expenses during FY 21-22.
Note 2.48
During the year, the Company has not received as well as given advances (excluding transactions in the normal course of business) or loans or invested funds
or provided any guarantee, security or the like from/ to any other person(s) or entity(ies), directly or indirectly, including any foreign entity(ies).
Note 2.49
After review, the Directors of the Company have approved the financial statements at their meeting held on May 28, 2022 which was chaired by Mr. Anish
Nanavaty, Resolution Professional (‘RP’) of the Corporate Debtor and RP took the same on record basis recommendation from the directors.
With respect to the financial statements for the year ended March 31, 2022, the RP has signed the same solely for the purpose of ensuring compliance by the
Corporate Debtor with applicable law, and subject to the following disclaimers:
(i) The RP has furnished and signed the report in good faith and accordingly, no suit, prosecution or other legal proceeding shall lie against the RP in terms of
Section 233 of the Code;
(ii) No statement, fact, information (whether current or historical) or opinion contained herein should be construed as a representation or warranty, express or
implied, of the RP including, his authorized representatives and advisors;
(iii) The RP, in review of the financial statements and while signing this financial statements, has relied upon the assistance provided by the directors of the
Corporate Debtor, and certifications, representations and statements made by the directors of the Corporate Debtor, in relation to these financial statements. The
financials statements of the Corporate Debtor for the year ended March 31, 2022 have been taken on record by the RP solely on the basis of and on relying on the
aforesaid certifications, representations and statements of the aforesaid directors and the management of the Corporate Debtor. For all such information and data,
the RP has assumed that such information and data are in the conformity with the Companies Act, 2013 and other applicable laws with respect to the preparation
of the financial statements and that they give true and fair view of the position of the Corporate Debtor as of the dates and period indicated therein. Accordingly,
the RP is not making any representations regarding accuracy, veracity or completeness of the data or information in the financial statements.
(iv) In terms of the provisions of the Code, the RP is required to undertake a review of certain transactions. Such review has been initiated and the RP may be
required to accordingly act on the results of such review in terms of the provisions of the Code.
To,
The Members of Globalcom IDC Limited (Formerly known as Reliance IDC Limited)
Report on the Financial Statements
Qualified Opinion
We have audited the financial statements of Globalcom IDC Limited (‘the Company’) (Formerly
known as Reliance IDC Limited), which comprise the Balance Sheet as at March 31, 2022, and the
Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flow
and the Statement of Changes in Equity for the year then ended and a summary of significant
accounting policies and other explanatory information (hereinafter referred to as “the financial
statements’).
the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other
31, 2022 and its profit (including other comprehensive income) and its changes in equity and its cash
flows for the year ended on that date.
a. We draw attention to Note no. 2.32 of the financial statements, regarding pending comprehensive
impairment review of its assets including Trade Receivables, balances lying in Goods & Service
Tax and Tax Deducted at Source and liabilities and non provision for impairment of carrying
value of the assets and write back of liabilities if any, pending completion of the Corporate
Insolvency Resolution Process (CIRP) of its ultimate holding company. In the absence of
comprehensive impairment review as mentioned above for the carrying value of all the assets and
liabilities, we are unable to comment that whether any adjustment is required in the carrying
amount of such assets and liabilities and consequential impact, if any, on the reported profit for
the year ended March 31, 2022. Non determination of fair value of financial assets & financial
liabilities and impairment assessment of the carrying amount of assets and liabilities are not in
compliance with Ind AS 109 “Financial Instrument”, Ind AS 37 “Provisions, Contingent
Liabilities & Contingent Assets” and Ind AS 36 “Impairment of Assets”.
b. We draw attention to Note no 2.33 of the financial statements, regarding non adoption of Ind AS
116 "Leases" effective from April 01, 2019 and the consequent impact thereof. The aforesaid
accounting treatment is not in accordance with the relevant Ind AS 116.
under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical
Information Other than the Financial Statements and Auditor’s Report Thereon
other information comprises the information included in the Board’s Report including Annexures to
Board’s Report, but does not include the financial statements and our auditor’s report thereon. Our
opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
information identified above when it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained during
the course of our audit or otherwise appears to be materially misstated. When we read the report
containing other information, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance. We have nothing to report in
this regard.
Responsibility of Management and Those Charged with Governance for the Financial
Statements
The Company’s Management 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 the financial
position, financial performance, changes in equity and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the accounting Standards specified
under section 133 of the Act. 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 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 record, 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 are also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
professional scepticism throughout the audit. We also:
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
 Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are
also responsible for expressing our opinion on whether the company has adequate internal
financial controls system in place and the operating effectiveness of such controls.
 Conclude on the appropriateness of management’s use of the going concern basis of accounting
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.
related safeguards.
 As required by the Companies (Auditor’s Report) Order, 2020 (‘the Order’), by the Central
Government of India in terms of sub section (11) of Section 143 of the Act, we enclose in
Annexure ‘A’ a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.
 As required by sub section (3) of Section 143 of the Act, we report that:
a. Except for the matters described in the Basis of Qualified Opinion paragraph above, we have
and belief were necessary for the purposes of our audit;
b. Except for the possible effects of the matters described in the Basis of Qualified opinion
paragraph above, 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, Statement of Cash Flows and Statement
of Changes in Equity dealt with by this report are in agreement with the books of account;
d. In our opinion the aforesaid financial statements comply with the Indian Accounting
Standards prescribe under Section 133 of the Act read with relevant rules issued there under,
except requirement of Ind AS 109 “Financial Instruments”, Ind AS 36 “Impairment of
Assets”, Ind AS 37 “Provisions, Contingent Liabilities and Contingent Assets” and Ind AS
116 “Leases”, with regard to matters described in the Basis of Qualified Opinion paragraph
above.
e. The matter described under the basis for qualified opinion paragraph above and Qualified
Opinion paragraph of 'Annexure B' to this report in our opinion, may have an adverse effect
on functioning of the Company and on the amounts disclosed in financial statements of the
Company.
f. On the basis of the written representations received from the directors as on March 31, 2022
taken on record by the Board of Directors, none of the directors is disqualified as on March
31, 2022 from being appointed as a director in terms of sub section (2) of Section 164 of the
Act.
g. The qualification relating to maintenance of accounts and other matters connected therewith
h. With respect to the adequacy of the internal financial controls with reference to financial
separate report in “Annexure B”.
i. With respect to the other matters to be included in the Auditor’s Report in accordance with
the requirements of section 197(16) of the Act, as amended:
us, no remuneration is paid by the Company to its directors during the year.
j. With respect to the other matters to be included in the Auditor’s Report in accordance with
(i) The Company has disclosed the impact of pending litigations on its financial position in
its financial statements – Refer Note 2.27 of the financial statements.
(ii) The Company did not have any long-term contracts including derivative contracts for
(iii) There are no amounts which are required to be transferred to the Investor Education and
(iv) (a) The management has represented to us that, to the best of its knowledge and belief no
(v) The Company has not declared or paid any dividend during the year.

Firm’s RegistrationNo:107783W/W100593
Jigar T. Shah
Partner
UDIN: 22161851AMJSSD6758
Place: Mumbai
Date: May 27, 2022
Annexure A to the Independent Auditor’s Report –March 31, 2022
With reference to the Annexure referred to in the Independent Auditor’s Report to the Members of
Globalcom IDC Limited ('the Company') (Formerly known as Reliance IDC Limited) on the financial
statements for the year ended March 31, 2022, we report the following:
(i) (a) (A) The Company has maintained proper records showing full particulars, including
(B) The Company does not have any intangible asset, hence clause i(a)(B) of paragraph 3 of
the order is not applicable.
(b) As explained to us, the property, plant and equipment have been physically verified by the
management during the year in a phased periodic manner, which in our opinion is
reasonable, having regard to the size of the Company and nature of its asset and no material
discrepancies were noticed on such verification.
(c) As represented and as per the records of the Company verified by us, there is no immovable
property in books of the Company. Accordingly, clause i (c) of paragraph 3 of the order is
not applicable to the Company.
Company, the Company during the year has not revalued its Property, Plant and Equipment,
hence, the requirements of the said clause i (d) of paragraph 3 of the Order is not applicable
to the Company.
(ii) (a) According to the information and explanation given to us and records examined by us, the
management of the Company has conducted physical verification of its inventories at
regular intervals and in our opinion the coverage and procedure of such verification by the
management is appropriate. As explained to us and on the basis of records examined by us,
the value of discrepancies noticed on physical verification by the management did not
exceed 10% or more in aggregate of each class of inventory.
Company. Therefore, the reporting requirements under clause (ii)(b) of paragraph 3 of the
(iii) (a) According to information and explanations given to us and books of accounts and records
reporting requirements under clause (iii)(a)(A) and (B) of paragraph 3 of the Order is not
applicable.
(b) In our opinion and according to information and explanations given us and on the basis of
our audit procedures, the Company has not made any investments or provided any guarantees
or given security and has not granted loans or any advances in the nature of loans during the
year. Accordingly the reporting requirements under clause (iii)(b) of paragraph 3 of the Order
is not applicable.
interest has not been stipulated or are not available for our verification, hence we are unable to
comment whether the repayment or receipts are regular.
(e) According to information and explanations given to us and books of accounts and records
examined by us, the Company has not renewed the loans granted to various parties as on March
31, 2019.
(f) Based on our verification of records of the Company and information and explanation given
to us, the Company has granted loans or advance in nature of loans either repayable on demand
or without specifying any terms or period of repayment are as follows:
(Rs. in Crore)
nature of loans
131.92 131.92
- Agreement does not specify any terms or
-
Total (A+B) 131.92 - 131.92
100% - 100%
(iv) As per information and explanation provided to us and on the basis of verification of records of
the Company, the Company during the year has not granted any loan, made investment and
the Act. Accordingly, clause (iv) of paragraph 3 of the Order is not applicable to the Company.
(v) In our opinion and according to the information and explanations given to us, the Company has
not accepted any deposits from the public in accordance with relevant provisions of Sections 73
to 76 or any other relevant provisions of the Act and the rules framed there under. Accordingly,
clause (v) of paragraph 3 of the Order is not applicable to the Company. According to the
information and explanations given to us, no order has been passed by the Company Law Board
or the National Company Law Tribunal or the Reserve Bank of India or any Court or any other
Tribunal.
(vi) As informed to us, the Central Government has not prescribed maintenance of cost records
under Sub- Section (1) of section 148 of the Act. Accordingly clause (vi) of paragraph 3 of the
(vii) (a) According to the information and explanations given to us and on the basis of our
deposited with appropriate authorities for amounts deducted/accrued in the books of account in
respect of undisputed statutory dues including provident fund, income tax, goods and services
tax, service tax, employees state insurance, cess and other material statutory dues. According to
the information and explanations given to us, undisputed amounts payable in respect of
provident Fund, income tax, goods and services tax, sales tax, value added tax, employees state
insurance and other material statutory dues which were in arrears as at March 31, 2022 for a
period of more than six months from the date they became payable are as under:
Sr. Name of the Nature of the Amount Period to Due date Date of
No. Statute dues (Rs.) which Payment
amount
relates
Professional Tax Professional Tax Upto F.Y Various Yet to be
1 3,10,532
Act,1957 Payable 2018-19 dates Paid
Nature of Amount Forum where the dispute

Name of the Statute Period
dues (Rs. in Crore) is pending
Finance Act, 1994 Service Tax 412.56 2015-16 to Commissioner of CGST &
June 2017 Central Excise, Belapur
Commissionerate
Tax Act, 1961.
(ix) (a) The Company has not raised any loans from Financial Institutions or Banks or Government
or debenture holders. Hence clause (ix) (a), (b), (c) and (d) of paragraph 3 of the Order is not
applicable.
(b) According to the information and explanations given to us and on an overall examination of
the financial statements of the Company, the Company does not have any subsidiaries,
associates or joint ventures. Hence, the reporting requirements under clause (ix) (e) and (f) of
paragraph 3 of the Order is not applicable.
instruments) and hence the provision of Clause x (a) of paragraph 3 of the order is not
of section 143 of the Act has been filed by the auditors in form ADT-4 as prescribed under rule
13 of the Companies (Audit and Auditors) Rules, 2014 with the Central Government.
(c) As represented to us by the Management, no whistle blower complaints have been received
by the Company during the year.
(xii) In our opinion and according to the information and explanations given to us, the Company is
not a Nidhi company. Accordingly, clause (xii) of paragraph 3 of the Order is not applicable to
the Company.
transactions have been disclosed in the financial statements as required by the applicable
(xiv) In our opinion and according to the information and explanations given to us, the Company is
not required to conduct internal audit as per Companies Act, 2013. Accordingly, clause (xiv) of
(xv) According to the information and explanations given to us and based on our examination of the
connected with him. Accordingly, clause (xv) of paragraph 3 of the Order is not applicable to
the Company.
(xvi) (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of
India Act, 1934.
(b) On the basis of examination of records and according to the information and explanation
given to us by the Company, the Company has not conducted any Non-Banking Financial or
Housing Finance activities hence the reporting requirements under clause xvi(b) of paragraph 3
(c) In our opinion and according to the information and explanations given to us, the Company
is not a Core Investment Company as defined in the regulations made by the Reserve Bank of
India.
(d) As represented by the management, the Group does not have more than one Core
Investment Company as part of the Group as per the definition of Group contained in the Core
Investment Companies (Reserve Bank) Directions, 2016.
(xvii) Based on the examination of records, the Company has not incurred cash losses during the
financial year and in the immediately preceding financial year.
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 that Company is not capable of
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. (Refer Note 2.32 of the financial
statement)
(xx) On the basis of examination of records and according to the information and explanation given
to us by the Company, the Company has not transferred the amount remaining unspent in
respect of other than ongoing projects, to a Fund specified in Schedule VII to the Companies
Act, 2013 till the date of our report. However, the time period for such transfer i.e. six months
of the expiry of the financial year as permitted under the second proviso to sub-section (5) of
section 135 of the Act, has not elapsed till the date of our report.

Jigar T. Shah
Partner
Place: Mumbai
Date: May 27, 2022
Annexure B’ to the Independent Auditor’s Report - March 31, 2022
We have audited the internal financial controls with reference to financial statements of Globalcom
IDC Ltd (‘the Company’) (Formerly known as Reliance IDC Limited) as of March 31, 2022 in
conjunction with our audit of the financial statements of the Company for the year ended on that date.
controls based on ‘the internal control over financial reporting criteria established by the Company
of India’. These responsibilities include the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to Company’s policies, the safeguarding of its assets, the
records, and the timely preparation of reliable financial information, as required under the Act.
Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Act,
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.
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 judgement, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error.
for our Qualified Opinion on the Company’s internal financial controls system with reference to
A Company's internal financial control with reference to financial statements is a process designed to
principles.
A Company's internal financial control with reference to financial statements includes those policies
fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable
accordance with generally accepted accounting principles and that receipts and expenditures of the
Company are being made only in accordance with authorisations of management and directors of the
Company; and (3) provide reasonable assurance regarding prevention or timely detection of
unauthorised acquisition, use, or disposition of the Company's assets that could have a material effect
i. Balances of trade receivable, trade payables, other liabilities, and loan & advances are subject
to confirmation. (Read with Note no. 2.32).
ii. In respect of delays in payment of certain statutory dues during the year with the respective
authorities.
iii. The Company’s internal financial control with regard to the compliance with the applicable
other matters, as fully explained in basis for qualified opinion of our main report, resulting in
the Company not providing for adjustments, which are required to be made, to the financial
statements.

misstatement of the Company’s annual or interim financial statements will not be prevented or
detected on a timely basis.
Qualified Opinion
In our opinion, except for the effects / possible effects of the material weaknesses described above
under Basis for Qualified Opinion paragraph on the achievement of the objectives of the control
criteria, the Company has, in all material respects an adequate internal financial controls system with
reference to financial statements and such internal financial controls with reference to financial
statements were operating effectively as at March 31, 2022, based on the internal control over
Reporting issued by the ICAI.
timing, and extent of audit tests applied in our audit of the March 31, 2022 financial statements of the
Company and these material weaknesses affect our opinion on financial statements of the Company
for the year ended March 31, 2022 and we have expressed qualified opinion on these financial
statements of the Company.

Jigar T. Shah
Partner
Place: Mumbai
Date: May 27, 2022
Globalcom IDC Limited
(Formerly Reliance IDC Limited)
Annual Accounts
FY 2021-2022
Globalcom IDC Limited (Formerly Reliance IDC Limited)
( ` in crore)
Notes As at As at
March 31, 2022 March 31, 2021
ASSETS
Non Current Assets
(a) Property, Plant and Equipment 2.01 43.61 43.58
(b) Capital Work in Progress 88.60 132.21 88.39 131.97
(c) Deferred Tax Asset 2.02 14.38 4.93
Current Assets
(a) Inventories 2.04 0.54 0.50
(b) Financial Assets
(i) Trade Receivables 2.05 61.75 59.04
(iii) Bank Balances other than (ii) Above 2.07 56.30 5.70
(vi) Other Financial Assets 2.08 137.14 141.30
(c) Other Current Assets 2.09 50.00 324.51 49.73 322.91
Total Assets 495.65 473.60

Equity
(b) Other Equity 2.11 77.58 79.68 55.95 58.05
Liabilities
(a) Provisions 2.12 0.41 0.44
Current Liabilities
(i) Borrowings 2.13 185.00 185.00
Due to Others 143.72 142.01
(iii) Other Financial Liabilities 2.15 9.34 14.18
(b) Other Current Liabilities 2.16 77.04 73.32
(c) Provisions 2.17 0.30 415.56 0.31 415.11
Total Equity and Liabilities 495.65 473.60

Notes on Accounts 2
( ` in crore)
Notes
March 31,2022 March 31,2021
INCOME
I Revenue from Operations 2.18 174.81 223.11
II Other Income 2.19 1.51 9.87
III Total Income (I + II) 176.32 232.98
IV EXPENSES
Operating Expenses 2.20 138.18 153.10
Employee Benefits Expenses 2.21 5.93 5.15
Finance Costs 2.22 0.02 0.03
Depreciation 2.01 4.37 4.90
Sales and General Administration Expenses 2.23 13.83 33.99
Total Expenses (IV) 162.33 197.17
V Profit before Tax 13.99 35.81

VI Tax expense:
- Current Tax 1.83 11.07
- Deferred Tax Charge/ (Credit) (net) (9.45) (2.83)
(7.62) 8.24
VII Profit / (Loss) after Tax 21.61 27.57
VIII Other Comprehensive Income

(i) Remeasurement of Gain/(Loss) of defined benefit plan 0.02 0.03
Other Comprehensive Income for the year 0.02 0.03
IX Total Comprehensive Income for the year (VII+VIII) 21.63 27.60
Earnings per Share of ` 10 each fully paid up

X
(before and after Exceptional Items)
- Basic (`) 102.89 131.27
- Diluted (`) 102.89 131.27

Notes on Accounts 2
Statement of changes in equity for the period ended March 31, 2022
(a) Equity share capital ( ` in crore)

Balance as at 1st April 2021 2.10
Change in equity share capital during the year -
Balance as at March 31, 2022 2.10

Balance as at 1st April 2020 2.10
Balance at March 31, 2021 2.10
(b) Other Equity
Other
Retained
Particulars Comprehensive Total
Earnings
Income
Balance as at 1st April 2021 55.69 0.26 55.95
Other Comprehensive Income - 0.02 0.02
Surplus/ (Deficit) of Statement of Profit and Loss 21.61 - 21.61
Balance as at March 31, 2022 77.30 0.28 77.58

Balance as at 1st April 2020 28.12 0.23 28.35
Other Comprehensive Income - 0.03 0.03
Surplus/ (Deficit) of Statement of Profit and Loss 27.57 - 27.57
Balance at March 31, 2021 55.69 0.26 55.95
(` in crore)
Sl. Particulars
March 31, 2022 March 31, 2021
Net Profit before tax as per Statement of Profit and Loss 13.99 35.81
Adjusted for:
Write off of inventory - 0.04
Depreciation/ Impairment and Amortisation 4.37 4.90
Bad Debts/Advance Written off/ Provision for doubtful debts 0.41 21.34
Write back of Provision (1.15) (5.44)
Interest Income (0.36) (4.44)
3.26 16.40
Operating Profit before Working Capital Changes 17.25 52.21
Adjusted for:
Receivables and other Advances (8.87) 4.66
Inventories (0.01) (0.30)
Trade Payables and Other Laibilities 0.45 7.47
(8.43) 11.83
Cash Generated from Operations 8.82 64.05
Tax Paid (1.83) (8.24)
Tax Refund - -
Net Cash from Operating Activities 7.01 55.79
Purchase of PPE and Capital Work in Progress (4.66) (3.83)
Interest Received 0.38 0.02
Fixed Deposits Investment (50.59) (0.34)
Net Cash Used in Investing Activities (54.87) (4.15)
Net Proceeds/ (Repayment) from Borrowings- Current - -
Net Proceeds/ (Repayment) from Borrowings- Non Current - -
Interest paid - -
Net Increase in Cash and Cash Equivalents (47.86) 51.64
Closing Balance of Cash and Cash Equivalents (refer note 2.06) 18.78 66.64
Notes:
1 Figures in brackets indicates cash outgo.
2 Cash and Cash Equivalent includes bank balance.
3 Cash Flow statement has been prepared under the Indirect method set out in Indian Accounting Standard 7 " Statement
of Cash Flow".
Significant Accounting Policies to the Financial Statements
Note: 1
1 General Information and Significant Accounting Policy
Globalcom IDC Ltd. ("GIDC" or " the Company) (formerly Reliance IDC Limited) is registered under Companies Act
1956 and having Registered Office at H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400710.
GIDC is a wholly owned susidiary of Reliance Webstore Limited and engaged in the business of providing Internet
Data Center Services located at Mumbai, Chennai, Hyderabad and Bangalore.
measured at fair value, in accordance with the generally accepted accounting principles and comply with Indian
Accounting Standard specified under Section 133 the Companies Act, 2013 ("the Act") read with Rule 3 of the
Companies (Indian Accounting Standard) Rules 2015, Companies (Indian Accounting Standards) Amendment
Rules 2016 and other relevant provisions of the Act to the extent notified and applicable, as well as applicable
guidance note and pronouncements of the Institute of Chartered Accountants of India (ICAI).
cycle and other criteria set out in Schedule III to the Companies Act, 2013. Based on the nature of the services
and their realisation in cash & cash equivalents, the Company has ascertained its operating cycle as twelve months
for the purpose of current or non-current classification of assets and liabilities.
between the actual results and estimates is recognised in the period in which the results are known / materialised.
equal the actual results. The Management also needs to exercise judgement in applying the accounting policies
This note provides an overview of the areas that involved a higher degree of judgments or complexity, and of items
those originally assessed. Detailed information about each of these estimates and judgements is included in
statements.
1.04 Critical estimates and judgements
were prepared. Existing circumstances and assumptions about future developments, however, may change due to
market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected
in the assumptions when they occur.
The areas involving critical estimates or judgements pertain to useful life of property, plant and equipment (Note
2.01), current tax expense and payable recognition of deferred tax assets for carried forward tax losses (Note 2.02),
impairment of trade receivables and other financial assets (Note 2.05 & 2.08). Estimates and judgements are
continually evaluated. They are based on historical experience and other factors, including expectations of future
events that may have a financial impact on the group and that are believed to be reasonable under the
circumstances.
Useful life of Property, Plant and Equipment: The residual values, useful lives and methods of depreciation of
property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.
Taxes: The Company provides for tax considering the applicable tax regulations and based on reasonable
estimates.
amendments, if any.
The recognition of deferred tax assets is based on availability of sufficient taxable profits in the Company against
which such assets can be utilized. MAT (Minimum Alternate Tax) is recognized as an asset only when and to the
extent there is probable that the Company will pay normal income tax and will be able to utilize such credit during
the specified period. In the year in which the MAT credit becomes eligible to be recognized as an asset, the said
asset is created by way of a credit to the Statement of Profit and loss and is included in Deferred Tax Assets. The
Company reviews the same at each balance sheet date and if required, writes down the carrying amount of MAT
credit entitlement to the extent there is no longer probable to the effect that Company will be able to absorb such
credit during the specified period.
Trade receivables and Other financial assets: The Company follows a ‘simplified approach’ (i.e. based on lifetime
Expected Credit Loss (ECL)) for recognition of impairment loss allowance on Trade receivables (including lease
receivables). For the purpose of measuring lifetime ECL allowance for trade receivables, the Company estimates
irrecoverable amounts based on the ageing of the receivable balances and historical experience. Further, a large
number of minor receivables are grouped into homogeneous groups and assessed for impairment collectively.
Individual trade receivables are written off when management deems them not to be collectible.
Defined benefit plans (gratuity benefits) : The Company’s obligation on account of gratuity and compensated
absences is determined based on actuarial valuations. An actuarial valuation involves making various assumptions
that may differ from actual developments in the future. These include the determination of the discount rate, future
salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature,
these liabilities are highly sensitive to changes in these assumptions. All assumptions are reviewed at each
reporting date.
The parameter subject to frequent changes is the discount rate. In determining the appropriate discount rate, the
management considers the interest rates of government bonds in currencies consistent with the currencies of the
post-employment benefit obligation.
The mortality rate is based on publicly available mortality tables in India. Those mortality tables tend to change only
at interval in response to demographic changes. Future salary increases and gratuity increases are based on
expected future inflation rates.
Non-financial assets are reviewed for impairment, whenever events or changes in circumstances indicate that the
carrying amount of such assets may not be recoverable. If any such indication exists, the recoverable amount of
the asset is estimated in order to determine the extent of the impairment loss (if any).
including expectations of future events that may have a financial impact on the Company and that are believed to
be reasonable under the circumstances.

These financial statements are presented in Indian Rupees which is presentation currency of the company.

(i) Property, Plant and Equipment are stated at cost net of Modvat/ Cenvat, Value Added Tax less accumulated
depreciation, amortisation and impairment loss, if any. Subsequent Expenditure is capitalised only if it is
probable that future economic benefits associated with the expenditure will flow to the Company
(ii) Depreciation is provided on Straight Line Method (SLM), w.e.f. April1, 2017 (till March 31st 2017 Depreciation
was provided on WDV) based on useful life of the assets prescribed in Schedule II to the Companies Act,
2013.
(iii) Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss.
(iv) Depreciation on additions is calculated pro rata from the following month of addition.
(v) Depreciation methods, useful lives and residual values are reviewed periodically at each reporting Date.
(vi) Cost of an item of PPE Comprises its Purchase price ,including Import duties and non refundable purchase
taxes after deducting trade discount and rebates ,any directly attributable cost of bringing the items to its
working condition for its intended use

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss
is charged to the Statement of Profit and Loss in the year in which an asset is identified as impaired. The
impairment loss recognised in prior accounting period is increased / reversed if where there is change in the
estimate of recoverable value. The recoverable value is higher of Fair value less cost to sale and value in use.
Inventories of stores, spares and communication devices are accounted for at costs, determined on weighted
average basis or net realisable value, whichever is less.
All employee benefits payable wholly within twelve months of rendering the service are classified as short term
employee benefits. These benefits include compensated absences such as paid annual leave and sickness leave.
The undiscounted amount of short term employee benefits expected to be paid in exchange for the services
rendered by employees are recognised as an expense during the period.
The Company’s contribution towards Employees’ Superannuation Plan is recognised as an expense during the
period in which it accrues.
Provident Fund
The Company’s contribution towards Provident Fund is recognised as an expense during the period in which it
accrues.
Provident Fund contributions are made to a Government Fund. Interest payable to the Provident Fund
members, shall not be at a rate lower than the statutory rate. Liability is recognised for any shortfall in the
income of the fund vis-à-vis liability of the interest to the members as per statutory rates.
Gratuity Plan
The Company’s gratuity benefit scheme is a defined benefit plan. The Company’s net obligation in respect of
the gratuity benefit scheme is calculated by estimating the amount of future benefit that employees have
earned in return for their service in the current and prior periods; that benefit is discounted to determine its
present value and the fair value of any plan assets is deducted.
The obligation is measured at the present value of the estimated future cash flows. The discount rates used for
determining the present value of the obligation under defined benefit plan, are based on the market yields on
Remeasurements which comprises actuarial gain and losses , the return of plan assets excluding interestand
the effects of assets ceiling (if any, excluding interert),are recongnised in OCI.
(iii) Other long Term employment benefits
Compensated absences which are not expected to occur within twelve months after the end of the period in
which the employee renders the related services are recognised as a liability at the present value of the
defined benefit obligation at the Balance Sheet date, determined based on actuarial valuation using Projected
Unit Credit Method. The discount rates used for determining the present value of the obligation under defined

capitalised as part of the cost of such assets upto the commencement of commercial operations. A qualifying asset
is one that necessarily takes substantial period of time to get ready for its intended use. Other borrowing costs are
recognised as expense in the year in which they are incurred.
(i) The functional currency of the Company is Indian Rupee.
(ii) Transactions denominated in foreign currencies are recorded at the exchange rates prevailing at the time of
the transaction.
(iii) Monetary items denominated in foreign currencies at the year end are restated at year end rates.
(iv) Non monetary foreign currency items are carried at cost.
(v) Exchange difference on monetary items are recognised in the Statement of Profit and Loss in the period in
which they arise.
(i) Revenue from Internet Data Centre Services is recognised as and when the services are provided.Upfront and
one time setup amount received from customers are recognised over the estimated useful life of customers or
specicfied fixed validity period as appropriate.The estimated useful life is consistent with estimated churn of
the customers.
(ii) Interest income is recognised on time proportion basis.
(iii) Service revenue are recognised as the services are rendered and are stated net of discount, waiver and taxes.
(iv) Unbilled revenue is measured based on usage from last billing cycle to reporting date
(v) Revenue from Contracts with Customers
The Comapny has applied Ind AS 115 "Revenue from Contracts with Customers" w.e.f. April 1, 2018, using
the cumulative effect method and therefore comparative information has not been restated and continues to be
reported under Ind AS 18. Revenue is recognised when control over goods or services is transferred to a
customer. A customer obtains control when he has the ability to direct the use of and obtain the benefits from
the good or service, there is transfer of title, supplier has right to payment etc. – with the transfer of risk and
rewards now being one of the many factors to be considered within the overall concept of control.
The Company determines whether revenue should be recognised ‘over time’ or ‘at a point in time’. As a result,
it is required to determine whether control is transferred over time. If not, only then revenue be recognised at a
point in time, or else over time. The Comapany also determines if there are multiple distinct promises in a
contract or a single performance obligation (PO). These promises may be explicit, implicit or based on past
customary business practices. The consideration gets allocated to multiple POs and revenue recognised when
control over those distinct goods or services is transferred.
value of money. Where the collections from customers are deferred the revenue will be lower than the contract
price, and in case of advance collections, the effect will be opposite resulting in revenue exceeding the
contract price with the difference accounted as a finance expense.
1.13 Taxation
liabilities in the financial statement and the corresponding tax base used in computation of taxable income.
Deferred Tax Liabilities are generally accounted for all taxable temporary differences. The deferred tax asset is
recognised for all deductible temporary differences, carried forward of unused tax credits and unused tax losses, to
the extent that is probable that taxable profit will be available against which those deductible temporary differences
can be utilised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to
offset current income tax assets against current income tax liabilities and when the deferred income tax assets and
liabilities relate to income tax levied by the same taxation authority on either the same taxable entity or different
taxable entities where there is an intention to settle the balances on a net or simultaneous basis. MAT credit is
recognised as an asset only if it is probable that the Company will pay normal income tax during the specified
period.
not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which
the likelihood of outflow of resources is remote, no provision or disclosure is made. Contingent Assets are neither
In determining Earning per Share, the Company considers the net profit or loss after tax. The number of shares
used in computing Basic Earning per Share is the weighted average number of shares outstanding during the
period. The number of shares used in computing Diluted Earning per Share comprises the weighted average
number of shares considered for deriving Basic Earning per Share and also weighted average number of shares
that could have been issued on the conversion of all dilutive potential Equity Shares unless the results would be
anti-dilutive. Dilutive potential Equity Shares are deemed converted as of the beginning of the period, unless issued
at a later date.
1.16 Measurement of Fair value of financial instruments
The company’s accounting policies and disclosures require the measurement of fair values for financial
instruments.
The company has an established control framework with respect to the measurement of fair values. The
management regularly reviews significant unobservable inputs and valuation adjustments. If third party information,
such as broker quotes or pricing services, is used to measure fair values, then the management assesses the
evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of
Ind AS, including the level in the fair value hierarchy in which such valuations should be classified.
When measuring the fair value of a financial asset or a financial liability, the company uses observable market data
as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used
in the valuation techniques as follows.
If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value
hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy
as the lowest level input that is significant to the entire measurement. The company recognises transfers between
levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.
Financial Assets
i Initial recognition and measurement
ii Subsequent measurement
Debt instruments: Subsequent measurement of debt instruments depends on the group's business model for
managing the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows,
and
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal
and interest (SPPI) on the principal amount outstanding.
After initial measurement, such financial assets are subsequently measured at amortised cost using the effective
interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income
in the profit or loss. The losses arising from impairment are recognised in the profit or loss. This category generally
applies to trade and other receivables.
Financial Assets measured at fair value through other comprehensive income (FVTOCI):
a) The objective
Financial Assetsofmeasured
the business model
at fair is achieved
value through both
profitbyorcollecting contractual cash flows and selling the
loss (FVTPL):
Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is
classified as at FVTPL. In addition, the group may elect to designate a debt instrument, which otherwise meets
amortized cost or FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or
eliminates a measurement or recognition inconsistency (referred to as ‘accounting mismatch’).
All equity investments in scope of Ind-AS 109 are measured at fair value. Equity instruments which are held for
trading are classified as at FVTPL. For all other equity instruments, the company decides to classify the same
either as at FVOCI or FVTPL. The Company makes such election on an instrument-by-instrument basis. The
classification is made on initial recognition and is irrevocable.
If the company decides to classify an equity instrument as at FVOCI, then all fair value changes on the instrument,
excluding dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to profit and loss,
even on sale of investment. However, the Company may transfer the cumulative gain or loss within equity. Equity
instruments included within the FVTPL category are measured at fair value with all changes recognized in the profit
and loss.
II)The group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either(a)
the group has transferred substantially all the risks and rewards of the asset, or (b) the group has neither
transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
The Company assesses on a forward looking basis the expected credit losses associated with its assets carried at
amortised cost. The impairment methodology applied depends on whether there has been a significant increase in
the credit risk. As a practical expedient, the Company uses a provision matrix to determine impairment loss
allowance on portfolio of its trade receivables, as permitted by Ind AS 109. The provision matrix is based on its
historically observed default rates over the expected life of the trade receivables and is adjusted for forward-looking
estimates. At every reporting date, the historical observed default rates are updated and changes in the forward-
looking estimates are analysed.
directly attributable transaction costs. Financial liabilities include trade and other payables, loans and borrowings.
Subsequent measurement
Financial liabilities at fair value through profit or loss: Financial liabilities at fair value through profit or loss
include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value
through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of
repurchasing in the near term. This category also includes derivative financial instruments entered into by the group
that are not designated as hedging instruments in hedge relationships as defined by Ind AS 109. Gains or losses
on liabilities held for trading are recognised in the profit or loss.
Loans and borrowings: After initial recognition, interest-bearing loans and borrowings are subsequently measured
at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are
derecognised as well as through the EIR amortisation process.Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation
is included as finance costs in the statement of profit and loss.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or
the terms of an existing liability are substantially modified, such an exchange or modification is treated as the
Financial Instruments
Financial Assets
(i) Classification
The Company classifies financial assets as subsequently measured at amortised cost, fair value through other
assumptions that are based on market conditions and risk existing at each reporting date. The method used to
determine fair value include discounted cash flow analysis, available quoted market price. All method of
those instruments.

dates to cash flows that are solely payments of principal and interest.Such financial assets are subsequently
(v) Financial Assets measured at fair value through other comprehensive income (FVTOCI):
Financial assets under this category are measured initially as well as at each reporting date at fair value. Fair
value movements are recognized in the other comprehensive income.
(vi) Financial Assets measured at fair value through profit or loss (FVTPL):
all changes recognised in profit or loss.
(iii) Derecognition of Financial Assets
(i) Classification
Interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective
Interest Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are
derecognised as well as through EIR amortisation process. Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR
amortisation is included as finance costs in the Statement of Profit and Loss.
When an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as
the derecognition of the original liability and the recognition of a new liability. The difference in the respective
The Company uses derivative financial instruments, such as forward currency contracts and interest rate
swaps, to hedge its foreign currency risks and interest rate risks respectively. Such derivative financial
instruments are initially recognised at fair value on the date on which a derivative contract is entered into and
are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is
positive and as financial liabilities when the fair value is negative.
Cash and cash equivalents in the Balance Sheet comprise of cash on hand, demand deposits with Banks,
other short-term, highly liquid investments with original maturities of three months or less that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Ministry of Corporate Affairs (MCA), vide notification dated 23rd March, 2022 effective from 1st April, 2022,
has made amendments to the following Ind AS applicable to the Company:
a. Ind AS 16: Property, Plant and Equipment
b. Ind AS 37: Provisions, Contingent Liabilities and Contingent Assets
c. Ind AS 103 Business Combination
d. Ind AS 109: : Financial Instrument
Amendments to these IND AS do not except to have any significant impact on its financial statements.
Notes on accounts to the Financial Statements
2.01 Property, Plant and Equipment (` in crore)
Furniture Capital
Plant and Electrical Office
Particulars and Total Work in
Machinery Installation Equipment
Fixtures Progress
As at April 1, 2020 80.50 6.08 0.02 0.89 87.49 88.37
Additions 3.52 - - - 3.52 3.54
Deductions - - - - - (3.52)
As at March 31, 2021 84.02 6.08 0.02 0.89 91.01 88.39
Additions 4.41 - - - 4.41 4.63

Deductions/ Adjustments - - - - - (4.41)
As at March 31, 2022 88.43 6.08 0.02 0.89 95.42 88.60
As at April 1, 2020 39.30 2.69 (0.00) 0.53 42.52
Depreciation for the year 4.36 0.53 - - 4.90
Disposals
As at March 31, 2021 43.66 3.22 (0.00) 0.53 47.42
Depreciation for the year 3.88 0.49 - - 4.37

Disposals - - - - -
As at March 31, 2022 47.54 3.71 (0.00) 0.53 51.79
(43.67) (3.23) 0.00 (0.53)
Net Carrying Value
As at March 31, 2021 40.36 2.86 0.02 0.36 43.58
As at March 31, 2022 40.89 2.37 0.02 0.36 43.61
2.01 (a) CWIP Ageing schedule (` in crore)

Less than 1 More than
Amount in CWIP for a period of 1-2 years 2-3 years Total
year 3 years
0.22 0.02 3.19 85.18 88.60
IDC 5 building work in progress
(0.02) (3.19) (66.74) (18.44) (88.39)
2.01 (b) CWIP completion schedule (` in crore)

Less than 1 More than
Amount to be completed in 1-2 years 2-3 years Total
year 3 years
- 88.60 - - 88.60
IDC 5 building work in progress
- (88.39) - - (88.39)
2.02 Deferred Tax Assets
(` in crore)
As at As at For the year ended For the year ended
Particulars
The Deferred Tax Assets of the Company

comprise of the following.
Provision for Doubtful debts/ Doubtful
14.07 0.00 (14.07) -
Advances
GST - 3.48 3.48 (3.48)
Related to timing difference on depreciation
0.13 1.23 1.10 1.05
on fixed assets
(ii) MAT Credit Entitlement - 0.00 - (11.96)

(iii)Remeasurement of defined benefit plan 0.18 0.22 0.04 1.88
Net Deferred Tax Assets 14.38 4.93 -9.45 -12.51

Restricted to -14.38 -4.93
Deferred Tax Charge/ (Credit) to Statement of Profit & Loss (9.45) (2.83)

March 31, 2022 March 31, 2021
Current income tax 1.83 11.07
Deferred income tax liability / (asset), net (9.45) (2.83)
Tax expense for the year (7.62) 8.24
(b) Amounts recognised in other comprehensive income - Rs. 1,65,951/-

March 31, 2022 March 31, 2021
Profit/ (Loss) before Tax 13.99 35.81

Computed Tax Expenses (I) 3.59 12.51
On account of Depreciation difference 1.10 1.05
Provision for Doubtful debts/ Doubtful Advances (14.07) -
Others 1.76 (5.32)
Subtotal (II) (11.21) (4.27)
Income Tax Expenses charge/ (credit) to (7.62) 8.24

Statement of Profit and Loss ( I + II)
2.02 Deferred Tax Assets (` in crore)
As at As at
Particulars
March 31, 2022 March 31, 2021
Deferred Tax Assets 14.38 4.93
14.38 4.93
As at As at
Particulars
March 31, 2022 March 31, 2021
Advance Income Tax (net of provision for tax) (Refer note 2.32) 24.55 13.78
24.55 13.78
2.04 Inventories
As at As at
Particulars
March 31, 2022 March 31, 2021
Stores and Spares 0.54 0.50

(Valued at lower of cost or Net realisable value)
0.54 0.50
2.05 Trade Receivables (unsecured)
As at As at
Particulars
March 31, 2022 March 31, 2021
Considered Good (Refer note 2.32 & 2.36(b)) 21.99 34.86

Having significant increase in credit risk 39.76 24.18
Credit Impaired 26.55 26.55
Less: Provision for Credit Impaired (26.55) (26.55)
61.75 59.04
2.05.01 Ageing Trade Receivables from the due date of payment as at March 31, 2022 (Previous year March 31,2021)
Less than 6 6 months -1 More than 3
months Year years
Undisputed Trade receivables – considered 15.32 3.49 2.84 0.33 0.01 21.99
good (31.32) (1.72) (1.82) (0.01) (-) (34.87)
Undisputed Trade Receivables –which have 22.7 1.96 2.22 0.69 3.3 30.87
significant increase in credit risk (11.53) (2.21) (2.22) (-) (-) (15.97)
Undisputed Trade Receivables – 3.81 0.78 12.02 2.39 3.34 22.34
credit impaired (6.78) (3.63) (10.92) (5.21) (-) (26.55)
Disputed Trade Receivables- 0 0 0 0 0 0
considered good (-) (-) (-) (-) (-) (-)
Disputed Trade Receivables-which have 2.62 0.27 1.64 3.91 0.45 8.89
significant increase in credit risk (5.34) (1.36) (1.04) (0.46) ( -) (8.21)
Disputed Trade Receivables – 0.12 0.28 1.50 1.90 0.41 4.21
credit impaired (-) (-) (-) (-) (-) (-)
44.56 6.79 20.22 9.22 7.51 88.3
Total (A)
(54.97) (8.93) (16.01) (5.68) ( -) (85.59)
3.93 1.06 13.52 4.29 3.75 26.55
(6.78) (3.63) (10.92) (5.22) ( -) (26.55)
40.63 5.73 6.70 4.93 3.76 61.75
Total-(A-B)
(48.19) (5.30) (5.09) (0.46) ( -) (59.04)
2.06 Cash and Cash Equivalents (` in crore)
As at As at
Particulars
March 31, 2022 March 31, 2021
Balance with Banks 18.78 66.64
18.78 66.64
2.07 Bank Balances other than Cash and Cash Equivalants
As at As at
Particulars
March 31, 2022 March 31, 2021
Bank deposits with less than 12 months' maturity 56.30 5.70
56.30 5.70
As at As at
Particulars
March 31, 2022 March 31, 2021
Interest accrued on Investments 0.13 0.04

Unbilled Revenue (refer note 2.36(b)) 5.09 9.34
Loan to related party (refer note 2.32 ,2.36(b)& 2.41) 131.92 131.92
137.14 141.30
2.09 Other Current Assets (Unsecured)
As at As at
Particulars
March 31, 2022 March 31, 2021
a) Advances and Receivables (Unsecured)

Advance to Others (Refer note 2.32) 41.90 41.58
Less:- Provision for doubtful advances (27.02) (27.02)
Advance to Related party (refer note 2.36(b)) 20.31 21.85

Less:- Provision for doubtful advances (1.36) (1.36)
33.83 35.05
b) Others
Deposits 2.29 1.70
Balance with GST Authorities etc. (Refer note 2.32) 13.83 12.94
Prepaid Expenses 0.05 0.02
Advance to employees - 0.02
50.00 49.73
(` in crore)
As at As at
March 31, 2022 March 31, 2021
Authorised
21 00 000 Equity Shares of `10 each 2.10 2.10
( March 31, 2021: 21 00 000 )
2.10 2.10
21 00 000 Equity Shares of `10 each 2.10 2.10
( March 31, 2021: 21 00 000 )
2.10 2.10
% change
Shares held by Promoters/Holding % of % of
2.10.01 No of Shares No of Shares during the
company Holding Holding
year
Reliance Webstore Limited & its Nominee 100% 21 00 000 100% 21 00 000 NIL
2.10.02 Terms/rights attached to Equity Shares
shares is entitled to one vote per share.In the event of liquidation the equity shareholders are eligible to receive
remaining assets of the Company after the distribution of all preferential amounts. The distribution will be in
proportion to the number of Equity Shares held by the Shareholders.
2.10.03 Details of Shareholders holding more than 5% shares in the Company:

% of % of
Particulars No of Shares No of Shares
Holding Holding
Reliance Webstore Limited & its Nominee 100% 21 00 000 100% 21 00 000
2.10.04 Reconciliation of shares outstanding a the beginning and at the end of the reporting period
As at As at
March 31, 2022 March 31, 2021
Number (` in crore) Number (` in crore)

Equity shares
At the beginning of the Year 21 00 000 2.10 21 00 000 2.10
Add/(Less):Changes during the year - - - -
At the end of the Year 21 00 000 2.10 21 00 000 2.10
2.11 Other Equity

(` in crore)
As at As at
Particulars
March 31, 2022 March 31, 2021
(i) Surplus/(Deficit) of Statement of Profit and Loss

Opening Balance 55.69 28.12
Add: Profit/(Loss) for the year 21.61 27.57
Closing Balance (A) 77.30 55.69
(ii) Other Comprehensive Income

Add: Remeasurement of defined benefit plan (refer note 2.29) 0.02 0.03
Closing Balance (B) 0.28 0.26
Total ( A + B) 77.58 55.95

(` in crore)
As at As at
Particulars
March 31, 2022 March 31, 2021
2.12 Provisions
Provision for Retirement Benefit 0.41 0.44
0.41 0.44
2.13 Borrowings ( Unsecured ) - Current
Loan from Related Parties(Refer note 2.36(b))* 185.00 185.00
185.00 185.00
* Consistent with the practice followed in earlier year, interest has not been charged on loans availed from the Ultimate Holding Company.
2.14 Trade Payables

Others (Refer note 2.33 & 2.36(b)) 143.72 142.01
143.88 142.30
2.14 (i)Trade Payables aging schedule
year years
- - - 0.16 0.16
(i) MSME
(0.04) (-) (0.02) (0.14) (0.20)
76.20 6.86 4.93 55.73 143.72
(ii) Others
(66.81) (6.50) (61.42) (7.37) (142.10)
- - - - -
(iii) Disputed dues – MSME
(-) (-) (-) (-) (-)
- - - - -
(iv)Disputed dues - Others
(-) (-) (-) (-) (-)
76.20 6.86 4.93 55.89 143.88
Total
(66.85) (6.50) (61.44) (7.51) (142.30)
2.14 (ii) Disclosure under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED)
Under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED) which came into force from 2nd October, 2006, certain disclosures are
required to be made relating to MSME. On the basis of the information and records available with the Company, the following disclosures are made for the
amounts due to the Micro and Small Enterprises.
As at As at
Particulars
March 31, 2022 March 31, 2021
Principal amount due to any supplier as at the year end 0.16 0.29
Interest due on the principal amount unpaid at the year end to any supplier 0.11 0.09
Amount of Interest paid by the Company in terms of Section 16 of the MSMED, alongwith the amount of the payment
0.00 0.00
made to the supplier beyond the appointed day during the accounting year
Payment made to the enterprises beyond appointed date under Section 16 of MSMED 0.80 0.72
Amount of Interest due and payable for the period of delay in making payment, which has been paid but beyond the
0.01 0.01
appointed day during the year but without adding the interest specified under MSMED
Amount of interest accrued and remaining unpaid at the end of each accounting year 0.13 0.10
Amount of further interest remaining due and payable even in the succeeding years, until such date when the interest
dues as above are actually paid to the small enterprises for the purpose of disallowance as a deductible 0.07 0.06
expenditure under Section 23 of MSMED

Capital Creditors (Refer note 2.33) 3.56 3.60
Other Payables 0.03 0.02
Book overdraft 5.75 10.56
9.34 14.18
As at As at
Particulars
March 31, 2022 March 31, 2021
Income Received in advance (refer note 2.36(b)) 20.27 27.21
Advance from Customers(refer note 2.36(b)) 12.74 12.61
Statutory Dues (refer note 2.33) 3.55 4.63
Other Liabilities 40.48 28.87
77.04 73.32
2.17 Provisions
Employee Benefits 0.30 0.31
0.30 0.31
(` in crore)
For the year ended For the year ended March
Particulars
March 31,2022 31,2021
2.18 Revenue from Operations
Income from Data Centre Services (Net of GST) (refer note 2.36(b)) 174.81 223.11
174.81 223.11
Revenue for the year from sale of services as disclosed above pertains to revenue from contracts with customers over a
period of time. The Company has not given any volume discounts, service level credits, etc during the year. There is no
disaggregation of Revenue as it pertains to service revenue of India Operations.
The Company has applied the practical expedient in Ind AS 115. Accordingly, the Company has not disclosed the
aggregate transaction price allocated to pending performance obligations which are subject to variability due to several
factors such as terminations, changes in scope of contracts, periodic revalidations of the estimates, economic factors
(changes in currency rates, tax laws etc). No consideration from contracts with customers is excluded from the amount
mentioned above.
2.19 Other Income

Interest on IT refund - 3.02
Interest on FD 0.36 0.06
Miscellaneous income 1.15 5.44
Reversal of Interest on delayed GST payments - 1.35
1.51 9.87
2.20 Operating Expenses
Power, Fuel and Utilities (refer note 2.36(b)) 93.16 108.85

Repairs and Maintenance - Plant and Machinery 14.55 11.07
Leased Capacity Charges & Other Rent (refer note 2.36(b)) 25.21 30.21
Stores and Spares 3.60 2.04
Rates & Taxes - Others 0.72 -
Inventory written off - 0.04
Network Expenses others 0.94 0.89
138.18 153.10
2.21 Employee Benefits Expenses

Salaries 5.26 4.68
Contribution to Provident, Gratuity and Superannuation Fund* 0.33 0.28
Employee Welfare and Other Amenities 0.34 0.19
5.93 5.15
* Based on Acturial Valuation Report (Refer note 2.29)
2.22 Finance Cost

Interest on Financial Liability measured at amortised cost 0.02 0.03
0.02 0.03
2.23 Sales and General Administration Expenses
Sales and Marketing Expenses

Bad Debts written off 0.41 -

IT Services Expenses(refer note 2.36(b)) 0.41 1.02
Provision for Doubtful Debts/advances - 21.34
Hire Charges 7.35 7.28
Interest paid Others 0.24 0.03
Security Expenses 3.12 3.06
Other General and Administrative Expenses(refer note 2.36(b)) 1.87 13.37 1.15 33.94
Payment to Auditors 0.05 0.05
13.83 33.99
Note : 2.24
Previous year figures have been re-grouped, re-arranged and re-classified wherever necessary as required. Amount in
financial statements are presented Rupees in crore, except as otherwise stated.
Note : 2.25
Earning Per Share ( before and after For the year ended For the year ended
Exceptional Items) March 31, 2022 March 31, 2021
Net Profit (Numerator used for calculation) ( ` in crore) 21.61 27.57

Weighted Average number of Equity Shares used as
21 00 000 21 00 000
denominator for calculating EPS
Basic and Diluted Earning Per Share of ` 10 each ( ` ) 102.89 131.27
Note : 2.26 (` in crore)

Corporate Social Responsibility Expenditure (as per section
135 of the Companies Act, 2013 read with Schedule VII)
(a) Gross amount required to be spent by the company during 0.45 0.24
the year .
(b) Amount Spent During the year on - -
(i) Construction /Acquisition of any Assets - -
(ii) On purposes other than(i) above 0.24 -
The Company has contributed towards PM CARE FUND during the year for CSR expenses of FY 20-21
(` in crore)
Note : 2.27 As at As at
Contingent Liabilities March 31, 2022 March 31, 2021
(i) Estimated amount of contracts remaining to be executed on 0.29 1.33

capital accounts and not provided for.
(ii) Disputed Liabilities in Appeal: Service Tax 412.56 -
Note : 2.28
Capital Management
Capital of the company,for the purpose of capital management, includes issued equity capital and all other equity reserves
attributable to the equity holders of the company. The primary objective of the company's capital management is to
maximise shareholdres value.
The funding requirement is met through a mixture of equity, internal accruals and borrowings.
The company monitors capital using a gearing ratio which is net divivded by total capital plus net debt.
(` in crore)
As at As at
March 31, 2022 March 31, 2021
(a) Total Debt 185.00 185.00

(b) Equity 79.68 58.05
(c) Total Debt and Equity (a+b) 264.68 243.05
(d) Capital Gearing Ratio (a/c) 69.90% 76.12%
Reduction in capital gearing ratio reflects increase in Equity on account of profit during the year.
Notes on account to the Financial Statements
Note : 2.29
Employees Benefits
Gratuity: In accordance with the applicable Indian laws, the Company provides for gratuity, a defined benefit
retirement plan (Gratuity Plan) for all its employees. The Gratuity Plan provides a lump sum payment to vested
employees, at retirement or termination of employment, an amount based on respective employees last drawn salary
and for the years of employment with the company
The defined benefit plan expose the company at actuarial risk such as logentivity risk, interest risk and market
(investment) risk.
The following table sets out the status of the Gratuity Plan as required under Indian Accounting Standard ("Ind AS")
19 "Employee Benefits".
(` in crore)
Particulars As at March 31, As at March 31
2022 2021
i) Reconciliation of opening and closing balances of the present value of the defined benefit obligation
Obligation at the beginning of the year 0.43 0.38

Service cost 0.07 0.06
Interest cost 0.02 0.02
Liability Transferred In
Liability Transferred out
Actuarial (gain) / loss recognised in other comrehensive income
Change in financial assumptions - -
Experience adjustments 0.26 (0.03)
Benefits paid (0.38) -
Obligation at the end of the year 0.39 0.43
ii) Change in plan assets

Plan assets at Year beginning, at fair value - -
Expected return on plan assets - -
Actuarial gain / (loss) recognised in other comrehensive income - -
Contributions - -
Liability Transferred In - -
Liability Transferred out - -
Benefits paid - -
Plan assets at the end of the year, at fair value - -
iii) Reconciliation of present value of the obligation and the fair value of the plan assets
Fair value of plan assets at the end of the year - -
Present value of the defined benefit
obligations at the end of the year 0.39 0.42
Liability recognized in the Balance Sheet 0.39 0.42
iv) Expense Recognised in Statement of Profit or Loss

Service Cost 0.07 0.06
Interest Cost 0.02 0.02
Total 0.09 0.08
Amount Recognised in Other Comprehensive Income

Actuarial (gain) / loss recognised in other 0.02 0.03
comrehensive
Expected returnincome
on plan assets
Total 0.02 0.03
v) Investment details of plan assets

100% of the plan assets are invested in debt instruments - -
(` in crore)
As at March 31 As at March 31
2022 2021
vi) Actual return on plan assets - -
vii) Assumptions
Estimated return on plan assets N.A N.A
Salary Growth rate 0.00% 0.00%
Employee turnover rate 50% for all age group 50% for all age
group
The estimates, of future salary increases, considered in actuarial valuation, take into account inflation, seniority,
viii) Particulars of the amounts for the year and Previous years (` in crore)
Gratuity for the Gratuity for the
period ended March year ended
31,2022 March 31 2021
Present Value of benefit obligation 0.39 0.43

Fair Value of Plan assets - -
Excess of obligation over plan assets (plan assets over obligation)
ix) Experience Adjustment 2022 2021

On Plan Liabilities 0.26 (0.03)
On Plan Assets - -
Sensitivity analysis
As at As at
March 31, 2022 March 31, 2021
Discount rate (+ 1% movement) (0.01) (0.01)
Discount rate (- 1% movement) 0.01 0.01
Future salary growth (+ 1% movement) 0.01 -
Future salary growth (- 1% movement) (0.01) -
Employee turnover (+ 1% movement) - -
Employee turnover (- 1% movement) - -
Maturity analysis of defined benefit plan (fund)
Project benefit payable in future from the date of reporting
0 to 1 Year 0.17 0.18
1 to 2 Year 0.13 0.12
2 to 3 Year 0.05 0.07
3 to 4 Year 0.03 0.03
4 to 5 Year 0.01 0.02
5 to 6 Year 0.01 0.01
6 Year onwards 0.00 0.01
Provident Fund : The employee and employer each make monthly contribution to the plan equal to 12% of the
covered employee’s salary. Contributions are made to Government fund. For the year ended March 31,2022, the
Company has contributed ` 0.12 crore (Previous year ` 0.09 crore) towards Provident Fund.
Note : 2.30
a current transaction between willing parties, other than in a forced or liquidation sale.
Fair value of cash and short-term deposits, trade receivables, trade payables, other current liabilities approximate their
carrying amounts largely due to the short term maturities of these instruments.
Financial Instruments with fixed and variable interest rates are evaluated by the company based on parameters such as
interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to
There is no fair valuation of Financial instruments.The carrying value of financial instruments as of March 31, 2022 were
as follows:
(` in crore)
As at As at
Particulars
March 31, 2022 March 31, 2021
Cash and cash equivalents (Refer Note 2.06) 18.78 66.64
Bank Balances (Refer Note 2.07) 56.30 5.70
Trade receivables (Refer Note 2.05) 61.75 59.04
Other financial assets (Refer Note 2.08) 137.14 141.30
Total 273.97 272.69
Financial assets at fair value through other Comprehensive Income: Nil Nil

Trade payables (Refer note 2.15) 143.88 142.30
Other financial liabilities (Refer Note 2.16) 9.34 14.18
Borrowings (Refer Note 2.13 & 2.14) 185.00 185.00
Total 338.23 341.49
Financial Liabilitites at fair value through other Comprehensive Nil Nil
Income:
The Company Has instituted a framework at enterprise and operating level across the functions to facilitate that financial
risks are identified , measured and managed in accordance with the policies and objectives of the company.
Market risk
The company operates predominantly in India only. Market Risk is the risk that changes in market prices such as foreign
exchange rates, interest rates will affect income or value of its holding financial assets/ instruments.
Interest Rate Risk
risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates, in cases
where the borrowings are measured at fair value through profit or loss. Cash flow interest rate risk is the risk that the
future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates.
Company’s interest rate risk arises from borrowings. The Company adopts a policy of ensuring that maximum of its
interest rate risk exposure is at a fixed rate. The interest rate profile of the Company’s interest-bearing financial
instruments as reported to the management of the Company is as follows.
The Company’s interest-bearing financial instruments is reported as below
Financial Assets - -
Financial Liabilities 185.00 185.00
Variable Rate Instruments
Financial Liabilities - -
The Company does not account for any fixed-rate financial assets or financial liabilities at fair value through profit or
loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss
A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased
(decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in
particular foreign currency exchange rates, remain constant.
Impact on Profit and loss /equity For the period ended For the year ended
March 31, 2022 March 31, 2021
Impact of Profit and loss / equity - -
If interest rate is adversely affected with i.e decrese by 100 basis profit shall accordingly be affected vise versa.
The risk estimates provided assume a parallel shift of 100 basis points interest rate across all yield curves. This
calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk
exposures outstanding as at that date. The period end balances are not necessarily representative of the average debt
outstanding during the period.
Credit risk
maximum exposure to the credit risk at the reporting date is carrying value of respective financial assets.
Trade receivables and unbilled revenue are typically unsecured and are derived from revenue earned from customers.
Credit risk has always been managed by each business segment through credit approvals, establishing credit limits and
continuously monitoring the credit worthiness of customers to which the Company grants credit terms in the normal
course of business. On account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the
impairment loss or gain. The Company uses a provision matrix to compute the expected credit loss allowance for trade
receivables and unbilled revenues. The provision matrix takes into account available external and internal credit risk
factors such as default risk of industry, credit default swap quotes, credit ratings from credit rating agencies and
historical experience for customers.
Credit risk on cash and cash equivalents is limited as we generally invest in deposits with banks.
Ageing of Trade Receivable (` in crore)
As at As at
Particulars
March 31, 2022 March 31, 2021
Less than 6 months 40.63 48.19
6 months to 1 Year 5.73 5.30
1 to 2 Years 6.70 5.09
2 to 3 Years 4.93 0.46
> 3 Years 3.76 0.00
Total 61.75 59.04
Liquidity risk
operations. The company has stress on liquidity profile and it closely monitors liquidity position. The company is
managing its current requitements thorough working capital. Accordingly, liquidity risk is perceived. The Company
closely monitors its liquidity position and maintains adequate source of funding.
(` in crore)
As at As at
Particulars
March 31, 2022 March 31, 2021
Borrowings - -
Trade payables 143.88 142.30
Other financial liabilities 9.34 14.18
Note : 2.31
Post reporting Events
No adjusting or significant non-adjusting events have occurred betwwen the reporting date and the date of authorisation
Note : 2.32
Corporate Insolvency Resolution (CIR) Process has been initiated against the Ultimate Holding Company. finalisation of
CIR process of Ultimate Holding Company, The Company will carry out a comprehensive impairment review of its
assets and liabilities including Trade receivables and Trade payable which are pending for confirmation.Further, the
Company is in the process of reconciling Goods & Service Tax (GST) and Tax Deducted at source. Consistent with the
practice followed in earlier years, interest has not been charged on loans given to subsidiaries / fellow subsidiaries.
Note : 2.33
Leases
Since the Ultimate Holding company is under Corporate Insolvency Resolution (CIR) Process, IND AS 116 has not been
applied
Note : 2.34
The Company did not have any material transactions with companies struck off under Section 248 of the
Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.
Notes on Accounts to Balance Sheet and Statement of Profit and Loss
Note : 2.35
Segment Information
The Company is operating only in India and providing Internet Data Centre Services only. So there is neither more
than one business segment and nor more than one geographical segment. Hence segment information as per Ind
AS - 108 is not required to be disclosed.
Note : 2.36
As per the Ind AS 24 of "Related Party Disclosures" as referred to in Accounting Standard Rules, the disclosure of
transactions with the related parties as defined therein are given below.
1 Reliance Communications Limited Ultimate Holding Company
2 Reliance Webstore Limited Holding Company
List of other Related Parties where there have been transactions

Fellow Subsidiary Companies
7 Reliance Reality Limited (Formerly Reliance Infocomm Infrastructure
Limited)
8 Reliance Big Broadcasting Private Limited
9 Reliance Big Entertainment Private limited
10 Zapak Digital Entertainment Limited
11 Big Animation (India) Private Limited
13 Reliance Nippon Life Insurance Company Limited
(formerly Reliance Life Insurance Company Limited)
16 Reliance Spot Exchange Infrastucture Limited
18 Reliance Infrastructure Limited Enterprise over which Promoter
19 Reliance Defence Limited of Holding Company having
20 Reliance Energy Limited control.
21 NIS Sparta Education & Learning Technologies Private Limited
22 Reliance Commercial Finance Limited
(formerly Reliance Gilts Limited)
23 Reliance Home Finance Limited
24 Reliance Defence and Engineering Limited
25 Reliance Defence Systems & Tech Limited
26 BSES RAJADHANI POWER LTD.
28 Reliance Naval And Engineering Limited
29 Rosa Power Supply Company Ltd
30 Sasan Power Limited
31 Shri Anil D. Ambani Promoter having significant

influence over Holding Company
(b) Transactions with related parties :

* (figures Shown in brackets pertains to Previous year) (` in crore)
Sr. Nature of Transactions Ultimate Holding Company Fellow Enterprise over Total
No. Holding Subsidiaries which promoter
Company of Holding
Company
having control
1 Trade Receivable
Gross Trade Receivable 14.25 12.41 3.40 21.47 51.52
(5.51) (12.69) (3.40) (23.10) (44.70)
Bad debts written off - - - - -
- -
Net Trade Receivable 14.25 12.41 3.40 21.47 51.52
(5.51) (12.69) (3.40) (23.10) (44.70)
2 Other Financial Assets

Unbilled Revenue - - - 0.10 0.10
- - - (0.34) (0.34)
Loans to Related party - - 131.92 - 131.92

- - (131.92) - (131.92)
3 Other Current Assets

Advance to vendor 2.14 3.49 14.07 0.62 20.31
(4.77) (3.41) (13.05) (0.62) (21.85)
4 Borrowings - Current
Balance as at April 01, 2021 185.00 - - - 185.00
- - - - -
Taken During the year - - - - -
- - - - -
Repaid during the year - - - - -
- - - - -
Balance as at March 31, 2022 185.00 - - - 185.00
(185.00) - - - -
5 Trade Payable - - 110.29 7.23 117.52

- - (113.50) (8.52) (122.02)
6 Other Current Liabilities

i) Advance from customer - - - 1.04 1.04
- - - (1.08) (1.08)
ii) Income Received in Advance - - - 1.48 1.48
- - - (3.37) (3.37)
iii) Provision for expenses - - 9.32 - 9.32
- - (9.32) - (9.32)
7 Revenue from Operations

Services Income 30.05 - - 9.24 39.29
(31.50) - - (19.27) (50.77)
8 Expenditure
i) Operating Expenditure - - 74.81 - 74.81
- - (66.18) - (66.18)
ii) 0.41 0.41
General Administration Expenditure - - -
- - (20.33) - (20.33)
Receiving of services (Insurance
iii) 0.55 0.55
expenses) - - -
(0.61) - - - (0.61)
9 Corporate Guarantee on behalf

1.20 1.20
of The Company - - -
(1.20) - - - (1.20)
Note : 2.37
Undisclosed Income (Reconciliation of Income Tax and Companies Act):
During the year, the Company has not surrendered or disclosed any income, previously unrecorded transaction in
the books of account as income, in the tax assessments under the Income Tax Act, 1961.
Note : 2.38
Note on Wilful Defaulter
The Company is not declared as Wilful Defaulter by any bank or financial institutions or other lenders.
Note : 2.39
Accounting Ratios
Sr.N Ratios Numerator Denominator March'22 March'21 Variance
1) Current Ratio (in times) Current assets Current Liabilities 0.78 0.78 0%
2) Debt Equity ratio (in times) Total Debt Equity 2.32 3.19 -27%
4) Return on equity (%) Net Profit Equity 27.13% 47.49% -43%
Inventory Turnover ratio
Turnover Average Turnover 336.53 612.00 -45%
5) (in times)
Trade Receivable turnover ratio (in Average Trade
Turnover 2.89 4.03 -28%
6) times) Receivable
Trade Payable turnover ratio Average Trade
Turnover 1.22 1.55 -21%
7) (in times) Payable
Net Capital Turnover ratio
Turnover Working Capital (1.92) (2.42) -21%
8) (in times)
9) Net profit ratio (%) Net Profit Turnover 12.37% 12.36% 0%
10) Return on Capital employed (%) Profit before tax Equity 17.55% 61.68% -72%
Remarks for major variance:-

i) Debt Equity ratio has decreased due to increase in retained earnings during FY 21-22.
Return on Equity ratio &Trade Receivable ratio have reduced by more than 25% due to decrease in Turnover during FY 21-
ii)
22 ,as a result of some major customers churnout & services deactivation.
Inventory Turnover ratio has decreased because inventory as at March'22 has increased but Turnover has decreased during
iii)
FY 21-22.
Return on Capital employed has reduced significantly due to decrease in total expenses and thereby Profit before tax in FY 21-
iv) 22
v) There are no debt repayments during the year, hence Debt Service Coverage Ratio is not applicable.
vi) The Company does not have investments during the year , hence Return on Investment Ratio is not applicable.
Note : 2.40
The Financial Statements for the year ended March 31, 2022 were approved by the Board of Directors on 27th May 2022.
To the Members of Reliance Infratel Limited
Report on the Audit of the Standalone Financial Statements
The Hon‟ble National Company Law Tribunal, Mumbai Bench (“NCLT”) admitted an insolvency
and bankruptcy petition filed by an operational creditor against Reliance Infratel Limited (“the
Company”) and appointed Resolution Professional (RP) who has been vested with management of
affairs and powers of the Board of Directors with direction to initiate appropriate action contemplated
with extant provisions of the Insolvency and Bankruptcy Code, 2016 and other related rules.
The resolution plan, submitted by Reliance Projects and Property Management Services Limited(“the
Resolution Applicant (RA)”) in respect of the Company as approved by Committee of Creditors in its
meeting held on March 2, 2020, has been approved by Hon‟ble NCLT, Mumbai Bench, vide order
dated December 3, 2020. Upon approval of the resolution plan, Mr. Anish NiranjanNanavaty has
ceased to be the RP of the Company, and the Company is currently under the supervision of a
Monitoring Committee (of which the erstwhile RP is a member) constituted under the provisions of
the approved resolution plan. The monitoring committee is in discussions with the RA in respect of
the implementation of the approved resolution plan, and a status report in respect of implementation
of the resolution plan has been submitted to the NCLT.
Qualified Opinion
We have audited the standalone financial statements of Reliance Infratel Limited (“the Company”),
which comprise the balance sheet as at March 31, 2022, and the statement of Profit and Loss, and the
statement of changes in equity and the statement of cash flows for the year then ended, and notes to
the financial statements, including a summary of significant accounting policies and other
explanatory information (“the standalone financial statements”).
for the possible effects of the matter described in the Basis for Qualified Opinion section of our
report, the aforesaid standalone financial statements give a true and fair view in conformity with the
Indian Accounting Standards prescribed under section 133 of the Companies Act 2013 (“the Act”)
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, 2022, its changes in equity, and its loss (including other comprehensive income) and its
cash flows for the year ended on that date.
a) We draw attention to Note no. 2.12&2.29 of the standalone financial statements regarding,
“Assets Held for Sale (AHS)” including Towers and Fibre continue to be classified as held for
sale at the value ascertained at the end of March 31, 2018, along with liabilities, for the reasons
referred to in the aforesaid note. Non determination of fair value as on the reporting date is not
in compliance with Ind AS 105 “Non-Current Assets Held for Sale and Discontinued
Operations”. Accordingly, we are unable to comment on the consequential impact, if any, on
the carrying amount of Assets Held for Sale and on the reported losses for the year ended
March 31, 2022.
b) We draw attention to Note no. 2.26.01 of the standalone financial statements regarding
admission of the Company into Corporate Insolvency Resolution Process (“CIRP"), and
pending determination of obligations and liabilities with regard to various claims submitted by
the Operational/financial/other creditors and employees including interest payable on loans
during CIRP. We are unable to comment the accounting impact thereof pending reconciliation
and determination of final obligation.
The Company accordingly, has not provided interest on borrowings amounting to Rs. 289 crore
for the year ended March 31, 2022 and Rs.1,132 crore up to March 31, 2021 calculated based
on the basic rate of interest as per the terms of the loan. Also the Company has not provided net
foreign exchange loss amounting to Rs.67 crore for the year ended March 31, 2022 and net
foreign exchange loss of Rs.198 crore up to March 31, 2021, resulting in understatement of
loss by the said amounts. Had such interest and foreign exchange variation as mentioned above
been provided, the reported loss for the year ended March 31, 2022 would have been higher by
Rs.356 crore and Net worth of the Company would have been lower by Rs. 1,686 crore and
Rs.1,330 crore as on March 31, 2022 and March 31, 2021 respectively. Non provision of
interest is not in compliance with Ind AS 23 “Borrowing Costs” and non-recognition of foreign
exchange losses / gains is not in compliance with Ind AS 21 “The Effects of Changes in
Foreign Exchange Rates”.
c) We draw attention to Note no. 2.29 of the standalone financial statements, regarding pending
comprehensive review of carrying amount of all assets (including investments and balances
lying under Goods & Service Tax and Tax Deducted at Source) & liabilities and non provision
for impairment of carrying value of the assets and write back of liabilities if any, pending
implementation of the approved resolution plan. In the absence of comprehensive review as
mentioned above for the carrying value of all the assets and liabilities, we are unable to
comment that whether any adjustment is required in the carrying amount of such assets and
liabilities and consequential impact, if any, on the reported losses for the year ended March 31,
2022. Non determination of fair value of financial assets & liabilities and impairment in
carrying amount for other assets and liabilities are not in compliance with Ind AS 109
“Financial Instruments”, Ind AS 36 “Impairment of Assets” and Ind AS 37 “Provisions,
Contingent Liabilities & Contingent Assets”.
d) We draw attention to Note no. 2.33 of the standalone financial statements regarding non
adoption of Ind AS 116 “Leases” effective from April 01, 2019 and the consequent impact
thereof. The aforesaid accounting treatment is not in accordance with the relevant Ind AS 116.
e) We draw attention to Note no. 2.20.01 of the standalone financial statements regarding unbilled
revenue recognized by the Company amounting to Rs. 1,021 Crore with respect to services
provided during the period and earlier years, which has not yet been billed by the Company for
the reasons mentioned in the aforesaid note. We are unable to comment on the ultimate
outcome of reconciliation and its realisability and its impact on the revenue recognized during
the year and in earlier years.
f) We draw attention to Note no 2.29 of the standalone financial statements, regarding continuous
losses incurred by the Company, current liabilities exceeding its current assets, default in
repayment of borrowings and default in payment of statutory dues. This situation indicates that
a material uncertainty exists that may cast significant doubt on the Company‟s ability to
continue as a going concern. The accounts however have been prepared by the management on
a going concern basis for the reason stated in the aforesaid note. We however are unable to
obtain sufficient and appropriate audit evidence regarding management‟s use of the going
concern basis of accounting in the preparation of the standalone financial statements, in view of
pending implementation of approved resolution plan, the outcome of which cannot be presently
ascertained.
The Networth of the Company excludes the effect of qualification under (a), (c), (d), (e) and (f) above
which are non-quantifiable as referred therein.
143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor‟s
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 Board‟s Report including Annexures to
Board‟s Reportbut does not include the standalone financial statements and our auditor‟s report
thereon.
Our opinion on the standalone 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 standalone financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the standalone financial statements or our knowledge obtained during the course of our audit or
otherwise appears to be materially misstated. When we read the report containing other information,
if we conclude that there is a material misstatement therein, we are required to communicate the
matter to those charged with governance. We have nothing to report in this regard.
Responsibility of Management and Those Charged with Governance for the Standalone
The standalone financial statements, which is the responsibility of the Company‟s Management is
relied upon by Monitoring Committee based on the assistance provided by the Directors and taken on
record by the Monitoring Committee as fully described in Note no. 2.50 of standalone financial
statements. The Company‟s Management is responsible for the matters stated in section 134(5) of the
Act with respect to the preparation of these standalone financial statements that give a true and fair
view of the financial position, financial performance (changes in equity) and cash flows of the
Company in accordance with the accounting principles generally accepted in India, including the
accounting Standards specified under section 133 of the Act.
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 standalone financial statement 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 / Monitoring Committee 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 /
Monitoring Committee either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
The Management/Monitoring Committee are also responsible for overseeing the Company‟s financial
reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
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 standalone financial statements.
 Identify and assess the risks of material misstatement of the standalone financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
 Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are
also responsible for expressing our opinion on whether the company has adequate internal
financial controls system in place and the operating effectiveness of such controls.
 Conclude on the appropriateness of management‟s use of the going concern basis of accounting
or conditions that may cast significant doubt on the Company‟s ability to continue as a going
auditor‟s report to the related disclosures in the standalone 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.
 Evaluate the overall presentation, structure and content of the standalone financial statements,
including the disclosures, and whether the standalone financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually
or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of
the financial statements may be influenced. We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to
evaluate the effect of any identified misstatements in the standalone financial statements.
related safeguards.
Other Matter
Pursuant to applications filed by Ericsson India Pvt. Ltd. before the National Company Law Tribunal,
with the rules and regulations framed thereunder (“Code”), the NCLT had admitted the applications
and ordered the commencement of corporate insolvency resolution process (“CIRP”) of Reliance
Infratel Limited ("the Company") vide its orders dated May 15, 2018. The NCLT had appointed
Mr.Manish Kaneria as the interim resolution professional of the Company, (“Interim Resolution
Professional”) vide its orders dated May 18, 2018.Thereafter, the committee of creditors (“CoC”) of
the Company, at the meetings of the CoC held on May 30, 2019, in terms of Section 22 (2) of the
Code, resolved with the requisite voting share, to replace the Interim Resolution Professional with the
resolution professional (“RP”) for the Company, which has been confirmed by the NCLT in its orders
dated June 21, 2019 (published on the website of the NCLT on June 28, 2019).
Subsequently, the NCLT, Mumbai Bench, vide order dated December 3, 2020, has approved the
resolution plan submitted by Reliance Projects and Property Management Services Limited. Upon
approval of the resolution plan Mr. Anish NiranjanNanavaty has ceased to be the resolution
professional of the Company, and the Company is currently under the supervision of a Monitoring
Committee constituted under the provisions of the approved resolution plan comprising of two
nominees/representatives of approving financial creditors, two nominees of the Resolution Applicant
(RA) and Mr. Anish NiranjanNanavaty (as the Insolvency Professional). The monitoring committee is
in discussions with the RA in respect of the implementation of the approved resolution plan, and a
status report in respect of implementation of the resolution plan has been submitted to the NCLT.
The standalone financial statements of the Company should be signed by the Chairperson or
Managing Director or Whole Time Director or in absence of all of them, it should be signed by any
Director of the Company who is duly authorized by the Board of Directors to sign the standalone
financial statements. As mentioned in Note No 2.50 of the standalone financial statements, in view of
the on going Corporate Insolvency Resolution Process, the powers of the board of directors stand
suspended and are exercised by the Monitoring Committee.
As required by the Companies (Auditor‟s Report) Order, 2020 (“the Order”), issued by the Central
A”a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
(a) Except for the matters stated in Basis for qualified Opinion paragraph 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 Company so far as it appears from our examination of those books.
Statement of Changes in Equity dealt with by this Report are in agreement with the books
ofaccount.
(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Indian
Accounting Standards) Rules, 2015as amended,except requirement of Ind AS 105 “Non
Current Assets Held for Sale and Discontinued Operations”, Ind AS 23 “Borrowing Cost”, Ind
AS 21 “Effects of Changes in foreign exchanges”,Ind AS 36 “Impairment of Assets”, Ind AS
37 “Provisions, Contingent Liabilities and Contingent Assets”, Ind AS 109 “Financial
Instruments” and Ind AS 116 “Leases”with regard to matters described in the Basis of
Qualified Opinion paragraph above.
(e) The matters described under the basis for qualified opinion paragraph above and Qualified
Opinion paragraph of Annexure B to this report in our opinion, may have an adverse effect on
functioning of the Company and on the amounts disclosed in standalone financial statements of
the Company;
(f) On the basis of the written representations received from one of the directors of the Company
as on March 31, 2022 taken on record by the Board of Directors, one of the directors is not
disqualified as on March 31, 2022 from being appointed as a director in terms of Section 164
(2) of the Act. Further as mentioned in Note 2.49of the standalone financial statements, two of
the directors of the Company have resigned from the position of director, however their
resignation has not been accepted by Committee of Creditors (COC) for the reasons stated in
the said note, further the Company has not received declaration from these directors in this
regard, accordingly we are unable to comment whether these directors are disqualified as on
March 31, 2022 from being appointed as a director in terms of Section 164(2) of the Act.
(g) The qualification relating to the maintenance of accounts and other matters connected therewith
(h) With respect to the adequacy of the internal financial controls with reference to standalone
financial statements of the Company and the operating effectiveness of such controls, refer to
our separate Report in “Annexure B”.
(i) With respect to the other matters to be included in the Auditor‟s Report in accordance with the
(j) With respect to the other matters to be included in the Auditor‟s Report in accordance with
i. The Company has disclosed the impact of pending litigations on its financial position in
its standalone financial statements – Refer Note 2.32 to the standalone financial
statements;
iii. There is no amount, required to be transferred, to the Investor Education and Protection
Fund by the Company
For Pathak H.D. & Associates LLP

CharteredAccountants
Firm‟s Registration No:107783W/W100593
Jigar T. Shah
Partner
Membership No:161851
UDIN:22161851ALPCMP2226
Date:May 28, 2022

Place: Mumbai
Reliance Infratel Limited
‘Annexure A’ to the Independent Auditor’s Report –March 31, 2022
With reference to the Annexure A referred to in the Independent Auditors‟ Report to the Members of
Reliance Infratel Limited ('the Company') on the standalone financial statements for the year ended
(i) (a) (A) The Company has maintained proper records showing full particulars, including
(B) The Company is maintaining proper records showing full particulars of Intangible Assets.
(b) We are informed that the Company physically verifies its assets over a three year period. In
our opinion, this periodicity of physical verification is reasonable having regard to the size of
the Company and the nature of its assets. In accordance with this policy, the Company has
physically verified some of the Property, Plant and Equipmenton sample basis which is not
under electronic surveillance and certain assets which are under electronic surveillance and
no material discrepancies were identified on such physical verification.
(c) According to the information and explanations given to us and records examined by us, the
title deeds of all immovable properties (other than properties where the Company is the lessee
and the lease agreements are duly executed in favour of the lessee), as disclosed in Note
2.01.05of the standalone financial statements, are held in the name of the Company, except
for the following where the Company is in the process of transferring the title deeds in its
name as these were acquired through various schemes of arrangement entered in the earlier
years
Whether title
deeds held in
Gross Property Reason for
name of
carrying held since not being
Sr. Description Title deed Held in promoter,
value date held in the
No. of Property name of director or
(Rs. in (Financial name of the
relative of
Crore) Year) Company
promoter/
director
Reliance Ultimate
Freehold April 10,
1 4.42 Communications Holding
Land 2007
Limited (RCOM) Company
Reliance
Communications
Freehold Infrastructure Limited Holding April 10,
2 4.35
Land (formerly known Company 2007
asReliance Infocom Pending
Limited) Mutation
Reliance Infocomm
Limited (Merged into Ultimate
Freehold April 10,
4 0.24 RCOM by a court Holding
Land 2007
approved scheme of Company
amalgamation)
Freehold Reliance Telecom Fellow April 10,
5 *
Land Limited Subsidiary 2007
*(Rs. 44,253)
(ii) (a) Since the Company does not have any inventory. Accordingly, clause (ii)(a) of paragraph 3 of
(iii) (a) According to information and explanations given to us and books of accounts and records
reporting requirements under clause (iii)(a)(A) and (B) of paragraph3 of the Order is not
applicable.
audit procedures, the Company has not made any investments or provided any guarantees or
given security and has not granted loans or any advances in the nature of loans during the
year.Accordingly the reporting requirements under clause (iii)(b) of paragraph 3 of the Order
is not applicable.
interest has not been stipulated or are not available for our verification, hence we are unable
to comment whether the repayment or receipts are regular.
examined by us, the Company has not renewed the loans granted to various parties as on
March 31, 2019.
(Rs. in Crore)
nature of loans
- Agreement does not specify any terms or 2,287 2,287
-
Total (A+B) 2,287 - 2,287
100% - 100%
(iv) As per information and explanation provided to us and on the basis of verification of records
of the Company, the Company during the year has not granted any loan, made investment
and provided guarantees and securities to the parties covered under section 185 and section
186 of the Act. Accordingly, clause (iv) of paragraph3 of the Order is not applicable to the
Company.
(v) In our opinion and according to the information and explanations given to us, the Company
has not accepted any deposits from the public in accordance with relevant provisions of
Sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under.
Accordingly, clause (v) of paragraph3 of the Order is not applicable to the Company.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the
rules prescribed by the Central Government for maintenance of cost records under subsection
1 of Section 148 of the Act, in respect of telecommunication activities and are of the opinion
that prima facie, the prescribed accounts and records have been made and maintained.
However, we have not made a detailed examination of the records.
(vii) (a) According to the information and explanations given to us and on the basis of our
deposited with appropriate authorities for amounts deducted/accrued in the books of account
in respect of undisputed statutory dues including provident fund, income tax, goods and
services tax, service tax, duty of customs, sales tax, value added tax, entry tax, employees
state insurance, cess and other material statutory dues.According to the information and
explanations given to us, undisputed amounts payable in respect of provident Fund, income
tax, goods and services tax, sales tax, value added tax, employees state insurance and other
material statutory dues which were in arrears as at March 31, 2022 for a period of more than
six months from the date they became payable are as under:
Period to which
Amount Date of
Name of Statute* Nature of Dues the amount Due Date
(in Rs.) Payment
relates
Bihar Value Added
VAT Payable 72 944 2017-18 Various dates Unpaid
Tax Act, 2005
Karnataka Value
VAT Payable 1 23 328 2017-18 Various dates Unpaid
Added Tax Act,
Period to which
Amount Date of
Name of Statute* Nature of Dues the amount Due Date
(in Rs.) Payment
relates
2003
Madhya Pradesh
Various
Value Added Tax VAT Payable 12 586 2016-17 Unpaid
Dates
Act, 2003
Gujarat Value
Added Tax Act, VAT Payable 18 953 2016-17 Various dates Unpaid
2003
Haryana Value
Added Tax Act, WCT Payable 63 595 2017-18 Various dates Unpaid
2003
Himachal Pradesh
Value Added Tax WCT Payable 23 273 2017-18 Various dates Unpaid
Act, 2005
Punjab Value
Added Tax Act, WCT Payable 1 26 220 2017-18 Various dates Unpaid
2005
Uttar Pradesh
Value Added Tax WCT Payable 35 586 2017-18 Various dates Unpaid
Act, 2008
Maharashtra Value
2002
Chhattisgarh Value
2003
Orissa Value
2004
West Bengal Value
2003
Rajasthan Value
2003
Central Sales Tax
Act, 1956- Tamil CST Payable 25 569 2017-18 Various dates Unpaid
Nadu
Central Sales Tax
Act, 1956- Andhra CST Payable 3 19 317 2017-18 Various dates Unpaid
Pradesh
Professional Tax Profession Tax 2018-19
624993 Various dates Unpaid
Act – Various State Payable onwards
Income Tax Act, Tax Deducted at
45 376 2017-18 Various dates Unpaid
1961 Source
*The above does not include the GST on unbilled revenue of Rs. 1,021 Crore, pending
reconciliation with customers, as management states that GST is payable upon completion of
reconciliation and invoicing thereon. (Refer note no. 2.20.01)
Name of Nature of Amount Period to which the Forum where Pending

Statute Dues (Rs. In Crore)* amount relates
Central Sales Central 0.02 2008-09 Jt. Commissioner
Act, 1956 Sales Tax (Appeals), Bihar
0.39 2008-09 Sales Tax Appellate
Tribunal, Uttar Pradesh
0.01 2010-11 Jt. Commissioner
(Appeals), Uttarakhand
0.01 2011-12 Dy. Commissioner
(Appeals), Chhattisgarh
(Appeals), Madhya
Pradesh
0.01 2011-12 Dy. Commissioner of State
Goods and Service Tax
Department, Kerala
(Appeals), Madhya
Pradesh and Uttarakhand
0.01 2013-14 Dy. Commissioner of
Commercial Taxes, Uttar
Pradesh
0.78 2013-14 Special Audit Officer,
West Bengal
0.02 2014-15 Dy. Commissioner,
Appeals, Madhya Pradesh
West Bengal
0.04 April 2007 to Sales Tax Appellate
March 2009 Tribunal, Odisha
0.65 April 2009 to Jt. Commissioner, Odisha
September 2012
Entry tax of Entry Tax 0.57 2007-08 Commercial Taxes
various states Tribunal, Chhattisgarh
0.49 2007-08 Madhya Pradesh Tax
Board
4.35 2007-08 Supreme Court
0.12 2008-09 Commercial Tax Appellate
Tribunal, Bihar
0.01 2008-09 Madhya Pradesh Tax
Board
0.50 2010-11 to 2013-14 Himachal Pradesh High
Court**
(Appeals), Chhattisgarh
(Appeals), Madhya
Pradesh
0.16 2012-13 High Court of Punjab and
Haryana
0.26 2013-14 Appellate Authority,
Rajasthan
(Appeals), West Bengal
0.14 2014-15 Appellate Authority,
Rajasthan
1.67 April 2007 to Orissa High Court
March 2009
0.20 April 2009 to Orissa High Court
September 2012
0.20 July 2010 to Orissa High Court
December 2012
Finance Act, Service 95.08 2009-10 to Customs, Excise and
1994 Tax 2012-13 Service Tax Appellate
Tribunal
7.04 2013-14 Customs, Excise and
Service Tax Appellate
Tribunal
3.17 2012-13 to Customs, Excise and
2013-14 Service Tax Appellate
Tribunal
348.08 2016-17 & April Commissioner CGST &
2017 to June 2017 Central Excise
Commissionerate, Belapur
VAT of 0.07 2008-09 Commercial Taxes
various states Tribunal, Uttar Pradesh
0.12 2010-11 Asst. Commissioner (Sales
Tax), Uttarakhand
Commercial Taxes,
Madhya Pradesh
(Appeals) of Commercial
Taxes, Chhattisgarh
(Appeals), Uttarakhand
Commercial Taxes, Uttar
Pradesh
(Appeals), Uttar Pradesh
Commercial Taxes, Kerala
0.30 April'09 to Sept'12 Asst. Commissioner (Sales
Tax), Orissa
(Appeals), Tamil Nadu
West Bengal
Tax, Kerala
Tax, Kerala
Income Tax Income 21.70 2012-13 Commissioner of Income
Act, 1961 Tax Tax (Appeals)
125.56 2017-18 Commissioner of Income
Tax (Appeals)
0.79 2017-19 Commissioner of Income
Tax (Appeals)
*Net of amounts paid/deposited under protest
** Stay granted by High Court
Tax Act, 1961.
(ix) (a) In our opinion and according to the information and explanations given to us, the Company
has defaulted in repayment of loans or borrowings and interest thereon from banks &
financial institutions, which were not paid as at Balance Sheet date. The lender wise details of
principal and interest are as under.
Amount Amount Period
Period
Name of Lender (Rs. in (Rs. in (No. of
(No. of Days)
crore) crore) days)
Loan from Banks
State Bank Of India 485 Nil 1796 -
Standard Chartered Bank 192 Nil 1819 -
Syndicate Bank (merged with Canara
Bank) 3 Nil 1840 -
S C Lowy Primary Investments Limited 407 7 1761 1761
Doha Bank Q.S.C 326 6 1761 1761
Emirate NBD Bank PJSC 261 5 1761 1761
Industrial & Commercial Bank 1761 1761
222 4
of China
VTB Capital PLC 407 7 1761 1761
Reliance Capital Limited Nil 2 Nil 1761
Mahima Mercantile Credits Limited 433 Nil 821 -
Total 2,736 31
(Refer Note no 2.17.3 of the standalone financial statements)
The Company has not provided interest of Rs. 289 crore and Rs. 1,421 crore for the year and
upto March 31, 2022 respectively and therefore it has not been disclosed above.
procedures and representation received from management, we report that the Company has
not been declared wilful defaulter by any bank or financial institution or government or any
government authority.However the Company has received a show cause noticefromthe
bankas to why the Company should not be declared willful defaulter (refer note 2.32).
year and hence reporting under clause ix(c) of paragraph 3 of the Order is not applicable to
the Company.
(e) According to the information and explanations given to us and on an overall examination of
the financial statements of the Company, we report that the Company has not taken any funds
from any entity or person on account of or to meet the obligations of its subsidiaries,
associates or joint ventures.
(f) In our opinion and according to the information and explanations given to us, the Company
has not raised loans during the year on the pledge of securities held in its subsidiaries, joint
ventures or associate companies.
instruments) and hence the provision of clause x(a) ofparagraph 3 of the order is not
during the year has not made any preferential allotment or private placement of shares or
fully or partly convertible debentures and hence reporting under clause x(b) of paragraph 3 of
noticed or reported during the year. Also refer Note no. 2.29 of the standalone financial
statements
of section 143 of the Act has been filed by the auditors in form ADT-4 as prescribed under
rule 13 of the Companies (Audit and Auditors) Rules, 2014 with the Central Government.
(xii) As the Company is not a nidhi company. Accordingly, clause (xii) of paragraph 3 of the
transactions have been disclosed in the standalone financial statements as required by the
applicable accounting standards.
(xiv) (a) In our opinion and based on our examination, the Company has an internal audit system
under audit.
(xv) According to the information and explanations given to us and based on our examination of
the records, the Company has not entered into non-cash transactions with directors or persons
connected with him. Accordingly, clause (xv) of paragraph3 of the Order is not applicable to
the Company.
(xvi) (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of
India Act, 1934.
India.
Company as part of the Group as per the definition of Group contained in the Core
Investment Companies (Reserve Bank) Directions, 2016.
(xvii) Based on the examination of records, the Company has incurred cash losses of Rs. 666 crore
in the financial year 2021-22 and Rs. 443 crore in immediately preceding financial year.
supporting the assumptions, indicate that material uncertainty exists that may cast a
significant doubt on the Company‟s ability to continue as a going concern. 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) Based on the examination of records of the Company and information and explanations given
to us, due to losses incurred, the conditions and requirements of section 135 of the act is not
applicable to the company hence, clause xx(a) and xx(b) ofparagraph 3 of the Order is not
applicable.
ForPathak H.D. & Associates LLP

Firm‟s Registration No: 107783W/W100593
Jigar T. Shah
Partner
Date: May 28, 2022

Place: Mumbai
‘Annexure B’ to the Independent Auditor’s Report –March 31, 2022
Act
We have audited the internal financial controls with reference to standalone financial statements of
Reliance Infratel Limited (“the Company”) as of March 31, 2022in conjunction with our audit of
the standalone financial statements of the Company for the year ended on that date.
controls based on the internal control with reference to standalone financial statements criteria
established by the Company considering the essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (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 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 Act.
to standalone financial statements based on our audit. We conducted our audit in accordance with 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 applicable to an audit of internal
financial controls and both issued by the ICAI. 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 with reference to standalone financial statements
was established and maintained and if such controls operated effectively in all material respects.
financial controls system with reference to standalone financial statements and their operating
effectiveness. Our audit of internal financial controls with reference to standalone financial
statements included obtaining an understanding of internal financial controls with reference to
financial statements, 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 judgement, including the assessment of the risks of material
for our audit opinion on the Company‟s internal financial controls system with reference to
standalone financial statements.
Meaning of Internal Financial Controls with reference to standalone financial statements
A company's internal financial control 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 company's internal financial control with reference to standalone
financial statements 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 standalone financial statements.
Inherent Limitations of Internal Financial Controls with reference to standalone financial

statements
Because of the inherent limitations of internal financial controls with reference to standalone financial
subject to the risk that the internal financial control with reference to financial statements may
become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
material weaknesses has been identified in the operating effectiveness of the Company‟s internal
financial controls with reference to standalone financial statements as at March 31, 2022:
i. The Company‟s internal process with regard to confirmation and reconciliation of Balances of
trade receivable, trade payables & other liabilities and loan & advances resulting the Company
not providing for adjustments, which are required to be made to the carrying values of such
assets and liabilities. (Read with Note no.2.29).
ii. The Company‟s internal control process in respect of closure of outstanding entries in Bank
Reconciliation Statements which are pending to be reconciled.
iii. In respect of delays in payment of certain statutory dues and filing of certain statutory returns
during the year with the respective authorities.
iv. The Company‟s internal financial control with regard to the compliance with the applicable
other matters, as fully explained in basis for qualified opinion paragraph of our main report,
resulting in the Company not providing for adjustments, which are required to be made, to the
standalone financial statements.
A „material weakness‟ is a deficiency, or a combination of deficiencies, in internal financial control
with reference to standalone financial statements, such that there is a reasonable possibility that a
material misstatement of the Company‟s annual or interim financial statements will not be prevented
or detected on a timely basis.
Qualified Opinion
under Qualified Opinion paragraph on the achievement of the objectives of the control criteria, the
Company has, in all material respects an adequate internal financial controls system with reference to
standalone financial statements and such internal financial controls with reference to standalone
financial statements were operating effectively as at March 31, 2022, based on the internal control
over financial reporting criteria established by the Company considering the essential components of
Reporting issued by the ICAI.
timing, and extent of audit tests applied in our audit of the March31, 2022 standalone financial
statements of the Company and these material weaknesses affect our opinion on standalone financial
statements of the Company for the year ended March 31,2022[our audit report dated May 28, 2022,
which expressed an qualified opinion on those standalone financial statements of the Company].
ForPathak H.D. & Associates LLP

Jigar T. Shah
Partner
Date: May 28, 2022

Place: Mumbai
( ` in Crore)
Particulars Note As at As at
March 31, 2022 March 31, 2021
Assets
Non Current Assets
(a) Property, Plant and Equipment 2.01 9 9
(b) Intangible Assets 2.02 3 4
(c) Income Tax Assets (net) 2.03 341 271
(d) Other Non Current Assets 2.04 73 426 73 357
Current Assets
(i) Investment 2.05 - -
(ii) Trade Receivables 2.06 349 347
(iii) Cash and Cash Equivalents 2.07 162 307
(iv) Bank Balances other than (iii) above 2.08 167 -
(v) Loans 2.09 1,200 1,200
(vi) Other Financial Assets 2.10 1,309 1,303
(b) Other Current Assets 2.11 503 506
(c) Assets held for sale 2.12 9,023 12,713 9,023 12,686

Equity
(b) Other Equity 2.14 (2,004) 789 (1,827) 966
Liabilities
(a) Deferred Tax Liabilities (net) 2.15 818 952
(b) Provisions 2.16 3 821 3 955
Current Liabilities
(i) Borrowings 2.17 6,736 6,736
Due to creditors other than Micro and
Small Enterprises 811 746
(c) Provisions 2.21 235 11,529 235 11,122
- -
Notes on Accounts 2

For Pathak H.D. & Associates LLP For Reliance Infratel Limited

Authorised Member of Monitoring Committee
Jigar T. Shah Mahesh Mungekar

Partner Director
Membership No. 161851 DIN 00778339
Dolly Dhandhresha
Director
DIN 07746698
Mangesh Chavan
Namrata Shinde
Place : Mumbai Company Secretary and Manager
Date : May 28, 2022 A57072
( ` in Crore)
Particulars Note For the year ended For the year ended
March 31, 2022 March 31, 2021
INCOME
Revenue from Operations 2.22 1,186 1,208
Other Income 2.23 4 8
Total Income 1,190 1,216
EXPENDITURE
Network Expenses 2.24 1,455 1,412
Employee Benefits Expenses 2.25 22 21
Finance Costs 2.26 - -
Depreciation and Amortization Expenses 2.01 & 2.02 1 2
General and Administration Expenses 2.27 23 32
Total Expenses 1,501 1,467
Profit/ (Loss) before Tax (311) (251)

Tax Expenses:
Current Tax - -
Deferred Tax Charge/ ( Credit) (134) (62)
Total Tax Expenses (134) (62)
Profit/ (Loss) after Tax for the year (177) (189)

Remeasurement Gain/ (Loss) of Defined
Benefit plan (net of tax) - -
` 4,616,016 [(` 265,478)]
Total Comprehensive Income (177) (189)
Earnings per Share 2.36

- Basic and Diluted (`) (0.63) (0.68)

Notes on Accounts 2



Partner Director
Dolly Dhandhresha
Director
DIN 07746698
Mangesh Chavan
Namrata Shinde
Date : May 28, 2022 A57072
Statement of changes in equity for the year ended March 31, 2022
(a) Equity Share Capital (Refer Note 2.13)

( ` in Crore)
March 31, 2022 March 31, 2021
Changes in equity share capital due to prior period errors - -
(b) Other Equity (Refer Note 2.14)

Attributable to the Equity Shareholders
Other
Reserves and Surplus Comprehensive
Particulars income Total
Remeasurement
Capital Securities General Retained
of defined
Reserve Premium Reserve Earnings
benefit plans
Balance as at March 31, 2021 1,793 675 536 (4,833) 2 (1,827)
Surplus / (Deficit) of Statement of Profit and Loss - - - (177) - (177)
Other Comprehensive Income ` 4,616,016 - - - - - -
Surplus / (Deficit) of Statement of Profit and Loss - - - (189) - (189)
Other Comprehensive Income (` 265,478) - - - - -
Notes on Accounts 2



Partner Director
Dolly Dhandhresha
Director
DIN 07746698
Mangesh Chavan
Namrata Shinde
Date : May 28, 2022 A57072
( ` in Crore)
March 31, 2022 March 31, 2021
Net Profit/ (Loss) before tax as per Statement of Profit and Loss (311) (251)
Adjusted for:
Depreciation and Amortisation 1 2
Write back of provision for liabilities no longer required - (8)
Provision for Doubtful Debts - 3
Interest Income (4) (3) - (3)
Operating Profit/ (Loss) before Working Capital Changes (314) (254)
Adjusted for:
Receivables and other Advances (4) 105
Inventories - -
Trade Payables and Other Liabilities 407 403 415 520
Cash Generated from Operations 89 266
Income tax paid (70) (66)
Income tax refund - -
Net Cash Generated from Operating Activities 19 200
Additions to Fixed Assets and CWIP - -
Term Deposits with Bank (167) -
Interest Income 3 -
Net Cash Used in Investing Activities (164) -
Finance Costs - -
Net Cash Used / (from) in Financing Activities - -
Net Increase / (Decrease) in Cash and Cash Equivalents (145) 200
Opening balance of Cash and Cash Equivalents (net) 307 107
Closing balance of Cash and Cash Equivalents (net) 162 307
Notes
1 Figures in brackets indicate cash outgo.
2 Cash and Cash equivalents includes cash on hand and bank balances including Fixed Deposits.
3 Cash Flow Statement has been prepared under the Indirect Method set out in Indian Accounting Standard 7
"Statement of Cash Flows".
( ` in Crore)
March 31, 2022 March 31, 2021
4 Break up of Cash and Cash Equivalents
Cash and Cash Equivalents 162 307
Less : Bank overdraft - -
Cash and Cash Equivalents (net) as per Ind AS 7 162 307
Notes on Accounts 2



Partner Director
Dolly Dhandhresha
Director
DIN 07746698
Mangesh Chavan
Namrata Shinde
Date : May 28, 2022 A57072
Note 1 General Information and Significant Accounting Policies

Reliance Infratel Limited ("the Company") is registered under the Companies Act, 1956 having
Registered Office at H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400710
and is a subsidiary of Reliance Communication Infrastructure Limited. The Company is a leading
passive telecommunication infrastructure provider in India, based on the number of
telecommunication towers that it owns. The Company builds, owns and operates
telecommunication towers, optic fibre cable assets and related assets at designated sites and
provide these passive telecommunication infrastructure assets on a shared basis to wireless
service providers and other communications service providers under long term contracts.
Corporate Insolvency Resolution Process (“CIRP”) was initiated in case of the Company under
the Provisions of the Insolvency and Bankruptcy Code, 2016 (the Code) and the Company is in
the process of implementing the approved resolution plan. Pursuant to the order, the
management of affairs of the Company and powers of board of directors of the Company stands
vested with the Monitoring Committee . Refer Note 2.29
The Financial Statements are prepared under historical cost convention / fair valuation under a
Scheme approved by the Hon‟ble High Court, in accordance with the generally accepted
accounting principals (GAAP) in India and in compliance with the Indian Accounting Standards
(Ind AS) specified under section 133 of the Companies Act, 2013 ("the Act") except matters
specified in Note 2.12, 2.26.01, 2.29 and Note 2.33, read with relevant rules of the Companies
(Indian Accounting Standards) Rule 2015, the Companies (Indian Accounting Standards)
Amendment Rules 2016 and other provisions of the Act, to the extent notified and applicable, as
well as applicable guidance note and pronouncements of the Institute of Chartered Accountants
of India (ICAI).
All assets and liabilities have been classified as current or non-current as per the Company‟s
normal operating cycle and other criteria set out in Schedule III to the Act. Based on the nature of
the services and their realisation in cash & cash equivalents the Company has ascertained its
operating cycle as twelve months for the purpose of current or non-current classification of
assets and liabilities.

These financial statements are presented in Indian Rupees (“Rupees” or “`“) which is also the
functional currency of the Company. All amounts are rounded off to the nearest crore, unless
stated otherwise.
1.04 Property, Plant and Equipment and Capital Work in Progress
(i) Property, plant and equipment (PPE) are stated at cost net of Modvat and Cenvat / GST, less
accumulated depreciation and impairment loss if any. Subsequent expenditure is capitalised only
if it is probable that the future economic benefits associated with the expenditure will flow to the
Company.
(ii) Cost of an item of PPE comprises of its purchase price including import duties and non
refundable purchase taxes after deducting trade discounts and rebates, any directly attributable
cost of bringing the item to its working condition for its intended use and estimated costs of
The residual values, useful lives and methods of depreciation of property, plant and equipment
(PPE) are reviewed at each financial year end and adjusted prospectively, if appropriate.
(iii) Expenses incurred relating to projects prior to commencement of commercial operation are
considered as project development expenditure and shown under Capital Work in Progress.
(iv) As per Para 46A of Accounting Standard 11, „The Effects of Changes in Foreign Exchange
Rates„, related to acquisition of depreciable assets pursuant to the notifications dated December
29, 2011 and August 9, 2012 issued by Ministry of Corporate Affairs (MCA), under the
Companies (Accounting Standard) (Second Amendment) Rules 2011, the cost of depreciable
capital assets includes foreign exchange differences arising on translation of long term foreign
currency monetary items as at the balance sheet date in so far as they relate to the acquisition of
such assets is capitalised and subsequently on adoption of Indian Accounting Standard also the
same is allowed for the transactions recorded upto March 31, 2016.
(v) Depreciation on Property, Plant and Equipments (PPE) is provided on Straight Line Method
w.e.f. April 01, 2017 (till March 31, 2017 depreciation was provided on Written Down Value
(WDV) Method), at the rates and in the manner prescribed in Schedule II of the Companies Act
2013, except in respect of the following assets where useful life is different than those prescribed
in Schedule II:-
(i) In respect of Telecom Towers and OFC, the Company is providing depreciation over the
useful life of 35 years as technically assessed.
(ii) In respect of Batteries, the Company is providing depreciation over the useful life of 9 years
as technically assessed.
(vi) OFC assets provided to customers as Indefeasible Right to Use (IRU) are amortised fully in the
same year on matching principle basis in line with revenue recognition.
(vii) As per the exemption provided under Indian Accounting Standard, depreciation on foreign
exchange differences capitalised pursuant to para 46A of Accounting Standard 11 „The Effects
of Changes in Foreign Exchange Rates„ vide notifications dated December 29, 2011 and August
9, 2012 by Ministry of Corporate Affairs (MCA), is provided over the remaining useful life of the
depreciable capital asset.
(i) Intangible assets are stated at cost or fair value, as applicable, less accumulated amortisation.
(ii) Indefeasible Right to Use is stated at cost less accumulated amortisation.

(iii) Indefeasible Right to Use in respect of cables purchased from other operators is amortised over
the period of IRU.
(iv) Subsequent expenditure is capitalised only if it is probable that the future economic benefits
associated with the expenditure will flow to the Company.
(v) Amortisation methods, useful lives and residual values are reviewed periodically at each
reporting period.
The carrying amounts of assets are reviewed at each Balance Sheet date if there is any
indication of impairment based on internal or external factors. An impairment loss is recognised
when the carrying cost of assets exceeds recoverable value. An impairment loss is charged to
the Statement of Profit and Loss in the year in which an asset is identified as impaired. The
impairment loss of prior accounting period is increased/reversed where there has been change
in the estimate of recoverable value. The recoverable value is higher of the fair value less cost to
sell and value in use of the Asset.
1.07 Inventories of Stores and Spares
Inventories of stores and spares are accounted for at cost and all other cost incurred in bringing
the inventory to their present location and condition determined on weighted average basis, or
net realisable value, whichever is less. Net realizable value is the estimated selling price in the
ordinary course of business less estimated costs necessary to make the sale.

(i) Transactions denominated in foreign currencies are recorded at the exchange rates prevailing on
the date of the transaction.
(ii) Monetary items denominated in foreign currencies at the reporting date are restated at year end
rates.
(iii) Non monetary foreign currency items are recorded at the rate prevailing on the date of
transaction.
(iv) Any income or expense on account of exchange difference on settlement / restatement is
recognised in the Statement of Profit and Loss.
included in cost of assets.
(b) Exchange difference on foreign currency transactions, on which receipt and/ or payments are
not planned, initially recognised in other comprehensive income and reclassified from equity to
profit and loss on repayment of the monetary items.
(v) Accounting of transactions that include the receipt or payment of advance consideration in a
foreign currency the date of transaction, for the purpose of determining the exchange rate, is the
date of initial recognition of the non monetary prepayment asset or deferred income liability. If
there are multiple payments or receipts in advance, a date of transaction is established for each
payment or receipt.
(vi) All long term foreign currency monetary items consisting of loans taken before March 31, 2016
and which relate to the acquisition of depreciable capital assets at the end of the period/ year are
restated at the rate prevailing at the balance sheet date. Exchange difference including
attributable to the interest arising as a result is added to or deducted from the cost of the assets
as per notification dated December 29, 2011 and August 9, 2012 issued by the Ministry of
Company Affairs (MCA), Government of India and depreciated over the balance life of the capital
asset. Exchange difference on other long term foreign currency loans is accumulated in “Foreign
Currency Monetary Item Translation Difference Account (FCMITDA)” which will be amortized
over the balance period of monetary assets or liabilities.
1.09 Non-Current assets held for sale

Non-current assets (or disposal group) are classified as assets held for sale when their carrying
amount is to be recovered principally through a sale transaction. Non - current assets (or
disposal group) classified as held for sale are measured at the lower of their carrying amount
and fair value less costs to sell. This condition is regarded as met only when the sale is highly
probable and the assets (or disposal group) is available for immediate sale in its present
condition subject to terms that are usual, customery and regulatory for sale of such assets and
sale is expected to be concluded within twelve months from the date of classification.
Assets and liabilities classified as held for sale are presented separately in the balance sheet. A
disposal group qualifies as discontinued operations if it is a component of the company that
either has been disposed off or is classified as held for sale, and; represents a separate major
line of business or geographical area of operations, or part of a single co-ordinated plan to
dispose of a separate major line of business or geographical area of operations, or a subsidiary
acquired exclusively with a view to resale. Non-current assets are not depreciated or amortised
while they are classified as held for sale.
Loss is recognised for any initial or subsequent write down of such non current assets (or
disposal group) to fair value less costs to sell. A gain is recognised for any subsequent increase
in fair value less costs to sell an asset (or disposal group) but not in excess of any cumulative
loss previously recognised.
If the criteria for assets held for sale are no longer met, it ceases to be classified as held for sale
and are measured at the lower of (i) its carrying amount before the asset was classified as held
for sale, adjusted for any depreciation or any amortisation that would have been recognised had
that asset not been classified as held for sale, and (ii) its recoverable amount at the date when
the disposal group ceases to be classified as held for sale.
1.10 Revenue Recognition

(i) Revenue from Contracts with Customers
The Company has applied the practical expedient in Ind AS 115, Revenue from Contracts with
Customer with effect from April 01, 2018. Revenue is recognised when control over goods or
services is transferred to a customer. A customer obtains control when he has the ability to direct
the use of and obtain the benefits from the good or service, there is transfer of title, supplier has
right to payment etc. – with the transfer of risk and rewards now being one of the many factors to
be considered within the overall concept of control.
The Company determines whether revenue should be recognised „over time‟ or „at a point in
time‟. As a result, it is required to determine whether control is transferred over time. If not, only
then revenue be recognised at a point in time, or else over time. The Company also determines
if there are multiple distinct promises in a contract or a single performance obligation (PO).
These promises may be explicit, implicit or based on past customary business practices. The
consideration gets allocated to multiple POs and revenue recognised when control over those
distinct goods or services is transferred.
The entities may agree to provide goods or services for consideration that varies upon certain
future events which may or may not occur. This is variable consideration, a wide term and
includes all types of negative and positive adjustments to the revenue. Further, the entities will
have to adjust the transaction price for the time value of money. Where the collections from
customers are deferred the revenue will be lower than the contract price, and in case of advance
collections, the effect will be opposite resulting in revenue exceeding the contract price with the
difference accounted as a finance expense.
(ii) Revenue is recognised to the extent it is probable that the economic benefits will flow to the
Company and revenue can be reliably measured, regardless of when the payment is being
made. Revenue is measured at the fair value of the consideration received or receivable.
(iii) Service Revenue is recognised net of taxes as and when the Base Transceiver Station (BTS)
Tower is Ready for Installation of customer equipment, as per the terms of agreement.
(iv) Income related to Optic Fibre Infrastructure given on operating lease is recognised net of taxes
on straight line basis over the lease term.
(v) The Company sells rights of use (ROU) that provide customers with Passive Infrastructure
services, typically over a 10 to 20 year without transferring the legal title or giving an option to
purchase Passive Infrastructure. Infrastructure/ capacity services revenues are accounted as
operating lease and recognised in the Company's income statement over the life of the contract.
Bills raised on customers / payments received from customers for long term contracts and for
which revenue is not recognised are included in deferred revenue. Revenue on non cancellable
contracts for right to use of specified fibre pairs/ ducts for a period of 15 - 20 years are
recognized as revenue on delivery of such assets to customers. Advances from customers are
presented net of unbilled revenue, if any.
(vi) Interest income on investment is recognised on time proportion basis. Interest income is
accounted using the applicable Effective Interest Rate (EIR), which is the rate that exactly
discounts estimated future cash receipts over the expected life of the financial assets to that
asset‟s net carrying amount on initial recognition. Dividend is considered when right to receive is
established. The Company recognises income from the units in the Fixed Income Schemes of
Mutual Funds where income accrued is held till declaration or payment thereof for the benefit of
the unit holders.
Income Tax comprises of current and deferred tax. It is recognised in the Statement of Profit and
Loss except to the extent that it relates to a business combination or to an item recognised
directly in equity or OCI.
Provision for Income Tax is made on the basis of taxable income for the year at current rates.
Tax expense comprises of Current Tax and Deferred Tax at the applicable enacted or
substantively enacted rates. Current Tax represents the amount of Income Tax payable /
recoverable in respect of the taxable income / loss for the reporting period. Deferred Tax
represents the effect of temporary difference between carrying amount of assets and liabilities in
the financial statement and the corresponding tax base used in the computation of taxable
income. Deferred Tax Liabilities are generally accounted for all taxable temporary differences.
The Deferred Tax Asset is recognised for all deductible temporary difference, carried forward of
unused tax credit and unused tax loss, to the extent that it is probable that taxable profit will be
available against which such deductible temporary differences can be utilised.
Minimum Alternative Tax (MAT) credit is recognised as an asset only when and to the extent
there is convincing evidence that the Company will pay normal income tax during the specified
period.
1.12 Provision including Asset Retirement Obligation (ARO), and Contingent Liabilities and
Contingent Assets
Provisions involving substantial degree of estimation in measurement are recognised when there
is a present obligation as a result of past events and it is probable that there will be an outflow of
resources. Provisions are determined by discounting expected future cashflows at the pre tax
rate that reflects current market assumptions of time value of money and risk specific to the
liability. A disclosure for a contingent liability is made when there is a possible obligation or a
present obligation that may, but probably will not, require an outflow of resources. When there is
a possible obligation or a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made. Asset Retirement Obligation (ARO)
relates to removal of telecom towers when they will be retired from its active use. Provision is
recognised based on the best estimate, of the management, of the eventual costs (net of
recovery), using discounted cash flow, that relates to such obligation and is adjusted to the cost
of such assets. Estimated future costs of decommissioning are reviewed annually and adjusted
as appropriate. Changes in the estimated future costs or in the discount rate applied are added
to or deducted from the cost of the asset. Contingent Assets are neither recognised nor
disclosed in the financial statements of the Company.
1.13 Borrowing Cost

Borrowing costs that are attributable for construction of qualifying assets are capitalised, net of
income from temporary investment of the borrowings, as part of the cost of such assets up to the
commencement of commercial operation. A qualifying asset is one that necessarily takes
substantial period of time to get ready for intended use. Other borrowing costs are recognised as
expense in the year in which they are incurred.

In determining Earnings per Share, the Company considers the net profit after tax and includes
the post tax effect of any exceptional item. Number of shares used in computing basic Earnings
per Share is the weighted average number of shares outstanding during the period. The number
of shares used in computing Diluted Earnings per Share comprises the weighted average shares
considered for deriving Basic Earnings per Share and also the weighted average number of
shares that could have been issued on the conversion of all dilutive potential Equity Shares
unless the results would be anti-dilutive. Dilutive potential Equity Shares are deemed converted
as of the beginning of the period, unless issued at a later date.

All employee benefits payable wholly within twelve months of rendering the service are classified
as short term employee benefits. These benefits include compensated absences such as paid
annual leave and sickness leave. The undiscounted amount of short term employee benefits
expected to be paid in exchange for the services rendered by employees are recognised as an
expense during the period.
(i) Defined benefit plan
Gratuity Plan
The Company‟s gratuity benefit scheme is a defined benefit plan. The Company‟s net obligation
in respect of the gratuity benefit scheme is calculated by estimating the amount of future benefit
that employees have earned in return for their service in the current and prior periods; that
benefit is discounted to determine its present value , mortality rate and the fair value of plan
assets is deducted. Mortality rate is based on publically available mortality table in India.
The present value of the obligation under such defined benefit plan is determined based on
actuarial valuation using the Projected Unit Credit Method.
The obligation is measured at the present value of the estimated future cash flows. The discount
rates used for determining the present value of the obligation under defined benefit plan, are
based on the market yields on Government Securities as at the Balance Sheet date.
Remeasurements which comprise of actuarial gain and losses, the return of plan assets
(excluding interest) and the effect of asset ceiling ( if any, excluding interest) are recognised in
OCI.
(ii) Defined contribution plan
A defined contribution plan is a post-employment benefit plan under which an entity pays
specified contributions to separate entity and has no obligation to pay any further amounts. The
Company makes specified monthly contributions towards employee provident fund and
employees' state insurance scheme (ESIC). The Company's contribution is recognised as an
expense in the statement of profit and loss during the period in which the employee renders the
related service.
(iii) Other Long term employment benefits
Compensated absences which are not expected to occur within twelve months after the end of
the period in which the employee renders the related services are recognised as a liability at the
present value of the defined benefit obligation at the Balance Sheet date, determined based on
actuarial valuation using Projected Unit Credit Method. The discount rates used for determining
the present value of the obligation under defined benefit plan, are based on the market yields on

The Company‟s accounting policies and disclosures require measurement of fair values for the
financial instruments. The Company has an established control framework with respect to
measurement of fair values. The management regularly reviews significant unobservable inputs
and valuation adjustments. If third party information, such as broker quotes or pricing services, is
used to measure fair values, then the management assesses evidence obtained from third
parties to support the conclusion that such valuations meet the requirements of Ind AS, including
level in the fair value hierarchy in which such valuations should be classified. When measuring
the fair value of a financial asset or a financial liability, the Company uses observable market
data as far as possible. Fair values are categorised into different levels in a fair value hierarchy
based on the inputs used in the valuation techniques as follows.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or
liability, either directly (i.e.as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
If inputs used to measure fair value of an asset or a liability fall into different levels of fair value
hierarchy, then fair value measurement is categorised in its entirety in the same level of fair value
hierarchy as the lowest level input that is significant to the entire measurement. The Company
recognises transfers between levels of fair value hierarchy at the end of the reporting period
during which the change has occurred. (Refer to note 2.34.1) for information on detailed
disclosures pertaining to the measurement of fair values.”

A financial instrument is any contract that gives rise to a financial asset of one entity and a
financial liability or equity instrument of another entity. Financial instruments are also include
derivative contracts such as foreign exchange forward contracts.
Financial Assets
All financial assets are recognised initially at fair value plus, in the case of financial assets not
recorded at fair value through profit or loss, transaction costs that are attributable to the
acquisition of the financial asset.
Subsequent measurement of debt instruments depends on the Company‟s business model for
managing the asset and the cash flow characteristics of the asset. There are three measurement
categories into which the Company classifies its debt instruments:
a) Asset is held within a business model whose objective is to hold assets for collecting
contractual cash flows, and
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely
payments of principal and interest (SPPI) on the principal amount outstanding. After initial
measurement, such financial assets are subsequently measured at amortised cost using the
effective interest rate (EIR) method. Amortised cost is calculated by taking into account any
discount or premium on acquisition and fees or costs that are an integral part of the EIR. EIR
amortisation is included in finance income in the Statement of Profit and Loss. Losses arising
from impairment are recognised in the Statement of Profit and Loss. This category generally
applies to trade and other receivables.
A „debt instrument‟ is classified as at the FVTOCI if both of the following criteria are met:
selling the financial assets, and
b) The contractual cash flows of the assets represent SPPI: Debt instruments included within
the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair
value movements are recognized in the other Comprehensive income (OCI). However, the
Company recognizes interest income, impairment losses & reversals and foreign exchange gain
or loss in the Statement of Profit and Loss. On derecognition of the asset, cumulative gain or
loss previously recognised in Other comprehensive Income is reclassified from the equity to
Statement of Profit and Loss. Interest earned whilst holding FVTOCI debt instrument is reported
as interest income using the EIR method.
Any debt instrument, which does not meet the criteria for categorization as at amortized cost or
as FVTOCI, is classified as at FVTPL. In addition, the Company may elect to designate a debt
instrument, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. However,
such election is allowed only if doing so reduces or eliminates a measurement or recognition
inconsistency (referred to as „accounting mismatch‟).
Equity Investment
Also, Company has elected to apply the exemption available under Ind AS 101 to continue the
carrying value for its investments in subsidiaries and associates as recognised in the financial
statements as at the date of transition to Ind AS, measured as per the previous GAAP as at the
date of transition.
A financial asset is primarily derecognised when: a) Rights to receive cash flows from the asset
have expired, or b) The Company has transferred its rights to receive cash flows from the asset
or has assumed an obligation to pay the received cash flows in full without material delay to a
third party under a „pass-through‟ arrangement and either(a) the Company has transferred
substantially all the risks and rewards of the asset, or (b) the Company has neither transferred
nor retained substantially all the risks and rewards of the asset, but has transferred control of the
asset.
i Initial recognition and measurement
payables, loans and borrowings including bank overdrafts and derivative financial instruments.
ii Subsequent measurement
Financial liabilities at fair value through Profit or Loss: Financial liabilities at fair value through
Profit or Loss include financial liabilities held for trading and financial liabilities designated upon
initial recognition as at fair value through profit or loss. Financial liabilities are classified as held
for trading if they are incurred for the purpose of repurchasing in the near term. This category
also includes derivative financial instruments entered into by the Company that are not
designated as hedging instruments in hedge relationships as defined by Ind AS 109. Gains or
losses on liabilities held for trading are recognised in the Statement of Profit and Loss.
Financial Liabilities measured at amortised cost: After initial recognition, interest-bearing loans
and borrowings are subsequently measured at amortised cost using the EIR method. Gains and
losses are recognised in Statement of Profit and Loss when the liabilities are derecognised as
well as through the EIR amortisation process. Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The
EIR amortisation is included as finance costs in the Statement of Profit and Loss.
A financial liability is derecognised when the obligation under the liability is discharged or
cancelled or expires. When an existing financial liability is replaced by another from the same
lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as the derecognition of the original liability
and the recognition of a new liability. The difference in the respective carrying amounts is
The preparation and presentation of Financial Statements requires estimates and assumptions
to be made that affect the reported amount of assets and liabilities and disclosure of contingent
liabilities on the date of the Financial Statements and the reported amount of revenues and
expenses during the reporting period. Difference between the actual results and estimates is
recognised in the period in which the results are known/ materialised. Estimates and underlying
assets are reviewed on periodical basis. Revisions to accounting estimates are recognised
prospectively.
The preparation of financial statements requires the use of accounting estimates which, by
definition, will seldom equal the actual results. The management also needs to exercise
judgement in applying the accounting policies. This note provides an overview of the areas that
involved a higher degree of judgement or complexity, and of items which are more likely to be
materially adjusted due to estimates and assumptions turning out to be different than those
originally assessed. Detailed information about each of these estimates and judgements is
included in relevant notes together with information about the basis of calculation for each
affected line item in the financial statements.
The Company has based its assumptions and estimates on parameter available when the
financial statements where prepared. Existing circumstances and assumptions about future
developments, however, may change due to market changes or circumstances arising that are
beyond the control of Company. Such changes are reflected in assumptions when they occur.
The areas involving critical estimates or judgements pertaining to useful life of property, plant
and equipment including intangible assets (Note 2.01 and 2.02) , current tax expense and
payable, recognition of Deferred Tax Liabilities (Note 2.15) and measurement of defined benefit
obligation (Note 2.38). Estimates and judgements are continually evaluated. They are based on
historical experience and other factors, including expectations of future events that may have a
financial impact on the Company and that are believed to be reasonable under the
circumstances.
i Useful life of Property, Plant and Equipment including intangible asset: Residual values, useful
lives and methods of depreciation of property, plant and equipment are reviewed at each
financial year end and adjusted prospectively, if appropriate.
ii Taxes : The Company provides for tax considering the applicable tax regulations and based on
probable estimates.
iii Management periodically evaluates positions taken in the tax returns giving due considerations
to tax laws and establishes provisions in the event if required as a result of differing interpretation
or due to retrospective amendments, if any. The recognition of deferred tax assets is based on
availability of sufficient taxable profits in the Company against which such assets can be utilized.
MAT (Minimum Alternate Tax) is recognized as an asset only when and to the extent it is
probable evidence that the Company will pay normal income tax and will be able to utilize such
credit during the specified period. In the year in which the MAT credit becomes eligible to be
recognized as an asset, the said asset is created by way of a credit to the Statement of Profit
and loss and is included in Deferred Tax Assets. The Company reviews the same at each
balance sheet date and if required, writes down the carrying amount of MAT credit entitlement to
the extent there is no longer probable that Company will be able to absorb such credit during the
specified period.
iv Fair value measurement and valuation process: The Company measures certain financial assets
and liabilities at fair value for financial reporting purposes.
v Trade receivables and Other financial assets: The Company follows a simplified approach for
recognition of impairment loss allowance on Trade receivables (including lease receivables). The
Company estimates irrecoverable amounts based on specific identification method and historical
experience. Individual trade receivables are written off when management deems them not to be
collectible.
vi Defined benefit plans (gratuity benefits) : The Company‟s obligation on account of gratuity and
compensated absences is determined based on actuarial valuations. An actuarial valuation
involves making various assumptions that may differ from actual developments in the future.
These include determination of the discount rate, future salary increases and mortality rates. Due
to the complexities involved in the valuation and its long-term nature, these liabilities are highly
sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
The parameter subject to frequent changes is the discount rate. In determining the appropriate
discount rate, the management considers the interest rates of government bonds in currencies
consistent with the currencies of the post employment benefit obligation. The mortality rate is
based on publicly available mortality tables in India. Those mortality tables tend to change only at
interval in response to demographic changes. Future salary increases and gratuity increases are
based on expected future inflation rates.
vii Non-financial assets are reviewed for impairment, whenever events or changes in circumstances
impairment loss, if any.
viii Provisions and contingent liabilities are reviewed at each balance sheet date and adjusted to
reflect the current best estimates.
ix Determination of net realisable value for Assets held for Sale and related liabilities.
Cash and cash equivalents in the Balance Sheet comprise of cash on hand, demand deposits
with Banks, other short-term, highly liquid investments with original maturities of three months or
less that are readily convertible to known amounts of cash and which are subject to an
insignificant risk of changes in value.
Notes on Accounts to the Financial Statements
Note 2.01
Particulars Freehold
Buildings Vehicle
Land
` in Crore ` `
As at March 31, 2020 9 374,037 4,133,655
Additions - - -
Deductions/ Adjustment - -
As at March 31, 2021 9 374,037 4,133,655
Additions - - -
Deductions/ Adjustment - -
As at March 31, 2022 9 374,037 4,133,655
As at March 31, 2020 - 64,840 1,098
Depreciation for the year - 5,922 -
As at March 31, 2021 - 70,762 1,098
Depreciation for the year - 5,922 -
As at March 31, 2022 - 76,684 1,098
Net carrying value
As at March 31, 2021 9 303,275 4,132,557
As at March 31, 2022 9 297,353 4,132,557
2.01.01
Reliance Communications Limited (RCOM), the Ultimate Holding Company had, during the earlier
years, allotted, 1,500, 11.25% Secured Redeemable, Non Convertible Debentures (NCDs) of the
face value of ` 1,00,00,000 each, aggregating to ` 1,500 crore (current outstanding ` 750 crore),
and 3,000, 11.20% Secured Redeemable, Non Convertible Debentures (NCDs) of the face value of
` 1,00,00,000 each, aggregating to ` 3,000 crore. The NCD‟s, alongwith 6.5% Senior Secured
Notes (SCN‟s), Foreign Currency Loans and Rupee Term Loans of ` 25,424 crore availed by
RCOM and Foreign Currency Loans of ` 1,341 crore and rupee loan of ` 611 crore availed by
Reliance Telecom Limited (RTL), a fellow subsidiary were secured by a first pari passu charge on
the whole of the movable plant and machinery of the Company including (without limitations) tower
assets and optic fibre cables, if any (whether attached or otherwise), capital work-in-progress
(pertaining to movable Property, Plant and Equipment) both present and future including all the
rights, title, interest, benefits, claims and demands in respect of all insurance contracts relating
thereto of the Borrower Group; comprising of the Company, RCOM, RTL and Reliance
Communications Infrastructure Limited (RCIL), the Holding Company in favour of the Security
Trustee for the benefit of the NCD Holders and the Lenders of the said secured loans. Further,
Rupee Term Loan of ` 2,359 crore availed by RCOM from Banks has also been secured by second
pari passu charge on the said assets. Rupee loans availed by RCOM and RTL also includes `
6,074 crore secured by current assets, movable assets including intangible, both present and future
of the Borrower Group. Further non fund based outstanding of ` 1,361 crore availed by RCOM, `
246 crore availed by RTL and ` 4 crore by RCIL have been secured by second pari passu charge
on movable Property, Plant and Equipment of the Borrower Group.
2.01.02
Refer Note 2.17.01 and 2.17.02 for security in favour of the Lenders.
2.01.03
Above notes to be read with note 2.12 "Assets held for sale".
2.01.04
Vehicles are amortised upto salvage value hence no depreciation has been charged.
2.01.05
The title deeds of following Freehold Land, which were acquired through various schemes of
arrangement entered in the earlier years, are in the process of transferring in the name of the
Company:
Title deeds held in the name of Gross Whether Property Reason for
carrying title deed held since not
value holder is a which date being held in
` in Crore promoter, the name of
director or the
relative/ Company
employee
of
promoter/
director
Reliance Communications Limited (RCOM) 4.42 Ultimate 10-Apr-07 Pending
Holding Mutation
Company
Reliance Communications Infrastructure 4.35 Holding 10-Apr-07 Pending
Limited (formerly known as Reliance Company Mutation
Infocom Limited)
Reliance Infocomm Limited 0.24 Ultimate 10-Apr-07 Pending
(Merged into RCOM by as Court approved Holding Mutation
scheme of Amalgamation) Company
Reliance Telecom Limited * Fellow 10-Apr-07 Pending
*(` 44 253) subsidiary Mutation
Note 2.02
Intangible Assets ( ` in Crore)
Particulars Indefeasible
Right of Use
(IRU)
As at March 31, 2020 13
Additions -
Deduction / Adjustment/ Rectification -
As at March 31, 2021 13
Additions -
Deduction / Adjustment/ Rectification -
As at March 31, 2022 13
Accumulated amortisation
Amortisation for the year 2
Amortisation for the year 1
As at March 31, 2022 10
Net carrying value
Remaining useful life 3- 5 years
Note 2.03
Income Tax Assets (net) ( ` in Crore)
March 31, 2022 March 31, 2021
Advance Income Tax and Tax Deducted at Source 341 271
[net of tax provision] (Refer Note 2.29)
341 271
Note 2.04
Other Non Current Assets (Unsecured,Considered good)
March 31, 2022 March 31, 2021
Deposits 73 73
73 73
Note 2.05
Investments (Valued at cost unless stated otherwise)
March 31, 2022 March 31, 2021
Investment in unquoted equity shares of fellow subsidiary
500 (500) Equity Shares of Towercom Infrastructure Private Limited - -
` 10 each: ` 5,000 (` 5,000)
Investment in unquoted equity shares of wholly owned
subsidiary
50,000 (50,000) Equity Shares of Reliance Bhutan Limited - -
` 10 each: ` 5,00,000 (` 5,00,000)
- -
Aggregate Book Value of Investments

Unquoted ` 5,05,000 (Previous year ` 5,05,000) - -
Aggregate Book Value of Impairment Nil Nil
Note 2.06
Trade Receivables (Refer Note 2.40) ( ` in Crore)
March 31, 2022 March 31, 2021
Unsecured
Considered Good 36 36
Which have significant increase in credit risk 313 311
Credit impaired 34 34
Less: Allowance for credit impaired (34) (34)
349 347
2.06.01
Ageing Trade Receivables from the due date of payment as at March 31, 2022
Less 6 1-2 2-3 More than Total
Particulars than 6 months- years years 3 years
months 1 year
Undisputed Trade receivables – 15 14 6 1 - 36
considered good (26) (8) (2) (-) (-) (36)
Undisputed Trade Receivables –which - - 1 3 301 305
have significant increase in credit risk (-) (-) (6) (14) (283) (303)
Undisputed Trade Receivables – - - - - 4 4
credit impaired (-) (-) (-) (-) (4) (4)
considered good (-) (-) (-) (-) (-) (-)
Disputed Trade Receivables-which - - - - 8 8
have significant increase in credit risk (-) (-) (-) (-) (8) (8)
Disputed Trade Receivables – credit - - - - 30 30
impaired (-) (-) (-) (-) (30) (30)
15 14 7 4 343 383
Total-A
(26) (8) (8) (14) (325) (381)
- - - - 34 34
(-) (-) (-) (-) (34) (34)
15 14 7 4 309 349
Total-(A-B)
(26) (8) (8) (14) (291) (347)
Note 2.07
March 31, 2022 March 31, 2021
Balance with Banks
In Current Accounts 151 307
In Bank Deposits with less than three months maturity 11 -
162 307
* includes balance of ` 18,173 in respect of 1 Bank account ( Previous Year ` 34,956 in respect of 3 Bank accounts),
which is subject to confirmation from Bank.
Note 2.08
Bank Balances other than Cash and Cash Equivalents
March 31, 2022 March 31, 2021
Bank Deposits with less than twelve months maturity 167 -
167 -
Note 2.09
Loans (Unsecured,Considered good)
March 31, 2022 March 31, 2021
Loans to Related Parties (Refer Note 2.29 & 2.40) 1,200 1,200
1,200 1,200
Note 2.10
Other Financial Assets (Unsecured,Considered good)*
March 31, 2022 March 31, 2021
Advances to Related Parties (Refer Note 2.40) 1,087 1,087
Interest Accrued on Bank Deposits 1 -
Unbilled Revenue (Previous year ` 13,35,428) 5 -
Security Deposits 216 216
1,309 1,303
*(Refer Note 2.29)
Note 2.11
Other Current Assets*
March 31, 2022 March 31, 2021
Advances to Related Parties (Refer Note 2.40) 1 2
Other Advances 298 299
Prepaid Expenses 1 1
Balance with GST Authorities etc. 203 204
503 506
*(Refer Note 2.29)
Note 2.12
Assets Held for Sale
During the year ended March 31,2018, as the Company had intended to sell Tower and Optic Fibre Cables (OFC) assets. Accordingly
assets, liabilities, revenue and expenses was classified in line with Ind AS 105 “Non-current Assets Held for Sale and Discontinued
Operations”. These assets have been classified as assets held for sale at the value ascertained as at March 31, 2018 and recorded at
lower of carrying amount and fair value less selling cost. On implementation of approved resolution plan through Hon'ble NCLT, the
Company will carry out a comprehensive impairment review of its tangible and intangible assets and assets held for sale. Refer note 2.29.
Details of Assets held for sale are as under:
( ` in Crore)
Deletion during the year Provision for Impairment Asset Held for Sale
Particulars For the year For the year For the year For the year
As at As at
ended ended ended ended
March 31, March 31,
March 31, March 31, March 31, March 31,
2022 2021 2022 2021 2022 2021

Property, Plant and Equipment * # # - - 8,935 8,935
Capital Work in Progress - - - - 88 88
Total - - - - 9,023 9,023
2.12.01
Refer Note 2.01.01, 2.17.01 and 2.17.02 for security in favour of the Lenders.
2.12.02
*Property, Plant and Equipment includes Optic Fibre Cables (OFC) given on Operating Lease.
Gross Block ` 10,108 crore (Previous year ` 10,108 crore)
Accumulated Depreciation ` 7,267 crore (Previous year ` 7,267 crore)
including Impairment
Net Block ` 2,841 crore (Previous year ` 2,841 crore)
Depreciation Charged during the year ` Nil (Previous year ` Nil)
2.12.03
# Deletion ` 42,99,727 (Previous year ` 15,76,444) represents Insurance claims made/ Forced sale, during the year.
2.12.04
As mentioned above, the Company intended to sell its Tower and OFC assets including Capital Work-in-Progress. Accordingly, these
assets were classified as "Assets held for Sale". Further, the Capital Work-in- Progress mainly includes project inventory. Hence, cost
comparision and delay in project to original plan is not relevant.
( ` in Crore)
March 31, 2022 March 31, 2021
Note 2.13
Equity Share Capital
Authorised
7 50 00 00 000 Equity Shares of ` 10 each 7,500 7,500
(7 50 00 00 000)
50 00 00 000 Preference Shares of ` 10 each 500 500
(50 00 00 000)
8,000 8,000
Issued, Subscribed and fully Paid up
2 79 31 41 868 Equity Shares of ` 10 each fully paid up 2,793 2,793
( 2 79 31 41 868)
2,793 2,793
2.13.01 Equity Shares
a. Shares held by Promoters of the Company:
Particulars No of Shares % of % Change
Total Shares during the year
Reliance Communications Infrastructure 222 64 15 796 80 Nil

Limited and its nominees. (222 64 15 796) (80) (Nil)
b. Shares held by holding/ Ultimate holding Company and/ or their subsidiaries:

Reliance Communications Infrastructure 222 64 15 796 222 64 15 796

Limited and its nominees.
Reliance Telecom Infrastructure (Cyprus)
13 37 50 582 13 37 50 582
Holdings Limited
Reliance Globalcom BV, the Netherlands 30 00 04 130 30 00 04 130
c. Details of Shareholders holding more than 5% shares in the Company:

Particulars No of Shares % No of Shares %
Reliance Communications Infrastructure 222 64 15 796 80 222 64 15 796 80

Limited and its nominees.
Reliance Globalcom BV, the Netherlands 30 00 04 130 11 30 00 04 130 11
d. Reconciliation of Shares outstanding at the beginning and at the end of reporting period
Particulars No of Shares ( ` in Crore) No of Shares ( ` in Crore)
At the beginning of the year 279 31 41 868 2,793 279 31 41 868 2,793
Add/ (Less) : Changes during the year - - - -
Outstanding at the end of the year 279 31 41 868 2,793 279 31 41 868 2,793
e. Terms/ rights attached to the shares

share is entitled to one vote per share. In the event of liquidation of the Company, the holder of equity shares will
be entitled to receive remaining assets of the Company. The distribution will be in proportion to the number of
equity shares held by the shareholders.
( ` in Crore)
March 31, 2022 March 31, 2021
Note 2.14
Other Equity
Capital Reserve (Refer Note 2.30) 1,793 1,793
Securities Premium
As per last Balance Sheet 675 675
Add: Addition during the year - 675 - 675
General Reserve
Surplus in the Statement of Profit and Loss

As per last Balance Sheet (4,833) (4,644)
Add: Profit / (Loss) during the year (177) (5,010) (189) (4,833)

Add: Addition during the year (net) - 2 - 2
Balance Carried forward (2,004) (1,827)

Capital Reserve
Capital Reserve represents excess of assets over liabilities taken over upon merger of Netizen Rajasthan
Limited (NRL), a wholly owned subsidiary of the Company into the Company.
Securities Premium
Securities premium represents the premium charged to the shareholders at the time of issuance of shares. The
securities premium is utilised based on the relevant requirements of the Companies' Act, 2013
General Reserve
Balance in General Reserve was created out of retained earnings in an earlier year as per Board resolution.
Note 2.15
Deferred Tax Liabilities ( ` in Crore)
Particulars As at March 31 For the year ended
March 31,
2022 2021 2022 2021
(i) Deferred Tax Liabilities
Related to temporary difference on 1,959 1,748 211 247
depreciation of Property, Plant and
Equipment
Related to temporary difference on other 736 814 (78) (25)
items
(ii) Deferred Tax Assets
Related to other disallowances 213 213 - 60
Related to Unabsorbed depreciation 1,664 1,397 267 224
Net Deferred Tax Liabilities 818 952 (134) (62)
The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off
current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to
income taxes levied by the same tax authority.

March 31, 2022 March 31, 2021
Short / (Excess) provision of tax for earlier
- -
years
Deferred income tax liability / (asset), net (134) (62)
Tax expense for the year (134) (62)
(b) Amounts recognised in other comprehensive income - ` Nil (Previous year ` Nil)

Profit/ (Loss) before Tax (311) (251)
Computed Tax Expenses (109) (88)
Disallowance of Expenses (25) 26
Write Off/ Expenses not allowed for tax purpose - -
Income Tax Expenses charge/ (credit) to (134) (62)
Note 2.16
Provisions ( ` in Crore)
March 31, 2022 March 31, 2021
Provision for Retirement Benefits (Refer Note 2.31 & 2.38) 3 3
3 3
Note 2.17
Borrowings
March 31, 2022 March 31, 2021
Secured (Refer Note 2.17.01)
Rupee Loans from Banks (Refer Note 2.17.02) 192 192
Foreign Currency Loans from Banks 1,623 1,623
Rupee Loans from Banks 485 485
From Financial Instituitions 433 433
Unsecured
From Banks
Rupee Loans from Banks 3 3
From Others
Preference Shares (Refer Note 2.17.08) 4,000 4,000
6,736 6,736
2.17.01
Foreign Currency Loans (“Secured Loans”) are secured, by first pari passu charge on the whole of the movable plant
and machinery, including (without limitation) tower assets and optic fibre cables, if any (whether attached or otherwise),
capital work in progress(pertaining to movable Property, Plant and Equipment) both present and future including all the
rights, titles, interest, benefits, claims and demands in respect of all insurance contracts relating thereto of the Borrower
Group; comprising of the Company, Reliance Communications Limited, (RCOM), the Ultimate Holding Company,
Reliance Telecom Limited (RTL), a fellow subsidiary and Reliance Communications Infrastructure Limited (RCIL), the
Holding Company, in favour of the Security Trustee for the benefit of Lenders and also guaranteed by Ultimate Holding
Company. Outstanding Rupee Loan of ` 918 crore is secured by second pari passu charge over movable plant and
machinery and capital work in progress of the Borrower Group and also guaranteed by Ultimate Holding Company, out
of which ` 485 crore has also been secured by Towers receivables, pledge of Equity Shares of Globalcom IDC Limited
(GIDC) held by Reliance Webstore Limited (RWSL), a subsidiary of RCOM and guaranteed by a Director of Ultimate
holding company. Further charge over Tower receivables is pending to be executed.
During the earlier year, lenders have invoked guarantees provided by borrower group for outstanding rupee loan of `
485 crore availed by the Company, ` 5,950 crore availed by RCOM and ` 611 crore availed by RTL.
During the earlier year, the Company created first ranking exclusive charge (pari passu inter se the Lenders) over
Designated Account with future rights, title and interest therein, including all of its rights in respect of any amount
standing to the credit of the Designated Account and the debt represented by it, in favour of State Bank of India, the
Convener (for the benefit of the Lenders) as continuing security.
Foreign Currency Loans taken by the Company has been stated at exchange rate prevailing as at March 31, 2018
2.17.02
Outstanding Rupee Loan of ` 192 crore is secured by second pari passu charge over movable Assets of the Borrower
Group and guaranteed by Ultimate Holding Company.
2.17.3 Delay/ Default in repayment of Borrowing (Current and Non Current) and Interest
The Company has delayed/ defaulted in the payment of dues to the banks and financial institutions. The lender wise details are as under:
Amount represents ` in crore and period represents maximum days
As on As on As on As on
Name of Lender
Amount Period Amount Period Amount Period Amount Period
State Bank of India 485 1,796 - - 485 1,431 - -
Standard Chartered Bank 192 1,819 - - 192 1,454 - -
Syndicate Bank (Merged with Canara Bank) 3 1,840 - - 3 1,475 - -
Mahimna Mercantile Credits Ltd. 433 821 - - 433 456 - -
S C Lowy Primary Investments Limited** 407 1,761 7 1,761 407 1,396 7 1,396
Doha Bank Q.S.C. 326 1,761 6 1,761 326 1,396 6 1,396
Emirates NBD Bank PJSC 261 1,761 5 1,761 261 1,396 5 1,396
Industrial and Commercial Bank of China 222 1,761 4 1,761 222 1,396 4 1,396
VTB Capital PLC 407 1,761 7 1,761 407 1,396 7 1,396
Reliance Capital Limited * - - 2 1,841 - - 2 1,476
Total 2,736 31 2,736 31
2.17.4
Since the Company is in the process of implementing the approved resolution plan and claims have been filed by lenders under CIRP, the
overall obligations and liabilities including obligation for interest on loans shall be determined as per the Code. The total loan amount has been
disclosed in delay/ default and the delay/ defaults are based on original terms of facility or from the date of recall, where loans have been
recalled.
2.17.5
Apart from above outstanding of Interest, the Company has not provided Interest Expenses of ` 1,421 crore upto March 31, 2022 ( Previous
year upto March 31, 2021 ` 1,132 crore) calculated based on basic rate of interest as per terms of loan as at March 31, 2022 and therefore it
has not been disclosed.
2.17.6
* During the earlier year, the Company was in the process of finalising and implementing its asset monetization and debt resolution plan,
comprising the Company‘s restructuring of Debt including allotment of shares against debt from lenders by Ultimate Holding Company.
Accordingly, during the year ended March 31, 2019, in order to allot the shares of Ultimate Holding Company, debt aggregating to ` 721 crore
was transferred by the Company to Ultimate Holding Company.
2.17.7
** During the earlier year,Standard Chartered Bank has assigned the loan to S C Lowy Primary Investments Limited.
2.17.08
Preference Share Capital
March 31, 2022 March 31, 2021
Issued, Subscribed and fully Paid up
4,00,00,000 (4,00,00,000) 0.1% Redeemable, Non
Cumulative, Non Convertible Preference Shares of
Face value of ` 10 each 40 40
40 40
a. Shares held by Promoters of the Company:
Particulars No. of % of % Change during
Shares Total the year
Shares
Reliance Communications Limited 4,00,00,000 100 Nil
(4,00,00,000 (100) (Nil)
)
b. Shares held by Holding / Ultimate Holding Company and / or their Subsidiaries:
Particulars No. of No. of
Shares Shares
Reliance Communications Limited 4,00,00,000 4,00,00,000
c. Details of Shareholders holding more than 5% shares in the Company:
Particulars No. of % No. of %
Shares Shares
Reliance Communications Limited 4,00,00,000 100 4,00,00,000 100
d. Reconciliation of Shares outstanding at the beginning and at the end of reporting period
Particulars No. of ` in No. of ` in crore
Shares crore Shares
At the beginning of the year 4,00,00,000 40 4,00,00,000 40
Add / (Less) : Change during the year - - - -
Outstanding at the end of the year 4,00,00,000 40 4,00,00,000 40
e. Terms /right attached to the shares

Preference Shares
Yield on Redeemable Preference Shares (RPS) is revised to 0.1% per annum, RPS shall be redeemed at the end of 20
years from the date of allotment thereof at 0.1% yield per annum on face value of `10 each plus premium of ` 990
each paid at the time of application. However, if dividend has been paid in any year same will be reduced while
calculating the yield at the time of redemption. At the option of the Preference Shareholders, the Preference Shares
can be redeemed at 0.1% yield p.a. on face value plus premium paid at the time of application, any time after the date
of allotment by giving not less than 3 months advance request to the Company. Such Preference Share shall carry a
preferential right over the equity shares of the Company as regard to payment of dividend and repayment of capital in
the event of winding up of the Company.
f. Since the Ultimate Holding Company is undergoing CIRP and the Company is in the process of implementing the
approved resolution plan , expenses in respect of Yield on Preference Shares has not been recognised from financial
year 2019-20 onwards amounting to ` 4 crore per year.
Note 2.18
Trade Payables (Refer Note 2.29) ( ` in Crore)
March 31, 2022 March 31, 2021
Due to Micro and Small Enterprises
28 25
(Refer Note 2.18.01)
Due to creditors other than Micro and Small Enterprises 811 746
839 771
2.18.01
Disclosure relating to Micro, Small and Medium Enterprises
Under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED) which came into force from
October 2, 2006, certain disclosures are required to be made relating to MSME. On the basis of the information and
records available with the Company, the following disclosures are made for the amounts due to the Micro, Small and
Medium Enterprises.
March 31, 2022 March 31, 2021
(i) Principal amount due to any supplier as at the year 29 26

end
(ii) Interest due on the principal amount unpaid at the 8 5
year end to any supplier
(iii) Amount of Interest paid by the Company in terms of - -
Section 16 of the MSMED, along with the amount
of the payment made to the supplier beyond the
appointed day during the accounting year
(iv) Payment made to the enterprises beyond 112 115

appointed date under Section 16 of MSMED
(v) Amount of Interest due and payable for the period * 1
of delay in making payment, which has been paid
but beyond the appointed day during the year but
without adding the interest specified under MSMED
(* ` 47,47,283)
(vi) Amount of interest accrued and remaining unpaid 9 6
at the end of each accounting year
(vii) Amount of further interest remaining due and 8 4
payable even in the succeeding years, until such
date when the interest dues as above are actually
paid to the small enterprises for the purpose
of disallowance as a deductible expenditure
under Section 23 of MSMED
2.18.02
Ageing of Trade payables from the due date of payment as at March 31, 2022
Not Less then 1 1-2 2-3 More than
Particulars Total
Due year years years 3 years
Undisputed dues-MSME - 12 - 11 5 28
(-) (4) (16) (2) (3) (25)
Undisputed dues-Others - 109 9 50 643 811
(-) (44) (57) (57) (588) (746)
Disputed dues-MSME - - - - - -
(-) (-) (-) (-) (-) (-)
Disputed dues-Others - - - - - -
(-) (-) (-) (-) (-) (-)
- 121 9 61 648 839
Total
(-) (48) (73) (59) (591) (771)
Note 2.19
Other Financial Liabilities ( ` in Crore)
March 31, 2022 March 31, 2021
Yield payable on Preference Shares 35 35
Interest accrued and due on loans 31 31
Capital Creditors 7 7
Other Liabilities
-From Related Parties* 253 253
-Others** 1,024 704
1,350 1,030
* The amount was received from Reliance Realty Limited during financial year 2018-19. Pending finalisation of terms,
interest has not been charged and the same has been shown as "Other Financial Liabilities".
** Includes provision for material and services received, employee's dues and stale cheques.
Note 2.20
Other Current Liabilities ( Refer Note 2.29) ( ` in Crore)
March 31, 2022 March 31, 2021
Income Received in Advance
( Refer Note 2.20.01) 1,989 1,973
Advance from Customers 86 81
Security Deposit 270 268
Other Liabilities* 24 28
2,369 2,350
2.20.01
Income received in Advance is net off unbilled revenue ` 1,021 crore (Previous Year ` 917 crore) . The Company is in
the process of reconciliation of unbilled revenue with customers on account of various business parameters and any
GST applicable thereon shall be paid upon completion of pending reconciliation and billing thereof.
* Includes amounts payable to Government Authorities.
Note 2.21
Provisions
March 31, 2022 March 31, 2021
Provision for Asset Retirement Obligations (Refer
Note 2.31) 233 233
Employee Benefits (Refer Note 2.31 & 2.38) 2 2
235 235
# Reliance Infratel Limited
( ` in Crore)
March 31, 2022 March 31, 2021
Note 2.22
Revenue From Operations
Service Revenue 1,186 1,208
1,186 1,208
2.22.01
Revenue for the year from sale of services as disclosed above pertains to revenue from contracts with
customers over a period of time. The Company has not given any volume discounts, service level credits,
etc during the year. Revenue for the year has been disaggregated as under:
(a) Tower 1,104 1,104

(b) OFC 82 112
(c) Others 4 -
(d) Total Revenue including other Income 1,190 1,216
The Company has applied the practical expedient in Ind AS 115. Accordingly, the Company has not
disclosed the aggregate transaction price allocated to pending performance obligations which are subject
to variability due to several factors such as terminations, changes in scope of contracts, periodic
revalidations of the estimates, economic factors (changes in currency rates, tax laws etc). No
consideration from contracts with customers is excluded from the amount mentioned above.
The Company classifies the right to consideration in exchange for deliverables as either a receivable or as
unbilled revenue if revenue is accrued. Receivable and unbilled revenue are a right to consideration that is
unconditional upon passage of time. Receivable is presented net of impairment in the Balance Sheet.
Invoicing in excess of earnings are classified as unearned revenue. Unearned revenue at March 31, 2022
was ` 1,989 crore (net off unbilled revenue of ` 1,021 crore pending reconciliation with customer on
account of various business parameters). Any GST applicable on the said unbilled revenue shall be paid
upon completion of reconciliation with customers and billing thereof.
2.22.02
In line with the directive of the Monitoring Committee (MC) Operational Loss of ` 104 crore, incurred during
the quarter ended March 31, 2022 has been adjusted and recognized as unbilled revenue.
Note 2.23
Other Income
Interest Income* 4 -
Miscellaneous Income** - 8
4 8
* Interest on Bank Deposits
** includes write back of provision for liabilities no longer requirement ` Nil (Previous year ` 8 crore)
# Reliance Infratel Limited
( ` in Crore)
March 31, 2022 March 31, 2021
Note 2.24
Network Expenses
Power and Utilities ( Net off recovery from Customers) 413 353
Repairs and Maintenance - Plant and Machinery 310 331
Rent 705 705
Rates and Taxes 19 15
Insurance 8 8
1,455 1,412
Note 2.25
Employee Benefits Expenses
Salaries ( Including Managerial Remuneration ) 18 17
(Refer note 2.40)
Contribution to Provident and Gratuity Fund (Refer 1 1
note 2.38 & 2.40)
Employee welfare and other amenities 3 3
22 21
Note 2.26
Finance Costs
Interest Expense - -
Other Finance Costs - -
- -
2.26.01 Non Provision of Interest and Foreign Exchange Variation
Considering various factors including admission of the Company to debt resolution process under the IBC
with effect from May 15, 2018 and pursuant to the commencement of Corporate Insolvency Resolution
Process (CIRP) of the Company under Insolvency and Bankruptcy Code, 2016 (IBC), there are various
claims submitted by the operational creditors, the financial creditors, employees and other creditors. The
Overall obligation and liabilities including obligation for interest on loans and the principal rupee amount in
respect of loans including foreign currency denominated loans shall be determined as per approved
resolution plan and accounting impact/ disclosure, if any, will be given on implementation of the approved
resolution plan. Further, prior to May 15, 2018, the Company was under Strategic Debt Restructuring
(SDR) and asset monetization and debt resolution plan was being worked out. The Company has not
provided Interest of ` 289 crore calculated based on basic rate of interest as per terms of loan and foreign
exchange variation (loss) to ` 67 crore for the year ended March 31, 2022. Had the Company provided
Interest and foreign exchange variation, the Loss would have been higher by ` 356 crore for the year
ended March 31, 2022. The Net worth of the Company would have been lower by ` 1,686 crore and `
1,330 crore as on March 31, 2022 and March 31, 2021 respectively. During the previous years, Interest of
` 1,132 crore and foreign exchange variation (loss) to ` 198 crore was not provided during the financial
year ended March 31, 2018 March 31, 2019, March 31, 2020 and March 31, 2021.
Note 2.27
General And Administration Expenses
CIRP Expenses 5 15
Hire Charges 11 11
Provision for Doubtful Debts - 3
Other Administration and Miscellaneous Expenses
7 3
Payment to Auditors
- -
'-Statutory Audit Fee ` 5,00,000 ( ` 5,00,000)
23 32
Note : 2.28
Previous Year
Previous year figures have been regrouped and reclassified, wherever required. Amount in financial
statements are presented in Rupees in crore, except as otherwise stated.
Note : 2.29
Going Concern
Pursuant to an application filed by Ericsson India Pvt. Ltd before the National Company Law Tribunal,
with the rules and regulations framed there under (“Code”), the NCLT had admitted the application
and ordered the commencement of corporate insolvency resolution process (“CIRP”) of Reliance
Infratel Limited (“the Company” ) vide its order dated May 15, 2018. The NCLT had appointed Mr.
Manish Kaneria as the interim resolution professional for the Company vide its order dated May 18,
2018. However, the Hon'ble National Company Law Appellate Tribunal ("NCLAT") by an order dated
May 30, 2018 had stayed the order passed by the Hon'ble NCLT for initiating the CIRP of the
Company and allowed the management of the Company to function. In accordance with the order of
the Hon'ble NCLAT, Mr. Manish Kaneria handed over the control and management of the Company
back to the erstwhile management of the Company on May 30, 2018. Subsequently, by order dated
April 30, 2019, the Hon'ble NCLAT allowed stay on CIRP to be vacated. On the basis of the order of
the Hon'ble NCLAT, Mr. Manish Kaneria, wrote to the management of the Company on May 02, 2019
requesting the charge, operations and management of the Company to be handed over back to IRP.
Therefore, Mr. Manish Kaneria had in his capacity as IRP taken control and custody of the
management and operations of the Company from May 02, 2019. Subsequently, the committee of
creditors of the Company pursuant to its meeting held on May 30, 2019 resolved, with requisite voting
share, to replace the existing interim resolution professional, i.e. Mr. Manish Kaneria with Mr. Anish
Niranjan Nanavaty as the resolution professional for the Company in accordance with Section 22(2)
of the Code. Subsequently, upon application by the CoC in terms of Section 22(3) of the Code, the
NCLT appointed Mr. Anish Niranjan Nanavaty as the resolution professional for the Company (“RP”)
vide its order dated June 21, 2019, which was published on June 28, 2019 on the website of the
NCLT. Accordingly, the IRP handed over the matters pertaining to the affairs of the Company to the
RP as on June 28, 2019 who assumed the powers of the board of directors of the Company and the
responsibility of conducting the CIRP of the Company.
On the basis of the Hon'ble NCLAT's order dated April 30, 2019, the CIRP in respect of the Company
has been re-commenced and interim resolution professional has been appointed. Subsequently,
appointment of Mr. Anish Niranjan Nanavaty as the Resolution Professional (RP) of the Company
has been confirmed by the NCLT vides its order dated June 21, 2019, which was published on June
28, 2019 on the NCLT‟s website.
Further, a resolution plan, submitted by Reliance Projects and Property Management Services
Limited in respect of the Company as approved by Committee of Creditors in its meeting held on
March 2, 2020, has been approved by Hon‟ble NCLT, Mumbai Bench, vide order dated December 3,
2020. Upon approval of the resolution plan, Mr. Anish Niranjan Nanavaty has ceased to be the
resolution professional of the Company.
Pursuant to the terms of the approved resolution plan, with effect from the date of the NCLT approval
order, the Monitoring Committee is required to oversee the management of the affairs of the
Company. The Monitoring Committee has been constituted comprising of Mr. Anish Niranjan
Nanavaty (as the insolvency professional), a representative each of State Bank of India and China
Development Bank nominees/representatives of approved financial creditors and two nominees of
the successful resolution applicant, and has assumed its roles and responsibilities in accordance with
the terms of the approved resolution plan. During the period between NCLT approval date and the
effective date (as defined under the resolution plan), the powers of the existing board of directors of
the Company shall continue to remain suspended and such powers shall be exercised by the
Monitoring Committee in accordance with the approved resolution plan. The approved resolution plan
is yet to be implemented and a status report in respect of implementation of the resolution plan has
been submitted to the NCLT.
Certain lenders had appointed an auditor for conducting forensic audit on the affairs of the Company,
Reliance Communications Limited ("RCOM") and Reliance Telecom Limited ("RTL"), and a forensic
audit report has been purportedly issued by the auditor to such lenders (however, a copy of the report
has not been provided to the relevant Companies or their RP/erstwhile RP as it was a report
prepared only for the benefit of the lenders). An application has been filed by Reliance Projects and
Property Management Services Limited, the successful resolution applicant of the Company before
the NCLT, Mumbai Bench seeking inter alia copies of the forensic audit report on the basis of which
certain banks have declared the accounts of the Company (and that of RCOM and RTL) as “fraud” in
terms of the Master Directions on Frauds dated July 01, 2016 issued by the Reserve Bank of India,
and other information and documents in respect thereof. The Company has not been arraigned as a
party to the said application. The matter was disposed off on March 16, 2022 with directions to State
Bank of India to share excerpts of the report with the successful resolution applicant subject to the
successful resolution applicant entering into a non-disclosure agreement, if any, as such knowledge
of facts will facilitate smooth implementation of resolution plan. It was further clarified in the said
order that there shall be no change in terms of the approved resolution plan including payment
schedule etc. The resolution plan is yet to be implemented and deliberations are ongoing in the
monitoring committee seeking expeditious implementation of the approved resolution plan.
Certain applications had been filed by Doha Bank and other banks before the NCLT, Mumbai Bench
challenging the constitution of the CoC of the Company basis certain corporate guarantees issued by
the Company in respect of facilities availed by RCOM, allegedly without consent of the applicant
lenders. The NCLT vide order dated March 2, 2021 has partly allowed the appeal and directed “R2 to
R7" are not recognised as Financial Creditors of the Company. R1 (RP) is directed to re-constitute
the CoC” An appeal has been filed by certain lenders against the order of the NCLT before NCLAT.
On April 12, 2021, the NCLAT has stayed the operation of the impugned order until next date. The
matter remains sub judice before the NCLAT.
An application had been filed by Doha Bank before the NCLT, Mumbai Bench challenging the
decision of the RP of the Company of admission of claims of certain indirect lenders in the CIRP of
the Company, on the basis of deed of hypothecation. The NCLT has, vide order dated March 2,
2021, dismissed the application. An appeal has been filed by Doha Bank against the order of the
NCLT before the NCLAT. On June 22, 2021, the NCLAT has granted stay on distribution of proceeds
under the plan among financial creditors as interim relief. The matter, is currently sub judice.
On implementation of the approved resolution plan, the Company will carry out a comprehensive
review of all the assets and liabilities and accordingly provide for impairment of assets including
balances lying with Goods & Service Tax (GST) and write back of liabilities, if any. Consistent with the
practice followed in earlier years, interest has not been charged on loans given to subsidiaries / fellow
subsidiaries. Receivable and Payable balances are subject to confirmation from the respective
parties.
Considering these developments including, in particular, the erstwhile RP having taken over the
management and control of the Company inter alia with the objective of running it as going concern
during the CIRP and thereafter, upon approval of the resolution plan, the Monitoring Committee
having been constituted for supervision of the management of the Company until the effective date
(as defined in the approved resolution plan), the financial statements continue to be prepared on
going concern basis. However, since the Company continues to incur loss, current liabilities exceed
current assets and the Company has defaulted in repayment of borrowings, payment of regulatory
and statutory dues, these events indicate that material uncertainty exists that may cast significant
doubt on Company‟s ability to continue as a going concern.
Note : 2.30
Schemes of Amalgamation and Arrangement of earlier years
Pertaining to earlier years: The Company, during earlier years undertook various Schemes so as to
align the interest of the shareholders. Accordingly, pursuant to Schemes of Amalgamation and
Arrangement ('the Schemes") under Sections 391 to 394 of the Companies Act, 1956 approved by
the Hon'ble High Court of respective Judicature, the Company, during the respective years, recorded
all necessary accounting effects, along with requisite disclosure in the Notes on Account, in
accordance with the provisions of the said Schemes. Capital Reserve of ` 1,793 crore represents
excess of assets over liabilities taken over upon merger of Netizen Rajasthan Limited (NRL), a wholly
owned subsidiary of the Company into the Company.
Note 2.31
Movement of Provisions (Current/ Non current) (` in Crore)
Current Non Current
Particulars
March 31 March 31
2022 2021 2022 2021
Provision for Retirement Benefit
Balances at the beginning of the year 2 1 3 2
Additional provision - 1 - 1
Balances at the close of the year 2 2 3 3
Asset Retirement Obligations
Balances at the beginning of the year 233 233 - -
Additional provision on account of Asset Retirement Obligation - - - -
Balances at the close of the year 233 233 - -
The aforesaid provisions shall be utilised on settlement of the claims, if any, there against.
Note 2.32
(` in Crore)
As at As at
Particulars
March 31, 2022 March 31, 2021
(a) Commitment for Capital
Estimated amount of contracts remaining to be executed - -
on capital accounts and not provided for
(b) Contingent Liabilities
Disputed Liabilities in tower construction pending 100 100
adjudication
Disputed Liability for Entry Tax, VAT / CST 488 140
and Service Tax *
Disputed Liability for Direct Tax* 340 289
Employee Related 1 1
* The Company has deposited ` 15 crore (Previous year ` 15 crore) ,` 49,20,482 (Previous year
`49,20,482),` 6 crore (Previous year ` 6 crore) and ` 141 crore ( Previous year ` 141 crore) under
protest with Entry Tax, VAT/CST,Service Tax and Income Tax authorities respectively against the
demand, which are included in Other Current Assets (Note 2.11) and Income Tax Assets (Note 2.03).
(c) Considering various factors including admission of the Company to debt resolution process under
the Code with effect from May 15, 2018 and pursuant to the commencement of Corporate Insolvency
Resolution Process (CIRP) of the Company under the Code, there are various claims submitted by
the operational creditors, the financial creditors, employees and other creditors. The Overall
obligations and liabilities including obligation for interest on loans and the principal rupee amount in
respect of loans including foreign currency denominated loans shall be determined as per the
approved resolution plan and accounting impact/ disclosure, if any, will be given on implementation of
the approved resolution plan.
(d) The Company has been served with copies of writ petitions filed by Mr. Punit Garg and certain
others, being directors of the Company, its ultimate holding company and its fellow subsidiary before
the Hon‟ble High Court of Delhi, challenging the provisions of the RBI Master Directions on Frauds-
Classification and Reporting by commercial banks and select FIs bearing No. RBI/ DBS/ 2016-17/ 28
DBS. CO. CFMC. BC. No. 1/ 23.04.001/ 2016-17 dated July 1, 2016 (“Circular”) and the declaration
by certain banks classifying the loan accounts of the Company, Reliance Communications Limited
("RCOM") and Reliance Telecom Limited (“RTL”) being fraudulent in terms of the Circular.
The Company, RCOM and RTL have been represented through their advocates and accepted notice
in the petitions. The respective respondent-banks have been directed, on various dates of hearing,
to maintain status quo until the next date of hearing by the Hon‟ble High Court, the said petitions
have been listed on various dates where counsels of various parties have made arguments and are
presently sub judice before the Hon‟ble High Court of Delhi. Currently, there is no impact of such
declaration by the banks, in the financial statements.
During the previous year and current year, a bank had issued show cause notices to the Company,
its ultimate holding company, its holding company, its fellow subsidiary and certain directors seeking
reasons as to why the Company, its ultimate holding company, its holding company and its fellow
subsidiary should not be classified as willful defaulter. The Company, its ultimate holding company,
its holding company and its fellow subsidiary have responded to the show cause notices. The
Company in its response has highlighted that the proceedings and the classification of the Company
as a willful defaulter is barred during the prevailing moratorium under section 14 of the Code and
requested the banks to withdraw the notices. Further, the bank had issued notice seeking personal
hearing by the authorized representative of the Company ,its ultimate holding company, its holding
company and its fellow subsidiary in respect of the aforesaid matter. Hearings were attended to and
necessary submissions were made in accordance with the submissions made earlier in the
responses to the show cause notices . No further response has been received from the banks since
then. Currently, there is no impact of such notices issued by banks, in the financial statements.
Note 2.33
Lease
The Assets of the Company are held for sale as per Ind AS 105 and being short term in nature and
accordingly lease agreements are considered to be short term in nature hence Ind AS 116 has not
been applied.
Note 2.34
The fair value of financial assets and liabilities are included at the amount at which the instrument
could be exchanged in a current transaction between willing parties, other than in a forced or
liquidation sale.
Fair value of cash, trade and other short term receivables, trade payables, other current liabilities,
short term loans from banks and other financial institutions approximate their carrying amounts
largely due to the short term maturities of these instruments
Financial Instruments with fixed and variable interest rates are evaluated by the company based on
parameters such as interest rates and individual credit worthiness of the counterparty.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data
(unobservable inputs).
The carrying value and fair value of financial instruments were as follows:
(` in Crore)
As at As at
Particulars
March 31, 2022 March 31, 2021
Investments (Refer Note 2.05) - -
Cash and cash equivalents (Refer Note 2.07) 162 307
Bank Balances other than (iii) above (Refer Note 2.08) 167 -
Loans (Refer Note 2.09) 1,200 1,200
Trade receivables (Refer Note 2.06) 349 347
Other financial assets (Refer Note 2.10) 1,309 1,303
Total 3,187 3,157
Financial assets at fair value through other
Nil Nil
Trade payables (Refer note 2.18) 839 771
Borrowings (Refer Note 2.17) 6,736 6,736
Total 8,925 8,537
Financial Liabilities at fair value through other
Nil Nil
Activities of the Company expose it to a variety of financial risks, market risk, credit risk and liquidity
risk.
The Company‟s financial liabilities comprise of borrowings, trade payable and other liabilities to
manage its operation and financial assets includes trade receivables, deposits, cash and bank
balances, other receivables etc. arises from its operation.
Corporate Insolvency Resolution Process (“CIRP”) was initiated in case of the Company under the
Provisions of the Insolvency and Bankruptcy Code, 2016 (the Code). Pursuant to the order, the
management of affairs of the Company and powers of board of directors of the Company stands
vested with the Monitoring Committee. The framework and the strategies for effective management
will be established post implementation of approved resolution plan. Presently, the financial
management activities are restricted to management of current assets and liabilities of the company
and the day to day cash flow and its associated risks are as under:
Market risk
The Company purchase its assets and spares in several currencies and consequently the Company
is exposed to foreign exchange risk to the extent that there is mismatch between the currencies in
which its purchases from overseas suppliers and borrowings in various foreign currencies. Market
risk is the risk that change in market price such as foreign exchange rates, interest rates will affect
income or value of its holding financial assets/instruments. The exchange rate between the rupee
and foreign currencies has changed substantially in recent years and may fluctuate substantially in
future. Consequently, the results of the Company's operations are adversely affected as the rupee
appreciates/ depreciates against US dollar. Since the Company is in the process of implementing the
approved resolution plan, it is not required to meet any loan or interest obligation . As the overall
obligation and liabilities shall be determined as per approved resolution plan, foreign currency loans
are stated at exchange rate as at March 31, 2018.
Foreign Currency Risk from financial instruments as of : (` in Crore)
As at As at
March 31, 2022
Borrowings (1,623) (1,623)
Trade payables (9) (9)
Net assets / (liabilities) (1,632) (1,632)
Not relevant till the implementation of resolution plan.
Interest Rate Risk
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair
value interest rate risk is the risk of changes in fair values of fixed interest bearing
investments because of fluctuations in the interest rates, in cases where the borrowings are
measured at fair value through profit or loss. Cash flow interest rate risk is the risk that the
future cash flows of floating interest bearing investments will fluctuate because of fluctuations
in the interest rates. Since the Company is in the process of implementing the approved
resolution plan, it is not required to meet interest obligation .
Exposure to interest rate risk / Sensitivity Analysis

Not relevant till the implementation of resolution plan.
Credit risk
Credit risk refers to the risk of default on its obligation by the customer/ counter party resulting in a
financial loss. The maximum exposure to the credit risk at the reporting date is carrying value of
respective financial assets.
Trade receivables and unbilled revenue are typically unsecured and are derived from revenue earned
from customers. Credit risk has been continuously monitored and is low based on historical
experience of collecting the receivables. Since, the Company is in process of implementation of
approved resolution plan, any impairment relating to trade receivable will be recognised on
implementation of approved resolution plan.
Liquidity risk
The Company is in the process of implementing the approved resolution plan. The Company
depends upon timely receipt from sales and delay in sales realisation as well as vendor payments
can severely impact the current level of operation. Liquidity crises had led to default in repayment of
principal and interest to lenders. Since the Company is in the process of implementing the approved
resolution plan, it is not required to meet any loan or interest obligation.
Note 2.35
Capital Management
Capital of the Company, for the purpose of capital management, include issued equity capital and all
other equity reserves attributable to the equity shareholders of the Company. The Company‟s
objective when managing the capital is to safeguard the Company‟s ability to continue as a going
concern and the Company is in the process of implementing the approved resolution plan and
operating as a going concern.
(` in Crore)
As at As at
Particulars
March 31, 2022 March 31, 2021
(a) Equity 789 966
(b) Debt 6,736 6,736
(c) Equity and Debt (a+b) 7,525 7,702
(d) Capital Gearing Ratio (b/c) 90% 87%
Note 2.36
March 31, 2022 March 31, 2021
(a) Profit / (Loss) attributable to Equity Shareholders (` in crore) (177) (189)
(used as numerator for calculating Basic EPS)
(b) Weighted average number of Equity Shares (used
as denominator for calculating Basic EPS) 279 31 41 868 279 31 41 868
(c) Basic and Diluted Earnings per Share of ` 10 each (`) (0.63) (0.68)
Note 2.37
During the year, the Company has not surrendered or disclosed any income, previously unrecorded
in the books of account as income, in the tax assessments under the Income Tax Act, 1961.
Note 2.38
Employee Benefits
(a) Gratuity : In accordance with the applicable Indian laws, the Company provides for the gratuity, a defined
benefit retirement plan (Gratuity Plan) for all employees. The Gratuity Plan provides a lump sum payment to
vested employees, at retirement or termination of employment, an amount based on respective employee‟s
last drawn salary and for the years of employment with the Company.
The gratuity plan is governed by the Payment of Gratuity Act, 1972 (Gratuity Act). The Company is bound to
pay the statutory minimum gratuity as prescribed under Gratuity Act. There are no minimum funding
requirements for a gratuity plan in India. The Company‟s philosophy is to fund the benefits based on its own
liquidity and tax position as well as level of underfunding of the plan vis-à-vis settlements. The management is
responsible for the overall governance of the plan.
The following table sets out the status of the Gratuity Plan (unfunded) as required under Accounting Standard
("AS") 15 (Revised) "Employee Benefits".
( Amount in ` )
March 31, 2022 March 31, 2021
Obligation at the beginning of the year 3 57 34 475 2 01 97 571
Service Cost 24 32 918 29 63 211
Interest Cost 16 22 345 10 17 958
Liability Transferred from other Company - 1 31 97 023
Actuarial (gain) / loss - Due to Experience ( 43 97 460) ( 12 005)
Actuarial (gain) / loss - Due to Change in Financial Assumptions ( 2 18 556) 2 77 483
Actuarial (Gains)/Losses on Obligations - - -

Due to Change in Demographic Assumptions
Benefits Paid ( 34 28 301) ( 19 06 766)
Obligation at the end of the year 3 17 45 421 3 57 34 475
(ii) Reconciliation of present value of the obligation and the fair value of the plan assets
Fair value of plan assets at the end of the year - -
Present value of the defined benefit obligation at the end of the
year 3 17 45 421 3 57 34 475
Liability recognized in the Balance Sheet 3 17 45 421 3 57 34 475
(iii) Expense Recognised in the Statement of Profit and loss
Service Cost 24 32 918 29 63 211
Interest Cost 16 22 345 10 17 958
Total 40 55 263 39 81 169
( Amount in ` )
March 31, 2022 March 31, 2021
(iv) Amount Recognised in Other Comprehensive Income
Actuarial (gain) / loss - Due to Experience ( 43 97 460) ( 12 005)
Actuarial (gain) / loss - Due to Change in Financial Assumptions ( 2 18 556) 2 77 483
Actuarial (Gains)/Losses on
Obligations - Due to Change in -
Demographic Assumptions
Total ( 46 16 016) 2 65 478
(v) Assumptions
Estimated return on plan assets - -
Salary growth rate - -
The estimates, of future salary increases, considered in actuarial valuation, take into account inflation,
seniority, promotion and other relevant factors such as supply and demand factors in the employment market.
( Amount in ` )
Particulars As at March 31
2022 2021 2020 2019 2018
(vi) Particulars of amounts for the year and Previous years
Present Value of benefit
obligation 3 17 45 421 3 57 34 475 2 01 97 571 1 76 40 495 2 27 55 479
Fair value of plan assets - - - - -
Excess of obligation over plan
assets (plan assets over
obligation) 3 17 45 421 3 57 34 475 2 01 97 571 1 76 40 495 2 27 55 479
(vii) Experience Adjustment
On Plan Liabilities ( 43 97 460) ( 12 005) 75 98 899 ( 6 79 733) ( 28 18 909)
On Plan Assets - - - - -
(viii) Sensitivity analysis
( Amount in ` )
March 31, 2022 March 31, 2021
Delta Effect of +1% Change in Rate of Discounting ( 4 99 842) ( 5 54 960)
Delta Effect of -1% Change in Rate of Discounting 5 09 704 5 66 048
Delta Effect of +1% Change in Rate of Salary Increase -
Delta Effect of -1% Change in Rate of Salary Increase -
Delta Effect of +1% Change in Rate of Employee Turnover ( 113) ( 86)
Delta Effect of -1% Change in Rate of Employee Turnover 124 94
(ix) Maturity analysis of defined benefit plan (fund)
1st Following Year 1 38 56 952 1 63 82 004
2nd Following Year 91 03 100 1 00 73 446
3rd Following Year 47 17 215 47 20 418
4th Following Year 22 47 236 24 29 373
5th Following Year 10 25 314 11 65 811
Sum of Year 6 and above 7 95 304 9 63 323
(b) Defined contribution plan
Provident Fund contribution of ` 1 core (Previous year ` 1 crore) is recognised as an expense and included in
"Employee Benefit Expenses" (Refer Note 2.25) to Statement of Profit and Loss.
Note 2.39
Corporate Social Responsibility Expenditure (as per section 135 of the Companies Act, 2013 read with
Schedule VII)
The Company is not required to spend towards Corporate Social Responsibility (CSR) as per Section 135 of
the Companies Act, 2013, since there is no average profit in the last 3 years calculated as per the provisions of
the Act.
Note 2.40
Related Party Disclosures
As per the Indian Accounting Standard (“Ind AS”) 24 of “Related Party Disclosures”, the disclosure of transactions with the
related parties as defined therein are given below. All transactions entered into by the Company with related parties, were in
ordinary course of business and on arms‟ length basis.
A. List of Related Parties - where control exists
1 Reliance Innoventures Private Limited Holding Company of Ultimate Holding Company
(upto February 6, 2019)
2 Reliance Communications Limited Ultimate Holding Company
3 Reliance Communications Infrastructure Limited Holding Company
4 Reliance Bhutan Limited Wholly owned Subsidiary
5 Shri Gourav Ranawat (till February 15, 2022) Key Managerial Personnel
6 Ms. Namrata Shinde (w.e.f. March 14, 2022) Key Managerial Personnel
B. List of other Related Parties where there have been transactions
(i) Fellow Subsidiary Companies
3 Reliance Globalcom BV, the Netherlands
4 Reliance Telecom Infrastructure (Cyprus) Holdings Limited
6 Towercom Infrastructure Private Limited
(ii) Enterprise over which Promoter of Ultimate Holding Company having control
4 BSES Rajdhani Power Limited
6 Reliance Defence Limited
(iii) Employee Benefit Trust- Ultimate Holding Company having control
1 Reliance Infocomm Limited Employee Gratuity Fund
C. Transactions with related parties during the year April 1, 2021 to March 31, 2022
( ` in Crore)
Enterprise
Ultimate Subsidiaries Employee Key
Sr. Holding having
Nature of Transactions Holding / Fellow Benefit Managerial Total
No. Company Common
Company Subsidiaries Trust Personnel
Control
1 Allotment of Shares
Equity Shares:
Balance as at April 1, 2021 # 2,226 - 434 - - - 2,660
(2,226) (-) (434) (-) (-) (-) (2,660)
Allotted during the Year - - - - - - -
(-) (-) (-) (-) (-) (-) (-)
Balance as at March 31,2022 # 2,226 - 434 - - - 2,660
(2,226) (-) (434) (-) (-) (-) (2,660)
( ` in Crore)
Enterprise
Sr. Holding having
No. Company Common
Control
Preference Shares:
Balance as at April 1, 2021 - 4,000 - - - - 4,000
(Including Premium) (-) (4,000) (-) (-) (-) (-) (4,000)
Allotted during the Year - - - - - - -
(-) (-) (-) (-) (-) (-) (-)
Balance as at March 31, 2022 - 4,000 - - - - 4,000
(Including Premium) (-) (4,000) (-) (-) (-) (-) (4,000)
2 Investments
Equity Shares:
Balance as at March 31, 2021
** ` 5,05,000
(Previous year ` 5,05,000) - - ** - - - -
(-) (-) (-) (-) (-) (-) (-)
Purchased during the year - - - - -
(-) (-) (-) (-) (-) (-) (-)
Sold During the Year - - - - - -
(-) (-) (-) (-) (-) (-) (-)
Balance as at March 31, 2022
** ` 5,05,000
(Previous year ` 5,05,000) - - ** - - - -
(-) (-) (-) (-) (-) (-) (-)
3 Service Revenue - 38 - - - - 38
(-) (136) (-) - (-) (-) (136)
4 Expenses including Sharing of
Expenses - 19 1 19 - - 39
(-) (10) (1) (19) (-) (-) (30)
5 Trade Payable - 30 1 5 - - 36
(-) (-) (1) (7) (-) - (8)
6 Other Financial Liabilities - - 253 - - - 253
(-) (15) (253) (-) (-) (-) (268)
7 Advance from Customers - 86 - - - - 86
(-) (81) (-) (-) (-) (-) (81)
8 Redemption Premium Payable
on Preference Share - 35 - - - - 35
(-) (35) (-) (-) (-) (-) (35)

( ` in Crore)
Enterprise
Sr. Holding having
No. Company Common
Control
9 Loan Given
Balance as at April 1, 2021 - - 1,200 - - - 1,200
(-) (-) (1,200) (-) (-) (-) (1,200)
Given/adjusted during the year - - - - - - -
(-) (-) (-) (-) (-) (-) (-)
Refund/assigned during the year - - - - - - -
(-) (-) (-) (-) (-) (-) (-)
Balance as at March 31, 2022 - - 1,200 - - - 1,200
(-) (-) (1,200) (-) (-) (-) (1,200)
10 Advance Given/ Deposits 1,087 - *** 4 - - 1,091
(1,087) (-) *** (4) (1) (-) (1,092)
*** ` 37,11,636 ( Previous Year ` 37,11,636 )
11 Trade Receivables - - 167 - - - 167
(-) (-) (167) (-) (-) (-) (167)
12 Corporate Guarantee on behalf - 3,011 - - - - 3,011
of the Company
(-) (2,984) (-) (-) (-) (-) (2,984)
13 Managerial Remuneration
Shri Gourav Ranawat - - - - - @ @
(-) (-) (-) (-) (-) @ @
@ ` 6,37,012 (Previous Year ` 4,81,250)
Namrata Shinde - - - - - $ $
(-) (-) (-) (-) (-) (-) (-)
$ ` 31,183 (Previous Year ` Nil)
The following table describes the components of compensation paid or payable to key management personnel for the services
rendered during the year ended:
(`)
March 31, 2022 March 31, 2021
Salaries and other benefits 633,994 454,276
Contributions to defined contribution plans 24,415 19,047
Contributions to gratuity plans 9,786 7,927
Total 668,195 481,250
Note:
a Previous year figures are given in brackets.
b # Includes shares purchased by fellow subsidiary from outside.
Note 2.41
Pursuant to first proviso to sub-section (3) of section 129 of the Act, read with rule 5 of Companies (Accounts) Rules, 2014, the
Company has attached salient features of the financial statement of its subsidiary in form AOC-1 with its Consolidated
Financial Statements.
2.42 Accounting Ratios
Sr. Name of the Ratio Numerator Denominator 2021-22 2020-21 % Variance

1 Current Ratio Current Assets Current Liabilities 0.32 0.26 23%
(in times)
2 Debt-Equity Ratio Total Debt Equity 8.54 6.97 22%
(in times)
3 Trade receivables turnover ratio Net Sales Average Trade 3.41 3.21 6%
(in times) Receivables
4 Trade payables turnover Net Purchases Average Trade 1.84 1.89 -3%
ratio (in times) Payables
5 Net capital turnover Net sales Working Capital (0.15) (0.16) -7%
ratio (in times)
6 Net Profit Net Profit Net sales (0.15) (0.16) -5%
7 The Company is under going CIRP and does not have Inventory and negative Net Profit during the year and previous year.
Accordingly, other ratios i.e. Debt Service coverage, Return on equity, Inventory turnover, Net capital turnover, Return on
capital employed and Return on investment are not applicable.
8 There is no significant change (i.e. more then 25%) in the above mentioned ratios during the year in comparison to Previous
year.
Definitions:
a Current Assets = Total Current Assets Less Assets held for Sale
b Total Debts includes Preference Shares classified as Debts
c Average Trade Receivables = (Opening Trade Receivables Plus Closing Trade Receivables )/2
d Average Trade Payables = (Opening Trade Payables Plus Closing Trade Payables )/2
e Working Capital = Total Current Assets Less Assets held for Sale - Total Current Liabilities
Note : 2.43
Segment Information:
The Company has identified two reportable segments viz. Tower Division, Optic Fibre Cable (OFC)
Division. Segments have been identified and reported taking into account nature of services provided,
the differing risks and returns and the internal business reporting systems. The accounting policies
adopted for segment reporting are in line with the accounting policy of the Company with following
additional policies for Segment Reporting.
a) Revenue and expenses have been identified to a segment on the basis of relationship to operating
activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not
allocable to a segment on reasonable basis have been disclosed as "Unallocable".
b) Segment assets and liabilities represent assets and liabilities in respective segments.
Primary Segment Information ( ` in Crore)
Particulars Tower Division OFC Division Unallocable Total
Segment Revenue
Revenue 1,104 82 4 1,190
1,104 112 - 1,216
Inter Segment Revenue - - - -
- - - -
Net Revenue 1,104 82 4 1,190
1,104 112 - 1,216
Segment Result before interest & (246) (69) 4 (311)
taxes (186) (65) - (251)
Less: Finance Costs - - -
- - - -
Segment Result before (246) (69) 4 (311)
taxes (186) (65) - (251)
Less: Deferred Tax - - (134) (134)
- - (62) (62)
Segment Result After Tax (246) (69) 138 (177)
(186) (65) 62 (189)
Other Information
Segment Assets 6,967 3,002 3,170 13,139
6,968 2,996 3,079 13,043
Segment Liabilities 4,514 192 7,644 12,350
4,141 154 7,782 12,077
Capital Expenditure - - - -
- - - -
Depreciation and Amortisation - 1 - 1
- 2 - 2
Note:
The figure for the current year are reflected in bold. Previous Year figures are given in italic.
a) As per Indian Accounting Standard (Ind AS) on operating segment (Ind AS - 108), notified by
Companies (Accounting Standards) Rules, 2006 (as amended), the Company has reported the above.
b) The reportable Segments are further described below:

- The Tower Division include maintenances, provision of BTS Towers.
- The OFC Division include maintenances, provision of Optical Fibre Cable connectivity.
c) Revenue from Major Customer
i) Revenue under the segment 'Tower Division' includes ` 805 crore (Previous year ` 808 crore) from
one ( Previous year two customers) customer having more than 10% of total revenue.
ii) Revenue under the segment 'OFC Division' includes ` 75 crore (Previous year ` 106 crore) from
two customers having more than 10% of total revenue.
Note : 2.44
The Company is engaged in the business of providing infrastructural facilities as per Section 186 (11)
read with Schedule VI of the Act. Accordingly, Section 186 of the Act is not applicable to the Company.
Note : 2.45
No adjusting or significant non-adjusting events have occurred between the reporting date and the date
of authorisation.
Note : 2.46
During the year, the Company has not received as well as given advances (excluding transactions in
the normal course of business) or loans or invested funds or provided any guarantee, security or the
like from/ to any other person(s) or entity(ies), directly or indirectly, including any foreign entity(ies).
Note : 2.47
Transaction with struck off Companies
The Company did not have any material transaction with companies struck off under Section 248 of the
Companies Act, 2013 or Section 560 of Companies Act, 1956.
Note : 2.48
The Indian Parliament has approved the Code on Social Security, 2020. which would impact the
contributions by the company towards Provident Fund and Gratuity. The Ministry of Labour and
Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020,
and has invited suggestions from stakeholders which are under active consideration by the Ministry.
The Company will assess the impact once the subject rules under the Code are notified and will give
appropriate impact in the financial statements when the code becomes effective.
Note : 2.49
Director's disqualification
During the earlier year, two of the directors have resigned from the position of the Director, however
their resignations have not been accepted by the Committee of Creditors (CoC) under the Code and
the Company has not received declaration under section 164 (2) of the Companies Act, 2013.
Note : 2.50
Upon application by the CoC in terms of Section 22(3) of the Code, the Hon'ble NCLT appointed Mr.
Anish Niranjan Nanavaty as the resolution professional for the Company (“RP”) vide its order dated
June 21, 2019, which was published on June 28, 2019 on the website of the NCLT. Accordingly, the
IRP handed over the matters pertaining to the affairs of the Company to the RP as on June 28, 2019
who assumed the powers of the board of directors of the Company and the responsibility of conducting
the CIRP of the Company. Further, upon approval of resolution plan, submitted by Reliance Projects
and Property Management Services Limited in respect of the Company as approved by Hon‟ble NCLT,
Mumbai Bench, vide order dated December 3, 2020, Mr. Anish Niranjan Nanavaty has ceased to be
the resolution professional of the Company and a Monitoring Committee constituted, pursuant to the
terms of the approved resolution plan to oversee the management of the affairs of the Company,
comprising of Mr. Anish Niranjan Nanavaty ( "Member") .With respect to the financial statements for
the year ended March 31, 2022, the Member has signed the same solely for the purpose of ensuring
compliance by the Company with applicable laws, and subject to the following disclaimers:
(i) The Member has furnished and signed the report in good faith and accordingly, no suit, prosecution
or other legal proceeding shall lie against the Member in terms of Section 233 of the Code; (ii) No
statement, fact, information (whether current or historical) or opinion contained herein should be
construed as a representation or warranty, express or implied, of the Member including, his authorized
representatives and advisors; (iii) The Member, in review of the financial statements and while signing
this financial statements, has relied upon the assistance provided by the directors of the Company, and
certifications, representations and statements made by the directors of the Company, in relation to
these financial statements. The financial statements of the Company for the year ended March 31,
2022 have been taken on record by the Member solely on the basis of and on relying the aforesaid
certifications, representations and statements of the aforesaid directors and the management of the
Company. For all such information and data, the Member has assumed that such information and data
are in the conformity with the Companies Act, 2013 and other applicable laws with respect to the
preparation of the financial statements and that they give true and fair view of the position of the
Company as of the dates and period indicated therein. Accordingly, the RP is not making any
representations regarding accuracy, veracity or completeness of the data or information in the financial
statements. (iv) In terms of the provisions of the Code, the Member is required to undertake a review of
certain transactions. Such review has been completed and the Member has filed the necessary
applications with the adjudicating authority.
After review, the Director and Chief Financial Officer of the Company have approved the financial
statements at their meeting held on May 28, 2022 which was chaired by Mr. Anish Niranjan Nanavaty,
the authorised member of Monitoring Committee and the Member took the same on record basis
recommendation from the Director and Chief Financial Officer.

Jigar T. Shah
Partner
Membership No. 161851 Mahesh Mungekar
Director
DIN 00778339
Dolly Dhandhresha
Director
DIN 07746698
Mangesh Chavan
Namrata Shinde
Date : May 28, 2022 A57072
To The Members of Globalcom Mobile Commerce Limited
(Formerly Reliance Mobile Commerce Limited)
We have audited the accompanying Standalone financial statements of Globalcom Mobile

Commerce Limited (Formerly Reliance Mobile Commerce Limited)(“the Company") which
comprises the Balance Sheet as at March 31, 2022, the Statement of Profit and Loss, Statement of
changes in equity and Statement of cash flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies and other explanatory
information (“the financial statements”).
Basis for Opinion
Key audit matters
process.
such controls.
going concern.

statements.

„Annexure B‟.
ii. I' he Company did not have any long-term contracts including derivative contracts as at
31' March, 2022 for which there were any material foreseeable losses; and
iv. (a) The management has represented to us that, to the best of its knowledge and
belief no funds have been advanced or loaned or invested (either from borrowed
(“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
Beneficiaries; and

Priti V. Mehta
M No.130514 Date: 27/05/2022
UDIN: 22130514AJSIZX3411
Globalcom Mobile Commerce Limited(Formerly Reliance Mobile Commerce
Limited)Annexure A to Independent Auditor’s Report – 31stMarch 2022
With reference to the ‟Annexure A‟ referred to in the Independent Auditors‟ Report to the
Members of Globalcom Mobile Commerce Limited (Formerly Reliance Mobile Commerce
Limited)(‟the Company‟) on the financial statements for the year ended March 31, 2022, we
report the following:
We report that
i). (a) The company does not have fixed assets as on 31st March 2021. Accordingly paragraphs
1(a),
(b) According to the information and explanation and representation given to us by the
management, 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.
ii) (a)The Company does not have inventories at the end of financial year. Accordingly clause ii
(a) of paragraph 3 of the orders are not applicable to the company.
iii) (b) As per the information and explanations given to us and books of accounts and records
examined by us, no working capital limits from banks or financial institutions on the basis of security
of current assets has been taken by the Company. Therefore, the reporting requirements under clause
ii(b) of paragraph 3 of the Order is not applicable to the Company.
iii).According to the information and explanations given to us and on the basis of our
register maintained under Section 189 of the Companies Act, 2013. Consequently, the provisions
of clauses iii (a), (b) and (c)of the order are not applicable to the Company.
iv).During the year the company has not provided any loans, guarantees, advances and securities
to the director of the company and the company is compliant provisions of section 185 and 186
of the Companies Act, 2013. Accordingly, Paragraph of the Order is not applicable to the
Company.
v).The Company has not accepted any deposits from the public and hence the directives issued
by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant
provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2615 with regard to the
deposits accepted from the public are not applicable.
vi).As per information &explanation given by the management, maintenance of cost records has
not been specified by the Central Government under sub-section (1) of section 148 of the
Companies Act,2013.
vii).According to the records of the company, undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Employees‟ State Insurance, Income-tax, Sales-
tax, Service Tax, Goods and Service tax (GST), Custom Duty, Excise Duty, value added tax, cess
and any other statutory dues to the extent applicable, have generally been regularly deposited
with the appropriate authorizes. According to the information and explanations given to us
there were no outstanding statutory dues as on 31st March,2022 for a period of more than six
months from the date they became payable.
Globalcom Mobile Commerce Limited (Formerly Reliance Mobile Commerce
Limited) Annexure A to Independent Auditor’s Report - 31stMarch 2022
respect of Income tax, GST, Service tax, Sales tax, Customs duty, Excise duty, Value added tax
and Cess whichever applicable, which have not been deposited on account of any disputes.
viii).The Company does not have any transactions to be recorded in the books of account that has
been surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961 (43 of 1961).
company has not raised any money by way of initial public offer or further public offer (including debt
instruments) or taken any term loan during the year. The company has not made any preferential
allotment or private placement of shares or fully or partly convertible debentures during the year under
review.
during the year.
xii). The company is not a Nidhi Company. Therefore, clause (xii) of the order is not applicable to the
company.
xiii).According to the information and explanations given to us, all transactions with the related parties
are in compliance with sections 177 and 188 of Companies Act, 2013 wherever applicable and the
details have been disclosed in the Financial Statements etc. as required by the applicable accounting
standards.
appoint any internal auditor. Therefore, the provisions of Clause (xiv) of paragraph 3 of the order
are not applicable to the Company.
him.
India Act,1934.
(b) On the basis of examination of records and according to the information and explanation given to us by
the Company, the Company has not conducted any Non-Banking Financial or Housing Finance
applicable.
Globalcom Mobile Commerce Limited (Formerly Reliance Mobile Commerce
Limited) Annexure A to Independent Auditor’s Report – 31st March 2022
India.
xvii). Thecompany has not incurred cash losses in the financial year and in the
capable of meeting its liabilities existing at the date of balance sheet as and when
they fall due within a period of 1 year from the balance sheet date.
xx).There is no liability of the company under the provisions of section 135 of the
Companies Act, relating to Corporate Social Responsibility. Therefore, the provisions of
Clause (xx) of paragraph 3 of the order are not applicable to the Company.
xxi).The company has not made investments in subsidiary company. Therefore, the
company does not require to prepare consolidated financial statement. Therefore, the
provisions of Clause (xxi) of paragraph 3 of the order are not applicable to the
Company.

Priti V. Mehta
(Proprietor)
M No.130514
Place: Mumbai
Date: 27/05/2022
Annexure B to Independent Auditor’s Report – 31stMarch 2022 on the
Financial Statements of Globalcom Mobile Commerce Limited (Formerly
Reliance Mobile Commerce Limited)
We have audited the internal financial consols over financial reporting of Globalcom Mobile
Commerce Limited (Formerly Reliance Mobile Commerce Limited) (‟the Company') as of March
31, 2022in conjunction with our audit of the financial statements of the Company for the year ended on
that date.
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 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
records, and the timely preparation of reliable financial information, as required under the
CompaniesAct, 2013.
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 ICAI. 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 operatingeffectiveness.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion on the Company‟s internal financial controls system over financial reporting.
FinancialStatementsofGlobalcom Mobile Commerce Limited
principles.
Opinion

Priti V.Mehta
M.No.130514 Date: 27/05/2022
Globalcom Mobile Commerce Limited
March 31, 2022

Globalcom Mobile Commerce Limited (Formerly Reliance Mobile Commerce Limited)

(Amount in ` )
Notes As at As at
March 31, 2022 March 31, 2021
ASSETS
Current Assets
Cash and Cash Equivalents 2.01 5 84 311 5 84 311
TOTAL 5 84 311 5 84 311

Equity
(a) Equity Share Capital 2.02 2 00 00 000 2 00 00 000
(b) Other Equity 2.03 (2 20 85 527) ( 20 85 527) (2 20 36 697) ( 20 36 697)
Liabilities
Current Liabilities
Other Financial Liabilities 2.04 26 69 838 26 19 508
(b) Other Current Liabilities 2.05 - 1 500
TOTAL 5 84 311 5 84 311


For Priti V Mehta & Co. For and on behalf of the Board
Priti V Mehta Vishwanath D Rao Rakesh Gupta

Membership No. 130514 DIN No :- 08607657 DIN No :-00130829
Place : Mumbai
Date : May 27, 2022
(Amount in ` )
March 31, 2022 March 31, 2021
I INCOME
Other Income - -
Total Income (I) - -
II EXPENDITURE
General Administration Expenses 2.06 48 830 34 160

Total Expenses (II) 48 830 34 160
III Loss before Tax (I- II) ( 48 830) ( 34 160)

IV Tax expense:
Current Tax - -
Short/ (Excess) provision of earlier years - -
V Loss after Tax ( 48 830) ( 34 160)

VII Total Comprehensive Income / (Loss) during the year ( 48 830) ( 34 160)
VIII Earning per share of face value of ` 10 each for fully Paid 2.08
Basic (`) (0.02) (0.02)
Diluted (`) (0.02) (0.02)



Partner Director Director
Place : Mumbai
Date : May 27, 2022
(Amount in ` )
A: Equity For the year ended For the year ended
March 31, 2022 March 31, 2021
Balance at the beginning of the year 2 00 00 000 2 00 00 000

Balance at the end of the year 2 00 00 000 2 00 00 000
B: Other Equity
Surplus/ (Deficit) in Statement of Profit and Loss

Balance as at April 01, 2020 (2 20 02 537)
Add : Loss during the year ( 34 160)
Balance as at March 31, 2021 (2 20 36 697)
Add : Loss during the year ( 48 830)
Balance as at March 31, 2022 (2 20 85 527)
The accompanying statement of changes in equity should be read in conjunction with the accompanying notes (1-
2).

Place : Mumbai
Date : May 27, 2022
(Amount in ` )
Particulars
March 31, 2022 March 31, 2021
Loss before tax as per Statement of Profit and Loss ( 48 830) ( 34 160)
Operating Profit/(Loss) before Working Capital Changes ( 48 830) ( 34 160)
Adjusted for:
Receivables and Other Advances -
Other Current Liabilities 48 830 48 830 34 160 34 160
Cash (Used in) Operations -
Tax Refund - -
Tax Paid - -
Net Cash (used in) / Generated from Operating Activities -

Net Cash Generated from Investing Activities - -
C CASH FLOW FROM FINANCING ACTIVITIES - -

Net Increase / (Decrease) in Cash and Cash Equivalents - -
Closing Balance of Cash and Cash Equivalents (Refer Note 2.01) 5 84 311 5 84 311
Note:
(2) Cash and cash equivalents includes cash on hand and bank balances including Fixed Deposits with Bank.
(3) Cash Flow Statement has been prepared under the Indirect Method set out in Indian Accounting Standard 7
"Statement of Cash Flow".

Place : Mumbai
Date : May 27, 2022
Notes on accounts to the Financial Statements as at March 31, 2022
Note:1 General Information and Significant Accounting Policies
Globalcom Mobile Commerce Limited (Formerly Reliance Mobile Commerce Limited) (“the Company”), is registered
under Companies Act 1956, having Registered Office at H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi
Mumbai 400710 and wholly owned subsidiary of Reliance Communications Limited.
compliance with the Indian Accounting Standards (Ind AS) specified under Section 133 of the Companies Act 2013
("the Act"), read with Rule 3 of the Companies (Indian Accounting Standards) Rules 2015, the Companies (Indian
Accounting Standards) Amendment Rules 2016 and other provisions of the Act to the extent notified and applicable,
as well as applicable guidance note and pronouncements of the Institute of Chartered Accountants of India (ICAI).
All assets and liabilities have been classified as current or non-current as per the Company's normal operating cycle
and other criteria set out in Schedule III to the Act. Based on the nature of the services and their realisation in cash &
cash equivalents, the Company has ascertained its operating cycle as twelve months for the purpose of current or non-
current classification of assets and liabilities.
The preparation and presentation of Financial Statements requires estimates and assumptions to be made that affect
the reported amount of assets and liabilities and disclosure of contingent liabilities on the date of the Financial
actual results and estimates is recognised in the period in which the results are known / materialised. Estimates and
The preparation of financial statements require the use of accounting estimates which, by definition, will seldom equal
the actual results. The management also needs to exercise judgement in applying the accounting policies.
This provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which
are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those
originally assessed. Detailed information about each of these estimates and judgements is included in relevant notes
together with information about the basis of calculation for each affected line item in the financial statements.
The preparation of financial statements requires management to make judgements, estimates and assumptions that
affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures including
the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes
that require an adjustment to the carrying amount of assets or liabilities in future periods. Difference between actual
results and estimates are recognised in the periods in which the results are known / materialise.
The Company has based its assumptions and estimates on parameters available when the financial statements were
prepared. Existing circumstances and assumptions about future developments, however may change due to market
changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the
assumptions when they occur.
amendments, if any.
including expectations of future events that may have a financial impact on the Company and that are believed to be
reasonable under the circumstances.

These financials statements are presented in Indian Rupees ( "Rupees" or "`") which is functional currency of the
Company.
as part of the cost of such assets upto the commencement of commercial operations. A qualifying asset is one that
necessarily takes substantial period of time to get ready for its intended use. Other borrowing costs are recognised as
expense in the year in which they are incurred.
i) Revenue is recognised when control over goods or services is transferred to a customer. A customer obtains control
when he has the ability to direct the use of and obtain the benefits from the good or service, there is transfer of title,
supplier has right to payment etc. – with the transfer of risk and rewards now being one of the many factors to be
considered within the overall concept of control.
applicable Effective Interest Rate (EIR), which is the rate that exactly discounts estimated future cash receipts over the
expected life of the financial assets to that asset‟s net carrying amount on initial recognition.
1.07 Taxation
Provision for income tax is made on the basis of taxable income for the year at current rates. Tax expense comprises
of Current Tax and Deferred Tax at the applicable enacted or substantively enacted rates. Current tax represents the
amount of Income Tax payable / recoverable in respect of the taxable income/loss for the reporting period. Deferred
tax represents the effect of temporary difference between the carrying amount of assets and liabilities in the financial
statement and the corresponding tax base used in computation of taxable income. Deferred Tax Liabilities are
generally accounted for all taxable temporary differences. The deferred tax asset is recognised for all deductible
temporary differences, carried forward of unused tax credits and unused tax losses, to the extent it is probable that
taxable profit will be available against which those deductible temporary differences can be utilised. MAT credit is
recognised as an asset only if it is probable that the Company will pay normal income tax during the specified period.

likelihood of outflow of resources is remote, no provision or disclosure is made. Contingent Assets are not recognised
but disclosed in the financial statements, when economic inflow is probable.
Dilutive potential Equity Shares are deemed converted as of the beginning of the period, unless issued at a later date.

instrument of another entity.
Financial Assets
Classification
comprehensive income or fair value through profit or loss on the basis of its business model for managing the financial
assets and the contractual cash flows characteristics of the financial asset.
(ii) In determining the fair value of its financial instruments, the Company uses a variety of methods and assumptions that
are based on market conditions and risk existing at each reporting date. The method used to determine fair value
include discounted cash flow analysis and available quoted market price. All method of assessing fair value result in
general approximation of value, and such value may never actually be realized. For all other financial instruments the
carrying amounts approximate fair value due to the short maturity of those instruments.


Financial assets are measured at amortised cost when asset is held within a business model, whose objective is to
hold assets for collecting contractual cash flows and contractual terms of the asset give rise on specified dates to cash
flows that are solely payments of principal and interest. Such financial assets are subsequently measured at amortised
cost using the effective interest rate (EIR) method. The losses arising from impairment are recognised in the profit or
loss.
A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or the
Company has transferred its rights to receive cash flows from the asset.
(vii) Impairment of Financial Assets
(i) Classification
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities
designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for
trading, if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative
financial instruments that are not designated as hedging instruments in hedge relationships as defined by Ind - AS
109. Separated embedded derivatives are also classified as held for trading unless they are designated as effective
hedging instruments.
Interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate
(EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as
through EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When
an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms
of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of
the original liability and the recognition of a new liability. The difference in the respective carrying amounts is
The Company uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to
hedge its foreign currency risks and interest rate risks respectively. Such derivative financial instruments are initially
recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at
fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the
fair value is negative.
The Company‟s accounting policies and disclosures require measurement of fair values for the financial instruments.
The Company has an established control framework with respect to measurement of fair values. The management
regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker
quotes or pricing services, is used to measure fair values, then the management assesses evidence obtained from
third parties to support the conclusion that such valuations meet the requirements of Ind AS, including level in the fair
value hierarchy in which such valuations should be classified.
When measuring the fair value of a financial asset or a financial liability, the Company uses observable market data as
far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the
valuation techniques as follows.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).
value measurement is categorised in its entirety in the same level of fair value hierarchy as the lowest level input that
is significant to the entire measurement. The Company recognises transfers between levels of fair value hierarchy at
the end of the reporting period during which the change has occurred (Note 2.14) for information on detailed
disclosures pertaining to the measurement of fair values.
1.12 Cash and cash equivalents

Cash and cash equivalents in the Balance Sheet comprise of cash on hand, demand deposits with Banks, other short-
term, highly liquid investments with original maturities of three months or less that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of changes in value.
(Amount in ` )
As at As at
March 31, 2022 March 31, 2021
2.01 Cash and Bank
Cash Balance
Equivalents
Balance with Banks 5 84 311 5 84 311
5 84 311 5 84 311

Authorised
2 00 00 000 2 00 00 000
fully paid up
2 00 00 000 2 00 00 000
No. of % of Total % Change
Shares Shares during the year
Reliance Communications Limited, the Holding 20,00,000 100% Nil
Company & its nominees. (20,00,000) (100%) (Nil)
As at As at
March 31, 2022 March 31, 2021
2.02.02 Shares held by Holding Company
No. of No. of
Shares % Shares %
Reliance Communications Limited, the Holding
50 000 100% 20,00,000 100%
Company & its nominees.
As at As at
March 31, 2022 March 31, 2021
No. of No. of
2.02.03 Equity Shares (Amount in ` ) (Amount in ` )
Shares Shares
At the beginning of the year 20 00 000 2 00 00 000 20 00 000 2 00 00 000
Add/(Less): Changes during the year - - - -
20 00 000 2 00 00 000 20 00 000 2 00 00 000
2.02.04 Terms/rights attached to equity shares
entitled to one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining
assets of the Company after the distribution of all the preferential amounts, in proportion to their shareholdings.
As at As at
March 31, 2022 March 31, 2021
2.03 Other Equity
Surplus/(Deficit) in the Statement of Profit and Loss
As per last Balance Sheet (2 20 36 697) (2 20 02 537)
Add: Loss during the year ( 48 830) ( 34 160)
Closing Balance (2 20 85 527) (2 20 36 697)

Provision for Expenses 83 900 83 900
Payable to Related Parties ( Refer Note 2.12) 25 65 873 25 22 623
Other Payables 20 065 12 985
26 69 838 26 19 508

Payable to Tax Authorities - 1 500
- 1 500
(Amount in ` )
March 31, 2022 March 31, 2021
2.06 General administration Expenses
Miscellaneous Expenses - -
Professional Fees 14 580 -
Payment to Auditors - Audit Fees 14 160 14 160
Interest on TDS FY 2020-21 90 -
Director's Sitting Fees 20 000 20 000
48 830 34 160
2.07 The figures for the previous year have been regrouped and reclassified, wherever required. Amount in financial
statements are presented in `, except as otherwise stated.
2.08 Earnings per Share (EPS)

March 31, 2022 March 31, 2021
Numerator - Profit after tax ( ` ) ( 48 830) ( 34 160)
2.09 Deferred Tax Assets (net) (Amount in ` )

As at As at
March 31, 2022 March 31, 2021
Related to Carried forward Loss - -
- -
Significant management judgement considered in determining provision for income tax, deferred income tax assets and
liabilities and recoverability of deferred income tax assets. The recoverability of deferred income tax assets is based on
estimates of taxable income and the period over which deferred income tax assets will be recovered. The Company on a
conservative basis has restricted deferred tax asset to Nil.

March 31, 2022 March 31, 2021
Short Provision pertaining to earlier year - -

Loss before Tax ( 48 830) ( 34 160)
Computed Tax Expenses (I) ( 12 696) ( 8 882)
Add: Tax on Expenses disallowed under Income Tax Act 12 696 8 882
- -

There are no reportable Segments as per Ind AS-108 "Operating segment" issued by the Institute of Chartered
2.11 Going Concern
The Accounts have been prepared on a 'Going concern basis' as the Company has been able to meet its obligations in
the ordinary course of business and considering the assurance of the financial support extended by the other body
corporate.
2.13 Related Parties :
As per Indian Accounting Standard ("Ind AS")-24 of "Related Party Disclosures", the disclosures", the disclosure of
transactions with the related parties as defined therein are given below:
i Reliance Communications Limited Holding Company
ii Reliance Communications Infrastructure Limited Fellow Subsidiary Company
iiI Globalcomm IDC Limited Fellow Subsidiary Company
(Amount in ` )
Sr. Nature of Transactions Fellow Subsidiary Total
No. Company
1 Other Financial Liabilities 25 65 873 25 65 873

( 25 22 623) ( 25 22 623)

( Amount in ` )
Globalcom IDC Limited 43 250 18 500

Reliance Communications Infrastructure Limited 25 04 123 25 04 123
Note : 2.14
a current transaction between the willing parties, other than in a forced or liquidation sale.
liabilities, short term loans approximate their carrying amounts largely due to the short term maturities of these
instruments
March 31, 2022 March 31, 2021
Investments Nil Nil
Borrowings Nil Nil
Other Financial Liabilities 26 69 838 26 19 508

The Company does not have any activity during the year and therefore no financial risks like market risk, credit risk and
liquidity risk.
Note : 2.15
Capital Management
reserves attributable to the equity holders of the Company. The primary objective of the Company‟s capital management
is to maximise shareholders value. The funding requirement is met through a mixture of equity, internal accruals and
financial support extended by the other body corporate.
Note : 2.16
Accounting Ratio
Current Current
Current Ratio (in times) 0.219 0.223 -0.018%
Assets Liabilities
Inventory turnover, Trade receivable turnover , Trade payable turnover, Net capital turnover, Net profit, Return on capital
employed and Return on investment) are not applicable.
Previous year.
Note : 2.17
Vishwanath D Rao Rakesh Gupta

Priti V Mehta Director Director
Partner DIN No :- 08607657 DIN No :-00130829
Place : Mumbai
Date : May 27, 2022
To the Members ofReliance BPOPrivate Limited

We have audited the accompanying Standalone financial statements of Reliance BPO Private
Limited(“the Company") which comprises the Balance Sheet as at March 31, 2022, the Statement
of Profit and Loss, Statement of changes in equity and Statement of cash flows for the year then
Basis for Opinion
Key audit matters
process.
such controls.
going concern.

statements.

the best of our information and according to the explanations given to us, during the y ear
„Annexure B‟.
ii. I' he Company did not have any long-term contracts including derivative
contracts as at 31' March, 2022 for which there were any material foreseeable
losses; and
2022.

Priti V. Mehta
M No.130514 Date: 26/05/2022
UDIN: 22130514AJQXML8021
Reliance BPO Private Limited
Members of Reliance BPO Private Limited(‟the Company‟) on the financial statements for the
year ended March 31, 2022, we report the following:
We report that
(b) According to the information and explanation and representation given to us by the management, 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.
us, no working capital limits from banks or financial institutions on the basis of security of current assets has
been taken by the Company. Therefore, the reporting requirements under clause ii(b) of paragraph 3 of the
firms, Limited Liability Partnerships or other parties listed in the register maintained under Section 189
of the Companies Act, 2013. Consequently, the provisions of clauses iii (a), (b) and (c)of the order are
iv).During the year the company has not provided any loans, guarantees, advances and securities to the
director of the company and the company is compliant provisions of section 185 and 186 of the
v).The Company has not accepted any deposits from the public and hence the directives issued by the
Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the
Act and the Companies (Acceptance of Deposit) Rules, 2615 with regard to the deposits accepted from
the public are not applicable.
Act,2013.
payable.
added tax and Cess whichever applicable, which have not been deposited on account of any
disputes.
during the year.
company.
standards.
him.
India Act,1934.
applicable.

Priti V. Mehta
(Proprietor)
M No.130514
UDIN: 22130514AJQXML8021
Place: Mumbai
Date: 26.05.2022
Financial Statements of Reliance BPO Private Limited
We have audited the internal financial consols over financial reporting of Reliance BPO
Private Limited (‟the Company') as of March 31, 2022in conjunction with our audit of the
financial statements of the Company for the year ended on that date.
of Chartered Accountants of India ("ICAI"). These responsibilities include the design,
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 CompaniesAct, 2013.
“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 ICAI. 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 operatingeffectiveness.
understanding of internal financial controls over financial reporting, assessing the risk that
a material weakness exists, and testing and evaluating the design and operating
reporting.
FinancialStatementsofReliance BPO Private Limited
principles.
Opinion

FirmRegn.No.129568W
Priti V.Mehta
M.No.130514 Date: 26/05/2022
UDIN:22130514AJQXML8021
30th September-2017
as at March 31, 2022
March 31, 2022
100,000.00

` in lakh
Notes As at As at
March 31, 2022 March 31,2021
ASSETS
Non Current Assets
(b) Deferred Tax Assets 2.02 - -
Current Assets
Financial Assets
(a) Cash and Cash Equivalents 2.03 0.02 0.02
(b) Other Financial Assets 2.04 39.35 39.35
Total Assets 39.37 39.37

Equity
(b) Other Equity 2.06 (951.22) (950.22) (915.51) (914.51)
LIABILITIES
Current Liabilities
(a) Other Current Liabilities 2.07 989.59 953.88
Total Equity and Liabilities 39.37 39.37

Notes to Financial Statements 2
Notes referred above form an integral part of the Financial Statements

Rakesh Gupta
Director
DIN: 00130829
Priti V Mehta
Proprietor
Vijay V Ahuja
Place: Mumbai Director
Dated : May 26, 2022. DIN: 08717328
` in lakh
March 31, 2022 March 31, 2021
INCOME
I Other Income 2.08 - 33.27

Total Income - 33.27
II EXPENSES
Other Expenses 2.09 35.71 27.71

Total Expenses 35.71 27.71
III Profit / (Loss) Before Tax (I-II) (35.71) 5.56
IV Tax expense:
- Current Tax - -
- Deferred Tax Charge/ (Credit) (net) 2.02 - 26.54
V Profit / (Loss) After Tax (III - IV) (35.71) (20.98)
VII Total Comprehensive Income (V + VI) (35.71) (20.98)
VIII Earnings per Share of ` 10 each fully paid up 2.13

- Basic (`) (357.10) (209.80)
- Diluted (`) (357.10) (209.80)

Notes to Financial Statements 2
Notes referred above form an integral part of the Financial Statements.

Rakesh Gupta
Director
DIN: 00130829
Priti V Mehta
Proprietor
Vijay V Ahuja
Dated : May 26, 2022. DIN: 08717328
Statements of Change in Equity for the year ended March 31, 2022
(a) Equity share capital ` in lakh

ended ended
March 31, 2022 March 31,2021
Change in equity share capital during the period - -
Balance at the end of the period 1.00 1.00
(b) Other Equity ` in lakh

Particulars Securities Total
Retained Earnings
Premium
Balance as at April 1, 2020 100,848.52 (101,743.03) (894.51)

Surplus/ (Deficit) of Statement of Profit and Loss - (20.98) (20.98)
Balance as at March 31, 2021 100,848.52 (101,764.01) (915.49)
Surplus/ (Deficit) of Statement of Profit and Loss - (35.71) (35.71)
Other Comprehensive Income - - -
Balance as at March 31, 2022 100,848.52 (101,799.72) (951.20)

Rakesh Gupta
Director
DIN: 00130829
Priti V Mehta
Proprietor
Vijay V Ahuja
Dated : May 26, 2022. DIN: 08717328
` in Lakh
March 31, 2022 March 31, 2021

Net Profit / (Loss) before tax as per Statement of
(35.71) 5.56
Profit and Loss
Adjusted for:
Loss on Cancellation of Land - 26.67
Unrealised Exchange Loss/ (Gain) 34.93 (33.27)
34.93 (6.60)
Operating Profit / (Loss) before Working Capital
(0.78) (1.04)
Changes
Adjusted for:
Receivables and other Advances (39.35) (39.35)
Trade Payables and Other liabilities 0.78 (11.43)
(38.57) (50.78)
Net Cash from /(Used in) Operating Activities (39.35) (51.82)
Deletion of Fixed Assets - 51.82
Net Cash from /(Used in) Investing Activities - 51.82
Net Cash Used in Financing Activities - -
Net Increase / (Decrease) in Cash and Cash
(39.35) -
Equivalents (A+B+C)
( Including Cheques in hand)
Closing Balance of Cash and Cash Equivalents (39.33) 0.02
Notes:
(2) Statement of Cash Flow has been prepared under the Indirect Method set out in Indian Accounting Standard
(Ind AS) 7 "Statement of Cash Flow".

Rakesh Gupta
Director
DIN: 00130829
Priti V Mehta
Proprietor
Vijay V Ahuja
Dated : May 26, 2022. DIN: 08717328
Notes to the Financial Statements
Note:1
Reliance BPO Private Limited (“RBPO” or “the Company”), a subsidiary of Reliance Communications
Infrastructure Limited ("RCIL" or " the Holding Company" ) . The Company is registered under the Companies
Act, 1956, having Registered Office at Manek Mahal, Flat No. 19-20, 6th Floor, 90- Veer Nariman Road, Church
Gate Mumbai-400020.
compliance with the Indian Accounting Standards (Ind AS) specified under Section 133 of the Companies Act,
2013 ("the Act") read with Rule 3 of the Companies (Indian Accounting Standards) Rules 2015, the Companies
(Indian Accounting Standards) Amendment Rules 2016 and other provisions of the Act to the extent notified
and applicable, as well as applicable guidance note and pronouncements of the Institute of Chartered
Accountants of India (ICAI).
Benefits" issued by the Ministry of Corporate Affairs (the MCA), Government of India (GoI), applicable with
effect from April 1, 2019, does not have any impact on Financial Statements of the Company.

Financial Statements and the reported amount of revenues and expenses during the reporting period.
Difference between the actual results and estimates is recognised in the period in which the results are known /
statements.
The preparation of financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the
accompanying disclosures including the disclosure of contingent liabilities. Uncertainty about these assumptions
and estimates could result in outcomes that require an adjustment to the carrying amount of assets or liabilities
in future periods. Difference between actual results and estimates are recognised in the periods in which the
results are known / materialise.
amendments, if any.
including expectations of future events that may have a financial impact on the Company and that are believed
to be reasonable under the circumstances.
These financials statements are presented in Indian Rupees ( "Rupees" or "`") which is functional currency of
the Company.
control when he has the ability to direct the use of and obtain the benefits from the good or service, there is
transfer of title, supplier has right to payment etc. – with the transfer of risk and rewards now being one of the
many factors to be considered within the overall concept of control.
iii) Interest income on investment is recognised on time proportion basis. Interest income is accounted using
1.08 Taxation
tax losses, to the extent it is probable that taxable profit will be available against which those deductible
temporary differences can be utilised. MAT credit is recognised as an asset only if it is probable that the
Company will pay normal income tax during the specified period.
obligation as a result of past events and it is probable that there will be an outflow of resources. A disclosure for
a contingent liability is made when there is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of
not recognised but disclosed in the financial statements, when economic inflow is probable.

tax effect of any extraordinary/ exceptional item. Number of shares used in computing Basic Earning per Share
is the weighted average number of shares outstanding during the period. Dilutive earning per share is computed
and disclosed after adjusting effect of all dilutive potential equity shares, if any except when results will be anti
at a later date.
Financial Assets
Classification
assessing fair value result in general approximation of value, and such value may never actually be realized. For
all other financial instruments the carrying amounts approximate fair value due to the short maturity of those
instruments.

Financial assets are measured at amortised cost when asset is held within a business model, whose objective is
to hold assets for collecting contractual cash flows and contractual terms of the asset give rise on specified
dates to cash flows that are solely payments of principal and interest. Such financial assets are subsequently
A Mutual fund is measured at amortised cost or at FVTPL with all changes recognised in the Statement of Profit
and Loss.
A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or
the Company has transferred its rights to receive cash flows from the asset.
(i) Classification

classified as held for trading, if they are incurred for the purpose of repurchasing in the near term. This category
also includes derivative financial instruments that are not designated as hedging instruments in hedge
relationships as defined by Ind - AS 109. Separated embedded derivatives are also classified as held for trading
unless they are designated as effective hedging instruments.
Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as
well as through EIR amortisation process. Amortised cost is calculated by taking into account any discount or
premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the
derecognition of the original liability and the recognition of a new liability. The difference in the respective

The Company uses derivative financial instruments, such as forward currency contracts and interest rate swaps,
to hedge its foreign currency risks and interest rate risks respectively. Such derivative financial instruments are
initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently
remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as
financial liabilities when the fair value is negative.

` in lakh
Capital Work in
Particulars Freehold Land
Progress
As at April 1, 2020 78.49 -
Additions - -
Deletion (78.49) -
As at March 31, 2021 - -
Additions - -
Deletion - -
As at March 31, 2022 - -
As at April 1, 2020 - -
Depreciation for the period - -
Disposals - -
As at March 31, 2021 - -
Depreciation for the period - -
Disposals - -
As at March 31, 2022 - -
Net Carrying value

As at March 31, 2021 - -
As at March 31, 2022 - -
2.02 Deferred Tax Assets ` in lakh
Particulars As at As at For the year For the year
March 31, 2022 March 31, ended ended
2021 March 31, 2022 March 31, 2021

Related to timing difference on
Indexed Cost of PPE - - - (26.54)
- - - (26.54)
Net Deferred Tax Assets - - - (26.54)
Significant management judgement is considered in determining provision for income tax, deferred tax assets
and liabilities and recoverability of deferred tax assets. The recoverability of deferred tax assets is based on
estimate of the taxable income for the period over which deferred tax assets will be recovered.
The Company has unused capital gain tax losses which according to the management will be used to setoff
taxable profit arising in subsequent years from sale of asset of the Company. However, Deferred Tax Assets
have not been recognised except timing difference on Indexed Cost of PPE. Year wise expiry of total Losses
are as under:
Sr. Year of Expiry Amount of Loss

(` in lakh)
i. Financial Year 2023-24 0.45
(a) Amounts recognised in profit and loss ` in lakh

ended ended
March 31, 2022 March 31, 2021
Deferred income tax liability / (asset), net - 26.54
Tax expense for the year - 26.54
(b) Amounts recognised in other comprehensive income Nil Nil
Profit/ (Loss) before Tax (35.71) 5.56

Computed Tax Expenses (I) (9.28) 1.45
Expenses not allowed in Taxable Income 9.28 (1.45)
Reversal of relating to Indexed Cost of PPE - 26.54
Subtotal (II) 9.28 25.09
Income Tax Expenses charge/ (credit) to Statement
of Profit and Loss (I+II) - 26.54
2.03 Cash and Cash Equivalents ` in lakh

As at As at
Particulars
March 31, 2022 March 31, 2021
Balance with Banks
-In Current accounts 0.02 0.02
0.02 0.02
2.04 Other Financial Assets ` in lakh

As at As at
Particulars
March 31, 2022 March 31, 2021
Advances to Related Parties (Refer Note 2.12) 39.35 39.35
39.35 39.35
2.05 Share Capital ` in lakh

As at As at
Particulars
March 31, 2022 March 31, 2021
Authorised
100,000 Equity Shares of ` 10 each 10.00 10.00
(100,000)
10,500,000 Preference Shares of ` 10 each 1,050.00 1,050.00
(10,500,000)
1,060.00 1,060.00
10,000 Equity Shares of ` 10 each fully paid-Up 1.00 1.00
(10,000)
1.00 1.00
No of % of Total % Change
Shares Shares during the
year
Reliance Communications Infrastructure Limited, 10,000 100% NIL
the Holding Company and its nominees (10,000) (100%) (Nil)
2.05.02 Share held by Holding Company

Details of Shareholders holding more than 5% shares in the Company
As at As at
Equity Shares
March 31, 2022 March 31, 2021
No of No of
Shares % Shares %
Reliance Communications Infrastructure Limited,
the Holding Company and its nominees 10,000 100% 10,000 100%
10,000 100% 10,000 100%
2.05.03 Reconciliation of shares outstanding at the beginning and at the end of the year:
As at As at
Equity Shares
March 31, 2022 March 31, 2021
Number ` in Lakh Number ` in Lakh
At the beginning of the Year 10,000 1.00 10,000 1.00
Add/(Less): Changes during the Year - - - -
At the end of the Year 10,000 1.00 10,000 1.00
The Company has only one class of equity shares having a par value of `10 per share. Each holder of equity
shares is entitled to one vote per share.
In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after
the distribution of all the preferential amounts, in proportion to their shareholding.
2.06 Other Equity ` in lakh
As at As at
Particulars
March 31, 2022 March 31, 2021
Security Premium
(i) Opening Balance 100,848.52 100,848.52
(ii) Additions during the year - -
100,848.52 100,848.52
Surplus /(Deficit) in retained earnings
(i) Opening Balance (101,764.03) (101,743.05)
(ii) Add: Profit /( Loss) for the year (35.71) (20.98)
(iii) Add: Other Comprehensive Income - -
(101,799.74) (101,764.03)
(951.22) (915.51)
2.07 Other Current Liabilities ` in lakh

As at As at
Particulars
March 31, 2022 March 31, 2021
Creditors for Capital goods 986.83 951.88
Advance from Related Party (Ref Note No.2.12) 1.14 0.66
Other Liabilities 1.62 1.34
989.59 953.88
2.08 Other Income ` in lakh

Particulars
March 31, 2022 March 31, 2021
Gain on Foreign currency transactions and
translation - 33.27
- 33.27
2.09 Other Expenses ` in lakh

For the year ended For the year ended March
Particulars 31, 2021
March 31, 2022
Professional Fee 0.08 0.14
Loss on Foreign currency transactions and
translation 34.93 -
Loss on Cancellation of Land - 26.67
Director Sitting Fee * 0.40 0.60
Payment to Auditors
-Statutory Audit Fee 0.30 0.30
35.71 27.71
* Pertining to meetings held during the financial year of 2019-20.

2.10 Previous Year
The figures of the previous year have been regrouped and reclassified, wherever required. Amount in financial
statements are presented in Rupees in Lakh except as otherwise stated.
2.11 (i) Financial Instruments

Fair value of cash and short-term deposits and other current liabilities approximate their carrying amounts
largely due to the short term maturities of these instruments
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
There is no fair valuation of financial instruments. The carrying value and fair value of financial instruments
by categories as of March 31, 2019 were as follows:
` in lakh
As at As at
March 31, 2022 March 31 ,2021

Cash and cash equivalents
(Refer Note 2.03) 0.02 0.02
Other Financial Assets ( Refer Note 2.04)
(Refer Note 2.03) 39.35 39.35
Total 39.37 39.37
Financial liabilities at amortised cost: Nil Nil
(ii) Financial Risk Management Objectives and Policies

The Company‟s business activities expose it to a variety of financial risks, namely liquidity risk, market risks
and credit risk.
Risk Exposure arising Measurement Management

Liquidity risk from liabilities
Other Rolling cash flow Availability of
forecasts committed
credit lines facilities
Market risk – foreign exchange Recognised Sensitivity analysis Unhedged
financial liabilities
Liquidity risk
Liquidity risk is the financial risk that is encountered due to difficulty in meeting its obligations. Based on the
assurance from other body corporates, the Company's management does not seems any Liquidity risk.
Market risk
The Company's liability towards Capex Creditors is payable in US Dollar hence exposed to foreign exchange
risk to the extent, changes in market prices such as foreign exchange rates.
Foreign Currency Risk from financial instruments as of : ` in lakh
As at As at
March 31, 2022 March 31 ,2021
Creditors for Capital goods ` in lakh 986.83 951.88
USD in 1.30 1.30
Million
The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency
denominated financial instruments as mentioned below:
` in lakh
March 31, 2022 March 31, 2021
Impact of 2% increase in exchange rate of USD INR 19.74 19.04

If exchange rate is affected with decrease by 2%, profit shall also accordingly be affected.
2.12 Related Parties

As per the Indian Accounting Standard ("Ind AS") 24 of "Related Party Disclosures", the disclosure of
Name of the Related Party Relationship
Reliance Communications Infrastructure Holding Company
Limited (RCIL)
Globalcom IDC Ltd Holding Company
Sr. Nature of Transactions Holding Company Holding Company
RCIL GIDCL
` in Lakh ` in Lakh
a) Other Current Liabilities - 1.14
(12.47) (-)
b) Advances 39.35 -
(-) (-)
` in lakh
2.13 Earning per Share For the year ended For the year ended
March 31, 2022 March 31, 2021
(a) Net Profit/(Loss) attributable to Equity Share (35.71) (20.98)
Holders (` in Lakh)
(b) Weighted Average Number of equity shares 10,000 10,000
used as denominator for Calculating EPS
(c) Basic and Diluted Earning per (357.10) (209.80)

equity shares -(`)
(Face value `10 each)
The Company is not having any reportable segment as per Indian Accounting Standard ("Ind AS" )108 -
'Operating Segment'
2.15 Capital Management
Capital of the Company, for the purpose of capital management, include issued equity capital and all other
equity reserves attributable to the equity holders of the Company.
The funding requirement is met through a mixture of equity, internal accruals and financial support extended
by the other body corporate.
2.16 Accounting Ratio

Current Current
Current Ratio (in times) 3.98 4.13 ( 3.63% )
Assets Liabilities
The Company does not have business operations, Turnover, Inventory, Purchases and also having negative
Net worth, during the year and previous year. Accordingly, ratios (i.e. Debt-Equity Debt Service coverage,
Return on equity, Inventory turnover, Trade receivable turnover , Trade payable turnover, Net capital turnover,
Net profit, Return on capital employed and Return on investment) are not applicable.
# There is no significant change (i.e. more then 25%) in the above mentioned ratios during the year in
comparison to Previous year.
2.17 During the year, the Company has not surrendered or disclosed any income, previously unrecorded in the
books of account as income, in the tax assessments under the Income Tax Act, 1961.
2.18 During the year, the Company has not received as well as given advances (excluding transactions in the
normal course of business) or loans or invested funds or provided any guarantee, security or the like from/ to
any other person(s) or entity(ies), directly or indirectly, including any foreign entity(ies)
2.19 The Company did not have any material transaction with companies struck off under Section 248 of the
Companies Act, 2013 or Section 560 of Companies Act, 1956.
2.20 Going Concern
The Accounts have been prepared on a 'Going concern basis' as the Company has been able to meet its
obligations in the ordinary course of business and considering the assurance of the financial support extended
by the other body corporate.
authorisation.
2.22 Authorisation of Financial Statements

The financial statements for the year ended March 31, 2022 are approved by the Board of Directors on May
26, 2022

Rakesh Gupta
Director
DIN: 00130829
Priti V Mehta
Proprietor
Vijay V Ahuja
Dated : May 26, 2022. DIN: 08717328
To the Members of Reliance Communications Tamil Nadu Limited


Communications Tamilnadu Limited(“the Company") which comprises the Balance Sheet as at
March 31, 2022, the Statement of Profit and Loss, Statement of changes in equity and Statement
of cash flows for the year then ended, and notes to the financial statements, including a summary
of significant accounting policies and other explanatory information (“the financial statements”).
Basis for Opinion
Key audit matters
process.
such controls.
going concern.

statements.

„Annexure B‟.
2022.
Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries; and

Priti V. Mehta
M No.130514 Date: 26/05/2022
UDIN: 22130514AJQYCQ2741
Reliance Communications Tamil Nadu Limited
of Reliance Communications Tamil Nadu Limited(‟the Company‟) on the financial statements for
the year ended March 31, 2022, we report the following:
We report that
thereunder.
Act,2013.
payable.
any disputes.
during the year.
the company.
him.
India Act,1934.
applicable.

Priti V. Mehta
(Proprietor)
M No.130514
UDIN: 22130514AJQYCQ2741
Place: Mumbai
Date: 26/05/2022
Annexure B to Independent Auditor’s Report – 31st March 2022 on
the Financial Statements of Reliance Communications Tamil Nadu
Limited.
We have audited the internal financial console over financial reporting of Reliance Communications
Tamil Nadu Limited (‟the Company') as of March 31, 2022in conjunction with our audit of the
controls based on ‟the internal control over financial reporting criteria established by the Company
of India ("ICAI"). These responsibilities include the design, implementation and maintenance of
CompaniesAct, 2013.
Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both
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 operatingeffectiveness.
for our audit opinion on the Company‟s internal financial controls system over financial reporting.
FinancialStatementsofReliance Communications Tamil Nadu Limited
principles.
Opinion

FirmRegn.No.129568W
Priti V.Mehta
M.No.130514 Date: 26/05/2022
UDIN:22130514AJQYCQ2741
March 31, 2022
(Amount in ` )
Notes As at As at
March 31, 2022 March 31, 2021
ASSETS
Non Current Assets
Investments 2.01 260 00 00 000 260 00 00 000
Current Assets
Financial Assets
Cash and Cash Equivalent 2.02 3 89 471 3 89 471
TOTAL 260 03 89 471 260 03 89 471

Equity
(b) Other Equity 2.04 (1 70 06 070) (1 65 06 070) (1 69 24 545) (1 64 24 545)
Current Liabilities
(i) Borrowings 2.05 261 67 24 026 261 67 24 026
(b) Other Current Liabilities 2.06 1 71 515 261 68 95 541 89 990 261 68 14 016
TOTAL 260 03 89 471 260 03 89 471

Notes on Accounts 2
-
For Priti V Mehta & Co For and on Behalf of the Board

Vinay Soni }
DIN-08567944 }
Priti V Mehta }
Proprietor } Directors
Membership No.130514 }
Arvind Purohit }
Place: Mumbai DIN:08349713 }
Dated : May 26, 2022
(Amount in ` )

March 31, 2022 March 31, 2021
I INCOME
Other Income - -
Total Income - -
II EXPENSES
Other Expenses 2.07 81 525 41 240
III Profit/ (Loss) Before Tax (I - II) ( 81 525) ( 41 240)
IV Tax expense:
- Current Tax - -
V Profit/ (Loss) After Tax ( 81 525) ( 41 240)
Earning Per Share of face value `10 each

fully paid up
Basic & Diluted ( `) 2.11 (1.63) (0.82)

Notes on Accounts 2

Vinay Soni }
DIN-08567944 }
Priti V Mehta }
Arvind Purohit }
(Amount in ` )
(A) Equity ( Refer Note - 2.03 )
Balance at April 1, 2020 5 00 000
Balance at March 31, 2021 5 00 000
Change in equity share capital during the period -
(B) Other Equity ( Refer Note - 2.04 )

Attributable to Equity holder
Particulars Retained Earnings
Balance at April 1, 2020 (1 68 83 305)

Add : Profit/ (Loss) for the year ( 41 240)
Balance at March 31, 2021 (1 69 24 545)
Add : Profit/ (Loss) for the period ( 81 525)
Balance at March 31, 2022 (1 70 06 070)

Vinay Soni }
DIN-08567944 }
Priti V Mehta }
Arvind Purohit }
Statement of Cash Flow for the year ended March 31, 2022 (Amount in ` )

March 31, 2022 March 31, 2021
Net Profit/(Loss) before tax as per Statement of Profit and Loss ( 81 525) ( 41 240)

Working Capital Changes:
Current assets - - -
Current Liabilities 81 525 81 525 41 240 41 240
Cash Generated from Operations
Tax Refund - -
Tax Adjustment - - - -
Net Cash from / (used in) Operating Activities -

Net Cash from / (used in) Investing Activities - -

Proceeds from / (Repayment of) Short Term
Borrowings (net) -
Net Cash from / (used in) Financing Activities -
Net Increase/ (Decrease) in Cash and Cash
Equivalents (A+B+C) -
Opening Balance of Cash and Cash Equivalents 3 89 471 3 89 471
Note:
(2) Cash and cash equivalents includes cash on hand and bank balances including Fixed Deposits.
(3) Cash Flow Statement has been prepared under the Indirect Method set out in Indian Accounting Standard (Ind AS)
7 "Statement of Cash Flow".

Vinay Soni }
DIN-08567944 }
Priti V Mehta }
Arvind Purohit }
Notes on Accounts to Financial Statements

Reliance Communications Tamil Nadu Limited (“the Company”), is registered under the Companies Act 1956
and having Registered Office at H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400710.
The Company is wholly owned subsidiary of Reliance Webstore Limited (RWSL)
instruments measured at fair value, in accordance with the generally accepted accounting principles (GAAP)
in India and in compliance with the Indian Accounting Standards (Ind AS) specified under Section 133 of the
Companies Act, 2013 ("the Act") read with Rule 3 of the Companies (Indian Accounting Standards) Rules
2015, the Companies (Indian Accounting Standards) Amendment Rules 2016 and other provisions of the Act
to the extent notified and applicable, as well as applicable guidance note and pronouncements of the Institute
of Chartered Accountants of India (ICAI).
All assets and liabilities have been classified as current or non-current as per the Company's normal
operating cycle and other criteria set out in Schedule III to the Act. Based on the nature of the services and
their realisation in cash & cash equivalents, the Company has ascertained its operating cycle as twelve
months for the purpose of current or non-current classification of assets and liabilities.
Benefits" issued by the Ministry of Corporate Affairs (the MCA), Government of India (GoI), applicable with
effect from April 1, 2019, does not have any impact on Financial Statements of the Company.

Difference between the actual results and estimates is recognised in the period in which the results are known
/ materialised. Estimates and underlying assets are reviewed on periodical basis. Revisions to accounting
which are more likely to be materially adjusted due to estimates and assumptions turning out to be different
than those originally assessed. Detailed information about each of these estimates and judgements is
accompanying disclosures including the disclosure of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes that require an adjustment to the carrying amount of
assets or liabilities in future periods. Difference between actual results and estimates are recognised in the
periods in which the results are known / materialise.
and establishes provisions in the event if required as a result of differing interpretation or due to retrospective
amendments, if any.
Estimates and judgements are continually evaluated. They are based on historical experience and other
factors, including expectations of future events that may have a financial impact on the Company and that are
believed to be reasonable under the circumstances.

the Company.
asset is one that necessarily takes substantial period of time to get ready for its intended use. Other
borrowing costs are recognised as expense in the year in which they are incurred.
i) Revenue is recognised when control over goods or services is transferred to a customer. A customer
iii) Interest income on investment is recognised on time proportion basis. Interest income is accounted using
1.08 Taxation
income. Deferred Tax Liabilities are generally accounted for all taxable temporary differences. The deferred
tax asset is recognised for all deductible temporary differences, carried forward of unused tax credits and
unused tax losses, to the extent it is probable that taxable profit will be available against which those
deductible temporary differences can be utilised. MAT credit is recognised as an asset only if it is probable
that the Company will pay normal income tax during the specified period.
obligation as a result of past events and it is probable that there will be an outflow of resources. A disclosure
for a contingent liability is made when there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. When there is a possible obligation or a present obligation
in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.
Contingent Assets are not recognised but disclosed in the financial statements, when economic inflow is
probable.
tax effect of any extraordinary/ exceptional item. Number of shares used in computing Basic Earning per
Share is the weighted average number of shares outstanding during the period. Dilutive earning per share is
computed and disclosed after adjusting effect of all dilutive potential equity shares, if any except when results
will be anti dilutive. Dilutive potential Equity Shares are deemed converted as of the beginning of the period,
unless issued at a later date.
Financial Assets
Classification
(i) The Company classifies financial assets as subsequently measured at amortised cost, fair value through
other comprehensive income or fair value through profit or loss on the basis of its business model for
managing the financial assets and the contractual cash flows characteristics of the financial asset.
assumptions that are based on market conditions and risk existing at each reporting date. The method used
to determine fair value include discounted cash flow analysis, available quoted market price. All method of
those instruments.


measured at amortised cost using the effective interest rate (EIR) method. The losses arising from
impairment are recognised in the profit or loss.
all changes recognised in the Statement of Profit and Loss.
A Mutual fund is measured at amortised cost or at FVTPL with all changes recognised in the Statement of
Profit and Loss.
In accordance with Ind - AS 109, the Company applies expected credit loss (ECL) model for measurement
and recognition of impairment loss on the financial assets that are Investment in Mutual fund.
(i) Classification
derecognised as well as through EIR amortisation process. Amortised cost is calculated by taking into
account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The
instruments are initially recognised at fair value on the date on which a derivative contract is entered into and
are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is
positive and as financial liabilities when the fair value is negative.

(Amount in ` )
As at As at
March 31, 2022 March 31, 2021
2.01 Investments
Trade Investments
In Preference Shares
Unquoted, fully Paid up, At Cost
1 34 77 000 1% Redeemable Non Cumulative Non Convertible
260 00 00 000 260 00 00 000
(1 34 77 000) Preference Shares of Reliance Telecom Limited of
` 10 each
260 00 00 000 260 00 00 000
Aggregate Amount of Investments

Unquoted 260 00 00 000 260 00 00 000
Quoted - -
260 00 00 000 260 00 00 000
2.02 Cash and Cash Equivalent

Balances with Banks in Current Account 3 89 471 3 89 471
3 89 471 3 89 471

(Amount in ` )
As at As at
March 31, 2022 March 31, 2021
2.03 Share Capital
Authorised
50 000 Equity Shares of ` 10 each 5 00 000 5 00 000
( 50 000)
5 00 000 5 00 000
50 000 Equity Shares of ` 10 each fully paid up 5 00 000 5 00 000

(50 000)
5 00 000 5 00 000
a) Equity Shares held by Promoters
Shares during the
year
Reliance Webstore Limited and its nominees 50 000 100% Nil
( 50 000) (100%) (Nil)
b) Shares held by Holding Company
No. of Shares No. of Shares
% %
Reliance Webstore Limited and its nominees 50 000 100% 50 000 100%
c) Details of Shareholders holding more than 5% shares in the Company

No. of Shares % No. of Shares %
Reliance Webstore Limited and its nominees 50 000 100% 50 000 100%
d) Reconciliation of shares outstanding at the beginning and at the end of the year
As at As at
March 31, 2022 March 31, 2021
No. of Shares ` No. of Shares `
Equity Shares
At the beginning of the year 50 000 5 00 000 50 000 5 00 000
Add : Changes during the year - - - -
At the end of the year 50 000 5 00 000 50 000 5 00 000
2.04 Other Equity

As per last Balance Sheet (1 69 24 545) (1 68 83 305)
Add: Profit/(Loss) for the year ( 81 525) ( 41 240)
Balance Carried Forward (1 70 06 070) (1 69 24 545)
(1 70 06 070) (1 69 24 545)

(Amount in ` )
As at As at
2.05 Borrowings March 31, 2022 March 31, 2021
Unsecured
Loan from Body Corporate (Refer Note 2.17) 261 67 24 026 261 67 24 026
(Repayable on demand)
261 67 24 026 261 67 24 026

Audit Fees Payable 56 640 42 480
Others 1 800 9 630
Other Payable ( Related Party Ref Note.2.17) 1 13 075 37 880
1 71 515 89 990

(Amount in ` )
March 31, 2022 March 31, 2021
Note 2.07 Other Expenses

Payment to Auditors
- Audit Fees 14 160 14 160
Interest paid ( Int on ST & TDS ) 285 -
81 525 41 240
Note 2.08 Previous Year

The figures for the previous year have been regrouped and reclassified, wherever required. Amount in financial
statements are presented in Rupee, except as otherwise stated.
Note 2.09
Reliance Telecom Limited (RTL), a fellow subsidiary, is undergoing Corporate Insolvency Resolution Process under the
Insolvency and Bankruptcy Code, 2016 effective from May 18, 2018. Pending the completion and implementation of the
resolution plan of RTL , the Company has not provided for any impairment loss on account of investment amounting to
Rs. 260 crore in 1% Redeemable, Non Cumulative, Non Convertible Preference Shares having face value of Rs. 10
each issued and redeemable at a Premium of Rs. 990 each of Reliance Telecom Limited (RTL). The impairment loss
towards the said investment shall be recognised on completion and implementation of resolution plan of RTL.
Note 2.10
a current transaction between the willing parties, other than in a forced or liquidation sale.
instruments
As at As at
Particulars
March 31, 2022 March 31, 2021
Financial assets at Fair value through
Nil Nil
Statement of Profit and Loss:
Financial assets at fair value through
Nil Nil
Comprehensive
Financial Income:
liabilities at amortised cost:
Borrowings 261 67 24 026 261 67 24 026
Financial liabilities at fair value through
Statement of Profit and Loss/ other Nil Nil

Activities of the Company expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company‟s
primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its
financial performance.
The Company‟s financial liabilities comprise of borrowings to manage its operation and the financial assets include cash
and bank balances, other receivables etc. arising from its operation.

(Amount in ` )

Market risk
The Company operates in India only. Market Risk is the risk that changes in market prices such as interest rates will
affect income or value of its holding financial assets/ instruments.
Interest Rate Risk
risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow
interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of
fluctuations in the interest rates.
The Company does not have interest bearing financial instruments.
The Company does not account for any fixed rate financial assets or financial liabilities at fair value through profit or loss.
Therefore, a change in interest rates at the reporting date would not affect profit or loss.
/(decreased) equity and profit or loss. However, as there is no financial instruments outstanding, hence sensitivity
analysis not computed.
Credit risk
Liquidity risk
operations. The Company does not have any contractual maturities of financial liabilities.
As at As at
Note 2.11 Earnings per Share (EPS)
March 31, 2022 March 31, 2021

Note 2.12 Segment Reporting

The Company is not having any reportable segment as per Indian Accounting Standard ("Ind AS" )108 - 'Operating
Segment'
Note 2.13 Deferred Tax
The Company does not have any items on which deferred tax should be recognised.
reserves attributable to the equity holders of the Company.
The funding requirement is met through a mixture of equity, internal accruals and financial support extended by the other
body corporate.
Note 2.15 Accounting Ratio
Current Current
Assets Liabilities
Debt Equity Ratio (in times) Total Debt Equity (158.53) (159.32) (0.49%)
Previous year.

(Amount in ` )
Note 2.16 During the year, the Company has not surrendered or disclosed any income, previously unrecorded in the books of
account as income, in the tax assessments under the Income Tax Act, 1961.
Note 2.17 During the year, the Company has not received as well as given advances (excluding transactions in the normal course
of business) or loans or invested funds or provided any guarantee, security or the like from/ to any other person(s) or
entity(ies), directly or indirectly, including any foreign entity(ies)
Note 2.18 The Company did not have any material transaction with companies struck off under Section 248 of the Companies Act,
2013 or Section 560 of Companies Act, 1956.
Note 2.19 Going Concern
The Accounts have been prepared on a 'Going concern basis' as the Company has been able to meet its obligations in
the ordinary course of business and considering the assurance of the financial support extended by the other body
corporate.
Note 2.20 Post Reporting Events
Note 2.21 Related Parties
As per Indian Accounting Standard ("Ind AS")-24 of "Related Party Disclosures", the disclosure of transactions with the
related parties as defined therein are given below:
A. List of related parties and relationships :

a) Ultimate Holding Company
1. Reliance Communications Limited (RCOM)
b) Holding Company
1. Reliance Webstore Limited (RWSL)
c) Fellow Subsidiary Companies
1. Reliance Communications Infrastructure Limited (RCIL)
2. Reliance Infratel Limited (RITL)
3. Reliance Telecom Limited (RTL)
4. Reliance Next Link Pvt Ltd (RNL)
5. Reliance IDC Ltd (RIDC)
B. Transactions during the year with Related Parties and closing balances.
(Figures relating to current year are reflected in Bold, relating to previous year are reflected in brackets)
(Amount in ` )
Fellow
Sr. Nature of Transactions Ultimate Holding Holding Total
Subsidiary
A Equity Shares
Balance as at April 1, 2021 - 5 00 000 - 5 00 000
(-) ( 5 00 000 ) (-) ( 5 00 000 )
Shares issued during the year - - - -
(-) (-) (-) (-)
Shares transferred during the year - - - -
(-) (-) (-) (-)
Balance as at March 31, 2022 - 5 00 000 - 5 00 000
(-) ( 5 00 000 ) (-) ( 5 00 000 )
B Borrowings - Current
Balance as at April 1, 2021 55 757 - 261 66 68 269 261 67 24 026
( 55 757) (-) (261 66 68 269) (261 67 24 026)
Unsecured Loan taken during the year - - -
(-) (-) (-) (-)
Repayment/Adjustment of Loan - - - -
(-) (-) (-) (-)
Balance as at March 31, 2022 55 757 261 66 68 269 261 67 24 026
( 55 757) (-) (261 66 68 269) (261 67 24 026)
C Non Current Investments - - 260 00 00 000 260 00 00 000

(-) (-) ( 260 00 00 000 ) ( 260 00 00 000 )
D Other Current Liabilities - 18 630 87 365 1 05 995
(-) ( 18 630) ( 19 250) ( 37 880)
Note 2.22 Authorisation of Financial Statements
The financial statements for the period ended March 31, 2022 are approved by the Board of Directors on May 26, 2022.

Vinay Soni }
DIN-08567944 }
}
Priti V Mehta } Directors
Proprietor }
Membership No.130514 Arvind Purohit }
DIN:08349713 }
Place: Mumbai
To The Members of Globalcom Realty Limited
(Formerly Reliance Infra Realty Limited)
We have audited the accompanying Standalone financial statements of Globalcom Realty

Limited (Formerly Reliance Infra Realty Limited)(“the Company") which comprises the
Balance Sheet as at March 31, 2022, the Statement of Profit and Loss, Statement of changes in
equity and Statement of cash flows for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies and other explanatory information (“the
financial statements”).
Basis for Opinion
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.
Key audit matters
process.
such controls.
going concern.

statements.

„Annexure B‟.
ii. I' he Company did not have any long-term contracts including
derivative contracts as at 31' March, 2022 for which there were any
material foreseeable losses; and
iii. There were no amounts which were required to be transferred to the

Investor Education and Protection Fund by the Company during the
year ended March 31, 2022.

PritiV. Mehta
M No.130514 Date: 25/05/2022
UDIN: 22130514AJOUON4722
GlobalcomRealty Limited (Formerly Reliance Infra Realty Limited)
Annexure A to Independent Auditor’s Report - 31°tMarch 2022
With reference to the ‟Annexure A‟ referred to in the Independent Auditors‟ Report to the Members of
GlobalcomRealty Limited (Formerly Reliance Infra Realty Limited)(‟the Company‟) on the financial
We report that
(b) According to the information and explanation and representation given to us by the management, 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.
iii) (b) As per the information and explanations given to us and books of accounts and records examined by us,
no working capital limits from banks or financial institutions on the basis of security of current assets has been
taken by the Company. Therefore, the reporting requirements under clause ii(b) of paragraph 3 of the Order is
iii).According to the information and explanations given to us and on the basis of our examination of the
books of account, the Company has not granted any loans, secured or unsecured, to companies, firms,
Limited Liability Partnerships or other parties listed in the register maintained under Section 189 of the
Companies Act, 2013. Consequently, the provisions of clauses iii (a), (b) and (c)of the order are not
iv).During the year the company has not provided any loans, guarantees, advances and securities to the
director of the company and the company is compliant provisions of section 185 and 186 of the
v).The Company has not accepted any deposits from the public and hence the directives issued by the
Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act
and the Companies (Acceptance of Deposit) Rules, 2615 with regard to the deposits accepted from the
public are not applicable.
vi).As per information &explanation given by the management, maintenance of cost records has not been
specified by the Central Government under sub-section (1) of section 148 of the Companies Act,2013.
Investor Education and Protection Fund, Employees‟ State Insurance, Income-tax, Sales-tax, Service Tax,
Goods and Service tax (GST), Custom Duty, Excise Duty, value added tax, cessand any other statutory
dues to the extent applicable, have generally been regularly deposited with the appropriate authorizes.
According to the information and explanations given to us there were no outstanding statutory dues as
on 31st March,2022 for a period of more than six months from the date they became payable.
 According to the information and explanations given to us, there is no amount payable in respect of
Income tax, GST, Service tax, Sales tax, Customs duty, Excise duty, Value added tax and Cess
whichever applicable, which have not been deposited on account of any disputes.
ix).In our opinion and according to the information and explanations given by the
management, we are of the opinion that, the Company does not have any dues to a financial
institution, bank, Government or debenture holders.
x). Based on our audit procedures and according to the information given by the management,
the company has not raised any money by way of initial public offer or further public offer
(including debt instruments) or taken any term loan during the year. The company has not made
any preferential allotment or private placement of shares or fully or partly convertible debentures
during the year under review.
xi).(a) According to the information and explanations given to us, we report that no fraud by
the company or any fraud on the Company by its officers or employees has been noticed or
reported during the year.
section 143 of the Act has been filed by the auditors in form ADT-4 as prescribed under rule 13 of
the Companies (Audit and Auditors) Rules, 2014 with the Central Government.
xii). Thecompany is not a NidhiCompany. Therefore, clause (xii) of the order is not applicable to
the company.
xv).Thecompany has not entered into noncash transactions with directors or persons connected
with him.
xvi). (a) Thecompany is not required to be registered under section 45-IA of the Reserve Bank of
India Act,1934.
Annexure A to Independent Auditor’s Report - 31st March 2022
applicable.
(d) As represented by the management, the Group does not have more than one Core Investment Company
as part of the Group as per the definition of Group contained in the Core Investment Companies (Reserve
Bank) Directions, 2016.
xvii). Thecompany has not incurred cash lossesin the financial year and in the immediately
xix).No material uncertainty exists as on the date of the audit report that company is capable
xxi).The companyhas not made investments in subsidiary company. Therefore, the company

PritiV. Mehta
(Proprietor)
M No. : 130514
UUIN: 22130514AJOUON4722
Place: Mumbai
Date: 25/05/2022
Annexure B to Independent Auditor’s Report - 31“ March2022 on the
Financial Statements of GlobalcomRealty Limited (Formerly Reliance
Infra Realty Limited)
We have audited the internal financial consolsover financial reporting of GlobalcomRealty

Limited (Formerly Reliance Infra Realty Limited)(‟the Company') as of March 31, 2022 in
conjunction with our audit of the financial statements of the Company for the year ended on that
date.
Company considering the essential components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of
Chartered Accountantsof 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 CompaniesAct, 2013.
Auditors‘Resposibi1ity
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 ICAI. 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 operatingeffectiveness.
reporting.
AnnexureBtoIndependentAuditor’sReport-31“March2022onthe
FinancialStatementsofGlobalcom Realty Limited (Formerly Reliance
Infra Realty Limited)
principles.
maydeteriorate.
Opinion
For PritiV.Mehta &Company

FirmRegn.No. : 129568W
PritiV.Mehta
M.No.130514 Date: 25/05/2022
UDIN:22130514AJOUON4722
Reliance Communications Limited
Globalcom Realty Limited
March 31, 2022
1
(Amount in ` )
Note As at As at
March 31, 2022 March 31, 2021
ASSETS
Current Assets
(i) Cash and Cash Equivalents 2.01 4 09 142 4 09 142
Total Assets 4 09 142 4 09 142

Equity
(b) Other Equity 2.03 ( 2 95 274) 2 04 726 ( 2 23 573) 2 76 427
Liabilities
Current Liabilities
(a) Other Current Liabilities 2.04 2 04 416 1 32 715
Total Equity and Liabilities 4 09 142 4 09 142

Notes on Accounts 2

Rakesh Gupta }
DIN: 00130829 }
} Directors
}
Priti V Mehta }
Proprietor Arvind Purohit }
Membership No. 130514 DIN:08349713 }
Place : Mumbai
Date : May 25, 2022
(Amount in ` )
Note For the year ended For the year ended
March 31, 2022 March 31, 2021
INCOME
I Other Income - -
II Total Income - -
III EXPENSES
General and Administration Expenses 2.05 71 701 71 240
IV Total Expenses 71 701 71 240
V Profit (Loss) Before Tax (II -IV) ( 71 701) ( 71 240)

VI Tax expense:
- Current Tax - -
VII Profit After Tax ( 71 701) ( 71 240)
Earning per Share of face value of ` 10 each

fully paid up
Basic and Diluted ( `) 2.09 (1.43) (1.42)

Notes on Accounts 2

For Priti V Mehta & Co. For and on Behalf of the Board
Rakesh Gupta }
DIN: 00130829 }
}
} Directors
Priti V Mehta }
Place : Mumbai
Date : May 25, 2022
(Amount in ` )
A Equity ( Refer Note.2.02 )
Balance at April 1, 2020 500,000
Change in equty share capital during the year -
Balance at March 31, 2021 500,000
Change in equty share capital during the period -
B Other Equity ( Refer Note.2.03 )
Balance at April 1, 2020 ( 1 52 333)

Add : (Loss) for the year ( 71 240)
Balance at March 31, 2021 ( 2 23 573)
Add : (Loss) during the period ( 71 701)
Balance at March 31, 2022 ( 2 95 274)

Rakesh Gupta }
DIN: 00130829 }
} Directors
}
Priti V Mehta }
Place : Mumbai
Date : May 25, 2022
(Amount in ` )

March 31, 2022 March 31, 2021
Net Profit / (Loss) before tax as per Statement of Profit and Loss ( 71 701) ( 71 240)
Adjusted for:
Write back of Provision for Liabilities no longer required - -
Adjusted for:
Trade Payable and Other Liabilities 71 701 71 701 71 240 71 240
Cash Used in Operations

Tax Paid - -
Net Cash from/(Used In) Operating Activities
Net Cash from / (Used in) Investing Activities - -
Net Increase / Decrease in Cash and Cash Equivalents -
Note:
(3) Cash Flow Statement has been prepared under the Indirect Method set out in Indian Accounting Standards 7
"Statement of Cash flow".
Rakesh Gupta }
DIN: 00130829 }
} Directors
}
Priti V Mehta }
Place : Mumbai
Date : May 25, 2022
Note: 1
Globalcom Realty Limited (“the Company”), is registered under Companies Act 1956 and having Registered
Office at H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400710. The Company is wholly
owned subsidiary of Reliance Communications Infrastructure Limited ("RCIL" or " the Holding Company" ).
(Indian Accounting Standards) Amendment Rules 2016 and other provisions of the Act to the extent notified and
applicable, as well as applicable guidance note and pronouncements of the Institute of Chartered Accountants of
India (ICAI).
in cash & cash equivalents, the Company has ascertained its operating cycle as twelve months for the purpose of
statements.
including the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result
in outcomes that require an adjustment to the carrying amount of assets or liabilities in future periods. Difference
amendments, if any.
These financials statements are presented in Indian Rupees ( "Rupees" or "`") which is funcitional currency of the
Company.
applicable Effective Interest Rate (EIR), which is the rate that exactly discounts estimated future cash receipts
over the expected life of the financial assets to that asset‟s net carrying amount on initial recognition.
1.08 Taxation
recognised for all deductible temporary differences, carried forward of unused tax credits and unused tax losses,
to the extent it is probable that taxable profit will be available against which those deductible temporary
differences can be utilised. MAT credit is recognised as an asset only if it is probable that the Company will pay

date.
Financial Assets
Classification
instruments.

to hold assets for collecting contractual cash flows and contractual terms of the asset give rise on specified dates
to cash flows that are solely payments of principal and interest.Such financial assets are subsequently measured
at amortised cost using the effective interest rate (EIR) method. The losses arising from impairment are
recognised in the profit or loss.
and Loss.
(i) Classification
liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified
as held for trading, if they are incurred for the purpose of repurchasing in the near term. This category also
includes derivative financial instruments that are not designated as hedging instruments in hedge relationships as
defined by Ind - AS 109. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well
as through EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium
on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance
remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial
liabilities when the fair value is negative.
(Amount in ` )
As at As at
Particulars
March 31, 2022 March 31, 2021
Note 2.01 Cash And Cash Equivalents

Balances with Banks- In current account 4 09 142 4 09 142
4 09 142 4 09 142
Note 2.02 Equity Share Capital
Authorised
(50 000)
5 00 000 5 00 000
50
50 000
000 Equity
(50 000)
Shares ` 10 each
EquityofShares of `fully
10 each
paid fully
up paid up 5 00 000 5 00 000
(50 000)
5 00 000 5 00 000

% of Total % Change
Particulars No. of Shares Shares during the
year
Reliance Communication Infrastructure Ltd and its 50 000 100% Nil
nominees (50 000) (100%) (Nil)

No. of
Particulars No. of Shares % %
Shares
Reliance Communication Infrastructure Ltd and its
50 000 100% 50 000 100%
nominees

No. of
Shares
Reliance Communication Infrastructure Ltd and its
50 000 100% 50 000 100%
nominees
d) Reconciliation of shares outstanding at the beginning and at the end of the reporting year
No of ` No of `
Particulars
Shares Shares
Equity Shares
Add/ (Less) : Changes during the period - - - -
At the end of the period 50 000 5 00 000 50 000 5 00 000
e) Terms/rights attached to equity shares

receive remaining assets of the Company. The distribution will be in proportion to the numbers of equity shares held by the
shareholder.
(Amount in ` )
As at As at
Particulars
March 31, 2022 March 31, 2021
Note 2.03 Other Equity
Balance carried from last balance sheet ( 2 23 573) ( 1 52 333)

Add : Profit / (Loss) during the year ( 71 701) ( 71 240)
Balance at the end of the year ( 2 95 274) ( 2 23 573)
Note 2.04 Other Current Liabilities

Other payable 38 752 42 502
Other payable Related Party 1 50 021 46 250
2 04 416 1 32 715
(Amount in ` )
For the year ended For the year
Particulars March 31, 2022 ended
March 31, 2021

Audit Fees 14 160 14 160
Interest on TDS (2020-21) 461 -
71 701 71 240

The figures for the previous year have been regrouped and reclssified, wherever required. Amount in financial
statements are presented in Rupees, except as otherwise stated.
Note : 2.07
in a current transaction between the willing parties, other than in a forced or liquidation sale.
instruments
As at As at
Particulars
March 31, 2022 March 31, 2021
Nil Nil
Activities of the Company expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The
Company‟s primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse
effects on its financial performance.
Market risk
Interest Rate Risk
risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash
flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because
of fluctuations in the interest rates.

The Company does not account for any fixed rate financial assets or financial liabilities at fair value through profit or
loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.

Credit risk
Liquidity risk
Note 2.08 Earning per share :
March 31, 2022 March 31, 2021
Numerator - Profit /(Loss) after tax (`) ( 71 701) ( 71 240)

Basic as well as Diluted, earning per equity share (`) (1.43) (1.42)
-
Segment'
accruals and borrowings which the Company monitors on regular basis.
Current Current
Assets Liabilities
Previous year.
Note 2.14 Related Parties:

a) Holding Company
1. Reliance Communications Infrastructure Limited
2. Reliance IDC Limited

(Amount in ` )
Holding
Sr. Nature of Transactions
Company
Equity Shares
01. Reliance Communication Infrastructure Ltd

Balance as at April 1, 2021 5 00 000
( 5 00 000)
Shares issued during the year -
(-)
Balance as at March 31, 2022 5 00 000
( 5 00 000)
Other Payables
Balance as at April 1, 2021 46 250
(-)
Acquired during the period 1 03 771

( 46 250)

( 46 250)

The financial statements for the period ended March 31, 2022 are approved by the Board of Directors on May 25, 2022.
As per our Report of even date For and on Behalf of the Board
For Priti V Mehta & Co.
Rakesh Gupta }
DIN: 00130829 }
}
} Directors
Priti V Mehta }
Place : Mumbai
Date : May 25, 2022
To The Members of Internet Exchangenext.Com Limited
We have audited the accompanying Standalone financial statements of Internet

Exchangenext.Com Limited (“the Company") which comprises the Balance Sheet as at March
31, 2022, the Statement of Profit and Loss, Statement of changes in equity and Statement of cash
flows for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies and other explanatory information (“the financial statements”).
mannerso required and give a true and fair view in conformity with the accounting principles
Basis for Opinion
that are relevant to our audit of the financial statements under the provisionsof the Companies
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.
Key audit matters
statements that give a true and fair view of the financial position, financ’ialperformance, (changes
accepted in India, including the accounting Standards specified undersection 133 of the Act. This
process.
such controls.
going concern.

statements.
the current period and are therefore the key audit matters. We describe these matterin our

„Annexure B‟.
2022.

PritiV. Mehta
M No.130514 Date: 25/05/2022
UDIN: 22130514AJOUWB2656
Internet ExchangeNext.com Limited
of Internet ExchangeNext.com Limited(‟the Company‟) on the financial statements for the year
ended March 31, 2022, we report the following:
We report that
thereunder.
orderare not applicable to the Company.
Act,2013.
Tax, Goods and Service tax (GST), Custom Duty, Excise Duty, value added tax, cessand any other
payable.
respect of Income tax, GST, Service tax, Sales tax, Customs duty, Excise duty, Value added tax
and Cess whichever applicable, which have not been deposited on account of any disputes.
ix).In our opinion and according to the information and explanations given by the
management, we are of the opinion that, the Company does not have any dues to a financial
institution, bank, Government or debenture holders.
x). Based on our audit procedures and according to the information given by the management,
the company has not raised any money by way of initial public offer or further public offer
(including debt instruments) or taken any term loan during the year. The company has not made
any preferential allotment or private placement of shares or fully or partly convertible debentures
during the year under review.
xi).(a) According to the information and explanations given to us, we report that no fraud by
the company or any fraud on the Company by its officers or employees has been noticed or
reported during the year.
section 143 of the Act has been filed by the auditors in form ADT-4 as prescribed under rule 13
of the Companies (Audit and Auditors) Rules, 2014 with the Central Government.
(c) We have taken into consideration the whistle blower complaints received by the Company during
the year while determining the nature, timing and extent of audit procedures.
xii). Thecompany is not a NidhiCompany. Therefore, clause (xii) of the order is not applicable to
the company.
xv).Thecompany has not entered into noncash transactions with directors or persons connected
with him.
xvi). (a) Thecompany is not required to be registered under section 45-IA of the Reserve
Bank of India Act,1934.
(b) On the basis of examination of records and according to the information and explanation given to
us by the Company, the Company has not conducted any Non-Banking Financial or Housing
xvii). Thecompany has not incurred cash lossesin the financial year and in the
xxi).The companyhas not made investments in subsidiary company. Therefore, the

company does not require to prepareconsolidated financial statement. Therefore, the

PritiV. Mehta
(Proprietor)
M No.130514
UDIN: 22130514AJOUWB2656
Place: Mumbai
Date: 25/05/2022
Annexure B to Independent Auditor’s Report –31stMarch 2022 on the Financial
Statements of Internet ExchangeNext.com Limited
We have audited the internal financial consolsover financial reporting of Internet

ExchangeNext.com Limited(‟the Company') as of March 31, 2022 in conjunction with our
audit of the financial statements of the Company for the year ended on that date.
of Chartered Accountantsof India ("ICAI"). These responsibilities include the design,
established and maintained and if such controls operated effectivelyin all material respects.
reporting.
FinancialStatementsofInternet ExchangeNext.com Limited.
principles.
maydeteriorate.
Opinion

PritiV.Mehta
M.No.130514 Date: 25/05/2022
UDIN:22130514AJOUWB2656
Internet Exchangenext.com Limited
March 31, 2022

Balance Sheet as at March 31, 2022 Amount ( ` )
Notes As at As at
March 31, 2022 March 31, 2021
ASSETS
Non Current Assets

Property, Plant and Equipment 2.01 - -
Current Assets
Financial Assets
(ii) Other Financial Assets 2.03 62 33 308 65 09 540 62 33 308 65 09 540
Total Assets 65 09 540 65 09 540

Equity
(b) Other Equity 2.05 ( 11 20 282) 3 86 718 ( 10 08 670) 4 98 330
LIABILITIES
Current Liabilities
Other Current Liabilities 2.06 61 22 822 60 11 210
Significant Accounting Policies 1 -

Notes on Accounts 2

Arvind Purohit }
DIN-08349713 }
Priti V Mehta }
}
Place: Mumbai Vinay Soni }
Dated: May 25, 2022 DIN-08567944 }
Statement of Profit and Loss for the year ended March 31, 2022 Amount ( ` )

March 31, 2022 March 31, 2021
INCOME
I Other Income - -
Total Income - -
II EXPENSES
Sales and General Administration Expenses 2.07 1 11 612 58 320

Total Expenses 1 11 612 58 320
III Profit/ (Loss) before Tax (I-II) ( 1 11 612) ( 58 320)
IV Tax expense:
- Current Tax - -
V Profit/ (Loss) After Tax (III-IV) ( 1 11 612) ( 58 320)
Earnings per Share of ` 10 each fully paid 2.10

up
Basic and Diluted ( `) (0.74) (0.39)

Notes on Accounts 2

Arvind Purohit }
DIN-08349713 }
Priti V Mehta }
}
Dated: May 25, 2022 DIN-08567944 }
Amount ( ` )
(A) Equity ( Refer Note - 2.04 )
Balance at April 1, 2020 15 07 000
Change in equity share capital during the period -
(B) Other Equity ( Refer Note - 2.05 )

Attributable to Equity holder
Balance at April 1, 2020 ( 9 50 350)

Add : Profit / (Loss) for the year ( 58 320)
Balance at March 31, 2021 ( 10 08 670)
Add : Profit / (Loss) for the period ( 1 11 612)

Balance at March 31, 2022 ( 11 20 282)

Arvind Purohit }
DIN-08349713 }
Priti V Mehta }
}
Dated: May 25, 2022 DIN-08567944 }
Statement of Cash Flow for the year ended March 31, 2022 Amount ( ` )

March 31, 2022 March 31, 2021
Net Profit/(Loss) before tax as per Statement of Profit and Loss ( 1 11 612) ( 58 320)
Adjusted for:
( 1 11 612) ( 58 320)
Operating Profit/(Loss) before Working Capital Changes ( 1 11 612) ( 58 320)
Working Capital Changes:
Current Assets - -
Current Liabilities 1 11 612 58 320
1 11 612 58 320
Cash Generated from Operations
Tax paid - -
Net Cash from/(Used In) Operating Activities

Net Cash from/(Used in) Investing Activities - -
Net Cash from/(Used in) Financing Activities - -
Net Increase/ (Decrease) in Cash and Cash Equivalents (A+B+C)
Note:
(3) Cash Flow Statement has been prepared under the Indirect Method set out in Indian Accounting Standards (Ind
AS) 7 "Statement of Cash flow".

Arvind Purohit }
DIN-08349713 }
Priti V Mehta }
}
Dated: May 25, 2022 DIN-08567944 }

Note: 1
Internet Exchangenext.com Limited (“the Company”), is registered under Companies Act 1956 and
having Registered Office at H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai
400710. The Company is wholly owned subsidiary of Reliance Communications Infrastructure
Limited ("RCIL" or " the Holding Company" ).
instruments measured at fair value, in accordance with the generally accepted accounting principles
(GAAP) in India and in compliance with the Indian Accounting Standards (Ind AS) specified under
Section 133 of the Companies Act, 2013 ("the Act") read with Rule 3 of the Companies (Indian
Accounting Standards) Rules 2015, the Companies (Indian Accounting Standards) Amendment
Rules 2016 and other provisions of the Act to the extent notified and applicable, as well as
applicable guidance note and pronouncements of the Institute of Chartered Accountants of India
(ICAI).
operating cycle and other criteria set out in Schedule III to the Act. Based on the nature of the
services and their realisation in cash & cash equivalents, the Company has ascertained its
operating cycle as twelve months for the purpose of current or non-current classification of assets
and liabilities.
Recent pronouncements relating to Ind AS 116 "Leases", Ind AS 12 " Income Tax"and Ind AS 19
"Employee Benefits" issued by the Ministry of Corporate Affairs (the MCA), Government of India
(GoI), applicable with effect from April 1, 2018, does not have any impact on Financial Statements
of the Company.
The preparation and presentation of Financial Statements requires estimates and assumptions to
be made that affect the reported amount of assets and liabilities and disclosure of contingent
liabilities on the date of the Financial Statements and the reported amount of revenues and
expenses during the reporting period. Difference between the actual results and estimates is
recognised in the period in which the results are known / materialised. Estimates and underlying
assets are reviewed on periodical basis. Revisions to accounting estimates are recognised
prospectively.
The preparation of financial statements require the use of accounting estimates which, by definition,
will seldom equal the actual results. The management also needs to exercise judgement in applying
the accounting policies.
This provides an overview of the areas that involved a higher degree of judgement or complexity,
and of items which are more likely to be materially adjusted due to estimates and assumptions
turning out to be different than those originally assessed. Detailed information about each of these
estimates and judgements is included in relevant notes together with information about the basis of
calculation for each affected line item in the financial statements.

assumptions and estimates could result in outcomes that require an adjustment to the carrying
amount of assets or liabilities in future periods. Difference between actual results and estimates are
recognised in the periods in which the results are known / materialise.
however, may change due to market changes or circumstances arising that are beyond the control
of the Company. Such changes are reflected in the assumptions when they occur.
Estimates and judgements are continually evaluated. They are based on historical experience and
other factors, including expectations of future events that may have a financial impact on the
These financials statements are presented in Indian Rupees ( "Rupees" or "`") which is funcitional
currency of the Company.
Borrowing costs that are attributable to the acquisition, construction or production of qualifying
assets are capitalised as part of the cost of such assets upto the commencement of commercial
operations. A qualifying asset is one that necessarily takes substantial period of time to get ready
for its intended use. Other borrowing costs are recognised as expense in the year in which they are
incurred.
i) Revenue is recognised when control over goods or services is transferred to a customer. A
customer obtains control when he has the ability to direct the use of and obtain the benefits from
the good or service, there is transfer of title, supplier has right to payment etc. – with the transfer of
risk and rewards now being one of the many factors to be considered within the overall concept of
control.
ii) The Company determines whether revenue should be recognised „over time‟ or „at a point in
time‟.
iii) Interest income on investment is recognised on time proportion basis. Interest income is
accounted using the applicable Effective Interest Rate (EIR), which is the rate that exactly discounts
estimated future cash receipts over the expected life of the financial assets to that asset‟s net
carrying amount on initial recognition.

1.08 Taxation
expense comprises of Current Tax and Deferred Tax at the applicable enacted or substantively
enacted rates. Current tax represents the amount of Income Tax payable / recoverable in respect of
the taxable income/loss for the reporting period. Deferred tax represents the effect of temporary
difference between the carrying amount of assets and liabilities in the financial statement and the
corresponding tax base used in computation of taxable income. Deferred Tax Liabilities are
generally accounted for all taxable temporary differences. The deferred tax asset is recognised for
all deductible temporary differences, carried forward of unused tax credits and unused tax losses, to
the extent it is probable that taxable profit will be available against which those deductible temporary
differences can be utilised. MAT credit is recognised as an asset only if it is probable that the

Provisions involving substantial degree of estimation in measurement are recognised when there is
a present obligation as a result of past events and it is probable that there will be an outflow of
resources. A disclosure for a contingent liability is made when there is a possible obligation or a
present obligation that may, but probably will not, require an outflow of resources. When there is a
possible obligation or a present obligation in respect of which the likelihood of outflow of resources
is remote, no provision or disclosure is made. Contingent Assets are not recognised but disclosed in
the financial statements, when economic inflow is probable.

In determining Earning per Share, the Company considers the net profit or loss after tax and
includes the post tax effect of any extraordinary/ exceptional item. Number of shares used in
computing Basic Earning per Share is the weighted average number of shares outstanding during
the period. Dilutive earning per share is computed and disclosed after adjusting effect of all dilutive
potential equity shares, if any except when results will be anti dilutive. Dilutive potential Equity
Shares are deemed converted as of the beginning of the period, unless issued at a later date.

liability or equity instrument of another entity.
Financial Assets
Classification
(i) The Company classifies financial assets as subsequently measured at amortised cost, fair value
through other comprehensive income or fair value through profit or loss on the basis of its business
model for managing the financial assets and the contractual cash flows characteristics of the
financial asset.
(ii) In determining the fair value of its financial instruments, the Company uses a variety of methods
and assumptions that are based on market conditions and risk existing at each reporting date. The
method used to determine fair value include discounted cash flow analysis, available quoted market
price. All method of assessing fair value result in general approximation of value, and such value
may never actually be realized. For all other financial instruments the carrying amounts approximate
fair value due to the short maturity of those instruments.

recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition
of the financial asset.
Financial assets are measured at amortised cost when asset is held within a business model,
whose objective is to hold assets for collecting contractual cash flows and contractual terms of the
asset give rise on specified dates to cash flows that are solely payments of principal and
interest.Such financial assets are subsequently measured at amortised cost using the effective
interest rate (EIR) method. The losses arising from impairment are recognised in the profit or loss.
Financial assets under this category are measured initially as well as at each reporting date at fair
value with all changes recognised in the Statement of Profit and Loss.
A Mutual fund is measured at amortised cost or at FVTPL with all changes recognised in the
A financial asset is primarily derecognised when the rights to receive cash flows from the asset
have expired or the Company has transferred its rights to receive cash flows from the asset.

In accordance with Ind - AS 109, the Company applies expected credit loss (ECL) model for
measurement and recognition of impairment loss on the financial assets that are Investment in
Mutual fund.
(i) Classification
The Company classifies all financial liabilities as subsequently measured at amortised cost, except
for financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are
liabilities, shall be subsequently measured at fair value.
All financial liabilities are recognised initially at fair value, in the case of payables, net of directly
attributable transaction costs. Financial liabilities include trade and other payables.
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial
liabilities are classified as held for trading, if they are incurred for the purpose of repurchasing in the
near term. This category also includes derivative financial instruments that are not designated as
hedging instruments in hedge relationships as defined by Ind - AS 109. Separated embedded
derivatives are also classified as held for trading unless they are designated as effective hedging
instruments.
Interest-bearing loans and borrowings are subsequently measured at amortised cost using the
Effective Interest Rate (EIR) method. Gains and losses are recognised in profit or loss when the
liabilities are derecognised as well as through EIR amortisation process. Amortised cost is
calculated by taking into account any discount or premium on acquisition and fees or costs that are
an integral part of the EIR. The EIR amortisation is included as finance costs in the Statement of
Profit and Loss.

A financial liability is derecognised when the obligation under the liability is discharged or cancelled
or expires. When an existing financial liability is replaced by another from the same lender on
exchange or modification is treated as the derecognition of the original liability and the recognition
of a new liability. The difference in the respective carrying amounts is recognised in the Statement
of Profit and Loss.
The Company uses derivative financial instruments, such as forward currency contracts and interest
rate swaps, to hedge its foreign currency risks and interest rate risks respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract
is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial
assets when the fair value is positive and as financial liabilities when the fair value is negative.
2.01. Property, Plant and Equipment

Amount ( ` )
Office
Particulars Computer Total
Equipment
As at April 01, 2020 1 94 00 751 3 04 757 1 97 05 508
Additions - - -
Disposals - - -
As at March 31, 2021 1 94 00 751 3 04 757 1 97 05 508
Additions - - -
Disposals - - -
As at March 31, 2022 1 94 00 751 3 04 757 1 97 05 508
As at April 01, 2020 1 94 00 751 3 04 757 1 97 05 508
Depreciation for the year - - -
Disposals - - -
As at March 31, 2021 1 94 00 751 3 04 757 1 97 05 508
Depreciation for the year - - -
Disposals - - -
As at March 31, 2022 1 94 00 751 3 04 757 1 97 05 508
Closing net carrying value as at March 31, 2022 - - -

Closing net carrying value as at March 31, 2021 - - -

Amount ( ` )
As at As at
Particulars
March 31, 2022 March 31, 2021
Balance with Banks in Current Account 2 76 232 2 76 232

2 76 232 2 76 232

Amount ( ` )
As at As at
Particulars
March 31, 2022 March 31, 2021
Loans and Advances to body corporate 62 33 308 62 33 308

62 33 308 62 33 308
Amount ( ` )
As at As at
Particulars
March 31, 2022 March 31, 2021
Authorised
10 00 000 Equity Shares of ` 10 each 1 00 00 000 1 00 00 000
(10 00 000 )
1 00 00 000 1 00 00 000
1 50 700 Equity Shares of `10 each fully paid up 15 07 000 15 07 000
( 1 50 700 )
15 07 000 15 07 000
2.04.1 Equity Share held by Promoters
Particulars No of Shares % of Total % change
Shares during the
year
Reliance Communication Infrastructure Limited 1 50 700 100% Nil
the Holding Company and its nominees ( 1 50 700) (100%) (Nil)
2.04.2 Equity Share held by Holding Company
Particulars No. of shares No. of shares
Reliance Communication Infrastructure Limited 1 50 700 1 50 700
the Holding Company and its nominees
2.04.3 Details of Shareholders Holding more than 5% shares in the Company
As at As at
Particulars
March 31, 2022 March 31, 2021
No of Shares % No of Shares %
Reliance Communications Infrastructure Limited 1 50 700 100% 1 50 700 100%
1 50 700 100% 1 50 700 100%
2.04.4 Reconciliation of shares outstanding at the beginning and at the end of the year
As at As at
Particulars
March 31, 2022 March 31, 2021
Equity Shares
At the beginning of the year 1 50 700 1 50 700
Add / (Less) : Changes during the year - -
At the end of the year 1 50 700 1 50 700
2.04.5 Terms/rights attached to equity shares
shares is entitled to one vote per share. In the event of liquidation of the Company, the holder of equity share
will be entitled to receive remaining assets of the Company. The distribution will be in proportion to the
numbers of equity shares held by the shareholder.
2.05 Other Equity Amount ( ` )

As at As at
Particulars
March 31, 2022 March 31, 2021
As per last Balance Sheet ( 10 08 670) ( 9 50 350)
Add:Profit/ (Loss) for the year ( 1 11 612) ( 11 20 282) ( 58 320) ( 10 08 670)
( 11 20 282) ( 10 08 670)
2.06 Other Current Liabilities Amount ( ` )
As at As at
Particulars
March 31, 2022 March 31, 2021
Provision for Expenses 1 34 359 1 21 699
Other Payables to Related Party ( Refer Note 2.15) 59 88 463 58 89 511
61 22 822 60 11 210
2.07 General Administration Expenses Amount ( ` )

Particulars
March 31, 2022 March 31, 2021
Payment to Auditors 14 160 14 160
1 11 612 58 320
2.08 Previous Year

exchanged in a current transaction between the willing parties, other than in a forced or liquidation sale.
instruments.
As at As at
Particulars
March 31, 2022 March 31, 2021
Financial assets at fair value through Profit
and Loss/ other Comprehensive Income: Nil Nil

Company‟s primary focus is to foresee the unpredictability of financial markets and seek to minimize potential
adverse effects on its financial performance.
Market risk
Interest Rate Risk

The Company does not have Interest rate risk as there is no interest bearing liability.

Credit risk
Liquidity risk
As at As at
2.10 Earnings per Share (EPS)
March 31, 2022 March 31, 2021
Numerator - Profit /(Loss) after tax ( ` ) ( 1 11 612) ( 58 320)
Basic and Diluted, earning per equity share ( ` ) (0.74) (0.39)
Segment' .
2.12 Deferred Tax
2.13 Capital Management
accruals and borrowings which the Compant monitors on regular basis.
2.14 Accounting Ratio

Current Ratio (in times) Current Current 1.06 1.08 ( 1.85% )
Assets Liabilities
The Company does not have business operations, Turnover, Inventory, Purchases and also having negative Net worth, during
the year and previous year. Accordingly, ratios (i.e. Debt-Equity Debt Service coverage, Return on equity, Inventory turnover,
Trade receivable turnover , Trade payable turnover, Net capital turnover, Net profit, Return on capital employed and Return on
investment) are not applicable.
# There is no significant change (i.e. more then 25%) in the above mentioned ratios during the year in comparison to Previous
year.
2.15 During the year, the Company has not surrendered or disclosed any income, previously unrecorded in the books of account as
income, in the tax assessments under the Income Tax Act, 1961.
2.16 During the year, the Company has not received as well as given advances (excluding transactions in the normal course of
business) or loans or invested funds or provided any guarantee, security or the like from/ to any other person(s) or entity(ies),
directly or indirectly, including any foreign entity(ies)
2.17 The Company did not have any material transaction with companies struck off under Section 248 of the Companies Act, 2013
or Section 560 of Companies Act, 1956.

authorisation.

2.19 Related Parties
a) Ultimate Holding Company
1. Reliance Communications Limited
b) Holding Company
1. Reliance Communications Infrastructure Limited
2. Reliance IDC Ltd
Amount ( ` )
Holding
Nature of Transaction
Company
a) Equity Shares
( 15 07 000)
Taken during the year -
(-)
Repayment/Adjustment during the year
-
(-)
( 15 07 000)
b) Other Payables
( 58 53 931 )
Taken during the year 99,702.00
( 34 830)
Repayment/Adjustment -
(-)
( 58 89 511)
2.20 Authorisation of Financial Statements

Arvind Purohit }
DIN-08349713 }
Priti V Mehta }
}
Dated: May 25, 2022 DIN-08567944 }
To The Members of Realsoft Cyber Systems Private Limited

We have audited the accompanying Standalone financial statements of Realsoft Cyber Systems
Private Limited (“the Company") which comprises the Balance Sheet as at March 31, 2022, the
Basis for Opinion
Key audit matters
Information other than the financial statements andauditors’ report thereon
process.
such controls.
going concern.

statements.

„Annexure B‟.
Beneficiaries; and

Priti V. Mehta
M No.130514 Date: 26/05/2022
UDIN: 22130514AJQWPW8068
Realsoft Cyber Systems Private Limited
of Realsoft Cyber Systems Private Limited(‟the Company‟) on the financial statements for the year
ended March 31, 2022, we report the following:
We report that
thereunder.
Act,2013.
payable.
disputes.
during the year.
the company.
him.
India Act,1934.
(b) On the basis of examination of records and according to the information and explanation given to
us by the Company, the Company has not conducted any Non-Banking Financial or Housing

Priti V. Mehta
(Proprietor)
M No.130514
UDIN: 22130514AJQWPW8068
Place: Mumbai
Date: 26/05/2022
Financial Statements of Realsoft Cyber Systems Private Limited
We have audited the internal financial consols over financial reporting of Realsoft Cyber
Systems Private Limited (‟the Company') as of March 31, 2022in conjunction with our audit
of the financial statements of the Company for the year ended on that date.
established and maintained and if such controls operated effectively in all material respects.
reporting.
FinancialStatementsofRealsoft Cyber Systems Private Limited
principles.
Opinion
For Priti V. Mehta &Company

Priti V.Mehta
M.No.130514 Date: 26/05/2022
UDIN:22130514AJQWPW8068
March 31, 2022

( Amount in ` )
March 31, 2022 March 31, 2021
ASSETS
Current Assets
Cash and Cash Equivalents 2.01 4 30 293 4 30 293
Total Assets 4 30 293 4 30 293

Equity
(b) Other Equity 2.03 ( 95 40 717) ( 94 40 717) ( 94 41 847) ( 93 41 847)
LIABILITIES
Current Liabilities
(i) Borrowings 2.04 92 06 153 92 06 153
(ii) Other Financial Liabilities 2.05 6 64 857 98 71 010 5 65 987 97 72 140
(b) Other Current Liabilities 2.06 -

Notes on Accounts 2

Priti V Mehta Rakesh Gupta Arvind Purohit

Membership No. 130514 DIN:00130829 DIN:08349713
Place : Mumbai
( Amount in ` )
Particulars
March 31, 2022 March 31,2021
I INCOME - -
Total Income - -
II EXPENSES

III Loss before Tax (I-II) ( 98 870) ( 90 680)

IV Tax expense:
- Current Tax - -
V Loss after Tax (III - IV) ( 98 870) ( 90 680)

VII Total Comprehensive Income / (Loss) during the ( 98 870) ( 90 680)
year
- Basic (`) (9.89) (9.07)

- Diluted (`) (9.89) (9.07)


Place : Mumbai
Statement of Change in Equity for the period ended March 31, 2022
(Amount in `)
(a) Equity share capital For the year ended For the year ended
March 31, 2022 March 31, 2021

(b) Other Equity

Particular Retained
Earnings
Balance as at April 1,2020 ( 93 51 167)
Add : Loss for the year ( 90 680)
Balance as at March 31, 2021 ( 94 41 848)
Add : Loss for the year ( 98 870)
Balance as at March 31, 2022 ( 95 40 718)
The accompanying statement of changes in equity should be read in conjunction with the accompanying
notes (1-2).


Place : Mumbai
( Amount in ` )
March 31, 2022 March 31, 2021
Net Loss before tax as per Statement of Profit and Loss ( 98 870) ( 90 680)

Adjusted for :
Other Receivables - -
Trade Payables and other Liabilities 98 870 89 180
Cash (used in) / Generated from Operations ( 1 500)
Tax Refund - -
Tax paid - -
Net Cash Used in Operating Activities ( 1 500)

Net Cash Flow from Investing Activities - -

Proceeds Current Borrowings (net) - -
Net Cash used in Financing Activities - -
Net Increase/ (Decrease) in Cash and Cash Equivalents ( 1 500)
Note:
i Cash and Cash Equivalent includes cash on hand, cheques on hand, bank balance including Fixed Deposits with
Banks.
ii Cash Flow Statement has been prepared under the Indirect Method set out in Indian Accounting Standard 7


Place : Mumbai
Notes on accounts to Financials Statements as at March 31, 2022

Realsoft Cyber System Private Limited (“the Company”), is registered under Companies Act 1956 and having
Registered Office at H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400710. The Company
is wholly owned subsidiary of Reliance Communications Infrastructure Limited.
India (ICAI).

between the actual results and estimates is recognised in the period in which the results are known /
statements.
that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures including the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates
could result in outcomes that require an adjustment to the carrying amount of assets or liabilities in future
periods. Difference between actual results and estimates are recognised in the periods in which the results are
known / materialise.
amendments, if any.

including expectations of future events that may have a financial impact on the Company and that are believed
to be reasonable under the circumstances.
the Company.
capitalised as part of the cost of such assets up to the commencement of commercial operations. A qualifying
1.07 Taxation
represents the amount of Income Tax payable / recoverable in respect of the taxable income/loss for the
tax losses, to the extent it is probable that taxable profit will be available against which those deductible
temporary differences can be utilised. MAT credit is recognised as an asset only if it is probable that the
obligation as a result of past events and it is probable that there will be an outflow of resources. A disclosure for
a contingent liability is made when there is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of

tax effect of any extraordinary/ exceptional item. Number of shares used in computing Basic Earning per Share
is the weighted average number of shares outstanding during the period. Dilutive earning per share is computed
and disclosed after adjusting effect of all dilutive potential equity shares, if any except when results will be anti
at a later date.
Financial Assets
Classification

determine fair value include discounted cash flow analysis and available quoted market price. All method of
instruments.

to hold assets for collecting contractual cash flows and contractual terms of the asset give rise on specified
(vii) Impairment of Financial Assets
(i) Classification
classified as held for trading, if they are incurred for the purpose of repurchasing in the near term. This category
also includes derivative financial instruments that are not designated as hedging instruments in hedge
relationships as defined by Ind - AS 109. Separated embedded derivatives are also classified as held for trading
unless they are designated as effective hedging instruments.
Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as
well as through EIR amortisation process. Amortised cost is calculated by taking into account any discount or
premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included

or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the
derecognition of the original liability and the recognition of a new liability. The difference in the respective
remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as
financial liabilities when the fair value is negative.
instruments. The Company has an established control framework with respect to measurement of fair values.
The management regularly reviews significant unobservable inputs and valuation adjustments. If third party
information, such as broker quotes or pricing services, is used to measure fair values, then the management
assesses evidence obtained from third parties to support the conclusion that such valuations meet the
requirements of Ind AS, including level in the fair value hierarchy in which such valuations should be classified.
When measuring the fair value of a financial asset or a financial liability, the Company uses observable market
data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the
inputs used in the valuation techniques as follows.
If inputs used to measure fair value of an asset or a liability fall into different levels of fair value hierarchy, then
fair value measurement is categorised in its entirety in the same level of fair value hierarchy as the lowest level
input that is significant to the entire measurement. The Company recognises transfers between levels of fair
value hierarchy at the end of the reporting period during which the change has occurred (Note 2.14) for
information on detailed disclosures pertaining to the measurement of fair values.
1.12 Cash and cash equivalents

Cash and cash equivalents in the Balance Sheet comprise of cash on hand, demand deposits with Banks, other
short-term, highly liquid investments with original maturities of three months or less that are readily convertible to
known amounts of cash and which are subject to an insignificant risk of changes in value.
( Amount in ` )
As at As at
March 31, 2022 March 31, 2021
Balances with Banks in Current Account 4 30 293 4 30 293
4 30 293 4 30 293
2.02 Share Capital

Authorised
5 00 00 000 5 00 00 000
10 000 (10 000) Equity Shares of ` 10 each fully paid up 1 00 000 1 00 000
1 00 000 1 00 000

10,000 100% Nil

Reliance Communication Infrastructure Limited
(10,000) (100%) (Nil)
As at As at
March 31, 2022 March 31, 2021
10 000 100 10 000 100
c) Details of Share holders Holding more than 5% shares in the company

10 000 100 10 000 100
d) Equity Shares
No. of Shares ( Amount in ` ) No. of Shares ( Amount in ` )
Add/(Less): Changes during the year - - - -
10 000 1 00 000 10 000 1 00 000
The company has only one class of equity shares having a par value of ` 10 Per share. Each holder of equity shares is entitled
to one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the
Company after the distribution of all the preferential amounts, in proportion to their shareholdings.
2.03 Other Equity

( Amount in ` )
Particulars Total
Retained Earnings
Balance as at April 1, 2020 ( 93 51 167) ( 93 51 167)

Add : Loss for the year ( 90 680) ( 90 680)
Balance as at March 31, 2021 ( 94 41 847) ( 94 41 847)
Add : Loss for the year ( 98 870) ( 98 870)
Balance as at March 31, 2022 ( 95 40 717) ( 95 40 717)
2.04 Borrowings
March 31, 2022 March 31, 2021
Unsecured
Loan repayable on demand
Loan from Related Parties (Refer Note 2.09) 89 76 604 89 76 604
Others 2 29 549 2 29 549
92 06 153 92 06 153
As at As at
Particulars
March 31, 2022 March 31, 2021

Payable to Related Party (Refer Note 2.09) 1 58 450 65 580
Other Payables 1 68 805 1 62 805
6 64 857 5 65 987

As at As at
Particulars
March 31, 2022 March 31, 2021
Payable to Tax Authorities -
-
2.07 General Administration Expenses

( Amount in ` )
Particulars
March 31, 2022 March 31, 2021
General and Administrative Expenses
Interest on TDS ( 2020-21) 270 -
Professional Charges 15 000 7 080
98 870 90 680

Notes : 2.08
The figures for the previous year have been regrouped and reclassified, wherever required. Amount in financial
statements are presented in `, except as otherwise stated.
Notes : 2.09
Related Parties :
As per Ind AS 24, issued by the Institute of Chartered Accountants of India, the disclosures of transaction with the
related parties as defined in the Accounting Standard are given below

i Reliance Communications Limited Ultimate Holding Company
ii Reliance Communications Infrastructure Limited Holding Company
iii Globalcom IDC Limited Holding Company
( Amount in ` )
b) Transaction with the related parties :-
Sr. Nature of Transactions Holding Ultimate Holding Total
No. Company Company
A Current Borrowings
Balance as at April 1, 2021 90 42 184 - 90 42 184
( 89 76 604) (-) ( 89 76 604)
Taken during the year 92 870 - 92 870
( 67 080) (-) ( 67 080)
Repaid during the year - -
( 1 500) (-) ( 1 500)
Balance as at March 31, 2022 91 35 054 - 91 35 054
( 89 76 604) (-) ( 89 76 604)

( Amount in ` )

Current Borrowings
Reliance Communications Infrastructure Limited 89 76 604 89 76 604
Notes : 2.10
Fair value of cash, borrowings and other financial Liabilities approximate their carrying amounts largely due to the
short term maturities of these instruments.
Financial Instruments with fixed and variable interest rates are evaluated by the company based on parameters such
as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken
to account for the expected losses of these receivables.

As at As at
Particulars
March 31, 2022 March 31, 2021
Financial assets at fair value through Nil Nil
Profit and Loss/ other Comprehensive
Income:
Investments Nil Nil
Borrowings (Refer Note 2.05) 92 06 153 92 06 153
Other Financial Liabilities (Refer Note 2.06) 6 64 857 5 65 987
Financial liabilities at fair value Nil Nil
through Statement of Profit and Loss/

The Company does not have any activity during the year and therefore no financial risks like market risk, credit risk
and liquidity risk exists.
Notes : 2.11
Capital Management
reserves attributable to the equity holders of the Company. The funding requirement is met through a mixture of
equity and borrowings which the Company monitors on regular basis.
Notes : 2.12
Accounting Ratio
Current Current
Assets Liabilities
Debt Equity Ratio (in times) Total Debt Equity -0.975 -0.985 -0.01%
The Company does not have business operations, Turnover, Inventory, Purchases and also having negative Net
worth, during the year and previous year. Accordingly, ratios (i.e. Debt-Equity Debt Service coverage, Return on
equity, Inventory turnover, Trade receivable turnover , Trade payable turnover, Net capital turnover, Net profit, Return
on capital employed and Return on investment) are not applicable.
Previous year.
Notes : 2.13
Deferred Tax Assets
Significant management judgement considered in determining provision for income tax, deferred income tax assets
and liabilities and recoverability of deferred income tax assets. The recoverability of deferred income tax assets is
based on estimates of taxable income and the period over which deferred income tax assets will be recovered. The
Company on a conservative basis has restricted deferred tax asset to Nil.
Loss
Assessment Year Year of Expiry
Amount in `
I) 2013 - 2014* NA 30 086
II) 2014 - 2015* NA 35 531
III) 2016 - 2017 2023-2024 2 89 464
*The above loss represents unabsorbed depreciation pertaining to 2013-2014 & 2014-2015 which has indefinite life
as per applicable tax laws and on which deferred tax is not recognised.

'March 31, 2022 March 31, 2021
Deferred income tax liability / (asset),
- -
net


Profit/ (Loss) before Tax ( 98 870) ( 90 680)
Computed Tax Expenses (I) ( 25 706) ( 23 577)
Add: Tax on Expenses disallowed under Income Tax Act 25 706 23 577
Less: Setoff from brought forward losses from earlier years - -
Subtotal (II) 25 706 23 577
Income Tax Expenses charge/ (credit) to
- -
Notes : 2.14 Amount in ` Amount in `
Earning per share : For the year ended For the year ended
March 31, 2022 March 31, 2021
Numerator - Loss after tax ( ` ) ( 98 870) ( 90 680)

Notes : 2.15
Segment Reporting
There are no reportable Segments as per Ind As-108 "Operating segment" issued by the Institute of Chartered
Notes : 2.16
Going Concern
The Accounts have been prepared on a 'Going concern basis' as the Company has been able to meet its obligations
in the ordinary course of business and considering the assurance of the financial support extended by the other body
corporate.
Notes : 2.17
There is no transaction during the year, hence bank balances reflected are same as previous year.
Notes : 2.18
authorisation.
Notes : 2.19

Place : Mumbai
To The Members of Worldtel Tamilnadu Private Limited.

We have audited the accompanying Standalone financial statements of Worldtel Tamilnadu

Private Limited (“the Company") which comprises the Balance Sheet as at March 31, 2022, the
Basis for Opinion
Key audit matters
process.
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.
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.
designauditproceduresthatareappropriateinthecircumstances.UnderSection143(3)(i) of
the Act, we are also responsible for expressing our opinion on whether the Company
has adequate internal financial controls system in place and the operating
effectiveness of such controls.
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
standalone 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.
• Evaluate the overall presentation, structure and content of the standalone financial
statements, including the disclosures, and whether the standalone financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.

materiality and qualitative factors in (i) planning the scope of our audit work and in
evaluatingthe results of our work; and (ii) to evaluate the effect of any identified misstatements
in the financial statements.
We communicate with those charged with governance regarding among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with the relevant ethical requirements regarding independence, and to communicate with
them all relationships and other matter that may be reasonably be thought to bear on our
independence, and where applicable, related safe guards.
auditor‟s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
2013, we give in the “ Annexure A” a statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.
a. 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 and proper returns adequate for the

other person(s) or entities, including foreign entities (“Intermediaries”), with
the understanding that the intermediary shall whether directly or indirectly lend
or invest in other persons or entities identified in any manner by or on behalf of
the company (Ultimate Beneficiaries) or provide any guarantee, security or the
like or behalf of ultimate beneficiaries.
• no funds have been received by the company from any person(s) or entities
including foreign entities (”Funding Parties”) with the understanding that such
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 guarantee, security or the like on behalf of the
Ultimate beneficiaries.
notice that has caused us to believe that the representations given under sub-clause
(i) and (ii) by the management contains any material mis-statement.
On the basis of the written representations received from the directors as on 31st March,
2022 taken on record by the Board of Directors, none of the directors is disqualified as on
31st March, 2022 from being appointed as a director in terms of Section 164 (2) of the Act.
the best of our information and according to the explanations given to us, during the
year the remuneration is not paid by the Company to its directors.
„Annexure B‟.
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:
2022.

Priti V. Mehta
M No.130514 Date: 25/05/2022
UDIN: 22130514AJOWMA8485
WorldtelTamilnadu Private Limited
Members of WorldtelTamilnadu Private Limited(‟the Company‟) on the financial statements
for the year ended March 31, 2022, we report the following:
We report that
1(a),
any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and
rules made thereunder.
ii) (a)The Company does not have inventories at the end of financial year. Accordingly clause ii
(a) of paragraph 3 of the orders are not applicable to the company.
iii) (b) As per the information and explanations given to us and books of accounts and records
examined by us, no working capital limits from banks or financial institutions on the basis of security
of current assets has been taken by the Company. Therefore, the reporting requirements under clause
ii(b) of paragraph 3 of the Order is not applicable to the Company.
iii).According to the information and explanations given to us and on the basis of our
register maintained under Section 189 of the Companies Act, 2013. Consequently, the provisions
of clauses iii (a), (b) and (c)of the order are not applicable to the Company.
iv).During the year the company has not provided any loans, guarantees, advances and securities
to the director of the company and the company is compliant provisions of section 185 and 186
of the Companies Act, 2013. Accordingly, Paragraph of the Order is not applicable to the
Company.
v).The Company has not accepted any deposits from the public and hence the directives issued
by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant
provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2615 with regard to the
deposits accepted from the public are not applicable.
Companies Act,2013.
Fund, Investor Education and Protection Fund, Employees‟ State Insurance, Income-tax, Sales-
tax, Service Tax, Goods and Service tax (GST), Custom Duty, Excise Duty, value added tax, cess
and any other statutory dues to the extent applicable, have generally been regularly deposited
with the appropriate authorizes. According to the information and explanations given to us
there were no outstanding statutory dues as on 31st March,2022 for a period of more than six
months from the date they became payable.
WorldtelTamilnadu Private LimitedAnnexure A to Independent Auditor’s
Report - 31stMarch 2022
• According to the information and explanations given to us, there is no amount payable
in respect of Income tax, GST, Service tax, Sales tax, Customs duty, Excise duty, Value
any disputes.
xi).(a) According to the information and explanations given to us, we report that no fraud by th e
during the year.
the company.
him.
India Act,1934.
WorldtelTamilnadu Private Limited
India.
xvii). The company has not incurred cash losses in the financial year and in the
capable of meeting its liabilities existing at the date of balance sheet as and when
they fall due within a period of 1 year from the balance sheet date.
xx).There is no liability of the company under the provisions of section 135 of the
Companies Act, relating to Corporate Social Responsibility. Therefore, the provisions of
Clause (xx) of paragraph 3 of the order are not applicable to the Company.
provisions of Clause (xxi) of paragraph 3 of the order are not applicable to the
Company.

Priti V. Mehta
(Proprietor)
M No.130514
UDIN: 22130514AJOWMA8485
Place: Mumbai
Date: 25.05.2022
the Financial Statements of WorldtelTamilnadu Private Limited
We have audited the internal financial consols over financial reporting of WorldtelTamilnadu
Private Limited (‟the Company') as of March 31, 2022 in conjunction with our audit of the
Company considering the essential components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India ("ICAI"). These responsibilities include the design,
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 CompaniesAct, 2013.
Auditor’sResposibi1ity
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 ICAI. 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 operatingeffectiveness.
reporting.
FinancialStatementsofWorldtelTamilnadu Private Limited.
principles.
Opinion
For Priti V. Mehta &Company

FirmRegn.No.129568W
Priti V.Mehta
M.No.130514 Date: 25/05/2022
UDIN:22130514AJOWMA8485
Worldtel Tamilnadu Private Limited
March 31, 2022

( Amount in ` )
Notes As at As at
March 31, 2022 March 31, 2021
ASSETS
Non Current Assets
(a) Property, Plant and Equipment 2.01 82 685 82 685
Current Assets
(b) Other Current Assets 2.03 - 4 87 668 - 4 87 668
Total Assets 5 70 353 5 70 353

Equity
(b) Other Equity 2.05 (101 29 53 210) (101 28 53 210) (101 28 61 610) (101 27 61 610)
LIABILITIES
Non-Current Liabilities - -
Current Liabilities
Other Current Liabilities 2.06 101 34 23 563 101 33 31 963
Notes on Accounts 2

Arvind Purohit }
DIN:08349713 }
Priti V Mehta }
Membership No. 130514 }
}
Place : Mumbai Vinay Soni }
Dated : May 25, 2022 DIN: 08567944 }
(Amount in ` )
March 31, 2022 March 31,2021
INCOME
I Other Income - -
Total Income - -
II EXPENDITURE
General Administration Expenses 2.07 91 600 38 320
III Profit (Loss) before Tax (I - II) ( 91 600) ( 38 320)
IV Tax Expense:
- Current Tax - -
- Short provision of earlier years - -
V Profit (Loss) After Tax (III - IV) ( 91 600) ( 38 320)
VII Total Comprehensive Income ( 91 600) ( 38 320)

VII Total Comprehensive Income for the period (V + VI)
- Basic (`) ( 9) (4)
- Diluted (`) ( 9) (4)
Earning per Share

Notes on Accounts 2

Arvind Purohit }
DIN:08349713 }
Priti V Mehta }
}
Dated : May 25, 2022 DIN: 08567944 }
(Amount in ` )
A Equity Share Capital For the year ended For the year ended
March 31, 2022 March 31, 2021
Change during the year - -
B Other Equity
Balance of Profit/ (Loss) as at April 1,2020 (101 28 23 290)
Add : Profit \ (Loss) for the year ( 38 320)
Balance Profit/ (Loss) as at March 31, 2021 (101 28 61 610)
Add : Profit \ (Loss) for the period ( 91 600)
Balance Profit/ (Loss) as at March 31, 2022 (101 29 53 210)

Arvind Purohit }
DIN:08349713 }
Priti V Mehta }
}
Dated : May 25, 2022 DIN: 08567944 }
(Amount in ` )
March 31, 2022 March 31, 2021
Net Profit/(Loss) before tax as per Statement of

Profit and Loss ( 91 600) ( 38 320)
Adjusted for :
Provision for Doubtful Receivables - -
Operating Profit/(Loss) before Working Capital
Changes ( 91 600) ( 38 320)
Adjusted for :
Other Liabilities 91 600 91 600 38 320 38 320
Cash generated from Operations
Tax Refund - -
Tax Paid - - - -
Net Cash Used in Operating Activities - -
Net Increase/ (Decrease) in Cash and Cash Equivalents - -

-
Note:
i Figures in brackets indicate cash outgo.

ii Cash and Cash Equivalent includes cash on hand, cheques on hand, bank balance including Fixed Deposits with
iii Cash Flow Statement has been prepared under the Indirect Method set out in Indian Accounting Standard 7

Arvind Purohit }
DIN:08349713 }
Priti V Mehta }
}
Dated : May 25, 2022 DIN: 08567944 }
Notes on accounts to Financial Statements as at March 31, 2022

Worldtel Tamilnadu Private Limited (“the Company”), is registered under Companies Act 1956 and having
Registered Office at H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400710. The
Company is wholly owned subsidiary of Reliance Communications Infrastructure Limited.

(GAAP) in India and in compliance with the Indian Accounting Standards (Ind AS) specified under Section
133 of the Companies Act, 2013 ("the Act") read with Rule 3 of the Companies (Indian Accounting
Standards) Rules 2015, the Companies (Indian Accounting Standards) Amendment Rules 2016 and other
provisions of the Act to the extent notified and applicable, as well as applicable guidance note and
pronouncements of the Institute of Chartered Accountants of India (ICAI).
operating cycle and other criteria set out in Schedule III to the Act. Based on the nature of the services
and their realisation in cash & cash equivalents, the Company has ascertained its operating cycle as
twelve months for the purpose of current or non-current classification of assets and liabilities.
Recent pronouncements relating to Ind AS 116 "Leases", Ind AS 12 " Income Tax"and Ind AS 19
"Employee Benefits" issued by the Ministry of Corporate Affairs (the MCA), Government of India (GoI),
applicable with effect from April 1, 2019, does not have any impact on Financial Statements of the
Company.
known / materialised. Estimates and underlying assets are reviewed on periodical basis. Revisions to
This provides an overview of the areas that involved a higher degree of judgement or complexity, and of
items which are more likely to be materially adjusted due to estimates and assumptions turning out to be
different than those originally assessed. Detailed information about each of these estimates and
judgements is included in relevant notes together with information about the basis of calculation for each
affected line item in the financial statements.
assumptions and estimates could result in outcomes that require an adjustment to the carrying amount of
assets or liabilities in future periods. Difference between actual results and estimates are recognised in the
periods in which the results are known / materialise.
and establishes provisions in the event if required as a result of differing interpretation or due to
retrospective amendments, if any.
Estimates and judgements are continually evaluated. They are based on historical experience and other
factors, including expectations of future events that may have a financial impact on the Company and that
are believed to be reasonable under the circumstances.
These financials statements are presented in Indian Rupees ( "Rupees" or "`") which is functional currency
of the Company.
capitalised as part of the cost of such assets up to the commencement of commercial operations. A
qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use.
Other borrowing costs are recognised as expense in the year in which they are incurred.
i) Revenue is recognised when control over goods or services is transferred to a customer. A customer
iii) Interest income on investment is recognised on time proportion basis. Interest income is accounted
using the applicable Effective Interest Rate (EIR), which is the rate that exactly discounts estimated future
cash receipts over the expected life of the financial assets to that asset‟s net carrying amount on initial
recognition.
1.08 Taxation
comprises of Current Tax and Deferred Tax at the applicable enacted or substantively enacted rates.
Current tax represents the amount of Income Tax payable / recoverable in respect of the taxable
income/loss for the reporting period. Deferred tax represents the effect of temporary difference between
the carrying amount of assets and liabilities in the financial statement and the corresponding tax base used
in computation of taxable income. Deferred Tax Liabilities are generally accounted for all taxable temporary
differences. The deferred tax asset is recognised for all deductible temporary differences, carried forward
of unused tax credits and unused tax losses, to the extent it is probable that taxable profit will be available
against which those deductible temporary differences can be utilised. MAT credit is recognised as an
asset only if it is probable that the Company will pay normal income tax during the specified period.

present obligation as a result of past events and it is probable that there will be an outflow of resources. A
disclosure for a contingent liability is made when there is a possible obligation or a present obligation that
may, but probably will not, require an outflow of resources. When there is a possible obligation or a present
obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is
made. Contingent Assets are not recognised but disclosed in the financial statements, when economic
inflow is probable.
In determining Earning per Share, the Company considers the net profit or loss after tax and includes the
post tax effect of any extraordinary/ exceptional item. Number of shares used in computing Basic Earning
per Share is the weighted average number of shares outstanding during the period. Dilutive earning per
share is computed and disclosed after adjusting effect of all dilutive potential equity shares, if any except
when results will be anti dilutive. Dilutive potential Equity Shares are deemed converted as of the beginning
of the period, unless issued at a later date.
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability
or equity instrument of another entity.
Financial Assets
Classification
(i) The Company classifies financial assets as subsequently measured at amortised cost, fair value through
other comprehensive income or fair value through profit or loss on the basis of its business model for
managing the financial assets and the contractual cash flows characteristics of the financial asset.
assumptions that are based on market conditions and risk existing at each reporting date. The method
used to determine fair value include discounted cash flow analysis, available quoted market price. All
method of assessing fair value result in general approximation of value, and such value may never actually
be realized. For all other financial instruments the carrying amounts approximate fair value due to the short
maturity of those instruments.
asset.

Financial assets are measured at amortised cost when asset is held within a business model, whose
objective is to hold assets for collecting contractual cash flows and contractual terms of the asset give rise
on specified dates to cash flows that are solely payments of principal and interest. Such financial assets
are subsequently measured at amortised cost using the effective interest rate (EIR) method. The losses
arising from impairment are recognised in the profit or loss.
Financial assets under this category are measured initially as well as at each reporting date at fair value
with all changes recognised in the Statement of Profit and Loss.
A Mutual fund is measured at amortised cost or at FVTPL with all changes recognised in the Statement of
Profit and Loss.
A financial asset is primarily derecognised when the rights to receive cash flows from the asset have
expired or the Company has transferred its rights to receive cash flows from the asset.
In accordance with Ind - AS 109, the Company applies expected credit loss (ECL) model for measurement
and recognition of impairment loss on the financial assets that are Investment in Mutual fund.
(i) Classification
All financial liabilities are recognised initially at fair value, in the case of payables, net of directly
attributable transaction costs. Financial liabilities include trade and other payables.
hedge relationships as defined by Ind - AS 109. Separated embedded derivatives are also classified as
held for trading unless they are designated as effective hedging instruments.

account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The

instruments are initially recognised at fair value on the date on which a derivative contract is entered into
and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair
value is positive and as financial liabilities when the fair value is negative.

(Amount in ` )
Office Furniture and

Particulars Computer Total
Equipment Fixtures
As at April 01, 2020 8 43 200 5 67 972 11 02 464 25 13 636
Additions / Adjustment - - - -
As at March 31, 2021 8 43 200 5 67 972 11 02 464 25 13 636
Additions / Adjustment - - - -
As at March 31, 2022 8 43 200 5 67 972 11 02 464 25 13 636
As at April 01, 2020 8 43 200 5 40 410 10 47 341 24 30 951
Depreciation for the year - - - -
As at March 31, 2021 8 43 200 5 40 410 10 47 341 24 30 951
Depreciation for the year - - - -
As at March 31, 2022 8 43 200 5 40 410 10 47 341 24 30 951
Net carrying value
As at March 31, 2021 - 27 562 55 123 82 685
As at March 31, 2022 - 27 562 55 123 82 685


(Amount in ` )
As at As at
March 31, 2022 March 31, 2021

Balance with Banks 4 87 668 4 87 668
4 87 668 4 87 668
2.03 Other Current Assets (Unsecured)
Advances and Receivables

Other Receivable
Considered Good - -
Considered Doubtful - -
Less: Provision for doubtful debts - -
- -
(Amount in ` )
As at As at
March 31, 2022 March 31, 2021
Authorised
2 50 00 000 (2 50 00 000) Equity Shares of ` 10 each 25 00 00 000 25 00 00 000

2 50 00 000 (2 50 00 000) Unclassified Share of ` 10 each 25 00 00 000 25 00 00 000
50 00 00 000 50 00 00 000
10 000 (10 000) Equity Shares of ` 10 each fully paid up 1 00 000 1 00 000
1 00 000 1 00 000
% of Total % Change
No. of Shares
Reliance Communication Infrastructure Limited 10 000 100% Nil
( 10 000) (100%) (Nil)
As at As at
b) Shares held by Holding Company March 31, 2022 March 31, 2021
10 000 100 10 000 100
c) Details of Share holders Holding more than 5% shares in the company

No. of Shares Percentage No. of Shares Percentage
Reliance Communication Infrastructure Limited 10 000 100% 10 000 100%
10 000 100% 10 000 100%
d) Terms/rights attached to equity shares

receive remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the
shareholders.
(Amount in ` )
As at As at
March 31, 2022 March 31, 2021
2.05 Other Equity
Surplus / (Deficit) in the Statement of Profit and Loss
Opening Balance (101 28 61 610) (101 28 23 290)

Add: Profit/(Loss) for the year ( 91 600) ( 38 320)
Balance as at March 31, 2022 (101 29 53 210) (101 28 61 610)

Other Payables ( Related Party Refer Note 2.12) 100 14 89 430 100 14 11 990
Other Payables 1 17 85 958 1 17 85 958
101 34 23 563 101 33 31 963
Other Income (Amount in ` )

Particulars
March 31, 2022 'March 31, 2021
Interest Income - -
- -
2.07 General Adinistration Expenses

Particulars
March 31, 2022 'March 31, 2021
Other General and Administrative Expenses 7 080 14 160

Sitting Fees 70 000 10 000
Interest on TDS 360 -
91 600 38 320
Note 2.08
Previous Year
The figures for the previous year have been regrouped and reclassified, wherever required. Amount in financial statements are
presented in Rupee, except as otherwise stated.
Note : 2.09
Deferred Tax Asset
Significant management judgement considered in determining provision for income tax, deferred income tax assets and liabilities
and recoverability of deferred income tax assets. The recoverability of deferred income tax assets is based on estimates of
taxable income and the period over which deferred income tax assets will be recovered.
The Company also has unused capital gain tax losses and Timing difference on depreciation of fixed assets, which according to
the management will be used to setoff taxable profit arising in subsequent years. However, the Company on a conservative basis
has restricted Deferred Tax Assets to Nil. The details are as under:
(Amount in ` )

March 31, 2022 March 31, 2021
Timing difference on depreciation of fixed assets 52 868 52 868
Capital gain Losses 9 129 9 129
61 997 61 997
Note : 2.10
Going Concern
The Accounts have been prepared on a 'Going concern basis' as the Company has been able to meet its obligations in the
ordinary course of business and considering the assurance of the financial support extended by the other body corporate.
Note : 2.11
Related Parties
As per Ind AS- 24, issued by the Institute of Chartered Accountants of India, the disclosures of transaction with the related parties
as defined in the Accounting Standard are given below:
i)Reliance Communications Limited Ultimate Holding Company
ii)Reliance Communications Infrastructure Limited Holding Company
iIi)Globalcom IDC Limited Holding Company
Transaction with the related parties :- (Amount in ` )

Holding Company Total
Nature of Transactions
Other Payable
Balance as at April 1, 2021 100 14 11 990 100 14 11 990
(100 13 94 910) (100 13 94 910)
Taken during the year 77 440 77 440
( 17 080) ( 17 080)
Repayment/Adjustment - -
( ) ( )
Balance as at March 31, 2022 100 14 89 430 100 14 89 430
(100 14 11 990) (100 14 11 990)
Note : 2.12
Earning per share March 31, 2022 March 31, 2021

Basic as well as diluted, earning per equity share of `10
each fully paid up (`) ( 9) ( 4)
Note : 2.13
instruments
March 31, 2022 March 31, 2021
Financial liabilities at fair value through Statement of Nil Nil
Profit and Loss/ other Comprehensive Income:
Company‟s primary focus is to foresee the unpredictability of financial markets and seek to minimize potential
adverse effects on its financial performance.
Market risk
The Company operates in India only. Market Risk is the risk that changes in market prices such as interest rates
will affect income or value of its holding financial assets/ instruments.
Interest Rate Risk
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk
is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest
rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will
fluctuate because of fluctuations in the interest rates.

The Company does not account for any fixed rate financial assets or financial liabilities at fair value through profit
or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.
Credit risk
Credit risk refers to the risk of default on its obligation by the customer/ counter party resulting in a financial loss.
The Company does not have exposure to the credit risk at the reporting date.
Liquidity risk
The Company‟s principal sources of liquidity are cash and cash equivalents and the cash flow that is generated
from operations. The Company does not have any contractual maturities of financial liabilities.
Note : 2.14
Segment Reporting
Segment'
Note : 2.15
Capital Management
management is to maximise shareholders value. The funding requirement is met through a mixture of equity,
internal accruals and borrowings which the Company monitors on regular basis.
Note : 2.16
Accounting Ratio
Current Current
Assets Liabilities
equity, Inventory turnover, Trade receivable turnover , Trade payable turnover, Net capital turnover, Net profit,
Return on capital employed and Return on investment) are not applicable.
# There is no significant change (i.e. more then 25%) in the above mentioned ratios during the year in comparison
to Previous year.
Note : 2.17
authorisation.
Note : 2.18
The financial statements for the year ended March 31, 2022 are approved by the Board of Directors on May 25,
2022.

Arvind Purohit }
DIN:08349713 }
Priti V Mehta }
}
Dated : May 25, 2022 DIN: 08567944 }
To the Members of Towercom Infrastructure Private Limited

We have audited the accompanying Standalone financial statements of Towercom

Infrastructure Private Limited (“the Company") which comprises the Balance Sheet as at
March 31, 2022, the Statement of Profit and Loss, Statement of changes in equity and Statement
of cash flows for the year then ended, and notes to the financial statements, including a summary
of significant accounting policies and other explanatory information (“the financial statements”).
generally accepted in India, of the state of affairs of the Company as at March 31, 2022, and
Profit, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
further described in the Auditor‘s Responsibilities for the Audit of the Financial Statements
Key audit matters
and we do not provide a separate opinion on these matters.
The Company’s board of directors is responsible for the preparation of the other information. The
other information comprises the information included in the Board’s Report including Annexures
to Board’s Report, Business Responsibility Report but does not include the financial statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the
statements that give a true and fair view of the financial position, financial performance, (changes
Those Board of Directors are also responsible for overseeing the company’s financial reporting
process.
such controls.
• Conclude on the appropriateness of management’s use of the going concern basis of
are required to draw attention in our auditor’s report to the related disclosures in the
going concern.

materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the
statements.
auditor’s report unless law or regulation precludes public disclosure about the matter or when,
As required by the Companies (Auditor’s Report) Order, 2020 (”the Order”), issued by the
(Accounts) Rules, 2014.

h With respect to the other matters to be included in the Auditor’s Report in accordance
‘Annexure B’.
with respect to the other matters to be included in the Auditor’s Report in accordance with
i. The Company does not have any pending litigations as at March 31, 2022
2022.
otherwise, that the Intermediary shall, whether, directly or indirectly lend or

Priti V. Mehta
M No.130514 Date: 25/05/2022
UDIN: 22130514AJQWCZ4770
Towercom Infrastructure Private Limited
Annexure A to Independent Auditor’s Report – 31st March 2022
With reference to the ’Annexure A’ referred to in the Independent Auditors’ Report to the
Members of Towercom Infrastructure Private Limited (’the Company’) on the financial
We report that
1(a),(b) and (c) of the orders are not applicable to the company.
any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules
made thereunder.
ii) (a)The Company does not have inventories at the end of financial year. Accordingly clause ii (a)
of paragraph 3 of the orders are not applicable to the company.
assets has been taken by the Company. Therefore, the reporting requirements under clause ii (b) of
iii).According to the information and explanations given to us and on the basis of our examination
of the books of account, the Company has not granted any loans, secured or unsecured, to
companies, firms, Limited Liability Partnerships or other parties listed in the register maintained
under Section 189 of the Companies Act, 2013. Consequently, the provisions of clauses iii (a), (b)
and (c) of the order are not applicable to the Company.
Companies Act, 2013.
Fund, Investor Education and Protection Fund, Employees’ State Insurance, Income-tax, Sales-tax,
Service Tax, Goods and Service tax (GST), Custom Duty, Excise Duty, value added tax, cess and
any other statutory dues to the extent applicable, have generally been regularly deposited with the
outstanding statutory dues as on 31st March,2022 for a period of more than six months from the
date they became payable.
Annexure A to Independent Auditor’s Report - 31st March 2022
any disputes.
viii).The Company does not have any transactions to be recorded in the books of account that has
been surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961 (43 of 1961).
company has not raised any money by way of initial public offer or further public offer (including debt
instruments) or taken any term loan during the year. The company has not made any preferential
allotment or private placement of shares or fully or partly convertible debentures during the year under
review.
during the year.
company.
standards.
xv). The company has not entered into noncash transactions with directors or persons connected with
him.
India Act, 1934.
applicable.
Towercom Infrastructure Private Limited Annexure A to Independent
Auditor’s Report – 31st March 2022

Priti V. Mehta
(Proprietor)
M No.130514
Place: Mumbai
Date: 25/05/2022
Annexure B to Independent Auditor’s Report – 31st March 2022 on the
Financial Statements of Towercom Infrastructure Private Limited
We have audited the internal financial consols over financial reporting of Towercom
Infrastructure Private Limited (’the Company') as of March 31, 2022 in conjunction with our
audit of the financial statements of the Company for the year ended on that date.
controls based on ’the internal control over financial reporting criteria established by the Company
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.
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
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.
internal control based on the assessed risk. The procedures selected depend on the auditor’s
for our audit opinion on the Company’s internal financial controls system over financial reporting.
Annexure B to Independent Auditor’s Report-31“March 2022 on
the Financial Statements of Towercom Infrastructure Private
Limited
principles.
Opinion

Priti V. Mehta
M.No.130514 Date: 25/05/2022
(` in thousands)
As at As at
Note March 31, 2022 March 31, 2021
Particulars
No.
ASSETS
Non Current assets
(a) Income Tax Assets - -
(b) Mat Credit 43 43
Current assets
(a) Financial assets
(i) Cash and cash equivalents 2.01 1,178 1,178
(b) Other current assets 2.02 412 337
Total current assets 1,590 1,516

Equity
(a) Equity share capital 2.03 100 100
(b) Other equity 2.04 (92) (124)
Total equity 8 (24)
Liabilities
Current liabilities
(a) Financial liabilities
(i) Borrowings 2.05 1,542 1,514
(ii) Trade payables 2.06 83 60
(b) Other current liabilities 2.07 - 9
Total current liabilities 1,625 1,583
Significant Accounting policies 1

Notes on Accounts 2
The Notes referred above form an integral part of the Financial Statements
In terms of our Report of even date For and on behalf of the Board
For Priti V Mehta & Co

Priti V Mehta Arvind Purohit Sandeep Garg

Membership No. 130514 DIN DIN
8349713 9513285
Place : Mumbai
(` in thousands)
Note For the year ended For the year ended March
Particulars
No. March 31, 2022 31, 2021
INCOME
Other Income
Interest 2.08 83 118
83 118
EXPENSES
Other expenses 2.09 23 27
Total expenses 23 27
Profit/ (Loss) before Tax 60 91
Tax Expenses
Current Tax (28) (39)
Add : MAT Credit - 25
Profit/ (Loss) after Tax 32 77
Other comprehensive Income /(Loss) - -
Total comprehensive loss 32 77
Earning per share 2.12

Basic (`) 3.23 7.65
Diluted (`) 3.23 7.65
Significant Accounting policies 1

Notes on Accounts 2
The Notes referred above form an integral part of the Financial Statements


8349713 9513285
Place : Mumbai
Statement of changes in equity for the year ended March 31, 2022
(a) Equity Share Capital (` in thousands)

For the year ended For the year year
Note
No.
Balance at the beginning of the year 100 100
Change in equity share capital during the year 2.03 - -
Balance at the end of the year 100 100
(b) Other Equity

Attributable to the Equity Holders
Note
Particulars Reserves & Surplus
No.
Retained Earnings
Balance at the beginning of the year (124) (201)
Deficit of Statement of Profit and Loss 2.04 32 77
Balance at the end of the year (92) (124)


8349713 9513285
Place : Mumbai
Statement of cash flows for the year ended March 31, 2022
(` in thousands)
March 31, 2022 March 31, 2021
Profit before tax as per Statement of Profit and Loss 60 91
Adjustments for:
Receivables and other Assets (74) (134)
Trade payables 23 (1)
Other current liabilities (9) (60) 9 (126)
Income Tax Paid (28) (15)
Net cash used in operations (28) (50)
B: CASH FLOW FROM INVESTING ACTIVITIES: - -
Net cash generated/ (Used in) Investing Activities - -

Proceeds from issue of equity share capital - -
Proceed from Loan 28 24
Net cash generated from financing activities 28 24
Net increase in cash and cash equivalents [A+B+C] - (26)
Opening balance of cash and cash equivalents 1,178 1,204

Closing balance of cash and cash equivalents [Note 2.01] 1,178 1,178
Note:
The statement of cash flows is prepared using the "indirect method" set out in Ind AS 7 "Statement of cash
flows".
In terms of our report attached For and on behalf of the Board


8349713 9513285
Place : Mumbai
Towercom Infrastructure Private Limited ("the Company"), is a subsidiary of Reliance Communications
Limited ("RCOM" or " the Holding Company" ). The Company is registered under the Companies Act,
2013, having Registered Office at H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai
400710. The Ultimate Holding Company is Reliance Innoventures Private limited. The Company is a
private limited company and is domiciled in India. The Company is incorporated on November 17, 2016.
The Company is setup to carry on the business of running telecommunication tower infrastructure.
1.02 Basis of preparation, measurement and significant accounting policies

The principal accounting policies applied in the preparation of these ﬁnancial statements are set out
below.
(a) Basis of Preparation of Financial Statements
The Financial Statements are prepared under historical cost convention , in accordance with the generally
accepted accounting principals (GAAP) in India and in compliance with the Indian Accounting Standards
(Ind AS) specified under section 133 of the Companies Act, 2013 (―the Act‖) read with Rule 3 of the
Companies (Indian Accounting Standards) Rule 2015, the Companies (Indian Accounting Standards)
Amendment Rules 2016 and other other provisions of the Act, to the extent notified and applicable, as well
as applicable guidance note and pronouncements of the Institute of Chartered Accountants of India (ICAI).
(b) Standard issued but not yet effective:

In March 2018, the Ministry of Corporate Affairs (the MCA), Government of India (GoI) notified Ind AS 115
‗Revenue from Contracts with Customers‘. The standard is applicable to the Company with effect from
April 1, 2018.
Ind AS 115: Revenue from Contracts with Customers
Ind AS 115 proposes a change from the age-old transfer of ‗Risk And Rewards‘ to a ‗Control‘ model.
Under Ind AS 115, revenue is recognised when control over goods or services is transferred to a
customer, which under current GAAP is based on the transfer of risks and rewards. A customer obtains
control when it has the ability to direct the use of and obtain the benefits from the good or service, there is
transfer of title, supplier has right to payment etc. – with the transfer of risk and rewards now being one of
the many factors to be considered within the overall concept of control.
The entities will have to determine whether revenue should be recognised ‗over time‘ or ‗at a point in time‘.
As a result, it will be required to determine whether control is transferred over time. If not, only then
revenue will be recognised at a point in time, or else over time. Ind AS 115 focuses heavily on what the
customer expects from a supplier under a contract. Companies will have to necessarily determine if there
are multiple distinct promises in a contract or a single performance obligation (PO). These promises may
be explicit, implicit or based on past customary business practices. The consideration will then be
allocated to multiple POs and revenue recognised when control over those distinct goods or services is
transferred.
events which may or may not occur. This is variable consideration, a wide term and includes all types of
negative and positive adjustments to the revenue. This could result in earlier recognition of revenue
compared to current practice – especially impacting industries where revenue is presently not recorded
until all contingencies are resolved. Further, the entities will have to adjust the transaction price for the
time value of money. Where the collections from customers are deferred the revenue will be lower than
the contract price, and interestingly in case of advance collections, the effect will be opposite resulting in
revenue exceeding the contract price with the difference accounted as a finance expense. This may
impact entities having significant advance or deferred collection arrangements e.g. real estate
infrastructure, EPC, It Services etc.
Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The Company uses valuation
techniques that are appropriate in the circumstances and for which sufficient data are available to
measure fair value, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorised within the fair value hierarchy, described as follows, based on the lowest level input that is
significant to the fair value measurement as a whole:
• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities
• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
measurement is unobservable
Current vis-à-vis non-current classification
The assets and liabilities reported in the balance sheet are classified on a ―current/non-current basis‖, with
separate reporting of assets held for sale and liabilities. Current assets, which include cash and cash
equivalents, are assets that are intended to be realized, sold or consumed during the normal operating
cycle of the Company or in the 12 months following the balance sheet date; current liabilities are liabilities
that are expected to be settled during the normal operating cycle of the Company or within the 12 months
following the close of the financial year. The deferred tax assets and liabilities are classified as non-current
(b) Recent accounting pronouncements
Standards issued but not yet effective
Amendment to Ind AS 7:
The amendment to Ind AS 7 requires the entities to provide disclosures that enable users of financial
statements to evaluate changes in liabilities arising from financing activities, including both changes
arising from cash flows and non-cash changes, suggesting inclusion of a reconciliation between the
opening and closing balances in the balance sheet for liabilities arising from financing activities, to meet
the disclosure requirement.
The Company is evaluating the requirements of the amendment and the effect on the financial statements.

These financial statements are presented in Indian Rupees (―Rupees‖ or ―`―) which is functional currency
of the Company.
that affect the reported amount of assets and liabilities and disclosure of contingent liabilities on the date
of the Financial Statements and the reported amount of revenues and expenses during the reporting
period. Difference between the actual results and estimates is recognised in the period in which the results
are known/ materialised. Estimates and underlying assets are reviewed on periodical basis. Revisions to
(i) Revenue is recognised to the extent it is probable that the economic benefits will flow to the Company
and revenue can be reliably measured, regardless of when the payment is being made. Revenue is
measured at the fair value of the consideration received or receivable.
Provision for income tax is made on the basis of taxable income for the year at the current rates. Tax
expense comprises of current tax and deferred tax at the applicable enacted or substantively enacted
rates. Current tax represents amount of Income Tax payable/ recoverable in respect of taxable income/
loss for the reporting period. Deferred tax represents the effect of temporary difference between carrying
amount of assets and liabilities in the financial statement and the corressponding tax base used in the
computation of taxable income. Deferred tax liabilities are generally accounted for all taxable temporary
differences. Deferred tax asset is recognised for all deductible temporary differences, carried forward of
unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be
available against which such deductible temporary differences can be utilised.
Minimum Alternative Tax (MAT) credit is recognised as an asset only when and to the extent there is
convincing evidence that the Company will pay normal income tax during the specified period.
In determining Earning per Share, the Company considers the net profit after tax and includes the post tax
effect of any exceptional item. Number of shares used in computing basic Earning per Share is the
weighted average number of shares outstanding during the period. The number of shares used in
computing Diluted Earning per Share comprises the weighted average shares considered for deriving
Basic Earning per Share and also the weighted average number of shares that could have been issued on
the conversion of all dilutive potential Equity Shares unless the results would be anti-dilutive. Dilutive
potential Equity Shares are deemed converted as of the beginning of the period, unless issued at a later
date.
The Company‘s accounting policies and disclosures require measurement of fair values for the financial
instruments. The Company has an established control framework with respect to measurement of fair
values. The management regularly reviews significant unobservable inputs and valuation adjustments. If
third party information, such as broker quotes or pricing services, is used to measure fair values, then the
management assesses evidence obtained from third parties to support the conclusion that such valuations
meet the requirements of Ind AS, including level in the fair value hierarchy in which such valuations should
be classified
When measuring the fair value of a financial asset or a financial liability, the Company uses observable
market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability,
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
If inputs used to measure fair value of an asset or a liability fall into different levels of fair value hierarchy,
then fair value measurement is categorised in its entirety in the same level of fair value hierarchy as the
lowest level input that is significant to the entire measurement. The Company recognises transfers
between levels of fair value hierarchy at the end of the reporting period during which the change has
occurred.
or equity instrument of another entity. Financial instruments also include derivative contracts such as
foreign currency foreign exchange forward contracts.
Financial Assets
recorded at fair value through Statement of Profit and Loss, transaction costs that are attributable to
the acquisition of the financial asset.
Subsequent measurement of debt instruments depends on the Company‘s business model for
A ‗debt instrument‘ is measured at the amortised cost if both the following conditions are met:
Asset is held within a business model whose objective is to hold assets for collecting contractual cash
flows, and contractual terms of the asset give rise on specified dates to cash flows that are solely
payments of principal and interest (SPPI) on the principal amount outstanding. After initial measurement,
such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR)
method. Amortised cost is calculated by taking into account any discount or premium on acquisition and
fees or costs that are an integral part of the EIR. EIR amortisation is included in finance income in the
Statement of Profit and Loss. Losses arising from impairment are recognised in the Statement of Profit
and Loss. This category generally applies to trade and other receivables.
A ‗debt instrument‘ is classified as at the FVTOCI if both of the following criteria are met: a) The objective
of the business model is achieved both by collecting contractual cash flows and selling the financial
assets, and
A ‗debt instrument‘ is classified as at the FVTOCI if both of the following criteria are met: a) The objective
of the business model is achieved both by collecting contractual cash flows and selling the financial
assets, and the contractual cash flows of the assets represent SPPI: Debt instruments included within the
movements are recognized in the other comprehensive income (OCI). However, the Company recognizes
interest income, impairment losses & reversals and foreign exchange gain or loss in the Statement of
Profit and Loss. On derecognition of the asset, cumulative gain or loss previously recognised in Other
Comprehensive Income is reclassified from the equity to Statement of Profit and Loss. Interest earned
whilst holding FVTOCI debt instrument is reported as interest income using the EIR method.

FVTOCI, is classified as at FVTPL. In addition, the Company may elect to designate a debt instrument,
which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. However, such election is allowed
only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as
‗accounting mismatch‘)
an obligation to pay the received cash flows in full without material delay to a third party under a ‗pass-
through‘ arrangement and either(a) the Company has transferred substantially all the risks and rewards of
the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards
of the asset, but has transferred control of the asset.

Financial liabilities at fair value through Profit or Loss:
Financial liabilities at fair value through Profit or Loss include financial liabilities held for trading and
liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the
near term. This category also includes derivative financial instruments entered into by the Company
that are not designated as hedging instruments in hedge relationships as defined by Ind AS 109.
Gains or losses on liabilities held for trading are recognised in the Statement of Profit and Loss.
Financial Libilities measured at amortised cost:

After initial recognition, interest-bearing loans and borrowings are subsequently measured at
amortised cost using the EIR method. Gains and losses are recognised in Statement of Profit and
Loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
expires. When an existing financial liability is replaced by another from the same lender on
exchange or modification is treated as the derecognition of the original liability and the recognition of
a new liability. The difference in the respective carrying amounts is recognised in the Statement of
Profit and Loss.
Towercom Infrastructure Private Limited (` in thousands)
Notes to the financial statements as of and for the year ended March 31, 2022
As at As at
March 31, 2022 March 31, 2021
Note 2.01
Cash and cash equivalents
Fixed Deposit With Bank 1,175 1,175
Balance with bank in current account 3 3
1,178 1,178
Note 2.02
Other current assets
Interest Accrued 370 295
CENVAT credit of service tax 35 35
Advance to Vendor 7 7
412 337
Note 2.03
Equity Share capital
Authorised share capital
50,000 Equity shares of ` 10 each 500 500
500 500
Issued, subscribed and fully paid up
10,000 Equity shares of ` 10 each fully paid up 100 100
100 100
2.03.01 Shares held by Holding Company and its subsidiary:
Equity shares No. of shares No. of shares

Reliance Communications Limited (Holding company) 9,500 9,500
Reliance Infratel Limited (Fellow subsidiary) 500 500
2.03.02 Details of shareholders holding more than 5% shares in the Company:
Equity shares No. of shares % No. of shares %

Reliance Communications Limited 9,500 95 9,500 95
Reliance Infratel Limited 500 5 500 5
2.03.03 Reconciliation of shares outstanding at the beginning and at the end of reporting period:
Equity shares No. of Shares No. of Shares

At the beginning of the year 10,000 10,000.00
Add / (Less) : Change during the year - -
Outstanding at the end of the year 10,000 10,000
2.03.04 Terms/ rights attached to the shares

Equity shares
The Company has only one class of equity shares having a par value of ` 10 per share. Each holder of
equity share is entitled to one vote per share. In the event of liquidation of the Company, the holder of
equity shares will be entitled to receive remaining assets of the Company after distribution of all
preferential amounts. The distribution will be in proportion to the number of equity shares held by the
shareholders.
(` in thousands)
As at As at
March 31, 2022 March 31, 2021
Note 2.04
Other equity
Deficit in retained earnings
Opening balance (124) (201)
Add: Profit during the year 32 77
Closing balance (92) (124)
Note:
Retained earnings:
The balance in retained earnings represents the accumulated losses in the statement of profit and
loss.
Note 2.05
Borrowings
From Related Party 1,542 1,514
1,542 1,514
Note 2.06
Trade payables
Due to other than Micro and small companies 83 60
83 60
Note 2.07
Other current liabilities
Provision for tax (Net of Advance Tax) ` 432 - 9
- 9
Note 2.08
Other Income
Interest 83 118
83 118
Note 2.09
Other expenses
Auditors' remuneration (Refer Note 2.13) 15 15
Director's Sitting Fees - 9
Professional Fee 8 -
Bank charges - 3
23 27
Note : 2.10
Previous year
Figures of the previous year have been regrouped and reclassified, wherever required.
Note : 2.11
Capital Risk management
The Company's objective when managing capital are to:
— safeguard their ability to continue as a going concern, so that it can optimise the return to
— maintain an optimal capital structure to reduce the cost of capital.
Capital of the Company for the purpose of capital management, include issued equity capital and
reserve atributable to the equity holders of the Company.
Note 2.12
March 31, 2022 March 31, 2021
(a) Loss attributable to equity shareholders (` in 32.27 76.50
thousands) (used as numerator for calculating
Basic EPS)
(b) Weighted average number of equity shares 10,000 10,000
(used as denominator for calculating Basic EPS)
(c) Weighted average number of equity shares 10,000 10,000

(used as denominator for calculating Diluted
EPS)
(d) Basic Earnings per Share of ` 10 each (`) 3.23 7.65
(e) Diluted Earnings per Share of ` 10 each (`) 3.23 7.65
(f) Nominal value of an equity shares ( ` ) 10 10
Note 2.13
Auditors' Remuneration (excluding service tax) (` in thousands)
For statutory audit 15 15
For other services - -
Out of Pocket Expenses current year Nil (Previous year Nil) - -
Note 2.14
Related Party Disclosures
A. List of related parties where control exists
(i) Reliance Innoventures Private Limited Ultimate Holding Company
(ii) Reliance Communications Limited Holding Company
(iii) Shri Anil D. Ambani Individual Promotor
(iv) Shri Arvind Purohit - Director
(v) Shri Sandeep Garg - Director Key Managerial Persons
B. List of other related parties where there have been transactions

(i) Reliance Infratel Limited Fellow Subsidiary
(i) Reliance IDC Limited Fellow Subsidiary
C. Details of transactions and closing balances with related parties (` in thousands)

Sr.No Particulars Holding Fellow Total
Company Subsidiary
1 Allotment of Share
Equity Shares:
(95) (5) (100)
Allotted during the year - - -
- - -
(95) (5) (100)
2 Loans
Balance as at April 1, 2021 234 1,280 1,514
(234) (1,280) (1,514)
Taken During the year - 28 28
- - -
Repaid During the year - - -
(-) (-) (-)
Balance as at March 31, 2022 234 1,308 1,542
(234) (1,280) (1,514)
Note : 2.15
Micro and Small scale business entities
Disclosure of payable to vendors as defined under "Micro, Small and Medium Enterprise Development Act, 2006" is based on
the information available with the Company regarding the status of registration of such vendors under the said Act. There are
no overdue principal amounts / interest payable amounts for delayed payment to such vendors at the balance sheet date.
Note : 2.16
Financial Instruments by category (` in thousands)
As at As at
Particulars
March 31, 2022 March 31, 2021
Financial assets: Amortised Cost Amortised Cost
Cash and cash equivalents 1,178 1,178
Total financial assets 1,178 1,204
Financial liabilities:
Trade payables 83 60
Borrowings 1,542 1,514
Total financial liabilities 1,625 1,574
The fair values of current financial assets and financial liabilities are considered to be the same as their carrying amounts,
due to their short term maturities.
Note : 2.17
The Company's current activities expose it to credit risk.
Risk Exposure arising from Measurement Management
Credit Risk Cash and cash equivalents Credit Ratings Diversification of
bank balances
Note : 2.18
Accounting Ratios
Sr. Name of the Ratio Numerator Denominator 2021-22 2020-21 % Variance #
1. Current Ratio (in times) Current Current 0.98 0.96 2.08%
Assets Liabilities
2. The Company does not have any Sales, Inventory, Purchases during the year and previous year accordingly other ratio i.e.
Inventory turnover, Trade receivable turnover , Trade payable turnover, Net capital turnover, Net profit, are not applicable.
Previous year.
Note : 2.19
During the year, the Company has not surrendered or disclosed any income, previously unrecorded in the books of account
as income, in the tax assessments under the Income Tax Act, 1961.
Note: 2.20
During the year, the Company has not received as well as given advances (excluding transactions in the normal course of
directly or indirectly, including any foreign entity(ies).
Note: 2.21
Transaction with Struck off Companies
The Company did not have any material transaction with companies struck off under Section 248 of the Companies Act, 2013
or Section 560 of Companies Act, 1956.
Note : 2.22
Rounding off of amounts
All amounts disclosed in the financial statements and notes have been rounded off to nearest thousand as per the
requirement of Schedule III, unless otherwise stated.
Note : 2.23
Authorisation of financial statements
The financial statements for the year ended 31st March, 2022 were approved by the Board of Directors on May 25, 2022.


8349713 9513285
Place : Mumbai
Independent Auditor‟s Report
To the Members of Reliance Realty Limited
Report on the Audit of the financial statements
Qualified Opinion
We have audited the financial statements of Reliance Realty Limited (“the Company”), which
comprise the balance sheet as at March 31, 2022, the statement of Profit and Loss, statement of
changes in equity and statement of cash flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies and other explanatory information
(“the financial statements”).
the Companies (Indian Accounting Standards) Rules,2015, as amended,(“Ind AS”) and other
31, 2022and changes in equity and its profit(including other comprehensive income) and its cash
flows for the year ended on that date.
a) We draw attention to Note no. 2.36of the financial statements, regarding pending
comprehensive review of carrying amount of all assets including investment in subsidiary&
liabilities and non provision for impairment of carrying value of assets and write back of
liabilities if any, due to pending completion of the corporate insolvency resolution process of
Holding Company. In the absence of comprehensive review as mentioned above for the
carrying value of all the assets and liabilities, we are unable to comment that whether any
adjustment is required in the carrying amount of such assets and liabilities and consequential
impact, if any, on the reported profitfor the year ended March 31, 2022. Non determination of
fair value of financial assets & liabilities and carrying amount for other assets and liabilities are
not in compliance with Ind AS 109 “Financial Instruments”, Ind AS 37 “Provisions, Contingent
Liabilities & Contingent Assets”&Ind AS 36 “Impairment of Assets”.
b) We draw attention to Note no.2.41of the financial statements, regarding losses incurred by the
Company during theearlier years resulting in erosion of its networth and its current liabilities
exceeding its current assets. Further, majorcustomersof the Company aretheir own group
companies including its holding Company which are under Corporate Insolvency Resolution
Process.This situation indicates that a material uncertainty exists that may cast significant doubt
on the Company's ability to continue as a going concern. The accounts however havebeen
prepared by the management on a going concern basis for the reason stated in the aforesaid
note. We however are unable to obtain sufficient and appropriate audit evidence regarding
management's use of the going concern basis of accounting in the preparation of the financial
statements, in view of ongoing Corporate Insolvency Resolution Process of Holding Company,
the outcome of which cannot be presently ascertained.
c) We draw attention to Note No. 2.09of the financial statements, regarding payment of an amount
of Rs. 320.67Crore to related parties during earlier year, for which terms are not yet finalised.
Further, no interest has beencharged by the Company in respect of this payment.Pending
finalisation of terms as on reporting date, we are unable to comment that whether any
adjustment is required in the carrying amount of such receivable and consequential impact, if
any, on the reported profits for the year ended March 31, 2022.
d) We draw attention to Note No. 2.35of the financial statements, regarding the Capital advance
paid to a related party of Rs. 25.45 Crore during earlier year. The Company has received the
invoices but due to technical and financial evaluation pendency, these invoices are not
accounted in the books of account. Pending technical and financial evaluation as on reporting
date, we are unable to comment on the consequential impact if any, on the financial statements
of the Company.
143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor‟s
Emphasis of Matter Paragraph
We draw attention toNote no. 2.34of the financial statements, regarding advance received by the
Company from STT Global Data Centre India Pvt Ltd (STT) in earlier year against agreement entered
into by the Company to transfer leasehold right, title and interest of land admeasuring 34,873 sq. mts
forming part of the larger land located at DAKC (Larger Land) along with building thereupon and
substation to be constructed on the land, for which necessary approval couldn‟t be obtained by the
Company till the last extension for completion of condition precedent. STT has invoked arbitration
proceedings against the Company in accordance with the terms of an Agreement.
Our opinion is not modified in respect of the above matter.
Information Other than the 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 Board‟s Report including Annexures to
Board‟s Report but does not include the financial statements and our auditor‟s report thereon adopted
on the same date.
Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained during the course of our audit or otherwise
appears to be materially misstated.When we read the report containing other information, if we
conclude that there is a material misstatement therein, we are required to communicate the matter to
those charged with governance.
Responsibility of Management and Those Charged with Governance for the financial
statements
The Company‟s Board of Directors/ Management 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 the financial position, financial performance, changes in equity and cash flows of the
Company in accordance with the accounting principles generally accepted in India, including the
accounting Standards specified under section 133 of the Act.
maintenance of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting record, 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 are also responsible for overseeing the Company‟s financial reporting process.
Auditor‟s Responsibilities for the Audit of the financial statements
are free from material misstatement, whether due to fraud or error, and to issue an auditor‟s report that
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also
responsible for expressing our opinion on whether the company has adequate internal financial
controls system in place and the operating effectiveness of such controls.
 Conclude on the appropriateness of management‟s use of the going concern basis of accounting
or conditions that may cast significant doubt on the Company‟s ability to continue as a going
auditor‟s report to the related disclosures in the financial statements or, if such disclosures are
the date of our auditor‟s report. However, future events or conditions may cause the Company to
related safeguards.
As required by the Companies (Auditor‟s Report) Order, 2020 (“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.
(a) Except for the matters described in the Basis of Qualified Opinion paragraph above, we have
and belief were necessary for the purposes of our audit.
the Company so far as it appears from our examination of those books
account.
(d) In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards
(Ind AS) specified under Section 133 of the Act, read with Rule 7 of theCompanies (Indian
Accounting Standards) Rules, 2015 as amended, except requirement of Ind AS 109 “Financial
Instruments”, Ind AS 36 “Impairment of Assets”, Ind AS 37 “Provisions, Contingent Liabilities
and Contingent Assets”, with regard to matters described in the Basis of Qualified Opinion
paragraph above.
(e) The matter described under the basis for qualified opinion paragraph above and Qualified
Opinion paragraph of 'Annexure B' to this report in our opinion, may have an adverse effect on
Company;
(f) On the basis of the written representations received from the directors as on March 31,
2022taken on record by the Board of Directors, none of the directors is disqualified as on
March 31, 2022from being appointed as a director in terms of Section 164 (2) of the Act.
(g) The qualification relating to maintenance of accounts and other matters connected therewith are
as stated in the Basis for Qualified Opinion paragraph above.
separate Report in “Annexure B”.
(i) With respect to the other matters to be included in the Auditor‟s Report in accordance with the
us, the managerial remuneration has been paid/provided in accordance with the requisite
approval by shareholders as mandated by the provisions of section 197 read with schedule V
of the Act.
(j) With respect to the other matters to be included in the Auditor‟s Report in accordance with
financial statements – Refer Note No. 2.28ofthe financial statements;
iii. There were no amounts which arerequired to be transferred, to the Investor Education and
For Pathak H.D. & Associates LLP

Firm‟s Registration No:107783W/W100593
Jigar T. Shah
Partner
UDIN: 22161851ANJULR7187
Date: May 27, 2022

Place: Mumbai
Reliance Realty Limited
„Annexure A‟ to the Independent Auditor‟s Report –March 31,2022
With reference to the Annexure A referred to in the Independent Auditor‟s Report to the Members of
Reliance Realty Limited ('the Company') on the financial statements for the year ended March
i. (a) (A) The Company has maintained proper records showing full particulars, including
quantitative details and situation of investment property.
(B) Based on the records examined by us and information and explanation given to us the
Company does not have any intangible assets.
(b) We are informed that the Company physically verifies its assets over a three year period. In
our opinion, this periodicity of physical verification is reasonable having regard to the size of
the Company and the nature of its assets. No material discrepancies were noticed on such
physical verification.
(c) According to the information and explanations given to us and records examined by us, the
title deeds of all immovable properties (other than properties where the Company is the lessee
and the lease agreements are duly executed in favour of the lessee), as disclosed in Note 2.01
of the financial statements, are held in the name of the Company.
Company, the Company during the year has not revalued its iimovable property, hence, the
requirements of the said clause i(d) of paragraph 3 of the Order is not applicable to the
Company.
ii. (a) Since the Company does not have any inventory. Accordingly, clause (ii)(a) of paragraph 3 of
iii. (a) According to information and explanations given to us and books of accounts and records
reporting requirements under clause (iii)(a)(A) and (B) of paragraph3 of the Order is not
applicable.
audit procedures, during the year the Company has not made any investments or provided any
guarantees or given security and has not granted loans or any advances in the nature of loans
during the year. Accordingly the reporting requirements under clause (iii)(b) of paragraph 3 of
the Order is not applicable.
interest has not been stipulated or are not available for our verification, hence we are unable to
comment whether the repayment or receipts are regular.
examined by us, the Company has not renewed the loans granted to various parties since
March 31, 2019.
(Rs. in lacs)
nature of loans
- Repayable on demand (A)
- Agreement does not specify any terms or 2,02,324.66 - 1,50,732.88
Total (A+B) 2,02,324.66 - 1,50,732.88
100% - 74.50%
iv. As per information and explanation provided to us and on the basis of verification of records of the
Company, the Company during the year has not granted any loan, made investment and provided
guarantees and securities to the parties covered under section 185 and section 186 of the Act.
Accordingly, clause (iv) of paragraph3 of the Order is not applicable to the Company.
v. In our opinion and according to the information and explanations given to us, the Company has not
accepted any deposits from the public in accordance with relevant provisions of Sections 73 to 76
or any other relevant provisions of the Act and the rules framed there under. Accordingly, clause
(v) of paragraph3 of the Order is not applicable to the Company. According to the information and
explanations given to us, no order has been passed by the Company Law Board or the National
Company Law Tribunal or the Reserve Bank of India or any Court or any other Tribunal.
vi. As informed to us, the Central Government has not prescribed maintenance of cost records under
Sub- Section (1) of section 148 of the Act. Accordingly clause (vi) of paragraph 3 of the Order is
vii. (a) According to the information and explanations given to us and on the basis of our
deposited with appropriate authorities for amounts deducted/accrued in the books of account in
respect of undisputed statutory dues including provident fund, income tax, goods and services tax,
service tax, duty of customs, sales tax, value added tax, entry tax, employees state insurance, cess
and other material statutory dues. According to the information and explanations given to us,
undisputed amounts payable in respect of provident Fund, income tax, goods and services tax,
sales tax, value added tax, employees state insurance and other material statutory dues which were
in arrears as at March 31, 2022 for a period of more than six months from the date they became
payable are as under.

Due Date of
Date Payment
relates
The Maharashtra Value Works Contract F.Y. 2016-17 Various Yet to be
1,68,667
Added Tax Act, 2002 Tax Payable Dates paid
TaxCollection at Prior to April Various Yet to be
Income Tax Act, 1961 43,204
Source 2019 Dates paid
Prior to April Various Yet to be
Profession Tax Act, 1987 Professional Tax 1,83,417
2019 Dates paid
Labour Welfare Fund, Labour Welfare Upto September Various Yet to be
2,184
Maharashtra Fund 2021 Dates paid
(b) Details of Statutory dues referred to in clause vii (a) above, which have not been deposited as
Name of Statute Nature of Dues Amount Period to which Forum

(Rs. In lacs) the amount
relates
Commissioner CGST &
October 2014 to
Finance Act 1994 Service Tax 2,007.35 Central Excise
June 2017
Commissionerate, Belapur
viii. According to information and explanation given to us and representation given by the
surrendered or disclosed as income during the year in the tax assessments under the Income Tax
Act, 1961.
ix. (a) The Company has not raised any loans from Financial Institutions or Banks or Government or
debenture holders. Hence clause (ix) (a), (b), (c) and (d) of paragraph 3 of the Order is not
applicable.
(b) According to the information and explanations given to usand on an overall examination of the
financial statements of the Company, the Company does not have any subsidiaries, associates
or joint ventures. Hence, the reporting requirements under clause (ix)(e) and (f) of paragraph 3
x. (a) In our opinion, and according to information and explanations given to us, the Company has
not raised money by way of initial public offer or further public offer (including debt instruments)
and hence the provision of clause x(a) ofparagraph 3 of the order is not applicable to the Company.
during the year has not made any preferential allotment or private placement of shares or fully or
partly convertible debentures and hence reporting under clause x(b) of paragraph 3 of the Order is
xi. (a)Based on the audit procedures performed by us and according to the information and
section 143 of the Act has been filed by the auditors in form ADT-4 as prescribed under rule 13
of the Companies (Audit and Auditors) Rules, 2014 with the Central Government.
(c) As represented to us by the Management, there are no whistle-blower complaints have been
received by the Company during the year.
xii. As the Company is not a Nidhi company. Accordingly, clause (xii) of paragraph 3 of the Order is
xiii. According to the information and explanations given to us and based on our examination of the
records of the Company, transactions with the related parties are in compliance with Sections 177
and 188 of the Act, where applicable. The details of such related party transactions have been
disclosed in the financial statements as required by the applicable accounting standards.
xiv. In our opinion and according to the information and explanations given to us, the Company is not
required to conduct internal audit as per Companies Act, 2013. Accordingly, clause (xiv)(a) and
(b) of paragraph 3 of the Order is not applicable to the Company.
xv. According to the information and explanations given to us and based on our examination of the
connected with him. Accordingly, clause(xv) of paragraph 3 of the Order is not applicable to the
Company.
xvi. (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India
Act, 1934.
India.
xvii. Based on the examination of records, the Company has not incurred any cash losses in the current
financial year and immediately preceding financial year.
xviii. There has been no resignation of the statutory auditors during the year.
xix. According to the information and explanations given to us and 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,
indicate that material uncertainty exists that may cast a significant doubt on the Company‟s ability
to continue as a going concern. 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. Based on the examination of records of the Company and information and explanations given to
us, due to losses incurred, the conditions and requirements of section 135 of the act is not
applicable to the company hence, clause xx(a) and xx(b) of paragraph 3 of the Order is not
applicable.
ForPathak H. D. & Associates LLP

Jigar T. Shah
Partner
Date: May 27, 2022

Place: Mumbai
„Annexure B‟ to the Independent Auditor‟s Report - March 31,2022

Realty Limited („the Company‟) as of March 31, 2022in conjunction with our audit of the financial
Management‟s Responsibility for Internal Financial Controls
controls based on the internal control with reference to financial statements criteria established by the
Company considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India‟. These responsibilities include the design, implementation and maintenance of
Act.
Auditors‟ Responsibility
Standards on Auditing issued by ICAI and prescribed under section 143(10) of the Act, to the extent
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 with reference to financial statements was established and maintained and if
such controls operated effectively in all material respects.
financial controls system with reference to financial statements and their operating effectiveness.Our
judgement, including the assessment of the risks of material misstatement of the financial statements,
for our qualified opinion on the Company‟s internal financial controls system with reference to
principles.
assurance that transactions are recorded as necessary to permit preparation of the financial statements
in accordance with generally accepted accounting principles and that receipts and expenditures of the
company are being made only in accordance with authorisations of management and directors of the
unauthorised acquisition, use, or disposition of the company's assets that could have a material effect
evaluation of the internal financial controls with reference tofinancial statements to future periods are
material weaknesses has been identified in the operating effectiveness of the Company‟s internal
i. Balances of receivables and payables and loans& advances are subject to confirmation. (Refer
Note No. 2.36)
ii. In respect of delays in payment of certain statutory dues during the year with the respective
authorities.
iii. The Company‟s internal financial control with regard to the compliance with the applicable Indian
Accounting Standards and evaluation of carrying values of assets and liabilities and other matters,
as fully explained in basis for qualified opinion of our main report, resulting in the Company not
providing for adjustments, which are required to be made, to the financial statements.
A „material weakness‟ is a deficiency, or a combination of deficiencies, in internal financial control

misstatement of the Company‟s financial statements will not be prevented or detected on a timely
basis.
Qualified Opinion
under Basis for Qualified Opinion paragraph on the achievement of the objectives of the control
criteria, the Company has, in all material respects an adequate internal financial controls system with
reference to financial statements and such internal financial controls with reference to financial
statements were operating effectively as at March 31, 2022, based on the internal control with
reference tofinancialstatements criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting issued by the ICAI.
We have considered material weakness identified and reported above in determining thenature,
timing, and extent of audit tests applied in our audit of financial statements of the Company for the
year ended March 31, 2022and these material weaknesses has affected our opinion on financial
statements of the Company for the year ended March 31, 2022(our audit report dated May 27, 2022),
and we have expressed qualified opinion on these financial statements of the Company.
ForPathak H. D. & Associates LLP

Jigar T. Shah
Partner
Date: May 27, 2022

Place: Mumbai
( ` in Lacs)
Notes As at As at
March 31, 2022 March 31, 2021
ASSETS
Non Current Assets
(a) Investment Property 2.01 49 345.09 50 438.09
(b) Financial Assets
(i) Investment in Subsidiary 2.02 5.00 5.00
(c) Other Non Current Assets 2.03 27 075.69 25 940.91
77 222.07 77 088.18
Current Assets
(i) Trade Receivables 2.05 11 439.01 12 415.94
(iii) Bank balances other than (ii) above 2.07 60.19 60.19
(iv) Loans 2.08 1 18 666.34 1 18 666.34
(v) Other Financial Assets 2.09 32 126.63 32 118.89
(b) Other Current Assets 2.10 278.00 266.54
1 62 977.43 1 64 117.56
Total Assets 2 40 199.50 2 41 205.74

Equity
(b) Other Equity 2.12 ( 27 663.22) ( 28 479.17)
( 27 163.22) ( 27 979.17)
Liabilities
Non Current Liabilities
(i) Borrowings 2.13 45 429.71 46 328.51
(ii) Provisions 2.14 7.68 6.94
(iii) Deferred Tax Liabilities (net) 2.15 8 593.79 8 605.17
54 031.18 54 940.62
Current Liabilities
(i) Borrowings 2.16 2 07 991.55 2 07 788.61
Others than Micro and small Enterprises 418.38 984.19
(ii) Other Financial Liabilities 2.18 1 348.83 1 774.84
(b) Other Current Liabilities 2.19 3 521.41 3 633.23
(c) Provisions 2.20 5.66 4.67
2 13 331.54 2 14 244.29
Total Equity and Liabilities 2 40 199.50 2 41 205.74
(0.00) 0.00
(0.00) 0.00
Notes on Accounts 2

For Pathak H.D. & Associates LLP For and on behalf of the Board
(Firm Registration No.107783W/W100593)
Sandeep Garg
Director
DIN : 09513285
Jigar T. Shah Rakesh Gupta

Partner Director
Membership No. 161851 DIN: 0130829
Arvind Purohit
Company Secretary & Manager
A336624
Place : Mumbai.
Dated : 27.05.2022
( ` in Lacs)
March 31, 2022 March 31, 2021
I INCOME
(a) Revenue from Operation 2.21 8,790.01 9,765.01
(b) Other Income 2.22 1,143.85 693.86
(c) Total Income ((a)+(b))
9 933.86 10 458.87
II EXPENDITURE
(a) Employee Benefit Expenses 2.23 153.50 151.90
(b) Finance Costs 2.24 4,727.90 4,736.49
(b) Depreciation Expenses 2.01 1,093.00 1,094.63
(c) Other Expenses 2.25 2,833.27 3,497.76
(d) Total Expenses ((a) to (c)) 8 807.67 9 480.78
III Profit/ (Loss) before Tax (I(c) - II (d)) 1 126.19 978.09

IV Tax expense:
(a) - Current Tax 326.00 -
(b) - Deferred Tax Charge/ (Credit) (net) 2.15 (11.37) (216.50)
(c) - Income Tax /(reversal) of earlier year (1.96) 22.30
(d) - Total Tax Expenses 312.66 (194.20)
V Profit/ (Loss) after Tax (III- IV) 813.52 1 172.29
VI Other Comprehensive Income
Remeasurement of Gain/ (Loss) of the Defined 2.42 2.56
employee benefit
VII Total Comprehensive Income for the year
815.94 1 174.85
(V + VI)
VIII Earning per share of face value of ` 10 each

2.30
fully paid up
Basic (`) 16.27 23.45
Diluted (`) 16.27 23.45
Notes on Accounts 2

Sandeep Garg
Director
DIN : 09513285

Partner Director
Arvind Purohit
A336624
Place : Mumbai.
Dated : 27.05.2022
( ` in Lacs)
March 31, 2022 March 31, 2021
A: Equity Share Capital

Balance at the end of the year 500.00 500.00
B: Other Equity (Refer Note 2.12)

( Attributable to Equity Share Holder) Reserve and Surplus
Particular General Revaluation Retained Other Total
Reserve Reserve Earnings Comprehensive
Income
Balance as at March 31, 2021 8 007.48 33 194.55 ( 69 713.35) 33.15 ( 28 478.17)

Add (Less) :
Surplus / (Deficit) of Statement of Profit and Loss - - 813.52 - 813.52
Other Comprehensive Income - - - 2.42 2.42
Depreciation on Revaluation 776.73 (776.73) - - -
Balance as at April 1, 2020 7 230.75 33 971.28 ( 70 886.13) 30.59 ( 29 653.51)

Add (Less) :
Surplus / (Deficit) of Statement of Profit and Loss - - 1 172.78 - 1 172.78
Other Comprehensive Income - - - 2.56 2.56
Depreciation on Revaluation 776.73 ( 776.73) - - -

Sandeep Garg
Director
DIN : 09513285

Partner Director
Arvind Purohit
A336624
Place : Mumbai.
Dated : 27.05.2022
( ` in Lacs )
March 31, 2022 March 31, 2021
Net Profit before tax as per statement of Profit and Loss 1 126.19 978.09
Adjusted for:
Depreciation 1 093.00 1 094.63
Provision for Doubtful Debts - 572.21
Finance Costs 4 727.90 4 736.49
Interest Income (11 43.61) 4 677.29 (693.84) 5 709.49
Operating Profit before Working Capital Changes 5 803.48 6 687.58
Adjusted for:
Receivables and other Advances 971.79 1 298.90
Trade Payable & Other Liabilities (1 114.46)
- ( 282.74)
-
Cash Generated from Operations 5 660.81 7 703.74
Income Tax Refund - 746.67
Income Tax Paid ( 416.00) ( 787.75)
Net Cash from Operating Activities 5 244.81 7 662.66
Loan Given to Body Corporate - (1 821.35)
Interest Received ( 5.00) 49.52
Investment in Bank Deposits - (2.91)
Net Cash Used in Investing Activities (5.00) (1 774.74)
Short Term Borrowings - ( 169.55)
Repayment of Borrowings (695.86) ( 480.77)
Interest Paid (net) (4 726.35) (4 736.67)
Net Cash from / (Used in) Financing Activities (5 422.21) (5 386.99)
Net Increase/ (Decrease) in Cash and Bank Balances (182.40) 4 99.99
Effect of Exchange Gain/ (Loss) on Cash and Cash Equivalents - -
Closing Balance of Cash and Cash Equivalents 407.26 589.66

Note:
(2) Cash and Cash Equivalents includes Fixed Deposits with Banks.
(3) Cash Flow Statement has been prepared under the Indirect Method set out in Indian Accounting Standard (Ind AS) 7

Sandeep Garg
Director
DIN : 09513285

Partner Director
Arvind Purohit
A336624
Place : Mumbai.
Dated : 27.05.2022
Significant Accounting Policies to the Financial Statement
1 General Information and Significant Accounting Policy
Reliance Realty Limited (Formerly Reliance Infocomm Infrastructure Limited) (“the Company”), is
registered under Companies Act 1956 and having Registered Office at H Block, 1st Floor, Dhirubhai
Ambani Knowledge City, Navi Mumbai 400710. The Company is wholly owned subsidiary of
Reliance Communications Limited and engaged in providing infrastructure/ real estate related
services.
i) The Financial Statements are prepared under historical cost convention except for certain financial
(GAAP) in India and compliance with Indian Accounting Standard specified under Section 133 of the
Companies Act, 2013 ("the Act") except matters specified in Note 2.36 & 2.41, read with Relevant
Rule of the Companies (Indian Accounting Standard) Rules of 2015, Companies (Indian Accounting
Standards) Amendment Rules 2016 and other provisions of the Act to the extent notified and
applicable, as well as applicable guidance note and pronouncements of the Institute of Chartered
Accountants of India (ICAI).
operating cycle and other criteria set out in Schedule III to the Companies Act, 2013. Based on the
nature of the services and their realisation in cash & cash equivalents, the Company has ascertained
its operating cycle as twelve months for the purpose of current or non-current classification of assets
and liabilities.
ii) The Company generally follows mercantile system of accounting and recognises significant items of
income and expenditure on accrual basis.
These financial statements are presented in Indian Rupees which is presentation and functional
currency of the company.
1.04 Investment Property & Property Plant and Equipment

i) Investment Properties are, properties held for rental income and/ or capital appreciation, initially
measured at cost including transaction cost and stated at cost net of Input credit / Modvat/ Cenvat,
Value Added Tax less accumulated depreciation and amortisation based on Straight Line Method
with effect from April 01, 2017 (till March 31,2017 Depreciation provided on written down value
method), impairment loss, if any. Subsequent to initial recognition, investment properties are stated
at cost less accumulated depreciation and accumulated impairment loss, if any. The Company
depreciates investment property over 60 years or as per usefil life prescribed as per Schedule II from
the date of original purchase. Though the Company measures investment property using cost based
measurement, the fair value of investment property is disclosed in the notes. Fair values are
determined based on valuation performed by qualified and experienced Independent Valuer.
Investment properties are derecognised either when they have been disposed off or when they are
permanently withdrawn from use and no future economic benefit is expected from their disposal. The
difference between the net disposal proceeds and the carrying amount of the asset is recognised in
profit or loss in the period of derecognition.
ii) Property, Plant and Equipment are stated at cost net of Input credits/ Modvat/ Cenvat, Value Added
Tax less accumulated depreciation, amortisation and impairment loss, if any. Subsequent
Expenditure is capitalised only if it is probable that future economic benefits associated with the
expenditure will flow to the Company.
Cost of an item of PPE comprises of its purchase price including import duties and non refundable
purchase taxes after deducting trade discounts and rebates, any directly attributable cost of bringing
the item to its working condition for its intended use and present value of estimated costs of
iii)
iii) Depreciation is provided on Straight Line Method with effect from April 01, 2017 (till March 31,2017
Depreciation provided on written down value method) Value based on useful life of the assets
prescribed in Schedule II to the Companies Act, 2013. except for Interiors, forming part of building
where the useful life of asset is estimated as 15 years. Premium on leasehold land is amortised over
the remaining life of the lease.
iv) Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or
loss.
v) Depreciation methods, useful lives and residual values are reviewed periodically at each financial
year.

(i) The Comapny has applied Ind AS 115 "Revenue from Contracts with Customers" w.e.f. April 1,
2018, using the cumulative effect method and therefore comparative information has not been
restated and continues to be reported under Ind AS 18.Revenue is recognised when control over
goods or services is transferred to a customer. A customer obtains control when he has the ability to
direct the use of and obtain the benefits from the good or service, there is transfer of title, supplier
has right to payment etc. – with the transfer of risk and rewards now being one of the many factors to
be considered within the overall concept of control.
(ii) The Company determines whether revenue should be recognised ‘over time’ or ‘at a point in time’.
As a result, it is required to determine whether control is transferred over time. If not, only then
revenue be recognised at a point in time, or else over time. The Comapany also determines if there
are multiple distinct promises in a contract or a single performance obligation (PO). These promises
may be explicit, implicit or based on past customary business practices. The consideration gets
allocated to multiple POs and revenue recognised when control over those distinct goods or services
is transferred.
events which may or may not occur. This is variable consideration, a wide term and includes all types
of negative and positive adjustments to the revenue. This could result in earlier recognition of
revenue compared to current practice – especially impacting industries where revenue is presently
not recorded untill all contingencies are resolved. Further, the entities will have to adjust the
transaction price for the time value of money. Where the collections from customers are deferred the
revenue will be lower than the contract price, and in case of advance collections, the effect will be
opposite resulting in revenue exceeding the contract price with the difference accounted as a finance
expense.
(iii) Interest income on investment is recognised on time proportion basis. Interest income is
accounted using the applicable Effective Interest Rate (EIR), which is the rate that exactly discounts
estimated future cash receipts over the expected life of the financial assets to that asset’s net
carrying amount on initial recognition.
All employee benefits payable wholly within twelve months of rendering the service are classified as
short term employee benefits. These benefits include compensated absences such as paid annual
leave and sickness leave. The undiscounted amount of short term employee benefits expected to be
paid in exchange for the services rendered by the employees are recognised as an expense during
the period.
(i) Defined benefit plans
Provident Fund
Contribution to the provident fund, which is a defined contribution plan, made to the Regional
Provident Fund Commissioner is charged to the Statement of Profit and loss on accrual basis. (
Refer Note 2.32 )
Gratuity Plan
The Company’s gratuity benefit scheme is a defined benefit plan. The Company’s net obligation in
respect of the gratuity benefit scheme is calculated by estimating the amount of future benefit that
employees have earned in return for their services in the current and prior periods; that benefit is
discounted to determine its present value, mortality rate and the fair value of plan assets is
deducted. Mortality rate is based on publicly available mortality table in India.
The present value of the obligation under such defined benefit plan is determined based on
actuarial valuation using the Projected Unit Credit Method.
The obligation is measured at present value of the estimated future cash flows. The discount
rates used for determining present value of obligation under defined benefit plan, are based on
market yields of Government Securities as at the Balance Sheet date.
Remeasurements which comprise of actuarial gain and losses, the return of plan assets
(excluding interest) and the effect of asset ceiling ( if any, excluding interest) are recognised in
OCI.
ii) Other Long term employment benefits

Compensated absences which are not expected to occur within twelve months after the end of the
period in which the employee renders the related services are recognised as a liability at the
present value of the defined benefit obligation at the balance sheet date, determined based on
actuarial valuation using Projected Unit Credit Method. The discount rates used for determining
the present value of the obligation under the defined benefit plan, are based on the market yields
of Government Securities as at the Balance Sheet date.
Remeasurements gain and losses is recognised in the Statement of Profit and Loss in the period
in which they arise.
1.07 Inventories
Items of inventories are measured at lower of cost (determined on weighted average basis) or net
realisable value.

enacted rates. Current tax represents the amount of Income Tax payable / recoverable in respect of
the taxable income/loss for the reporting period. Deferred tax represents the effect of temporary
difference between the carrying amount of assets and liabilities in the financial statement and the
corresponding tax base used in computation of taxable income. Deferred Tax Liabilities are generally
accounted for all taxable temporary differences. The deferred tax asset is recognised for all
deductible temporary differences, carried forward of unused tax credits and unused tax losses, to the
extent that is probable that taxable profit will be available against which those deductible temporary
differences can be utilised. Deferred income tax assets and liabilities are offset when there is a
legally enforceable right to offset current income tax assets against current income tax liabilities and
when the deferred income tax assets and liabilities relate to income tax levied by the same taxation
authority on either the same taxable entity or different taxable entities where there is an intention to
settle the balances on a net or simultaneous basis. MAT credit is recognised as an asset only if it is
probable that the Company will pay normal income tax during the specified period.
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are
capitalised as part of the cost of such assets up to the commencement of commercial operations.
A qualifying asset is one that necessarily takes substantial period of time to get ready for intended
use. other borrowing costs are recognised as an expense in the year in which they are incurred.
1.10 Impairment of Assets

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An
impairment loss is charged to the statement of Profit and Loss in the year in which an asset is
identified as impaired. The impairment loss recognised in prior accounting period is increased/
reversed where there has been change in the estimate of recoverable value. The recoverable value
is the higher of the asset's net selling price and value in use.
1.11 Provision, Contingent Liabilities and Contingent Assets
present obligation as a result of past events and it is probable that there will be an outflow of
resources. A disclosure for a contingent liability is made when there is a possible obligation or a
present obligation that may, but probably will not, require an outflow of resources. When there is a
possible obligation or a present obligation in respect of which the likelihood of outflow of resources is
remote, no provision or disclosure is made. Contingent Assets are not recognised but disclosed in the
financial statements, when economic inflow is probable.

The company’s accounting policies and disclosures require the measurement of fair values for
financial instruments.
The company has an established control framework with respect to the measurement of fair values.
The management regularly reviews significant unobservable inputs and valuation adjustments. If third
party information, such as broker quotes or pricing services, is used to measure fair values, then the
management assesses the evidence obtained from the third parties to support the conclusion that
such valuations meet the requirements of Ind AS, including the level in the fair value hierarchy in
which such valuations should be classified.
When measuring the fair value of a financial asset or a financial liability, the company uses
observable market data as far as possible. Fair values are categorised into different levels in a fair
value hierarchy based on the inputs used in the valuation techniques as follows.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair
value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the
fair value hierarchy as the lowest level input that is significant to the entire measurement. The
company recognises transfers between levels of the fair value hierarchy at the end of the reporting
period during which the change has occurred.(Refer Note 2.29)

Financial Assets
Classification
i The Company classifies financial assets as subsequently measured at amortised cost, fair value
through other comprehensive income or fair value through profit or loss on the basis of its
business model for managing the financial assets and the contractual cash flows characteristics
of the financial asset.
ii In determining the fair value of its financial instruments, the Company uses a variety of methods
and assumptions that are based on market conditions and risk existing at each reporting date.
The method used to determine fair value include discounted cash flow analysis, available quoted
market price. All method of assessing fair value result in general approximation of value, and
such value may never actually be realized. For all other financial instruments the carrying
amounts approximate fair value due to the short maturity of those instruments.
iii Initial recognition and measurement

recorded at fair value through profit or loss, transaction costs that are attributable to the
acquisition of the financial asset.
iv Subsequent measurement
Debt instruments: Subsequent measurement of debt instruments depends on the group's
business model for managing the asset and the cash flow characteristics of the asset. There are
three measurement categories into which the Group classifies its debt instruments:

a) The asset is held within a business model whose objective is to hold assets for collecting
contractual cash flows, and
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely
payments of principal and interest (SPPI) on the principal amount outstanding.
After initial measurement, such financial assets are subsequently measured at amortised cost
using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The
EIR amortisation is included in finance income in the profit or loss. The losses arising from
impairment are recognised in the profit or loss. This category generally applies to trade and other
receivables.
Financial Assets measured at fair value through other comprehensive income(FVTOCI):
selling the financial assets, and
b) The asset’s contractual cash flows represent SPPI: Debt instruments included within the
movements are recognized in the other comprehensive income (OCI). However, the group
recognizes interest income, impairment losses & reversals and foreign exchange gain or loss in
the P&L. On derecognition of the asset, cumulative gain or loss previously recognised in OCI is
reclassified from the equity to P&L. Interest earned whilst holding FVTOCI debt instrument is
reported as interest income using the EIR method.
Financial Assets measured at fair value through profit or loss (FVTPL):
FVTOCI, is classified as at FVTPL. In addition, the group may elect to designate a debt
instrument, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. However,
such election is allowed only if doing so reduces or eliminates a measurement or recognition
inconsistency (referred to as ‘accounting mismatch’).
All equity investments in scope of Ind-AS 109 are measured at fair value. Equity instruments
which are held for trading are classified as at FVTPL. For all other equity instruments, the
company decides to classify the same either as at FVOCI or FVTPL. The Company makes such
election on an instrument-by-instrument basis. The classification is made on initial recognition and
is irrevocable.
If the company decides to classify an equity instrument as at FVOCI, then all fair value changes
on the instrument, excluding dividends, are recognized in the OCI. There is no recycling of the
amounts from OCI to profit and loss, even on sale of investment. However, the Company may
transfer the cumulative gain or loss within equity.
Equity instruments included within the FVTPL category are measured at fair value with all
changes recognized in the profit and loss.
Also, company has elected to apply the exemption available under Ind AS 101 to continue the
carrying value for its investments in associates as recognised in the financial statements as at the
date of transition to Ind AS, measured as per the previous GAAP as at the date of transition.

II)The group has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay the received cash flows in full without material delay to a third party under a
‘pass-through’ arrangement; and either(a) the group has transferred substantially all the risks and
rewards of the asset, or (b) the group has neither transferred nor retained substantially all the
risks and rewards of the asset, but has transferred control of the asset.

The Company assesses on a forward looking basis the expected credit losses associated with its
assets carried at amortised cost. The impairment methodology applied depends on whether there
has been a significant increase in the credit risk.
As a practical expedient, the Company uses a provision matrix to determine impairment loss
allowance on portfolio of its trade receivables, as permitted by Ind AS 109. The provision matrix is
based on its historically observed default rates over the expected life of the trade receivables and
is adjusted for forward-looking estimates. At every reporting date, the historical observed default
rates are updated and changes in the forward-looking estimates are analysed.
Subsequent measurement
Financial liabilities at fair value through profit or loss: Financial liabilities at fair value through
profit or loss include financial liabilities held for trading and financial liabilities designated upon
initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for
trading if they are incurred for the purpose of repurchasing in the near term. This category also
includes derivative financial instruments entered into by the group that are not designated as
hedging instruments in hedge relationships as defined by Ind AS 109. Gains or losses on liabilities
held for trading are recognised in the profit or loss.
Loans and borrowings: After initial recognition, interest-bearing loans and borrowings are
subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised as well as through the EIR
amortisation process. Amortised cost is calculated by taking into account any discount or
premium on acquisition and fees or costs that are an integral part of the EIR. The EIR
amortisation is included as finance costs in the statement of profit and loss.

A financial liability is derecognised when the obligation under the liability is discharged or
cancelled or expires. When an existing financial liability is replaced by another from the same
lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as the derecognition of the original liability
and the recognition of a new liability. The difference in the respective carrying amounts is

The preparation and presentation of Financial Statements requires estimates and assumptions to be
made that affect the reported amount of assets and liabilities and disclosure of contingent liabilities
on the date of the Financial Statements and the reported amount of revenues and expenses during
the reporting period. Difference between the actual results and estimates is recognised in the period
in which the results are known / materialised. Estimates and underlying assets are reviewed on
periodical basis. Revisions to accounting estimates are recognised prospectively.
The preparation of financial statements require the use of accounting estimates which, by definition,
will seldom equal the actual results. The management also needs to exercise judgement in applying
the accounting policies.
This provides an overview of the areas that involved a higher degree of judgement or complexity, and
of items which are more likely to be materially adjusted due to estimates and assumptions turning out
to be different than those originally assessed. Detailed information about each of these estimates and
judgements is included in relevant notes together with information about the basis of calculation for
each affected line item in the financial statements.
The preparation of the financial statements requires management to make judgments, estimates and
however, may change due to market changes or circumstances arising that are beyond the control of
the Company. Such changes are reflected in the assumptions when they occur.
Management periodically evaluates positions taken in the tax returns giving due considerations to tax
laws and establishes provisions in the event if required as a result of differing interpretation or due to
retrospective amendments, if any.
The areas involving critical estimates or judgements pertain to useful life of property, plant and
equipment including Investment Properties (Note 2.01 ), current tax expense and payable,
recognition of deferred tax assets for carried forward tax losses (Note 2.15), impairment of trade
receivables and other financial assets (Note 2.05 & 2.09) and measurement of defined benefit
obligation (Note 2.32).
Useful life of Property, Plant and Equipment including Investment Property: The residual
values, useful lives and methods of depreciation of property, plant and equipment are reviewed at
each financial year end and adjusted prospectively, if appropriate.
Taxes : The Company provides for tax considering the applicable tax regulations and based on
reasonable estimates.
The recognition of deferred tax assets is based on availability of sufficient taxable profits in the
Company against which such assets can be utilized. MAT (Minimum Alternate Tax) is recognized
as an asset only when and to the extent there is probable that the Company will pay normal
income tax and will be able to utilize such credit during the specified period. In the year in which
the MAT credit becomes eligible to be recognized as an asset, the said asset is created by way of
a credit to the Statement of Profit and loss and is included in Deferred Tax Assets. The Company
reviews the same at each balance sheet date and if required, writes down the carrying amount of
MAT credit entitlement to the extent there is no longer probable to the effect that Company will be
able to absorb such credit during the specified period.
Fair value measurement and valuation process: The Company measured at fair value certain
financial assets and liabilities for financial reporting purposes.
The models used to determine fair values including estimates / judgements involved are validated
and periodically reviewed by the management.
Trade receivables and Other financial assets: The Company follows a ‘simplified approach’ (i.e.
based on lifetime Expected Credit Loss (ECL)) for recognition of impairment loss allowance on
Trade receivables (including lease receivables). For the purpose of measuring lifetime ECL
allowance for trade receivables, the Company estimates irrecoverable amounts based on the
ageing of the receivable balances and historical experience. Individual trade receivables are
written off when management deems them not to be collectible.
Defined benefit plans (gratuity benefits) : The Company’s obligation on account of gratuity and
compensated absences is determined based on actuarial valuations. An actuarial valuation
involves making various assumptions that may differ from actual developments in the future.
These include the determination of the discount rate, future salary increases and mortality rates.
Due to the complexities involved in the valuation and its long-term nature, these liabilities are
highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting
date. The parameter subject to frequent changes is the discount rate. In determining the
appropriate discount rate, the management considers the interest rates of government bonds in
currencies consistent with the currencies of the post-employment benefit obligation.
The mortality rate is based on publicly available mortality tables in India. Those mortality tables
tend to change only at interval in response to demographic changes. Future salary increases and
gratuity increases are based on expected future inflation rates.
Non-financial assets are reviewed for impairment, whenever events or changes in circumstances
impairment loss (if any).

Ministry of Corporate Affairs (MCA), vide notification dated 23rd March, 2022 effective from
1st April,2022 has made amendments to the following Ind AS applicable to the Company:
(i) Ind AS 103 – Business Combination
(ii) Ind AS 109 – Financial Instrument
(iii) Ind AS 16 – Property, Plant and Equipment
(iv) Ind AS 37 – Provisions, Contingent Liabilities and Contingent Assets
Amendments to these Ind AS, are not expected to have any significant impact on the financial
statements.
Notes to the Financial Statements as at March 31, 2022
2.01 Investment Property
( ` in Lacs)
Leasehold Electrical Office Furniture and Capital Work in
Particulars Buildings Computer Vehicles Total
Land Installations Equipment Fixtures Progress
As at April 1, 2020 272.82 1 63 648.16 15 328.31 1 842.76 4 330.36 3 366.30 65.26 1 88 853.98 3.89
Additions - - - 3.89 - - - 3.89 -
Deductions - - - - - - - - (3.89)
As at April 01, 2021 272.82 1 63 648.16 15 328.31 1 846.65 4 330.36 3 366.30 65.26 1 88 857.87 -
Additions - - - - - - -
Deductions - - - - - - - - -
As at March 31, 2022 272.82 1 63 648.16 15 328.31 1 846.65 4 330.36 3 366.30 65.26 1 88 857.87 -
As at April 1, 2020 69.52 1 13 444.19 14 483.95 1 787.68 4 113.70 3 364.11 62.00 1 37 325.16 -
Depreciation for the year 3.27 1 072.02 15.15 1.97 2.23 .00 .00 1 094.63 -
As at April 01, 2021 72.79 1 14 516.21 14 499.10 1 789.65 4 115.93 3 364.11 62.00 1 38 419.79 -
Depreciation for the year 3.27 1 072.02 15.15 1.78 .78 - - 1 093.00 -
As at March 31, 2022 76.06 1 15 588.23 14 514.25 1 791.43 4 116.71 3 364.11 62.00 1 39 512.79 -
-
Net Carrying Value
As at April 01, 2021 200.03 49 131.95 829.21 57.01 214.43 2.19 3.26 50 438.09
As at March 31, 2022 196.76 48 059.93 814.06 55.22 213.65 2.19 3.26 49 345.09
2.01.01
Gross Block of Electrical installations includes ` 265.59 Lacs (previous year ` 265.59) towards Metering equipment's which are under custody and control of Maharashtra State Electricity
Board.
Information regarding income and expenditure of Investment property

For the year ended March
For the year ended
31, 2022
March 31, 2021
Rental income derived from investment properties 8 790.01 9 765.01
Direct operating expenses (including repairs and maintenance) generating rental income 1 769.97 1 891.59
Direct operating expenses (including repairs and maintenance) that did not generate rental income 443.06 406.71
The fair value of investment property is Rs 6,284 crore considering realization value based on valuation report obtained in F.Y.2016-17 and in the earlier year the fair value was Rs 12,164
crore considering development basis valuation.
( ` in Lacs)
As at As at
March 31, 2022 March 31, 2021
2.02 Investments in Subsidiaries

(valued at cost unless stated otherwise)
In Equity Shares of Wholly Owned Subsidiary Companies
Unquoted, fully paid up
50 000 Reliance Infra Projects Limited of ` 10 each 5.00 5.00
( 50 000) (Refer Note 2.40)
In Equity Shares of Companies
Unquoted, fully paid up
1 80 19 900 Reliance Telecom Limited of ` 10 each 1 748.83 1 748.83
(1 80 19 900) Less: Provision for Impairment (Refer Note 2.40) ( 1 748.83) ( 1 748.83)
- -
5.00 5.00
2.03 Other Non Current Assets

Capital Advances (Refer Note 2.35 & 2.41) 2 545.27 2 545.27
Electricity and other deposits (Refer Note 2.28) 24 530.42 23 395.64
27 075.69 25 940.91

Advance taxes and Tax deducted at source (Net) (Refer Note 2.36) 796.29 704.18
796.29 704.18
( ` in Lacs)
As at As at
March 31, 2022 March 31, 2021
2.05 Trade Receivables (Unsecured) (Refer Note 2.40)
(Unsecured, Considered goods / unless stated otherwise)
Considered Good 11 439.01 12 415.94
16 288.34 16 768.76
Less: Provision for Credit Impaired 4 849.33 4 352.82
11 439.01 12 415.94
Trade Receivables ageing schedule ( ` in Lacs)

Less Than 6 month to More than 3
Sr. Particulars 1-2 years 2-3 Years Total
6 months 1 years years
(i) Undisputed Trade receivables considered good 2 692.68 1.65 5 499.87 6.14 1 296.17 9 496.51
Undisputed Trade receivables which have significant
(ii) - - - - - -
increase in credit risk
(iii) Undisputed Trade receivables - Credit Impaired 496.51 - 307.39 0.00 3 779.99 4 583.89
(iv) Disputed Trade receivables considered good - - 906.93 161.66 873.91 1 942.50
Disputed Trade receivables which have significant
(v) - - - - - -
(vi) Disputed Trade receivables - Credit Impaired - - 264.82 - 0.62 265.44
Total - A 3 189.19 1.65 6 979.01 167.80 5 950.69 16 288.34
Provision for allowance of credit impaired (B) - 496.51 - - 572.21 - - 3 780.61 - 4 849.33
Total - A + B 2 692.68 1.65 6 406.81 167.80 2 170.08 11 439.01

(i) Undisputed Trade receivables considered good 6.42 8 136.96 6.98 1 607.88 677.46 10 435.71
Undisputed Trade receivables which have significant
(ii)
increase in credit risk - - - - - -
(iii) Undisputed Trade receivables - Credit Impaired - 423.05 261.29 58.50 2 462.72 3 205.57
(iv) Disputed Trade receivables considered good 742.70 190.77 164.34 18.49 863.94 1 980.24
Disputed Trade receivables which have significant
(v) - - - - - -
(vi) Disputed Trade receivables - Credit Impaired - 264.82 - 882.23 0.20 1 147.25
Total - A 749.12 9 015.60 432.62 2 567.10 4 004.32 16 768.76
Provision for allowance of credit impaired (B) - - 687.87 - 261.29 - 940.74 - 2 462.92 - 4 352.82
Total - A + B 749.12 8 327.73 171.32 1 626.37 1 541.40 12 415.94

Balances with Banks 388.73 571.13
Bank Deposit with less than 3 months maturity 18.53 18.53
407.26 589.66
2.07 Bank Balances other than Cash and Cash Equivalents referred in Note 2.06 above
Bank Deposit with Maturity for Less than 12 months 60.19 60.19
60.19 60.19
( ` in Lacs)
As at As at
March 31, 2022 March 31, 2021
2.08 Loans
(Unsecured, Considered goods / unless stated otherwise)
Loans to Related party
Considered Good 1 18 666.34 1 18 666.34
1 70 258.13 1 70 754.64
Less: Provision for Credit Impaired Loans 51 591.79 52 088.30
(Refer Note 2.36 & 2.40) 1 18 666.34 1 18 666.34

(Unsecured, Considered good - unless stated otherwise)
Excess payment towards Gratuity 46.51 44.00
Other Receivable *(Refer Note 2.39 & 2.40) 32 066.53 32 066.53
Interest accrued on Fixed Deposit 13.59 8.36
32 126.63 32,118.89
* The Company has paid to two fellow subsidiaries during earlier year for which terms were yet to be finanlised,
accordingly no interest is charged on these recievables.
2.10 Other Current Assets

(Unsecured, Considered good -unless stated otherwise)
Advance to vendor and Others 264.13 266.43

Credit Impaired Advances 107.54 107.54
371.67 373.97
Less: Credit Impaired advances 107.54 107.54
264.13 266.43
Others
Prepaid expenses 13.69 0.11
Advance to Employees 0.18 -
278.00 266.54
( ` in Lacs)
As at As at
March 31, 2022 March 31, 2021
2.11 Share Capital
Authorised
50 00 000 Equity Shares of ` 10 each 500.00 500.00
(50 00 000)
50 00 000 7.5% Redeemable Non Cumulative Non Convertible Preference 500.00 500.00
Shares of ` 10 each
(50 00 000)
1 000.00 1 000.00
Equity Shares Capital
50 00 000 Equity Shares of ` 10 each fully paid up 500.00 500.00
(50 00 000)
500.00 500.00
2.11.1 Share held by Holding/Promoter Company % Change

No. of shares % of Total shares
during the year
Reliance Communications Limited, and its Nominee 50 00 000 100% Nil
2.11.2 Details of Share Holders Holding more than 5% Shares in the company
Reliance Communications Limited, and its Nominee 50 00 000 100% Nil
2.11.3 Type of Equity Share

The Company has only one class of Equity Share having at par value of `10 per share. Each holder of Equity share is entitled to one vote per
share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all the
preferential amounts, in proportion to their shareholdings.
2.11.4 Reconciliation of shares outstanding at the beginning and at the end of the reporting year
Equity Shares As at March 31,2022 As at March 31,2021

Amount Amount
No. of shares ( ` in Lacs) No. of shares ( ` in Lacs)
At the beginning of the year 50 00 000 500.00 50 00 000 500.00
At the end of the year 50 00 000 500.00 50 00 000 500.00
( ` in Lacs)
As at As at
March 31, 2022 March 31, 2021
2.12 Other Equity
General Reserve
Opening Balance 8 007.48 7 230.75
Add : Transferred from Revaluation Reserve 776.73 776.73
(To the extent depreciation on revaluation) 8 784.21 8 007.48
Revaluation Reserve
Opening Balance 33 194.55 33 971.28
Less: Transferred to statement of Profit and Loss on account of 776.73 776.73
Depreciation on revaluation surplus (Refer note 2.12.01)
32 417.82 33 194.55
Surplus / (Deficit) in the statement of Profit and Loss
Opening Balance ( 69 714.35) ( 70 886.13)
Add : Profit (Loss) for the year 813.52 1 171.78
( 68 900.83) ( 69 714.35)
Add : Additions during the year ( net of taxes) 2.42 2.56
35.57 33.15
Balance Carried forward ( 27 663.22) ( 28 479.17)
2.12.01 In earlier year, the Company has revalued Buildings situated at Dhirubhai Ambani Knowledge City,
Navi Mumbai as at 1st April 2006 by an amount of ` 1007.92 crore and an equivalent amount has been
credited to Revaluation Reserve. Consequent to the revaluation, there is an additional charge of depreciation of
` 776.73 Lacs (Previous year ` 776.73 Lacs) for the year and an equivalent amount has been withdrawn from
Revaluation Reserve and credited to the General Reserve.
2.13 Borrowings
Loan from Body Corporate (Unsecured) (Refer Note 2.38 ) 45 429.71 46 328.51
45 429.71 46 328.51
2.14 Provision
Long Term Provision
Provision for Employee Benefit 7.68 6.94
7.68 6.94
2.15 Deferred Tax Liabilities (Net) ( ` in Lacs)

As at As at
March 31, 2022 March 31, 2021
March 31, 2022 March 31, 2021
(i) Deferred Tax Liabilities

Related to timing difference on
13 345.66 13 282.03 63.63 120.11
depreciation on fixed assets
(ii) Deferred Tax Assets
Related to carried forward loss 1 925.49 2 320.02 (394.53) 444.46
MAT Credit Entitlement 1 060.97 654.53 406.44 -
Related to other disallowances 1 765.41 1 702.32 63.09 (107.85)
Net Deferred Tax Liabilities (I-II) 8 593.79 8 605.16 (11.37) (216.50)
9,259.68 395.07
Deferred Tax Charge/ (Credit) (11.37) (216.50)
The company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax
assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied
by the same tax authority.

ended ended
March 31, 2022 March 31, 2021
Current Tax 326.00 -
Deferred income tax liability / (asset), net including on (11.37) (216.50)
Earlier year Tax (1.96) 22.30
Tax expense for the year 312.66 (194.20)
2.16 (b) Reconciliation of Tax Expenses

ended ended
March 31, 2022 March 31, 2021
Profit/ (Loss) before Tax 1 126.19 978.09

Computed Tax Expenses (I) 393.54 305.16
MAT Credit Entitlement (406.44) -
For Tax Rate Difference (1.97) 22.30
On Carry forwared losses ( 394.53) 444.00
On Expenses not allowed/ (allowed) for computing taxable profit 396.06 ( 965.00)
Short /(Excess) provision for the of earlier years 326.00 -
Sub total (II) ( 80.88) ( 498.70)
Income Tax Expenses charge/ (credit) to Statement of Profit and Loss
( I + II ) 312.66 (194.20)
( ` in Lacs)
As at As at
March 31, 2022 March 31, 2021
2.16 Borrowings-Current
Unsecured
Loan from Holding Company (Refer Note 2.36 & 2.41) 7 650.64 7 650.64
Loan from Body Corporate - (Current Maturity of Long Term Debt) 340.91 137.97
(Refer Note 2.39)
50,00,000 7.5% Non Cumulative Non Convertible Preference 2 00 000.00
2 00 000.00
(50,00,000) Shares of ` 10 each (Refer Note 2.16.01)
2 07 991.55 2 07 788.61
2.16.01 Preference Shares
(a) Details of Shareholders holding more than 5% Preference Shares

Reliance Bhutan Limited, (No. of Shares) 50 00 000 50 00 000
(b) Reconciliation of shares outstanding at the beginning and at the end of the reporting period
No. of shares No. of shares
At the beginning of the year 50.00 50.00
At the end of the year 50.00 50.00
Preference Share are redeemable at any time after the date of allotment (i.e. December 31,2016) and before
expire of 20 years from the date of allotment, at 7.5% yield per annum less dividend paid ,if any, at the time of
redemption on issue price (Face value plus premium paid at the time of application) by giving 15 days advance
notice to the Preference Shareholders, or on expire of 20 years from the date of allotment at the price of ` 4,000
per share (including ` 3,990 premium per share), in case above option is not exercised.
2.17 Trade Payable
Due to Related Parties ( Refer Note 2.40) 20.46 20.46
Others 418.38 963.73
464.10 1 042.94
2.17.01 Disclosure under Micro, Small and Medium Enterprises Development Act, 2006
Under the Micro, Small & Medium Enterprises Development Act, 2006 (MSMED) which came into force from
October 2, 2006, certain disclosures are required to be made relating to MSME. On the basis of the
information and records available with the company, the following disclosures are made for the amounts due
to Micro and Small Enterprises.
a. Principal amount due to any supplier as at the year end 26.40 59.39
b. Interest due on the principal amount unpaid at the year end to any
1.31 1.08
supplier
c. Amount of Interest paid by the Company in terms of Section 16 of
the MSMED, along with the amount of the payment made to the
- -
supplier beyond the appointed day during the accounting year
d. Payment made to the enterprises beyond appointed date under

315.19 334.59
section 16 of MSMED
e. Amount of Interest due and payable for the period of delay in
making payment, which has been paid but beyond the appointed
1.97 1.72
day during the year, but without adding the interest specified under
MSMED
f. The amount of interest accrued and remaining unpaid at the end
3.28 2.80
of each accounting year; and
g. The amount of further interest remaining due and payable even in
the succeeding years, until such date when the interest dues as
above are actually paid to the small enterprise, for the .99 .85
purpose of disallowance as a deductible expenditure under
Section 23 of the MSMED
( ` in Lacs )
As at As at
March 31, 2022 March 31, 2021
Provision for Expenses 1 262.61 1 688.70
Other Liabilities (Refer Note 2.36) 86.22 86.14
1 348.83 1 774.84
Payable to tax authorities (Refer Note 2.36) 335.59 559.04
Deposit received from vendors 42.82 42.82
Other Liabilities* 3 143.00 3 031.37
3 521.41 3 633.23
* Includes advance received from customers and other payable (Refer Note 2.35)
2.20 Provisions
Provision for Employee Benefit 5.66 4.67
5.66 4.67
( ` in Lacs)
For the year ended March 31, For the year ended
2022 March 31, 2021
2.21 Revenue From Operations
Service Revenue 8 790.01 9 765.01
8 790.01 9 765.01
2.22 Other Income
Interest Income 1 143.61 693.84
Miscellaneous Income 0.24 0.02
1 143.85 693.86
2.23 Employee Benefit Expenses
Salaries (Including Managerial Remuneration) (Refer Note 2.40) 133.01 132.17

Contribution to Provident, Gratuity and
Superannuation Fund & Others 5.75 5.85
Employee Welfare and Other Amenities 14.74 13.88
153.50 151.90
( ` in Lacs )
31, 2022 31, 2021
2.24 Finance Costs
Interest and Other Charges (Net) 4 727.90 4 736.49
4 727.90 4 736.49
2.25 Other Expenses
Insurance 179.16 190.38
Rent, Rates & Taxes 263.90 216.33
Electricity Expenses 1 008.12 1 077.84
Repairs and Maintenance 590.01 588.53
Provision for Credit Impaired receivables - 572.21
Water Charges 119.26 111.45
Postage and Courier 0.20 1.20
Horticulture Expenses 84.14 74.65
Guest House Expenses 85.43 148.20
Catering/Lunch/Canteen Expenses 2.26 2.37
Hire Charges-Contracted Services - 99.09
Security Expenses 244.58 265.17
Other Miscellaneous Expenses 10.88 29.21
Other General and Administrative Expenses 41.07 66.55
Payment to Auditors
Audit Fees 2.50 2.50
2 833.27 3 497.76
Note : 2.26
Previous Year
The figures for the previous year have been regrouped and reclassified, wherever required.
Amount in financial statements are presented in Rupees in Lacs, except as otherwise stated.
Note 2.27
Segment Reporting
The Company is mainly engaged in the business of providing business centre facilities and other income is incidental
in nature, hence in the opinion of the management there are no other reportable segments as per Ind As - 108
"Operating Segments".
Note 2.28
i) Maharashtra State Electricity Distribution Co. Limited has served assessment orders, during the month of April 2015,
claiming ` 1,184.23 crore considering commercial rate of alleged use of power at its premises for the activities other
than IT\ITES service as per its registration. Against the said demand the company has paid ` 200 crore under
protest. The matter is pending before the Bombay High Court and no provision is required.
ii) During the earlier year, the Company has issued, on behalf of Holding Company Reliance Communications Limited,
a Corporate Guarantee of ` 1,400.00 crore in favor of Department of Telecommunications.
TDSAT on the basis of the joint submissions made by the counsels of both RCOM and DoT, vide its order passed on
07.01.2022 disposed off T.P.No. 189/2018. Resultantly TDSAT also orderd that the interim orders and the
undertakings passed/given by/ before the Tribunal shall stand merged with this order of dismissal/disposal and shall
not survive any further.In view of the above, nothing remains pending and no undertaking/corporate gurantee
survives. Matter is closed for all purposes with no order and directions to comply.
The Company has filed a Writ Petition challenging an order passed by Maharashtra State Electricity Distribution
Company Limited (MSEDCL) in the purported exercise of its powers under section 126 of the Electricity Act,2003. By
the said order MSEDCL has purported to demand a sum of Rs.1184.23 crores for alleged unauthorized use of
electricity for the period of 18th March,2009 to19th March, 2015. MSEDCL has filed an Interim Application dated 5th
August, 2021, there by stating that, the Company had moved a Civil application in 2015 pursuant to which the ad-
interim order directing a deposit of Rs.600 crores stood modified with the Hon'ble Bombay High Court granting two
installments of Rs.200 crores and Rs.100 crores aggregating to Rs.300 crores. It is further alleged that, the Company
has failed to deposit Rs.100 crores in accordance with the Order dated 20.08.2015 and the Petition and Civil
Application were pending for hearing. The matter will be listed for final hearing in due course. Further, RRL or the
Company has challenged an Order by which MSEDCL has purported to confirm the provisional assessment done by it
and notice issued in this regard under Section 126 of the Electricity Act, 2003 requiring the Company to pay an
exorbitant amount of Rs.18.77 crores interalia on the purported ground that it does not have a Registration from the
Government of Maharashtra under the relevant IT/ ITES Policy. The matter will be listed in due course.
iii) During the year, Company received service tax notice for ` 2,007.35 lakhs(Previous year ` Nil) for the period
October 2014 to June 2017.
Note 2.29
in a current transaction between willing parties, other than in a forced or liquidation sale.
Fair value of cash, trade and other short term receivables, trade payables, other current liabilities, short term
borrowings approximate their carrying amounts largely due to the short term maturities of these instruments.
Financial Instruments with fixed and variable interest rates are evaluated by the company based on parameters such
as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to
The carrying value and fair value of financial instruments by categories as of March 31, 2022 were as follows:
( ` in Lacs )
As at As at
Particulars
March 31 ,2022 April 01 ,2021
Financial assets at amortized cost:
Cash and cash equivalents (Refer Note 2.06) 407.26 589.66
Loans ( Refer Note 2.08) 1 18 666.34 1 18 666.34
Trade receivables (Refer Note 2.05) 11 439.01 12 415.94
Bank Balance (Refer Note 2.07) 60.19 60.19
Other financial assets (Refer Note 2.03 & 2.09) 32 126.63 32 118.89
Total 1 62 699.43 1 63 851.02

Financial assets at fair value through other Comprehensive Nil Nil
Financial liabilities at amortized cost:
Trade payables (Refer note 2.17) 464.09 1 041.95
Other financial liabilities (Refer Note 2.18) 1 348.83 1 912.81
Borrowings (Refer Note 2.13 & 2.16) 2 53 421.26 2 53 978.81
Total 2 55 234.18 2 56 933.57
Financial Liabilities at fair value through other Comprehensive Income: Nil Nil
The Company's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The
Company's primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse
The Company’s financial liabilities comprise of borrowings, trade payable and other liabilities to manage its operation
and financial assets includes trade receivables, cash and bank balances, other receivables etc. arises from its
operation.
The Company’s business activities expose it to a variety of financial risks, namely liquidity risk, market risks and credit
risk.
Risk Exposure arising from Measurement Managemen
t
Credit Risk Cash and cash equivalents, trade receivables, Ageing Diversification of bank deposits,
financial assets measured at amortized cost analysis Letters of Credit
Liquidity Risk Borrowing and other liabilities Rolling cash Availability of borrowing facilities
flow forecasts
Market risk- Recognised financial assets and liabilities not Sensitivity Unhedged
foreign exchange denominated in Indian rupee analysis
Market risk - Long -term borrowing at variable rates Sensitivity Not applicable
interest rate analysis
Market risk -price Unquoted investment in equity shares of - -
risk subsidiaries and associates- not exposed to
price risk fluctuations
Market risk
The Company operates in domestic market only and all business transactions are carried out through domestic
currencies and therefore the Company is not exposed to foreign exchange risk. Market Risk is the risk that changes in
market prices such as foreign exchange rates, interest rates. So Market Risk is not exist in the Company.
Interest Rate Risk

the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates, in
cases where the borrowings are measured at fair value through profit or loss. Cash flow interest rate risk is the risk that
the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates.
Exposure to Interest Rate Risk

Interest rate risk of the Company arises from borrowings. The Company adopts a policy of ensuring that maximum of
its interest rate risk exposure is at fixed rate. Interest rate profile of interest-bearing financial instruments of the
Company is as follows.
The Company’s interest-bearing financial instruments are reported as below
( ` in Lacs )
As at As at
March 31, 2022 March 31, 2021
Financial Assets 78.73 78.73
Financial Liabilities 2 45 429.71 2 46 328.51
Credit risk
maximum exposure to the credit risk at the reporting date is carrying value of respective financial assets.
Trade receivables are typically unsecured and are derived from revenue earned from customers. Credit risk has
always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring
the credit worthiness of customers to which the Company grants credit terms in the normal course of business. On
account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment loss or
gain. The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables.
Credit risk on cash and cash equivalents is limited as we generally invest in deposits with banks and financial
institutions with high credit ratings assigned by international and domestic credit rating agencies.
Ageing of Trade Receivable
( ` in Lacs )
Particulars As at March 31,2022 As at March 31,2021

Credit Credit
Days Gross Amount Net Amount Gross Amount Net Amount
Impaired Impaired
0-90 3 189.19 496.51 2 692.68 749.12 - 749.12
91-181 - - - - - -
181-365 1.65 .00 1.65 9 015.60 687.87 8 327.73
Above 365 13 097.50 4 352.82 8 744.68 7 004.04 3 664.95 3 339.09
Total 16 288.34 4 849.33 11 439.01 16 768.76 4 352.82 12 415.94
Movement of Provision for Doubtful For the year ended March 31,2022 For the year ended March 31,2021
Opening Balance 4,352.82 3,780.61

Add: Provision during the year 496.51 572.21
Less: Write off during the year - -
Closing Balance 4 849.33 4,352.82
Liquidity risk
operations. Working capital of the company is negative but the company believes that it will be sufficient by obtaining
further borrowing to meet its current requirements. Accordingly, no liquidity risk is perceived. The Company closely
monitors its liquidity position and maintains adequate source of funding.
The table below provides details regarding the contractual maturities, within one year, of significant financial liabilities
are as under:
( ` in Lacs )
As at As at
Borrowings 7 650.64 7 650.64
Trade payables 464.10 1 042.94
Other financial liabilities 1 348.83 1 912.81
Note 2.30
March 31, 2022 March 31, 2021
(a) Profit attributable to Equity Shareholders (` in lacs ) (used 813.52 1 172.29
as numerator for calculating Basic EPS)
(b) Weighted average number of Equity Shares (in lacs) (used \
50.00 50.00
as denominator for calculating Basic EPS)
(c) Profit attributable to Equity Shareholders (` in lacs ) (used 813.52 1 172.29
as numerator for calculating Diluted EPS)
(d) Weighted average number of Equity Shares(in lacs) (used as 50.00 50.00
denominator for calculating Diluted EPS)
(e) Basic Earnings per Share of ` 5 each (`) 16.27 23.45
(f) Diluted Earnings per Share of ` 5 each (`) 16.27 23.45
Note 2.31
Corporate Social Responsibility (CSR) Expenses
The Company is not required to spend towards Corporate Social Responsibility (CSR) as per Section 135 of the
Companies Act, 2013, since there is no average profit in the last 3 years calculated as per the provisions of the Act.
Note 2.32
Employee Benefits
Gratuity: In accordance with the applicable Indian laws, the Company provides for gratuity, a defined benefit retirement
plan (Gratuity Plan) for all its employees. The Gratuity Plan provides a lump sum payment to vested employees, at
retirement or termination of employment, an amount based on respective employees last drawn salary and for the
years of employment with the Company.
The gratuity plan is governed by the Payment of Gratuity Act, 1972 (Gratuity Act).The Company is bound to pay the
statutory minimum gratuity as prescribed under Gratuity Act. There are no minimum funding requirements for a gratuity
plan in India. The Company's philosophy is to fund the benefits based on its own liquidity and tax position as well as
level of underfunding of the plan vis-a-vis settlements. The management is responsible for the overall governance of
the plan. The management have outsourced the investment management of the fund to insurance company which in
turn manage these funds as per the mandate provided to them by the trustees and applicable insurance and other
regulations.
The Company operates its gratuity and superannuation plans through separate trusts which is administered and
managed by the Trustees. As on March 31, 2022 and March 31, 2021, the contributions towards the plans have been
invested in Insurer Managed Funds.
The plan is of a final salary defined benefit in nature which is sponsored by the Company and hence it underwrites all
the risks pertaining to the plan. In particular , there is a risk for the Company that any significant change in salary
growth or demographic experience or inadequate returns on underlying plan assets can result in an increase in cost of
providing these benefits to employees in future.
The define benefit plan exposed the Company at actuarial risk such as logentivity risk. interest risk and market
(Investment) risk
The following table set out the status of the Gratuity Plan as required under Indian Accounting Standard ("Ind AS") 19
"Employee Benefits".
( ` in Lacs )
March 31, 2022 March 31, 2021
Obligation at beginning of the year 18.81 18.13
Service cost 1.90 1.95
Interest cost 0.85 0.91
Actuarial (gain)/ loss -Due to change in Demographic Assumptions - -
Actuarial (gain)/ loss - Due to Change In Financial Assumptions (0.13) 0.15
Actuarial (gain)/ loss - Due to Experience (0.90) (1.81)
Benefits paid (0.66) (0.52)
Obligation at year end 19.87 18.81
Defined benefit obligation liability as at the balance sheet is wholly funded by the Company
( ` in Lacs )
March 31, 2022 March 31, 2021
Plan assets at beginning of the year, at fair value 62.81 59.43
Actual return on plan assets 4.24 3.90
Interest Income Expected Contributions by the Employee - -
Benefits Paid from the Fund (0.66) (0.52)
Plan assets at year end, at fair value 66.39 62.81
Fair value of plan assets at the end 66.39 62.81
Present value of the defined (19.87) (18.81)
Asset recognized in the Balance Sheet 46.51 44.00
(iv) Expenses Recognized in Statement of Profit or Loss

Service Cost 1.90 1.95
Interest Cost (2.00) (2.08)
Total (0.10) (0.13)
(v) Amount Recognized in Other Comprehensive Income
Actuarial (gain)/ loss for the year on PBO (1.03) (1.66)
Actuarial (gain)/ loss for the year on Asset (1.39) (0.90)
Total (2.42) (2.56)
(vi) Experience adjustment
On Plan Liabilities (Gain)/Loss 0.90 1.81
On Plan Assets Gain / (Loss) (1.39) (0.90)
(vii) Investment details of plan assets
100% of the plan assets are invested in balanced Fund Instruments
(viii) Actual return on plan assets 4.24 3.90
(ix) Assumptions
Estimated return on plan assets 4.97% 4.54%
(x) Particulars of the amounts for the year and previous years
Gratuity
for the year ended March 31,
2022 2021 2020 2019 2018
Present Value of benefit obligation 19.87 18.81 18.13 49.93 18.10
Fair value of plan assets 66.39 62.81 59.43 66.30 71.86

Excess of (obligation over plan (46.51) (44.00) (41.30) (16.38) (53.75)
assets) / plan assets over
obligation
*The estimates of future salary increases, considered in actuarial valuation, take into account inflation, seniority,
(ix) Sensitivity analysis

(Amount in ` )
As at As at
March 31,2022 March 31,2021
Discount rate (+0.50% movement) ( 29 626) ( 29 163)
Discount rate (-0.50% movement) 30 186 30 297
(x) Maturity analysis of defined benefit plan (fund)
As at As at
March 31,2022 March 31,2021
1st following year 8 48 778 7 84 333
5st following year 46 229 49 016
6st following year 22 879 26 706
Sum of 6 years and above 22 312 21 266
(xi) Provident Fund :Under this scheme, the employee and employer each make monthly contribution to the plan equal
to 12% of the covered employee's basic salary. Contributions are made to the trust established by the Company. upto
31.05.2020. from 01.06.2019 the PF deducted of employee is deposited with RPFC as per order received from the PF
Commissioner Dated 11.06.2019 PF decucted from the month of June 2019, the employee and employer monthly
contribution to the PF equal to 12% of the covered employee's basic salary is deposited with Regional Provident Fund
Commissioner (RPFC)
For the year ended March 31,2021, the Company has contributed Rs 2 29 760 towards PF Trust and Rs 4 40 752
towards Provident Fund to RPFC.
The assumption made for the above are discount rate of 5.04%, average remaining tenure of Investment Portfolio is 8
years and guaranteed rate of return is 8.65%
Note 2.33
The Company in the capacity of agent recovers only the actual amount towards electricity consumed by customer and
therefore, as legally adviced electricity expenses are shown net of said reimbursements of ` 5422.11 Lacs from
Globalcom IDC Limited.
Note 2.34
Pursuant to an agreement for assignment entered into between the Company and STT Global Data Centres India
Private Limited (STT) in an earlier year for transfer of leasehold right, title and interest of Land admeasuring 34873 sq.
mts forming part of the larger land located at DAKC along with building (Larger land) thereupon and substation to be
constructed on the land, the Company has received an amount of Rs 26.99 crore from STT which is reflected as
Advance Received from Customer under Other Liabilities in the financial statements.
STT invoked arbitration proceedings against the Company in accordance with the terms of the agreement for
assignment and filed its Claim before the Arbitral Tribunal seeking claim comprising of Loss of Profit Rs.36.05 crore
and Interest at the rate of 18% p.a. to the tune of Rs.14.28 crore and Legal costs incurred by the Claimant.
The cross-examination of the Claimant’s Witness has been concluded. Pleadings of both the parties are completed.
Oral arguments have been concluded on 18th December, 2021 and the status is reserved.
Note 2.35
During the earlier year, the Company had entered into a Development agreement with Reliance Globalcom Limited
(RGL) for completion of Internet Data Centre 5 (IDC 5) building and paid Rs 25.45 crore to RGL for completion of
construction of IDC 5 building which has been reflected as Capital Advance under other non current assets in the
financial statements pending verification of invoices and of work completion certification .
Note 2.36
On completion of the corporate insolvency resolution process of the Holding Company, the Company will carry out a
comprehensive review of all the assets and liabilities and accordingly provide for impairment of assets and write back
of liabilities, if any.Consistent with the practice followed in earlier years, interest has not been charged/provided on
loans given/availed to/from holding company and fellow subsidiaries company .Receivable and Payable balances are
subject to confirmation from the respective parties Further, the Company is in the process of reconciling Goods &
Service Tax (GST) and Tax Deducted at source.
Note 2.37
During the earlier year ended March 31, 2019, the Holding Company was in the process of finalising and implementing
its asset monetization and debt resolution plan, comprising the Holding Company’s real estate development plan and
restructuring of Debt. Accordingly as required by the lenders and also to safeguard the development of real estate and
the business taken up by RRL, it was felt necessary that control of RRL be conferred on ADA Group
However, in view of the monetization plan having failed and the resumption of the corporate insolvency resolution
process of the Holding Company, the control of RRL has now been transferred from ADA Group to the Holding
Company. During the earlier year, pursuant to amendment of the Articles of Association in the Extra Ordinary General
Meeting of the Company, held on December 10, 2019, the control of the Company was conferred on the Holding
Company, with effect from December 10, 2019
Note 2.38
During the earlier year, the Company has entered into a Long Term Lease agreement with a Customer for two
buildings named Corporate Head Quarters (CHQ) and Business Head Quarters situated within the complex of
Dhirubahi Ambani Knowledge City (DAKC) for the period from July 2019 to March 2041. The said Lease Agreement
has been discounted @10% per annuam and received ` 461.74 crore. Further, Monthly Lease Rental receivables have
been assigned against payment of installment due on discounting.
Note 2.39
During the previous year, the Company had extended loans to Fellow subsidiaries amounting to Rs1168.45 crore for
which terms are not decided,accordingly no interest is charged to them
Note 2.40 Related Parties
As per Indian Accounting Standard 24, issued by the Institute of Chartered Accountants of India, the disclosures of transactions
with the related parties are given below :
i) List of related parties and their relationships :
2 Reliance Infra Projects Limited 100% Subsidiary ( w.e.f. 23 July 2018)
Name of the Fellow Subsidiary
6 Independent TV Limited
Companies with whom transactions
7 Reliance Tech Services Limited have taken place
10 Reliance Bhutan Limited
13 Reliance Home Finance Limited
14 Reliance Commodities Limited
15 Reliance Wealth Management Limited
16 Reliance Financial Limited
17 Reliance Money Solutions Private Limited
21 Sasan Power Limited Enterprise over which promoter of
22 Vidarbha Industries Power Limited holding control
23 Rosa Power Supply Company Limited
24 Reliance Nippon Life Insurance Limited
25 Reliance Nippon Life Assets Management Limited
26 Reliance Commercial Finance Limited
27 Reliance Health Insurance Limited
28 Reliance Life Insurance Limited
29 Reliance Defence Limited
30 Unlimit IOT Private Limited
31 Reliance Capital Asset Management Company Limited
32 Reliance Transport & Travels Limited
35 Arvind Purohit Key Managerial Personnel
36 Chemical and Fibers of India Limited Providend Fund Employee Benefit Trust
Note : Related party transaction is as identified by the company and relied upon by the Auditors.
ii) Transaction with the related parties :-
During the Financial Year 2021 - 22 ( ` in Lacs)
Sr. Nature of Transactions Holding Subsidiary Fellow Enterpris Key Total
No. Company Subsidiaries e over Managerial
which Personnel
promoter /
of Employee
holding Bebefit
Company Trust
having
control
A Allotment of Shares
Equity Shares
Balance as at 500.00 - - - - 500.00
April 1, 2021 (500.00) (-) (-) (-) (-) (500.00)
- - - - - -
Allotted during the year
(-) (-) (-) (-) (-) (-)
Balance as at March 500.00 - - - - 500.00
31, 2022 (500.00) (-) (-) (-) (-) (500.00)
Preference Share (Including Share Premium)
Balance as at - - 2 00 000.00 - - 2 00 000.00
April 1, 2021 (-) (-) (2,00,000.00) (-) (-) (2,00,000.00)
- - - - - -
Allotted during the year
(-) (-) (-) (-) (-) (-)
Balance as at March
- - 2,00,000.00 - - 2,00,000.00
31, 2022
(-) (-) (2,00,000.00) (-) (-) (2,00,000.00)
B Borrowings (Unsecured Loans) *
Balance as at 7,650.64 - - - - 7,650.64
April 1, 2021 (7,650.64) (-) (-) (-) (-) (7,650.64)
Unsecured Loan taken - - - - - -
during year - (-) (-) (-) (-) -
Repayment/Adjustment - - - - - -
of Loan (-) (-) (-) (-) (-) (-)
Balance as at March 7,650.64 - - - - 7,650.64
31, 2022 (7,650.64) (-) (-) (-) (-) (7,650.64)
C Investments
Balance as at - - 5.00 - - 5.00
April 1, 2021 (-) (-) (-) (-) (-) (-)
Purchased during the - - - - - -
year (-) (-) (-) (-) (-) (-)
Provision for - - - - - -
Imapirment (-) (-) (-) (-) (-) (-)
Balance as at March - - 5.00 - - 5.00
31, 2022 (-) (-) (-) (-) (-) (-)
( ` in Lacs)
Sr. Nature of Transactions Holding Subsidiary Fellow Enterpris Key Total
No. Company Subsidiaries e over Managerial
which Personnel
promoter /
of Employee
holding Bebefit
Company Trust
having
control
D Trade Receivables* - - 11 031.78 .59 - 11 032.36
(-) (-) ( 11 303.97) ( 13.36) (-) ( 11 317.33)
E Trade Payables * - - - 20.46 - 20.46
(-) (-) (-) (20.46) (-) (20.46)
F - - 1 18 666.34 - - 1 18 666.34
Loan to related party
(-) (-) (1,18,666.34) (-) (-) (1,18,666.34)
G Other Receivable - - 32 066.53 - - 32 066.53
(-) (-) (32,066.53) (-) (-) (32,066.53)
H Advance From 164.93 17.51 - - - 182.44
Customers (53.41) (17.51) - - (-) (70.92)
I - - - 251.32 - 251.32
Advance to Others
(-) (-) (-) (251.32) (-) (251.32)
J Capital Advance - - 2 545.27 - - 2 545.27
(-) (-) ( 2 545.27) (-) (-) ( 2 545.27)
K Other Financial Assets - - - - - - -

Unbilled Revenue
(-) (-) (-) (-) (-) (-)
L Other Expenses 200.85 - - - - 200.85
(187.04) (-) (-) (-) (-) (187.04)
M Revenue from Operation
Facility usage charges/ 1 148.72 - 2 146.51 - - 3 295.23
Rent (11 48.72) (-) (24 45.14) ( 3.61) (-) (35 97.47)
N Managerial - - - - 10.00 10.00
Remuneration** (-) (-) (-) (-) ( 9.44) (9.44)
* Includes non cash transactions

** Reimbursable to Holding Company
Note : Figures in bold represents current year figures.
Note 2.41 Going Concern
The Company has incurred losses in earlier years and its net worth is fully eroded as at March 31, 2022. The Company’s
current liabilities exceeded its Current assets by ` 503.54 Crore. The Company is wholly owned subsidiary company of
Reliance Communication Limited. Reliance Communication Limited is under resolution process under the Insolvency and
Bankruptcy Code 2016 (IBC). As a consequence, management and operation of the Holding Company are under the control
and custody of Resolution Professional (RP) appointed vide Hon’ble NCLT order dated May 18, 2019. On finalisation and
implementation of resolution process of Holding Company, the Company will carry out a comprehensive impairement review
of its Tangible Assets and other Financial/ Non Financial Assets which are pending for confirmation. These factors, indicate
that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern,
however, the Company does not have any intention to suspend the operational activities. The company does not have any
external borrowing from Banks/ Financial Institutions and current liabilities consists of mainly borrowings from the holding and
fellow subsidiary companies. The company is in process of exploring the opportunity for renting out the property. In view of the
management’s expectation of the successful renting of the property in near future, the financial statements have been
prepared on a going concern basis.

Capital of the Company, for the purpose of capital management, includes issued equity capital and all other equity reserves
attributable to equity shareholders of the Company. The primary objective of the Company's capital management is to
maximise shareholders value.
The funding requirement is met through a mixture of equity, internal accruals and short term borrowings.
( ` in Lacs)
As at As at
March 31,2022 March 31,2021
(a) Equity ( 27 163.22) ( 27 979.17)
(b) Debt 2 53 421.26 2 54 117.13
(c) Equity and Debt ( a + b) 2 26 258.04 2 26 137.96
(d) Debt to Equity Ratio ( b / a ) (9.33) ( 9.08)
(d) Capital Gearing Ratio ( b / c) 1.12 1.12
Decreasing capital gearing ratio reflects reduction in equity on account of net losses incurred and increase in borrowings
during the year.
Note 2.43 Ratio

During the year, the Company has not surrendered or disclosed any income, previously unrecorded in the books of account
as income, in theRatios
Sr.no tax assessments under the Income Tax Act, 1961.Denominator March'22 March'21
Numerator Variance
1) Current Ratio (in times) Current assets Current Liabilities 0.76 0.77 -0.27%
2) Debt Equity ratio (in times) Total Debt Equity -9.33 -9.08 2.72%
3) Return on equity (%) Net Profit Equity -2.99% -4.19% 28.52%
Average Trade
4) Trade Receivable turnover ratio (in times) Turnover Receivable 0.74 0.73 0.61%
Trade Payable turnover ratio Net Credit Average Trade

5) 3.76 3.28 14.58%
(in times) Purchases Payable
Net Capital Turnover ratio
6) Turnover Working Capital -0.17 -0.19 -10.39%
(in times)
7) Net profit ratio (%) Net Profit Turnover 9.26% 12.01% -22.91%
8) Return on Capital employed (%)

Profit before tax Equity 4.19% 3.64% 15.14%
Earning
Total Debt
9) Debt Service Coverage ratio (in times) available for 0.69 0.73 -6.02%
Service
debt service
Notes:
1) Inventory turnover ratio is not applicable as there is no inventory.
2) Return on Equity ratio is increased due to reduction in other expenses and increased profit.
Note 2.44
All the title deeds are held in the name of the Company.
Note 2.45
The compaany does not have any lease. Hence Ind AS 116 is not applicable to the company.
Note 2.45
The company has not been declared wilful defaulter.
Note 2.46 Additional Regulatory Information

1) Utilisation of Borrowed funds and share premium:
During the year, there is no fresh borrowings and Share premium
2) During the year, the Company has not received as well as given advances (excluding transactions in the normal course of
directly or indirectly, including any foreign entity(ies).
3) During the year, the Company has not surrendered or disclosed any income, previously unrecorded in the books of
account as income, in the tax assessments under the Income Tax Act, 1961.
4) Relationship with Struck off Companies

There is no any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of
Companies Act, 1956,
5) Registration of charges or satisfaction with Registrar of Companies (ROC)

There is no MCA filing during the financial year ending 31st March, 2022 of Registration of charges or satisfaction of charge
with Registrar of Companies (ROC) of the Company
6) Compliance with number of layers of companies

Company has complied with the number of layers of subsidiary companies as required under clause (87) of section 2 of
Companies Act, 2013 and rules made thereunder

Note 2.48 Authorisation of Financial Statement

The financial statements for the year ended March 31, 2022 were approved by the Board of Directors on May 27, 2022

Sandeep Garg
Director
DIN : 09513285

Partner Director
Arvind Purohit
A336624
Place : Mumbai.
Dated : 27.05.2022
To The Members of Reliance Infra Projects Limited

We have audited the accompanying Standalone financial statements of Reliance Infra Projects
Limited(“the Company") which comprises the Balance Sheet as at March 31, 2022, the Statement
of Profit and Loss, Statement of changes in equity and Statement of cash flows for the year then
Basis for Opinion
Key audit matters
process.
such controls.
going concern.

statements.

„Annexure B‟.
and belief no funds have been advanced or loaned or invested (either from borrowed
Beneficiaries; and

Priti V. Mehta
M No.130514 Date: 26/05/2022
UDIN: 22130514AJRAOZ4331
Reliance Infra Projects Limited
of Reliance Infra Projects Limited(‟the Company‟) on the financial statements for the year ended
We report that
thereunder.
Act,2013.
payable.
disputes.
during the year.
the company.
him.
India Act,1934.
applicable.
xvii). The company has not incurred cash losses in the financial year and in the

Priti V. Mehta
(Proprietor)
M No.130514
UDIN: 22130514AJRAOZ4331
Place: Mumbai
Date: 26/05/2022
Financial Statements of Reliance Infra Projects Limited
We have audited the internal financial consols over financial reporting of Reliance Infra
Projects Limited (‟the Company') as of March 31, 2022in conjunction with our audit of the
established and maintained and if such controls operated effectively in all material respects.
reporting.
FinancialStatementsofReliance Infra Projects Limited
principles.
Opinion

FirmRegn.No.129568W
Priti V.Mehta
M.No.130514 Date: 26/05/2022
UDIN:22130514AJRAOZ4331
Reliance Communications Limited
March 31, 2022
1
(Amount in ` )
Note As at As at
March 31, 2022 March 31, 2021
ASSETS
Current Assets
Total Assets 3 68 105 4 06 985

Equity
(b) Other Equity 2.03 ( 2 97 071) 2 02 929 ( 2 45 730) 2 54 270
Liabilities
Current Liabilities
(a) Other Current Liabilities 2.04 1 65 176 1 52 715

Notes on Accounts 2

Vinay Soni }
DIN-08567944 }
}
} Directors
Priti V Mehta }
Place : Mumbai
Date : May 26, 2022
(Amount in ` )
Note For the year ended For the year ended
March 31, 2022 March 31, 2021
INCOME
I Other Income - -
II Total Income - -
III EXPENSES
IV Total Expenses 51 341 91 240
V Profit (Loss) Before Tax (II -IV) ( 51 341) ( 91 240)

VI Tax expense:
- Current Tax - -
VII Profit After Tax ( 51 341) ( 91 240)
Earning per Share of face value of ` 10 each

fully paid up
Basic and Diluted ( `) 2.09 (1.03) (1.82)

Notes on Accounts 2

Vinay Soni }
DIN-08567944 }
}
} Directors
Priti V Mehta }
Place : Mumbai
Date : May 26, 2022
(Amount in ` )
A Equity ( Refer Note.2.02 )
Balance at April 1, 2020 500,000
Change in equty share capital during the year -
Change in equty share capital during the period -
B Other Equity ( Refer Note.2.03 )
Balance at April 1, 2020 ( 1 54 490)

Add : (Loss) for the year ( 91 240)
Balance at March 31, 2021 ( 2 45 730)
Add : (Loss) during the period ( 51 341)
Balance at March 31, 2022 ( 2 97 071)

Vinay Soni }
DIN-08567944 }
} Directors
}
Priti V Mehta }
Place : Mumbai
Date : May 26, 2022
(Amount in ` )

March 31, 2022 March 31, 2021
Net Profit / (Loss) before tax as per Statement of Profit and Loss ( 51 341) ( 91 240)
Adjusted for:

Adjusted for:
Trade Payable and Other Liabilities 12 461 12 461 91 240 91 240
Cash Used in Operations ( 38 880)

Tax Paid - -
Net Cash from/(Used In) Operating Activities ( 38 880)
Net Cash from / (Used in) Investing Activities - -
Net Increase / Decrease in Cash and Cash Equivalents ( 38 880)
Note:
(3) Cash Flow Statement has been prepared under the Indirect Method set out in Indian Accounting Standards 7
"Statement of Cash flow".
Vinay Soni }
DIN-08567944 }
} Directors
}
Priti V Mehta }
Place : Mumbai
Date : May 26, 2022
Note: 1
Reliance Infra Projects Limited (“the Company”), is registered under Companies Act 1956 and having Registered
Office at H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400710. The Company is wholly
owned subsidiary of Reliance Communications Infrastructure Limited ("RCIL" or " the Holding Company" ).

India (ICAI).
in cash & cash equivalents, the Company has ascertained its operating cycle as twelve months for the purpose of
statements.
including the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result
in outcomes that require an adjustment to the carrying amount of assets or liabilities in future periods. Difference
amendments, if any.
These financials statements are presented in Indian Rupees ( "Rupees" or "`") which is funcitional currency of the
Company.
1.08 Taxation
recognised for all deductible temporary differences, carried forward of unused tax credits and unused tax losses,
to the extent it is probable that taxable profit will be available against which those deductible temporary
differences can be utilised. MAT credit is recognised as an asset only if it is probable that the Company will pay

date.
Financial Assets
Classification
instruments.

to hold assets for collecting contractual cash flows and contractual terms of the asset give rise on specified dates
to cash flows that are solely payments of principal and interest.Such financial assets are subsequently measured
at amortised cost using the effective interest rate (EIR) method. The losses arising from impairment are
recognised in the profit or loss.
(vii) and Loss.
(i) Classification
liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified
as held for trading, if they are incurred for the purpose of repurchasing in the near term. This category also
includes derivative financial instruments that are not designated as hedging instruments in hedge relationships as
defined by Ind - AS 109. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well
as through EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium
on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance
remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial
liabilities when the fair value is negative.
(Amount in ` )
As at As at
Particulars
March 31, 2022 March 31, 2021
Note 2.01 Cash And Cash Equivalents

Balances with Banks- In current account 3 68 105 4 06 985
3 68 105 4 06 985
Authorised
(50 000)
5 00 000 5 00 000
50
50 000
000 Equity
(50 000)
Shares ` 10 each
EquityofShares of `fully
10 each
paid fully
up paid up 5 00 000 5 00 000
(50 000)
5 00 000 5 00 000

% of Total % Change
Particulars No. of Shares Shares during the
year
Reliance Realty Limited and its nominees 50 000 100% Nil
(w.e.f. July 23, 2018) (50 000) (100%) (Nil)

No. of
Shares
Reliance Realty Limited and its nominees
50 000 100% 50 000 100%
(w.e.f. July 23, 2018)

No. of
Shares
Reliance Realty Limited and its nominees
50 000 100% 50 000 100%
(w.e.f. July 23, 2018)
d) Reconciliation of shares outstanding at the beginning and at the end of the reporting year
No of ` No of `
Particulars
Shares Shares
Equity Shares
Add/ (Less) : Changes during the year - - - -
At the end of the year 50 000 5 00 000 50 000 5 00 000

receive remaining assets of the Company. The distribution will be in proportion to the numbers of equity shares held by the
shareholder.
(Amount in ` )
As at As at
Particulars
March 31, 2022 March 31, 2021
Balance carried from last balance sheet ( 2 45 730) ( 1 54 490)

Add : Profit / (Loss) during the year ( 51 341) ( 91 240)
Balance at the end of the year ( 2 97 071) ( 2 45 730)

Other Payable 38 752 41 002
Other Liability Related Party (Ref Note No.2.13) 1 10 781 67 750
1 65 176 1 52 715
(Amount in ` )
March 31, 2022 March 31, 2021

Audit Fees 14 160 14 160
51 341 91 240

Note : 2.07
instruments
As at As at
Particulars
March 31, 2022 March 31, 2021
Loss/ other Comprehensive Income: Nil Nil

Company‟s primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse
Market risk
Interest Rate Risk

Credit risk
Liquidity risk
Note 2.08 Earning per share :

March 31, 2022 March 31, 2021
Numerator - Profit /(Loss) after tax (`) ( 51 341) ( 91 240)

Basic as well as Diluted, earning per equity share (`) (1.03) (1.82)
-
Segment'
accruals and borrowings which the Company monitors on regular basis.
Current Current
Assets Liabilities
equity, Inventory turnover, Trade receivable turnover , Trade payable turnover, Net capital turnover, Net profit, Return
on capital employed and Return on investment) are not applicable.
Previous year.
authorisation.
Note 2.14 Related Parties:
a) Holding Company
1. Reliance Communications Infrastructure Limited (upto July 22, 2018)
2. Reliance Realty Limited ( w.e.f. July 23, 2018)

Sr. Nature of Transactions
Equity Shares (Amount in ` )
(i) Reliance Communications Infrastructure Limited (Holding Company upto July 22, 2018)
Balance as at April 1, 2021 -

-
Transferred during the period -
-
Balance as at March 31, 2022 -
(-)
(ii) Reliance Realty Limited (Holding Company w.e.f. July 23, 2018)
( 5 00 000)
Acquired during the period -
(-)
( 5 00 000)
Other Liabilities
(iii) Reliance Realty Limited (Holding Company w.e.f. July 23, 2018)
Balance as at April 1, 2021 67 750
(-)
Acquired during the period 32 351
( 67 750)
(-)
(iv) Reliance IDC Limited

Balance as at April 1, 2021
(-)
Acquired during the period 10 680
(-)
Balance as at March 31, 2022 10 680
(-)
The financial statements for the year ended March 31, 2022 are approved by the Board of Directors on May 26,
2022.
As per our Report of even date For and on Behalf of the Board
For Priti V Mehta & Co.
Vinay Soni }
DIN-08567944 }
}
} Directors
Priti V Mehta }
Place : Mumbai
Date : May 26, 2022
Reliance Globalcom B.V.
Unaudited Balance Sheet as at March 31, 2022

(Amount in `)
Notes As at As at
March 31, 2022 March 31, 2021
ASSETS
Current Assets
(i) Investments 2.01 6,91,51,59,147 6,75,28,85,863
(ii) Cash and Cash Equivalents 2.02 14,780 9,51,585
(b) Other Current Assets 2.03 7,24,41,43,404 6,98,77,53,726
Total Assets 14,15,93,17,331 13,74,15,91,175

Equity
(a) Equity Share Capital 2.04 15,78,65,242 15,22,77,968
(b) Other Equity 2.05 (23,89,07,02,834) (22,96,09,92,419)
(23,73,28,37,592) (22,80,87,14,451)
LIABILITIES
(i) Borrowings 2.06 - -
Current Liabilities
(i) Other Financial Liabilities 2.07 37,35,98,09,203 36,03,75,45,283
(b) Other Current Liabilities 2.08 53,23,45,719 51,27,60,343
Total Equity and Liabilities 14,15,93,17,331 13,74,15,91,175

For Reliance Globalcom B.V.
Place : Mumbai Curado Trust

Date : 08.08.2022 Director
(Amount in `)
Notes For the year ended March For the year ended March
31, 2022 31, 2021
INCOME
I Other Income - -
II Total Income - -
IIIEXPENSES
Finance Costs 2.09 - -
Sales and General Administration Expenses 2.10 17,13,608 20,77,852
Total Expenses (III) 17,13,609 20,77,852
IV Profit Before Tax ( II - III ) (17,13,609) (20,77,852)
V Tax expense:
- Current Tax - -
VI Profit After Tax (IV - V) (17,13,609) (20,77,852)
VII Other Comprehensive Income (84,07,54,756) 84,97,62,759
VIII Total Comprehensive Income / (Loss) (VI - VII) (84,24,68,365) 84,76,84,906
Earnings per Share (`) 2.12
- Basic (105.35) (127.74)
- Diluted (105.35) (127.74)
Notes on Accounts 2
The Notes referred to above form an intergral part of the Financial Statements.

(Amount in `)

March 31, 2022 March 31, 2021
A. Equity Share Capital

Balance at the beginning of the year 15,22,77,968 15,75,99,678
Change in equity share capital during the year 55,87,275 (53,21,710)
Balance at the end of the year 15,78,65,242 15,22,77,968
B. Other Equity (Amount in `)

Other
Reserves and Surplus Comprehensive
Income
Particulars Total
Securities Exchange
Retained Earnings
Premium Reserve Fluctuation Reserve
Balance as at 01.04.2020 30,36,24,54,378 (52,56,09,42,337) (1,61,01,89,366) (23,80,86,77,325)
Surplus/(Deficit) of Statement of
Profit and Loss - (20,77,852) 84,97,62,759 84,76,84,906
- -
Balance as at 31.03.2021 30,36,24,54,378 (52,56,30,20,190) (76,04,26,607) (22,96,09,92,419)
Restated balance at 01.04.2021 30,36,24,54,378 (52,56,30,20,190) (76,04,26,607) (22,96,09,92,419)

Surplus/(Deficit) of Statement of
Profit and Loss - (17,13,609) (84,07,54,756) (84,24,68,365)
- -
Balance as at 31.03.2022 30,36,24,54,378 (52,56,47,33,798) (1,60,11,81,364) (23,80,34,60,784)

(Amount in `)

March 31, 2022 March 31, 2021
Net Profit before tax as per Profit and Loss Account (17,13,609) (20,77,852)
Adjusted for:
Impairment of Investment - -
Operating Profit before Working Capital Changes (17,13,609) (20,77,852)

Adjusted for:
Effect of Exchange difference on translation of Assets & Liabilities (25,56,12,875) 24,62,48,000
Receivables and other Advances 25,63,89,678 (24,42,03,403)
Trade Payables 1,95,85,376 (1,58,00,960)
Net Cash from / (Used in) Operating Activities 1,86,48,571 (1,58,34,215)
Net Cash Used in Investing Activities - -

Net Proceeds from Non Current Borrowings - -
Net proceeds from Current Borrowings (1,95,85,376) 1,58,00,960
Financial Charges - -
Net Cash from / (Used in) Financing Activities (1,95,85,376) 1,58,00,960
Net Increase/ (Decrease) in Cash and Cash Equivalents

(A+B+C) (9,36,806) (22,84,11,934)
Opening Balance of Cash and Cash Equivalents 9,51,585 9,84,841
Closing Balance of Cash and Cash Equivalents 14,780 9,51,585
Note:
Cash and Cash Equivalent includes cash on hand, cheques on hand , remitances-in-transit, bank balance and fixed
deposits in bank

Note :1 Significant Accounting Policies

The Company Reliance Globalcom B.V. (the ''Company'') was incorporated in Amsterdam as a private
limited liability company.

The financial statements are prepared under historical cost convention, in accordance with the
generally accepted accounting principles (GAAP) in India and Comply with Accounting Standard
specified under Section 133 of the Companies Act, 2013 ("the Act") read with Rule 3 of the Companies
(Indian Accounting Standard) Rules, 2015, Companies (Indian Accounting Standards) Amendment
Rules 2016 and other provisions of the Act, to the extent notified and applicable as well as applicable
guidance note and pronouncements of the Institute of Chartered Accountants of India (the ICAI).
operating cycle and other criteria set out in Schedule III to the Companies Act, 2013. Based on the
nature of the services and their realisation in cash & cash equivalents, the Company has ascertained
its operating cycle as twelve months for the purpose of current or non-current classification of assets
and liabilities.

Interest Income is recognised on time proportion basis.
1.04 Foreign Currency Transactions :

Exchange difference arising either on settlement or on translation of monetary items is recognised in

The presentation of financial statements requires estimates and assumptions to be made that affect the
reported amount of assets and liabilities and disclosure of contingent liabilities on the date of the
financial statements and the reported amount of revenues and expenses during the reporting period.
Difference between the actual results and estimates are recognised in the period in which the results
are known / materialised.

Provision for Income Tax is made on the basis of taxable income for the year at current rates. Tax

In determining Earning per Share, the Company considers the net profit after tax and includes the post
tax effect of any extra-ordinary / exceptional item. The number of shares used in computing Basic
Earning per Share is the weighted average number of shares outstanding during the period. The
number of shares used in computing Diluted Earning per Share comprises the weighted average
number of shares considered for deriving Basic Earnings per Share, and also the weighted average
number of shares that could have been issued on the conversion of all dilutive potential Equity Shares.
Dilutive potential Equity Shares are deemed converted as of the beginning of the period, unless issued
at a later date.

present obligation as a result of past events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the Notes. Contingent Assets are neither

Financial Assets
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded
at fair value through profit or loss, transaction costs that are attributable to the acquisition of the
financial asset.

Subsequent measurement of the debt instruments depends on the Company‟s business model for
managing asset and cash flow characteristics of the asset. There are three measurement categories
into which the Company classifies its debt instruments.
(iii) Financial Assets measured at amortised cost
A „debt instrument‟ is measured at the amortised cost, if both the following conditions are met:
a) Asset is held within a business model, whose objective is to hold assets for collecting contractual
cash flows, and
b) Contractual terms of the asset give rise to cash flows, on specified dates, that are solely payments of
principal and interest (SPPI) on the principal amount outstanding. After initial measurement, such
method. Amortised cost is calculated by taking into account any discount or premium on acquisition
and fees or costs that are an integral part of EIR. EIR amortisation is included in finance income in the
Statement of Profit and Loss. Losses arising from impairment are recognised in the Statement of Profit
and Loss. This category generally applies to trade and other receivables.
(iv) Financial Assets measured at fair value through other comprehensive income (FVTOCI)
A „debt instrument‟ is classified as FVTOCI if both of the following criteria are met:
a) Objective of the business model is achieved both, by collecting contractual cash flows and selling
financial assets, and
b) Contractual cash flows of the asset represent SPPI: Debt instruments included within FVTOCI
category are measured initially as well as at each reporting date at fair value. Fair value movements
are recognized in OCI. However, the Company recognizes interest income, impairment loss and
reversal and foreign exchange gain or loss in the Statement of Profit and Loss. On derecognition of the
asset, cumulative gain or loss previously recognised in OCI is reclassified from the equity to Statement
of Profit and Loss. Interest earned whilst holding FVTOCI debt instrument is reported as interest
income using EIR method.
FVTOCI, is classified as FVTPL. In addition, the Company may elect to designate a debt instrument,
which otherwise meets amortized cost or FVTOCI criteria, as FVTPL. However, such election is
allowed only if, doing so reduces or eliminates measurement or recognition inconsistency (referred to
as „accounting mismatch‟).
(vi) Equity investments:
All equity investments in scope of Ind AS 109 “Financial Instruments” are measured at fair value. Equity
instruments which are held for trading are classified as FVTPL. For all other equity instruments, the
Company decides to classify the same either as FVOCI or FVTPL. The Group makes such election on
instrument by instrument basis. The classification is made on initial recognition, which is irrevocable. If
the Company decides to classify an equity instrument as FVOCI, then all fair value changes on the
instrument, excluding dividend, are recognized in the OCI. There is no recycling of the amounts from
OCI to profit and loss, even on sale of investment. However, the Company may transfer the cumulative
gain or loss within equity. Equity instruments included within FVTPL category are measured at fair
value with all changes recognized in the Statement of Profit and Loss. Also, the Comapny has elected
to apply the exemption available under Ind AS 101 to continue the carrying value for its investments in
subsidiaries and associates as recognised in the financial statements as at the date of transition to Ind
AS, measured as per the previous GAAP as at the date of transition

A financial asset is primarily derecognised when: (I) Rights to receive cash flows from the asset have
expired, or (II) The Company has transferred its rights to receive cash flows from the asset or has
assumed an obligation to pay the received cash flows in full without material delay to a third party under
„pass-through‟ arrangement and either (a) the Company has transferred substantially all the risks and
rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks
and rewards of the asset, but has transferred control of the asset.

The Company assesses on a forward looking basis the expected credit losses associated with its
assets carried at amortised cost. Impairment methodology applied depends on whether there has been
a significant increase in the credit risk. As a practical expedient, the Company uses a provision matrix
to determine impairment loss allowance on portfolio of its trade receivables, as permitted by Ind AS
109. Provision matrix is based on its historically observed default rates over the expected life of the
trade receivables and is adjusted for forward looking estimates. At every reporting date, the historical
observed default rates are updated and changes in the forward looking estimates are analysed.
payables and loans.
(a) Financial liabilities at Fair Value through Profit or Loss: Financial liabilities at Fair Value through
Profit or Loss include financial liabilities held for trading and financial liabilities designated upon initial
recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading, if
they are incurred for the purpose of repurchasing in the near term. This category also includes
derivative financial instruments entered into by the Company that are not designated as hedging
instruments in hedge relationship as defined by Ind AS 109. Gains or losses on liabilities held for
trading are recognised in Statement of Profit or Loss.
(b) Financial liabilities measured at amortised cost: After initial recognition, interest bearing loans
and borrowings are subsequently measured at amortised cost using Effective Interest Rate (EIR)
method. Gains or losses are recognised in Statement of Profit and Loss when the liabilities are
account any discount or premium on acquisition and fees or costs that are an integral part of EIR. EIR
amortisation is included as finance costs in the Statement of Profit and Loss.

modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the Statement of Profit and Loss.
(Amount in `)
As at As at
March 31, 2022 March 31, 2021
Note 2.01 Investment
In Equity Shares of Companies

22,000 (22,000) Equity Shares of Reliance communications (UK) Ltd. 1,48,43,98,538 1,43,18,61,690
- -
1 (1) Equity Shares of Reliance Communications (Hong Kong) Limited
100,000 (100,000) Equity Shares of Reliance Communciations 51,47,599 49,65,412
(Singapore) Pte. Ltd.
76 73
1 (1) Equity Shares of Reliance Communications New Zealand Pte. Ltd.
1 (1) Equity Shares of Reliance Communications Australia Pty. Ltd. 76 73
27,000 (27,000) Equity Shares of Anupam Global Soft (Uganda) Ltd. 49,07,61,970 47,33,92,587
10,00,000 (10,00,000) (1 $ each) , 2,50,010 (2,50,010) (100 $ each) Equity 1,96,73,81,242 1,89,77,50,339
Shares of Gateway Net Trading Pte. Ltd.
12,000 (12,000) Equity Shares of Reliance Flag Pacific Holdings Ltd 9,09,510 8,77,320
23,53,22,790 (23,53,22,790) (1 $ each) Equity Shares of Global Cloud - -
Xchange Limited
100 (100) share of Reliance Infocom Inc 1,66,74,35,000 1,60,84,20,000
Other Investments
30,00,04,130 (30,00,04,130) Equity Shares of Reliance Infratel Limited 1,10,46,74,020 1,06,55,76,642
5,95,074 (5,95,074) Squance Communications SA of Euro .02 each 13,71,10,527 26,49,50,713
39,342 (39,342) Groupon Inc - Class A common Stock of 0.0001 each 5,73,40,588 50,91,015
6,91,51,59,147 6,75,28,85,863
(Amount in `)
Note 2.02 Cash and Cash Equivalents
As at As at
Balance with Banks 14,780 9,51,585

Bank deposits with less than 3 months' maturity - -
14,780 9,51,585
Note 2.03 Other Current Assets

As at As at
Unsecured,Considered good
Other Loans and Advances
Considered good to Related Parties 5,63,43,75,341 5,43,49,59,675
Considered good to Others 1,56,97,15,185 1,51,41,58,751
Prepaid expenses 4,00,52,879 3,86,35,300
7,24,41,43,404 6,98,77,53,726
(Amount in `)
As at As at
March 31, 2022 March 31, 2021

16,266 (16,266) Equity Shares of EURO 100 each fully paid 15,78,65,242 15,22,77,968
up
15,78,65,242 15,22,77,968
1) Details of Shares held by holding Company:

% of % of
Holding Holding
Reliance Communications Ltd. 89.24 14,516 89.24 14,516
2) Details of Shareholders holding more than 5% shares in the Company:

% of % of
Particulars No. of Shares No. of Shares
Holding Holding
Reliance Communications Ltd. 89.24 14,516 89.24 14,516
Reliance Communications Infrastructure
Ltd. 10.76 1,750 10.76 1,750
3) The Company has only one class of ordinary shares having a par value of EURO 100 per share. Each holder
of Ordinary shares is entitled to one vote per share. In the event of liquidation of the Company, the holder of
ordinary share will be entitled to receive remaining assets of the Company.
4) Reconciliation of shares outstanding at the beginning and at the end of the reporting period
Number ` Number `
Equity Shares
At the beginning of the year 16,266 15,78,65,242 16,266 15,22,77,968
Add/Less: Changes during the year - - - -
At the end of the year 16,266 15,78,65,242 16,266 15,22,77,968
Security Premium 30,36,24,54,378 30,36,24,54,378
Surplus / (Deficit) of Statement of

Profit and Loss
As per Last Balance sheet (52,56,30,20,190) (52,56,09,42,337)
Add: Profit / (Loss) for theyear (17,13,609) (20,77,852)
(52,56,47,33,798) (52,56,30,20,190)
(i) Opening Balance (76,04,26,607) (1,61,01,89,366)
(ii) Addition/ (deductions) during the year (net) (84,07,54,756) 84,97,62,759
Total (1,60,11,81,364) (76,04,26,607)
(23,80,34,60,784) (22,96,09,92,419)
Note 2.06 Borrowings - Current

As at As at
Secured
From Banks * - -
- -
Note 2.07 Other Financial Liabilities
As at As at
Secured
From Banks 18,14,20,464 17,49,99,507
Amounts payable to group companies 33,68,50,52,780 32,89,92,34,114
From Others
In Preference Shares
52 (52) 1% Non convertible Non-redeemable Preference Shares
of EURO 1 each 53,07,749 51,19,893
22,143 ( 22,143) 8% Non Convertible Non-redeemable
2,26,02,37,281 2,18,02,41,417
Preference Shares of EURO 1 each
Other Liablilities 1,22,77,90,930 77,79,50,352

37,35,98,09,203 36,03,75,45,283
* - Against pledge of shares of material susbidaries.

As at As at
- -
Provisions for Expenses 53,23,45,719 51,27,60,343
53,23,45,719 51,27,60,343

(Amount in `)
For the year ended March For the year ended

31, 2022 March 31, 2021
Note 2.09 FINANCIAL CHARGES
Interest Expenses - -
Other Finance Cost - -
- -
Note 2.09.1 Non Provision of Interest

The holding company is undergoing a debt resoulition plan being finalized with the lenders. In view of the
same the company has not provided interest of ` 5 crore. Had the company provided interest, the loss
would have been higher by ` 5 crore.
Note 2.10 GENERAL ADMINISTRATION EXPENSES
Legal & Professional Fees 17,13,608 5,93,672

Bank Charges - -
Bad Debts Written Off - -
Rent - -
Impairment of Investment - -
Payment to Auditors - 14,84,180
17,13,608 20,77,852
Note : 2.11
Figures for the previous year have been regrouped/ reclassified/ rearranged wherever necessary to make them
comparable to those for the current year.
Note : 2.12 (Amount in `)
Earning Per Share For the year ended For the year ended
March 31, 2022 March 31, 2021
Net Profit (Numerator used for calculation) (17,13,609) (20,77,852)

Weighted Average number of Ordinary Shares
16,266 16,266
used as denominator for calculating EPS
Basic and Diluted Earning Per Share (105.35) (127.74)
Note : 2.13
Segment Reporting
The Company has a single line activity. Hence Accounting Standard on Operating Segment (Ind AS -108), is not
applicable.
Note : 2.14
As per the Ind AS 24 of "Related Party Disclosures" as referred to in the Accounting Standard Rules, the disclosures of
i Name of the Related Party Relationship

2 Global Cloud Exchange Limited Subsidiary
3 Reliance Communications (Singapore) Pte Limited Fellow- Subsidiary Company
4 Anupam Globalsoft (Uganda) Limited Fellow- Subsidiary Company
5 Reliance Communications Inc Fellow- Subsidiary Company
6 Gatewat Net Trading Pte. Limited Fellow- Subsidiary Company
7 Reliance Flag Pecific Holdings Limited Fellow- Subsidiary Company
ii Transaction during the year with related party

Figures in brackets are pertaining to March 31, 2021 (Amount in `)
Entity Name As at March 31, 2022
Borrowings Current Current Assets
1 Reliance Communications Inc 11,76,79,20,769
(11,35,14,22,468)
2 Reliance Flag Pacific Holdings Limited 3,44,69,34,062
(3,32,49,37,814)
3 Reliance Communications Singapore Pte. Limited 19,01,63,38,250

(18,34,32,99,000)
5 Anupam Global soft (Uganda) Limited 12,88,48,008 -
(12,42,87,731) -
6 Gatewat Net Trading Pte. Limited 2,18,74,41,279
(2,11,00,21,861)
7 Reliance Communications Limited 3,24,50,55,888
(3,13,02,04,650)

Note : 2.15
Fair value of cash , trade and other short term receivables, trade payables, other financial liabilities, short term loans
There is no fair valuation of Financial Instruments. The carrying value of the financial instruments by categories were as
follows:
(Amount in `)
March 31, 2022 March 31, 2021
Cash and cash equivalents (Refer Note 2.02) 14,780 9,51,585
Investments (Refer Note 2.01 ) 6,72,07,08,031 6,48,28,44,135
Total 6,72,07,22,810 6,48,37,95,721
Loss
Investments (Refer Note 2.01 ) 19,44,51,116 27,00,41,728
Borrowings (Refer Note 2.06 ) - -
Total - -
Financial liabilities at fair value through Statement
of Profit and Loss/ other Comprehensive Income:
Nil Nil
Financial Risk Management Objectives and Policies
Market risk
Interest Rate Risk
risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash
flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because
of fluctuations in the interest rates.
The Company does not have Interest rate risk as there is no interest bearing liability or assets.
The Company‟s interest bearing financial instruments are reported as below:
(Amount in `)
As at As at
March 31, 2022 March 31, 2021
Financial Assets Nil Nil
Financial Liabilities Nil Nil
Financial Assets Nil Nil

(decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables,
remain constant.

Impact on Profit and Loss / Equity (Amount in `)
As at As at
March 31, 2022 March 31, 2021
Impact of increase in interest rate by 100 basis - -
point
If the interest rate is adversely affected with decrease by 100 basis point, profit shall also accordingly be affected vise
The risk estimates provided assume a parallel shift of 100 basis points interest rate across all yield curves. This
calculation also assumes that the change occurs at the balance sheet date and is calculated based on risk exposures
outstanding as at that date. The period end balances are not necessarily representative of the average debt outstanding
during the period.
Credit risk
Liquidity risk
The Company‟s principal sources of liquidity were cash and cash equivalents and the cash flow generated from
operations. The Company closely monitors its liquidity position and is attempting to maintain a balance between
continuity of funding and flexibility by generating cash flow through realisations. Presently, the Company is primarily
funded through Inter Corporate Deposits.
Note : 2.16
The amounts relating to Balance Sheet items appearing in Indian Rupees have been translated at Closing Rate of 1
USD = Rs. 75.793 (March 31, 2021 1 USD = Rs.73.110) and items relating to profit and loss have been translated at
average rate of 1 USD = Rs. 74.505 and (March 31, 2021, 1 USD = Rs. 74.209).
For and on Behalf of the Board

Aircom Holdco B.V.
Unaudited Balance Sheet as at 31st March 2022

(Amount in `)
As at As at
Particulars Note No. 31st March 2022 March 31, 2021
ASSETS
Current assets
(a) Financial assets
(i) Cash and cash equivalents 2.01 2,82,221 2,90,435
Total current assets 2,82,221 2,90,435

Total Assets 2,82,221 2,90,435

Equity
(a) Equity share capital 2.02 84,220 85,750
(b) Other equity 2.03 (15,02,401) (14,22,593)
Total equity (14,18,181) (13,36,843)
Liabilities
(i) Borrowings 2.04 8,58,876 8,74,479
Current Liabilities
(a) Other current liabilities 2.05 8,41,526 7,52,799
Total liabilities 8,41,526 8,41,526 7,52,799 7,52,799
Total Equity and Liabilities 2,82,221 2,90,435

Notes on Accounts 2
For Aircom Holdco B.V
Place : The Netherland Athos Business Services (Asia) B.V.

Aircom Holdco B.V.
Statement of Profit and Loss for the year ended 31st March 2022
(Amount in `)
For the year ended For the year
Note
Particulars 31st March 2022 ended March 31,
No. 2021
INCOME - 17,19,192.82
EXPENSES
Other expenses 2.06 1,08,141 8,48,516
Total expenses 1,08,141 8,48,516
Loss before Tax (1,08,141) 8,70,677
Other comprehensive income / (Loss) 28,333 (87,614)
Total comprehensive loss (79,808) 7,83,062
Earning per Share (Refer Note 2.09)

Basic (`) (108.14) 870.68
Diluted (`) (108.14) 870.68

Notes on Accounts 2
For Aircom Holdco B.V

Aircom Holdco B.V.
Statement of changes in equity for the period ended 31st March 2022
(a) Equity share capital (Amount in `)

ended ended
31st March 2022 March 31, 2021
Balance at the beginning of the period 85,750 82,770
Change in equity share capital during the period
(Refer note 2.02) - -
Foreign Exchange Variance (1,530) 2,980
Balance at the end of the period 84,220 85,750
(b) Other Equity (Amount in `)

Attributable to the Equity Holders
Particulars Other
Retained Earnings Comprehensive
Income (OCI) Total
Balance as at April 1, 2020 (21,40,285) (65,370) (22,05,655)

Net Profit/(Loss) for the year 8,70,677 (87,614) 7,83,062
Balance as at March 31, 2021 (12,69,609) (1,52,984) (14,22,593)
Net Profit/(Loss) for the year (1,08,141) 28,333 (79,808)
Balance as at 31st March 2022 (13,77,750) (1,24,651) (15,02,401)
For Aircom Holdco B.V.

Aircom Holdco B.V.
Significant Accounting Policies to the Balance Sheet and Statement of Profit and Loss

Aircom Holdco B.V. ("Aircom" or "the Company"), is a subsidiary of Reliance Communications Limited
("RCOM" or " the Holding Company" ) incorporated on July 18, 2016.
1.02 Basis of preparation, measurement and significant accounting policies

The principal accounting policies applied in the preparation of these ﬁnancial statements are set out below.
(a) Basis of Preparation

Compliance with Ind AS
The financial statements of the Company have been prepared in accordance with Indian Accounting
Standards ("Ind AS") notified under the Companies (Indiand Accounting Standards) Rule, 2015 and
relevant provisions of the Companies Act, 2013 ("the Act")
These are the first Ind AS financial statements of the Company and cover a period of nine months starting
from July 18, 2016 to March 31, 2017, hence no comparative are presented.
Historical cost convention
The financial statements have been prepared under historical cost convention except certain financial
assets and financial liabilities which are measured at fair value.
Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The Company uses valuation
techniques that are appropriate in the circumstances and for which sufficient data are available to measure
fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorised within the fair value hierarchy, described as follows, based on the lowest level input that is
significant to the fair value measurement as a whole:
• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities
measurement is directly or indirectly observable
measurement is unobservable
Current vis-à-vis non-current classification
The assets and liabilities reported in the balance sheet are classified on a “current/non-current basis”, with
separate reporting of assets held for sale and liabilities. Current assets, which include cash and cash
equivalents, are assets that are intended to be realized, sold or consumed during the normal operating
cycle of the Company or in the 12 months following the balance sheet date; current liabilities are liabilities
that are expected to be settled during the normal operating cycle of the Company or within the 12 months
following the close of the financial year. The deferred tax assets and liabilities are classified as non-current
(b) Recent accounting pronouncements
Standards issued but not yet effective
Amendment to Ind AS 7:
The amendment to Ind AS 7 requires the entities to provide disclosures that enable users of financial
statements to evaluate changes in liabilities arising from financing activities, including both changes arising
from cash flows and non-cash changes, suggesting inclusion of a reconciliation between the opening and
closing balances in the balance sheet for liabilities arising from financing activities, to meet the disclosure
requirement.
The Company is evaluating the requirements of the amendment and the effect on the financial statements.
Aircom Holdco B.V.
known/ materialised. Estimates and underlying assets are reviewed on periodical basis. Revisions to

(i) Revenue is recognised to the extent it is probable that the economic benefits will flow to the Company
and revenue can be reliably measured, regardless of when the payment is being made. Revenue is
measured at the fair value of the consideration received or receivable.
Provision for income tax is made on the basis of taxable income for the year at the current rates. Tax
expense comprises of current tax and deferred tax at the applicable enacted or substantively enacted rates.
Current tax represents amount of Income Tax payable/ recoverable in respect of taxable income/ loss for
the reporting period. Deferred tax represents the effect of temporary difference between carrying amount of
assets and liabilities in the financial statement and the corressponding tax base used in the computation of
taxable income. Deferred tax liabilities are generally accounted for all taxable temporary differences.
Deferred tax asset is recognised for all deductible temporary differences, carried forward of unused tax
credits and unused tax losses, to the extent that it is probable that taxable profit will be available against
which such deductible temporary differences can be utilised.
Minimum Alternative Tax (MAT) credit is recognised as an asset only when and to the extent there is
convincing evidence that the Company will pay normal income tax during the specified period.

In determining Earning per Share, the Company considers the net profit after tax and includes the post tax
effect of any exceptional item. Number of shares used in computing basic Earning per Share is the
weighted average number of shares outstanding during the period. The number of shares used in
computing Diluted Earning per Share comprises the weighted average shares considered for deriving Basic
Earning per Share and also the weighted average number of shares that could have been issued on the
conversion of all dilutive potential Equity Shares unless the results would be anti-dilutive. Dilutive potential
Equity Shares are deemed converted as of the beginning of the period, unless issued at a later date.
1.07 Miscellaneous Expenditure

Miscellaneous Expenditure is charged to the Profit and Loss Account as and when it is incurred.
Aircom Holdco B.V.
instruments. The Company has an established control framework with respect to measurement of fair
values. The management regularly reviews significant unobservable inputs and valuation adjustments. If
third party information, such as broker quotes or pricing services, is used to measure fair values, then the
management assesses evidence obtained from third parties to support the conclusion that such valuations
meet the requirements of Ind AS, including level in the fair value hierarchy in which such valuations should
be classified
When measuring the fair value of a financial asset or a financial liability, the Company uses observable
market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability,
If inputs used to measure fair value of an asset or a liability fall into different levels of fair value hierarchy,
then fair value measurement is categorised in its entirety in the same level of fair value hierarchy as the
lowest level input that is significant to the entire measurement. The Company recognises transfers between
levels of fair value hierarchy at the end of the reporting period during which the change has occurred.

or equity instrument of another entity. Financial instruments also include derivative contracts such as
foreign currency foreign exchange forward contracts.
Financial Assets
recorded at fair value through Statement of Profit and Loss, transaction costs that are attributable to
the acquisition of the financial asset.
Subsequent measurement of debt instruments depends on the Company‟s business model for
Asset is held within a business model whose objective is to hold assets for collecting contractual cash
flows, and
Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of
principal and interest (SPPI) on the principal amount outstanding. After initial measurement, such
method. Amortised cost is calculated by taking into account any
discount or premium on acquisition and fees or costs that are an integral part of the EIR. EIR
amortisation is included in finance income in the Statement of Profit and Loss. Losses arising from
impairment are recognised in the Statement of Profit and Loss. This category generally applies to
trade and other receivables.
Aircom Holdco B.V.
A „debt instrument‟ is classified as at the FVTOCI if both of the following criteria are met: a) The objective of
the business model is achieved both by collecting contractual cash flows and selling the financial assets,
and
The contractual cash flows of the assets represent SPPI: Debt instruments included within the
movements are recognized in the other comprehensive income (OCI). However, the Company
recognizes interest income, impairment losses & reversals and foreign exchange gain or loss in the
Statement of Profit and Loss. On derecognition of the asset, cumulative gain or loss previously
recognised in Other Comprehensive Income is reclassified from the equity to Statement of Profit and
Loss. Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the
EIR method.
Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI,
is classified as at FVTPL. In addition, the Company may elect to designate a debt instrument, which
otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. However, such election is allowed only if
doing so reduces or eliminates a measurement or recognition inconsistency (referred to as „accounting
mismatch‟)
an obligation to pay the received cash flows in full without material delay to a third party under a „pass-
through‟ arrangement and either(a) the Company has transferred substantially all the risks and rewards of
the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of
the asset, but has transferred control of the asset.
Financial liabilities at fair value through Profit or Loss:
Financial liabilities at fair value through Profit or Loss include financial liabilities held for trading and
liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the
near term. This category also includes derivative financial instruments entered into by the Company
that are not designated as hedging instruments in hedge relationships as defined by Ind AS 109.
Gains or losses on liabilities held for trading are recognised in the Satement of Profit and Loss.
Financial Libilities measured at amortised cost:

After initial recognition, interest-bearing loans and borrowings are subsequently measured at
amortised cost using the EIR method. Gains and losses are recognised in Statement of Profit and
Loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised
cost is calculated by taking into account any discount or premium on acquisition and fees or costs that
are an integral part of the EIR. The EIR amortisation is included as finance costs in the Statement of
Profit and Loss.
expires. When an existing financial liability is replaced by another from the same lender on
exchange or modification is treated as the derecognition of the original liability and the recognition of a
new liability. The difference in the respective carrying amounts is recognised in the Statement of Profit
and Loss.
Aircom Holdco B.V.
Notes on Accounts to the financial statement for the year ended 31st March 2022
(Amount in `)
As at As at
Note 2.01
Balance with banks in current accounts 2,82,221 2,90,435
2,82,221 2,90,435
#####
Aircom Holdco B.V.
(Amount in `)
As at As at
Note 2.02
Share capital
Authorised share capital
1,000 Equity shares of Euro 1 each 84,220 85,750
84,220 85,750
Issued, subscribed and fully paid up
1,000 Equity shares of Euro 1 each fully paid up 84,220 85,750
84,220 85,750
2.02.01 Shares held by Holding Company and its subsidiary:
Equity shares No. of shares No. of shares
Reliance Communications Limited. (Holding company) 1,000 1,000
2.02.02 Details of shareholders holding more than 5% shares in the Company:

% of % of
Equity shares
No of shares shareholding No of shares shareholding
Reliance Communications Limited 1,000 100 1,000 100
2.02.03 Reconciliation of shares outstanding at the beginning and at the end of reporting period:
Equity shares No of Shares (Amount in INR) No of Shares (Amount in INR)

At the beginning of the year 1,000.00 82,770.00 1,000.00 77,679
Add : Changes since date of incorporation i.e July 18, 2016 - - - -
[issue of shares]
Outstanding at the end of the year 1,000 82,770 1,000 77,679
Aircom Holdco B.V. ("Aircom" or "the Company"), incorporated on July 18, 2016 is a subsidiary of Reliance Communications Limited
("RCOM" or " the Holding Company" )..
2.02.04 Terms/ rights attached to the shares

Equity shares
The Company has only one class of equity shares having a par value of Euro 1 per share. Each holder of equity share is entitled to one
vote per share. In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the
Company after distribution of all preferencial amounts. The distribution will be in proportion to the number of equity shares held by the
shareholders.
Aircom Holdco B.V.
(Amount in `)
As at As at
Note 2.03
Other equity
Deficit in retained earnings
Opening balance (14,22,593) (22,05,655)
Add: Loss during the period (79,808) 7,83,062
Add: Foreign Exchange Variance - -
Closing balance (15,02,401) (14,22,593)
Note:
Retained earnings:
The balance in retained earnings represents the accumulated losses in the statement of profit and loss.
Note 2.04
Borrowings 8,58,876 8,74,479
8,58,876 8,74,479
Note 2.05
Other current liabilities
Provision for Expenses 8,41,526 7,52,799
8,41,526 7,52,799
Note 2.06
Other expenses
Foreign Currency Exchanges Results (NET) - 95,482
Legal and Professional Expenses 1,08,141 7,53,034
1,08,141 8,48,516
Aircom Holdco B.V.
Note : 2.07
Previous Year
Figure for previous year is not given as the Company was incorporated during the current
year. Amount in financial statement are presented in Rupees except as otherwise stated.
Note : 2.08
Capital Risk management
The company's objective when managing capital are to:
Safeguard their ability to continue as agoing concern, so that it can optimise the return to
shareholders; and
Maintain an optimal capital structure to reduce the cost of capital.
Capital of the company for the purpose of capital management, include issued equity
capital and resource atributable to the equity holders of the company.
Note 2.09 (Amount in `)

Basic and Diluted EPS (before and after Exceptional Items)

(a) Loss attributable to Equity Shareholders (Euro ) (used as (1,08,141) 8,70,677
numerator for calculating Basic EPS)
(b) Weighted average number of Equity Shares (used as denominator
for calculating Basic EPS) 1 000 1 000
(c) Weighted average number of Equity Shares (used as denominator 1,000 1,000
for calculating Diluted EPS)
(d) Basic Earnings per Share of Euro 1 each (Euro) (108.14) 870.68
(e) Diluted Earnings per Share of Euro 1 each (Euro) (108.14) 870.68
(f) Nominal value of an equity shares ( Euro ) 1.00 1.00
Aircom Holdco B.V.
Note 2.10Related Party Disclosures

A. List of Related party: Where control exists
(i) Reliance Innoventure Private Limited Ultimate holding company

(ii) Reliance Communications Limited Holding company
(iii) Athos Business Services (Asia) B.V. Director
B.. Details of transactions and closing balances with related parties

(Amount in `)
Sr.No Particulars Holding Company Total

[A]
1 Allotment of equity shares 82,770 82,770
(77,679) (77,679)
Note : 2.11
No adjusting or significant non-adjusting events have occurred between the reporting date
and the date of authorisation.
Aircom Holdco B.V.
Note : 2.12
Financial Instruments by category (Amount in `)
As at As at
Particulars 31st March 2022 March 31, 2021
Amortised Cost Amortised Cost
Financial Assets:
Cash and cash equivalent 2,82,221 2,90,435
Total financial assets 2,82,221 2,90,435
The fair value of current financial assets and financial liabilities are considered to
be the same as their carrying amount, due to their short term maturities.
Note : 2.13
Financial Risk management
The company's current activities expose it to credit risk.
Exposure arrising
Risk Measurement Management
from
Credit Risk Cash and cash Credit Ratings Diversification
Equivalents of bank
balances
Note : 2.14
The amounts relating to Balance Sheet items appearing in Indian Rupees have been translated at
Closing Rate of 1 USD = Rs. 75.793 (March 31, 2021 1 USD = Rs.73.110) and items relating to profit
and loss have been translated at average rate of 1 USD = Rs. 74.505 and (March 31, 2021, 1 USD =
Rs. 74.209).
For Aircom Holdco B.V.


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Subsidiaries Financial Statements 2021 22 Part 1

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Independent Auditor’s Report

To the Members of Reliance Wimax Limited.

We have audited the accompanying Standalone financial statements of Reliance

Basis for Opinion

Key audit matters

Responsibility of Management for the Standalone Financial Statements

Materiality is the magnitude of misstatements in the standalone financial statements that,

Report on Other Legal and Regulatory Requirements

As required by Section 143(3) of the Act, we report that:

e. As per the management representation we report,

For Priti V Mehta & Company

For Priti V Mehta & Company

Management’s Responsibility for internal Financial Controls

Meaning of Internal Financial Controls Over Financial Reporting

Inherent Limitations of Internal Financial Controls Over Financial Reporting

For Priti V Mehta &Company

Balance Sheet as at March 31, 2022

EQUITY AND LIABILITIES

Significant Accounting Policies 1

As per our report of even date

Priti V Mehta VINAY SONI RAKESH GUPTA

Place : Mumbai Place : Mumbai

General Administration Expenses 2.09 45 806 1 93 100

III Loss before Tax (I - II) ( 45 806) ( 1 93 100)

V Loss after Tax ( 45 806) ( 1 93 100)

VI Other Comprehensive Income - -

VII Total Comprehensive Income/(Loss) for the year ( 45 806) ( 1 93 100)

Significant Accounting Policies 1

As per our report of even date

Priti V Mehta VINAY SONI RAKESH GUPTA

Place : Mumbai Place : Mumbai

Balance at the begning of the year 68 70 660 68 70 660

B Other Equity (Refer Note 2.05)

As per our report of even date

Priti V Mehta VINAY SONI RAKESH GUPTA

Place : Mumbai Place : Mumbai

Operating Profit/(Loss) before Working Capital Changes ( 45 806) ( 1 93 100)

Net Cash from Operating Activities ( 1 09 716) ( 16 620)

B CASH FLOW FROM INVESTING ACTIVITIES - -

Net Cash Generated from Investing Activities - -

C CASH FLOW FROM FINANCING ACTIVITIES - -

Net Cash Generated from / (used in) Financing Activities - -

Priti V Mehta VINAY SONI RAKESH GUPTA

Place : Mumbai Place : Mumbai

Significant Accounting Policies and General Information to the Financial Statements

Note: 1 General Information and Significant Accounting Policy

1.03 Use of Estimates

Significant Accounting Policies and General Information to the Financial Statements

Significant Accounting Policies and General Information to the Financial Statements

Significant Accounting Policies and General Information to the Financial Statements

(viii) Impairment of Financial Assets

(ii) Subsequent measurement

Significant Accounting Policies and General Information to the Financial Statements

1.12 Impairment of Non Financial Assets

2.01 Property, Plant and Equipment (Amount in ` )

Leasehold Computers Electrical Plant and Office Furniture and

Leasehold Electrical Plant and Office Furniture and

Net carrying value as at

March 31, 2022 March