Kinet Railways Solutions Limited

S.No. Observations/Pendencies Status Inputs of ASC Team Inputs Of Kinet Team

1 MRL inculding RPT ASC Team - to share draft
2 List of Board of Directors and E-Mail ids of all the Board of Directors Pending from Kinet team Shared and closed

3 Documents Relating to Internal Financial Control with reference to Pending from Kinet team Shared and closed
Financial Statements
4 Bank Confirmation of ICICI Bank to be floated at earliest with copy to Pending from Kinet team Shared and closed
ASC team and request to be send directly
5 Declaration required for director independence Pending from Kinet team Shared and closed
6 FIRC related to issuance of share capital Obtained will revert after checking the same Shared and closed
7 FDI Permission for issuance of share capital Pending from Kinet team Shared and closed
8 Details of Commitments to be obtained Replied on email Inputs of Kinet team is not acceptable Now, disclosed in financials, please check
since already there are two key large
agreements which are under process.
Also we are not aware what all PO has
been issued.

9 Disclosure related to forex being netted off to be given in financials Pending Disclosed and closed

10 Relationship analysis with Rail vikas - whether sig influence exist? Pending RVNl is holding 25% shareholding;
yes, significant influence
11 Process to identify MSME Vendors, separate disclosure of MSME Pending "Our procurement team coordinate Shared and closed
vendors and interest calculations with vendors before taking them on
board": Post understanding of this
process, we would like to get a
confirmation from the procurement
head on MSME for FY 23-24 since the
same are important for disclosure as
well as tax computation point of view.

12 Commission related to bank guarantee requires to be shift from bank Pending Done and closed
charges to finance cost
13 Details of Bank Guarantee to be disclose as contingent liability under Pending Disclosed and closed
financials
14 Computation of Income Pending Disclosed and closed
15 Minutes of Board Meetings Obtained closed
16 Presentations and Disclosures as per INDAS Observations are mentioned in There are major gaps in the Changes done
the scan copy of the financial presentation and disclosures to be
statements provided by Kinet completed by Kinet team
team.
Observations related to Note no.
3 to 21 is being provided ASAP

17 Presentations and Disclosures as per requirements of schedule III (Part Changes done
2)
18 Accounting Policies in compliance with INDAS Changes done
19 provided Audit adjustments in next tab Kinet team to give the impact and Changes done
incorporate the same in the
financial statements and provide
the updated financials

20 Justification of Arms length price and compliance of companies act for Pending Changes done
related party transactions