RNIT Solutions and Services Private Limited 03rd Annual Report Summary:
RNIT Solutions and Services Private Limited (CIN: U72900TG2019PTC132226) presents its 03rd Annual Report for the financial year 2021-22. The registered office is located at Plot No. 92, 93 & 94, Sy No. 40 & 41, 1st Floor, Guttala Begumpet, Kavuri Hills, Madhapur, Hyderabad- 500034, Telangana.
**Notice to Shareholders & AGM Details**
The 03rd Annual General Meeting (AGM) of the company will be held on Friday, September 30th, 2022, at 11:00 a.m. at the registered office. The agenda includes receiving, considering, and adopting the audited Balance Sheet as of March 31st, 2022, along with the Statement of Profit and Loss and Cash Flow Statement for the year ending on that date, including all related notes and reports from the Directors and Auditors. A member entitled to attend and vote can appoint a proxy, who need not be a company member. The instrument appointing the proxy must be deposited at the registered office at least 48 hours before the meeting. The Register of Contracts or arrangements in which Directors are interested will be available for inspection by the members at the AGM.
**Directors' Report & Company Performance**
The Directors present the 03rd Annual Report along with audited accounts for the financial year ended March 31st, 2022.
In FY 2021-22, Revenue from Operations was Rs. 1,720 Lakhs, and other income was Rs. 1.64 Lakhs, totaling Rs. 1721.64 Lakhs. Total expenditure amounted to Rs. 1,478 Lakhs. The Profit before Exceptional Items and Tax was Rs. 244 Lakhs. After deducting current tax of Rs. 68.49 Lakhs and adjusting deferred tax by (0.46) Lakhs, the Profit for the Year was Rs. 176 Lakhs. Comparative figures for FY 2020-21 show Revenue from Operations at Rs. 467.92 Lakhs, Total Expenditure at Rs. 431 Lakhs, and Profit/(Loss) for the Year at Rs. 27 Lakhs. The Directors aim to capitalize on market opportunities for improved future performance. No dividend is declared as profits are to be reinvested. No amount was transferred to general reserves. There were no changes in the Board of Directors during the review period. Six Board meetings were held during the period from April 1, 2021, to March 31, 2022, specifically on April 2, 2021, April 6, 2021, July 15, 2021, November 8, 2021, December 30, 2021, and March 22, 2022.
**Compliance & Other Matters**
The company complied with all applicable secretarial standards under the Companies Act, 2013. There was no change in the nature of business. Auditors did not report any frauds under Section 143(12) of the Companies Act, 2013. An annual return is not placed on the company website due to the absence of a website. The company is focused on reducing energy consumption and achieving cost reduction. Minimal energy needs mean alternative sources are not explored, and no capital investment was made in energy conservation. Technology absorption, adaptation, and innovation are NIL. Foreign exchange earnings and outgo were NIL.
**Financial & Audit Related Information**
M/s. K R A Y & Associates, Chartered Accountants, Hyderabad, continue as statutory auditors until the conclusion of the 6th Annual General Meeting in 2025. The company did not accept public deposits under Section 73 of the Companies Act. No loans or guarantees were granted, nor were any investments made under Section 186 of the Companies Act, 2013. No materially significant related party transactions were conducted. No qualifications exist in the Auditors Report.
**Risk Management & Other Disclosures**
The company has a business risk management framework. During the year, the company accepted unsecured loans from Directors after obtaining necessary declarations under Section 73. There were no material changes affecting the company's financial position between the end of the financial year and the report date. Provisions related to the Internal Complaints Committee under the Sexual Harassment of Women at Workplace Act, 2013, are not applicable, and no complaints were received.
**Internal Controls & Responsibilities**
The company has an Internal Financial Control System. Maintenance of cost records under Section 148 of the Companies Act, 2013 is not applicable. There were no significant orders impacting the company's going concern status. No applications are pending under the Insolvency and Bankruptcy Code, 2016. There are no cases involving differences between valuation amounts during one-time settlements and loan valuations from banks or financial institutions. The company is focused on nurturing creativity and efficiency in its human capital.
**Director's Responsibility Statement**
The Board of Directors confirms that applicable accounting standards were followed, accounting policies were consistently applied, proper care was taken for maintaining adequate accounting records, annual accounts were prepared on a going concern basis, and proper systems were devised for legal compliance.
**Auditor's Report Highlights**
KRAY & Associates issued an independent auditor's report stating that the financial statements give a true and fair view in conformity with accounting principles generally accepted in India. The auditor conducted the audit in accordance with Standards on Auditing (SAs) and is independent of the company. The report includes opinions on proper books of account maintenance, compliance with Accounting Standards, and written representations from directors regarding their qualifications. The company is exempt from getting an audit opinion with respect to the adequacy of internal financial controls over financial reporting. The Company does not have any pending litigations or long-term contracts with material foreseeable losses, and no amounts were required to be transferred to the Investor Education and Protection Fund.
**Annexure 1 of Independent Auditors' Report**
The company has maintained proper records of Property, Plant, and Equipment. Fixed assets were physically verified. There are no immovable properties included in property, plant, and equipment. The company's business does not involve inventories and hence the requirements is not applicable. The Company has not been sanctioned working capital limits in excess of Rs. five crores from banks or financial institutions and the requirement to report on clause is not applicable.
**Financial Statement Summary (March 31, 2022)**
Equity and Liabilities: Shareholders' Funds totaled INR 207.78 Lakhs. Non-current Liabilities totaled INR 57.77 Lakhs, and Current Liabilities amounted to INR 135.21 Lakhs, bringing the total Equity and Liabilities to INR 400.76 Lakhs.
Assets: Non-Current Assets totaled INR 149.40 Lakhs, and Current Assets were INR 251.36 Lakhs, with the total Assets being INR 400.76 Lakhs. Revenue from operations (Net) was INR 1,720.00 Lakhs, and the Profit/(Loss) for the year was INR 175.51 Lakhs.
Net cash flows from operating activities (A) for the year ended March 31, 2022 was INR 190.42 Lakhs
Net cash used in financing activities for the year ended March 31, 2022 was (INR 218.95 Lakhs)
**Related party disclosures:** Raja Srinivas Nandigam, Neelima Nandigam and Sumithradevi Lanka are directors in the company.
