Walker Chandiok & Co LLP

Walker Chandiok & Co LLP

Unit 1603 & 1604,

Ambuja Eco-Centre,

16th Floor, Plot # 4,

Street Number 13, EM Block,

Sector V, Bidhannagar,

Kolkata - 700 091,

T +91 33 4444 9300

Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Techno Electric & Engineering Company Limited

Opinion

1. We have audited the accompanying consolidated annual financial results ('the Statement') of Techno Electric & Engineering Company Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group') for the year ended 31 March 2023, attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations').

2. In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of other auditors on separate audited financial statements of the subsidiaries, as referred to in paragraph 13 below, the Statement:

  1. includes the annual financial results of the entities listed in Annexure 1;
  2. presents financial results in accordance with the requirements of Regulation 33 of the Listing Regulations; and
  3. gives a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 ('the Act') read with the Companies (Indian Accounting Standards) Rules, 2015, and other accounting principles
    generally accepted in India, of the consolidated net profit after tax and other comprehensive income and other financial information of the Group, for the year ended 31 March 2023.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing 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 Statement section of our report. We are independent of the Group, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('the ICAI') together with the ethical requirements that are relevant to our audit of the financial results 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 obtained by us together with the audit evidence obtained by the other auditors in terms of their reports referred to in paragraph 13 of the Other Matter section below, is sufficient and appropriate to provide a basis for our opinion.

Chartered

Accountants

Walker Chandiok

& Co

LLP is

registered

/

with limited

liability

with

identification number

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New

AAC-2085 and its

registered office at L-41

Delhi. Noida

and Pune

Connaught

Circus.

New

Delhi.

110001. India

Walker

Chandiok

&Co

LLP

Emphasis

of

Matter

-

Trade receivables

(Including retention receivables) and other receivables

4.

We

draw attention

to

notes:8,

9, 10.

and

11

to the

accompanying consolidated financial results for the year ended

31

March

2023

in

connection

with

trade

receivables

(including retention receivables) and other receivables

{under other

current

financial

assets) amounting

= 14,390.66

lakhs,

and

&

1,772.00

lakhs,

respectively,

which

are pending settlement/ realisation and are substantially overdue

as

on

31

March 2023, The

management

of

the

Company

based

on

its

internal assessment,

external

legal

opinions

and certain interim favourable regulatory

orders,

is

of

the view that the aforesaid

balances

are

fully

recoverable

and

accordingly,

no

provision

for

impairment

is

required

to

be

recognized

in

respect of

such balances

as

at

31

March

2023.

Our

opinion

is

not

modified

in

respect

of this

matter.

Responsibilities

of Management and Those Charged with Governance for the Statement

5.

The

Statement, which

is the

responsibility

of the Holding Company's management and has been approved

by

the

Holding Company's

Board

of

Directors,

has

been prepared

on

the

basis

of the

consolidated

annuai

financial

statements. The Holding Company's Board

of:

Directors

is

responsible

for the preparation and presentation

of

the

Statement

that

gives

a

true and fair view

of the

consolidated

net

profit

or

loss and other comprehensive

income, and other financial information

of

the

Group

in

accordance

with the Ind AS prescribed under Section

133

of

the

Act

read

with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting

principles

generally

accepted

in

India

and

in

compliance

with

Regulation

33

of

the

Listing

Regulations.

The

Holding

Company's

Board

of

Directors

is

also

responsible

for

ensuring

accuracy

of

records

including

financial

information

considered

necessary

for

the

preparation

of

the

Statement.

Further,

in

terms

of

the provisions

of

the

Act,

the

respective

Board

of

Directors/ management

of the companies

included

in the Group, covered under the

Act,

are

responsible

for

maintenance

of adequate accounting records

in accordance

with

the

provisions

of

the

Act,

for

safeguarding of

the.assets

of

the Group, and for preventing and detecting frauds and other irregularities;

selection

and

application

of

appropriate accounting policies; making judgments and estimates that are

reasonable and prudent; and design, implementation and maintenance

of

adequate

internal

financial

controls,

that were operating effectively, for ensuring the accuracy and completeness

of the accounting records, relevant

to the preparation and presentation

of

the financial

results, that

give

a true

and

fair view and are free from

material

misstatement,

whether

due

to

fraud

or error. These financial results have

been

used

for

the purpose

of

preparation

of

the

Statement

by

the

Directors

of the Holding

Company,

as

aforesaid.

in

preparing the Statement, the respective Board

of

Directors/

management

of

the

companies

included

in

the

Group, are

responsiblefor assessing the ability

of

the

Group,

to continue

as

a

going

concer,

disclosing,

as

applicable,

matters related

to

going concern and using the going concern basis

of

accounting, unless

the

respective

Board

of Directors/ management either

intends to liquidate the Group

or

to

cease

operations,

or

has

no

realistic

alternative

but

to

do

so,

The

respective Board

of

Directors/ management

of

the

companies

included

in

the

Group,

are

responsible

for

overseeing the financial reporting process

of the companies included

in the Group.

Auditor's Responsibilities for the Audit

of

the Statement

8.

Our objectives

are

to

obtain

reasonable

assurance

about

misstatement,

whether

due

to

fraud

or

error,

and

to

Reasonable

assurance

is a

high

level of

assurance

but

is

with

Standards

on

Auditing

specified

under

Section

misstatement,

when

it

exists.

Misstatements

can

arise

individually,

or

in the

aggregate,

they could

reasonably

be

taken

on the

basis

of this Statement.

whether the

Statement

as

a whole

is free

from material

issue

an

auditor's report that includes our opinion.

nota guarantee that an audit conducted

in accordance

143(10)

of

the Act

will

always

detect

a

material

from

fraud

or

etror,

and.

are considered material

if,

expected

to

influence

the

economic

decisions

of users

As part of an audit in accordance with the Standards

on Auditing specified under Section 143(10)

of the Act, we

exercise professional judgment and maintain professional skepticism throughout the audit. We also:

  • Identify and assess the risks of material misstatement of the Statement, 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.

Chartered Accountants

Walker Chandiok & Co LLP

  • 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 Holding Company has adequate internal financial controls with reference to financial statements 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 Board of Directors.
  • Conclude on the appropriateness of Board of Directors'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 ability of the Group, 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 Statement 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 Group to cease to continue as a going concern.
  • Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
    • Obtain sufficient appropriate audit evidence regarding the financial statements of the entities within the Group, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Statement, of which we are the independent auditors. For the other entities included in the Statement, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
  2. We communicate with those charged with governance of the Holding Company 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.
  3. 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.
  4. We also performed procedures in accordance with SEBI Circular CIR/CFD/CMD1/44/2019 dated 29 March 2019, issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matters

  1. We did not audit the annual financial statements of seven subsidiaries included in the Statement, whose financial information reflects total assets of = 6,999.58 lakhs as at 31 March 2023, total revenues of = 315.11 lakhs, total net profit after tax of F 6.09 lakhs, total comprehensive profit of = 6.09 lakhs and cash inflows (net) of % 4.79 lakhs for the year ended on that date, as considered in the Statement. These annual financial statements have been audited by other auditors whose audit reports have been furnished to us by the management, and our opinion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the audit reports of such other auditors, and the procedures performed by us as stated in paragraph 12 above. Our opinion is not modified in respect of this matter with respect to our reliance on the work done by and the reports of the other auditors.
  2. The Statement includes the consolidated financial results for the quarter ended 31 March 2023, being the balancing figures between the audited consolidated figures in respect of the full financial year and the published
    unaudited year-to-date consolidated figures up to the third quarter of the current financial year, which were subject to limited review by us.

GEOR

we EO

Walker Chandiok &Co LLP

15. The audit of consolidated financial results for the corresponding quarter and year ended 31 March 2022

in the Statement was carried out and reported by Singhi & Co., Chartered Accountants who have included unmodified opinion vide their audit report dated 30 May 2022, whose reports has been furnished to us expressed has been relied upon by us for the purpose of our audit of the Statement. Our opinion not modified and which

this matter.respectinisof

For Walker Chandiok

& Co LLP

Chartered Accountants

Firm Registration

No.:

001076N/N500013

Manoj Kumar Gupta -_

Partner

Membership No. 083906

UDIN: 23083906BGXEKN3508

Place: Kolkata

Date: 29 May 2023

Walker Chandiok & Co LLP

Annexure 1

List of entities included in the Statement (including of Holding Company)

Name of

the

entity

Relationship

Techno Digital Infra Private Limited

Subsidiary

Techno

Data

Centre

Limited

Subsidiary

(Formerly Techno Power Grid Company Limited)

Rajgarh

Agro

Products Limited

Subsidiary

Techno Wind Power Private Limited

Subsidiary_

Techno

Green Energy

Private Limited

Subsidiary

Techno Infra Developers Private Limited

Subsidiary

Techno AMI Solutions Private Limited

Subsidiary

(Formerly Jhajjar Power Transmission Private Limited)

Chartered Accountants

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Techno Electric and Engineering Co. Ltd. published this content on 29 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2023 07:27:10 UTC.