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IIFL Finance Ltd.

BSE: 532636 Sector: Financials
NSE: IIFL ISIN Code: INE530B01024
BSE 00:00 | 24 Apr IIFL Finance Ltd
NSE 05:30 | 01 Jan IIFL Finance Ltd
OPEN 76.10
PREVIOUS CLOSE 77.85
VOLUME 3846
52-Week high 229.36
52-Week low 69.65
P/E 23.71
Mkt Cap.(Rs cr) 2,817
Buy Price 74.20
Buy Qty 150.00
Sell Price 75.75
Sell Qty 2.00
OPEN 76.10
CLOSE 77.85
VOLUME 3846
52-Week high 229.36
52-Week low 69.65
P/E 23.71
Mkt Cap.(Rs cr) 2,817
Buy Price 74.20
Buy Qty 150.00
Sell Price 75.75
Sell Qty 2.00

IIFL Finance Ltd. (IIFL) - Auditors Report


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Company auditors report

To The Members of IIFL Holdings Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements ofIIFL Holdings Limited ("the Company") which comprise the Balance Sheet as at31st March 2019 and the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Cash Flows and the Statement of Changes in Equity for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at 31 March 2019and its profit total comprehensive income its cash flows and the changes in equity forthe year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing specified under section 143(10) of the Act(SAs). Our responsibilities under those Standards are further described in the Auditor'sResponsibility 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 theInstitute of Chartered Accountants of India (ICAI) together with the ethical requirementsthat are relevant to our audit of the standalone financial statements under the provisionsof the Act and the Rules made thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics. Webelieve that the audit evidence obtained by us and the audit evidence obtained by theother auditors in terms of their report referred to in the Other Matters section below issufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial statements.

Emphasis of Matter

We draw attention Note No. 34.1 to the standalone financial statementswhich describes the reasons for implementation of the Composite Scheme of Arrangementamongst the Company India Infoline Media and Research Services Limited IIFL SecuritiesLimited IIFL Wealth Management Limited India Infoline Finance Limited IIFL DistributionServices Limited and their respective shareholders under Sections 230 - 232 and otherapplicable provisions of the Companies Act 2013 (the "Scheme")in Parts basedon the legal opinion obtained by the Company. The Scheme has been approved by the NationalCompany Law Tribunal vide its order dated 07 March 2019 and filed with the Registrar ofCompanies on 11 April 2019.

Our report is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Key Audit Matter Auditor's Response
1 Accounting for Composite Scheme of Arrangement: Principal audit procedures performed:
On January 31 2018 the Board of Directors of IIFL Holdings Limited (the "Holding Company") approved the draft composite scheme of arrangement amongst IIFL Holdings Limited India Infoline Media & Research Services Limited India Infoline Limited IIFL Wealth Management Limited India Infoline Finance Limited and IIFL Distribution Services Limited and their respective shareholders ("Scheme") under sections 230 -232 and other applicable provisions of the Companies Act 2013. The Holding Company received shareholders' approval on December 12 2018. Further the Holding Company received the National Company Law Tribunal (NCLT) Mumbai approval on March 7 2019 and filed the scheme with the Registrar of Companies (ROC) Mumbai on April 112019. As at the date of filing of the Scheme with the ROC the Company had not received the final approval from the Reserve Bank of India (RBI) for transfer of Non-Banking Finance Company (NBFC) business license from India Infoline Finance Limited to IIFL Holdings Limited and had requested the ROC to permit refiling of the Scheme after receipt of all the approvals. - We obtained and read the Composite Scheme of Arrangement under sections 230 and 232 and other applicable provisions of the Companies Act 2013.
- We obtained and read the NCLT order March 7 2019 approving the scheme.
- We obtained and read the letter dated April 11 2019 filed with the ROC.
- We obtained and read the legal consultation obtained by the Management confirming the implementation of Scheme in Parts.
- We evaluated the management's conclusions on the accounting for the scheme of demerger in parts.
- We performed procedures to verify the completeness and accuracy of the assets and liabilities pertaining to the demerged business undertakings as identified by the management of the Company including their measurement and presentation in accordance with IND AS 103.
- Our procedures included but were not restricted to:
Pending the approval for transfer of NBFC business license with the necessary legal consultation the Board of Directors of the Holding Company have decided to give effect to the Scheme in Parts. • Verifying the basis of allocation of assets and liabilities to the demerged business undertakings including assumptions and estimates used by the Management for recording the same.
Accounting for Composite Scheme of Arrangement is considered to be a key audit matter because the transaction and its accounting is non-routine and involves significant management judgements. • Computation of Capital Reserve to be recorded in the books of the Company upon transfer of net assets and liabilities pertaining to the demerged business undertakings.
Refer note 34.1 of the standalone financial statements.

Information Other than the Financial Statements and

Auditor's Report Thereon

• The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Director'sreport but does not include the standalone financial statements and our auditor's reportthereon. The Director's report is expected to be made available to us after the date ofthis auditor's report.

• Our opinion on the standalone financial statements does notcover the other information and we do not express any form of assurance conclusionthereon.

• In connection with our audit of the standalone financialstatements our responsibility is to read the other information and in doing so considerwhether the other information is materially inconsistent with the standalone financialstatements or our knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.

• When we read the Director's report if we conclude that there isa material misstatement therein we are required to communicate the matter to thosecharged with governance as required under SA 720 'The Auditor's responsibilities Relatingto Other Information'.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these standalone financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income cash flows and changes in equity of the Company inaccordance with the Ind AS and other accounting principles generally accepted in India.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the standalone financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibility for the Audit of the Standalone FinancialStatements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue 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 auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal financial control relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the standalone financialstatements may be influenced. We consider quantitative materiality and qualitative factorsin (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 financialstatements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Other Matters

We did not audit the financial statements of India Infoline Media andResearch Services Limited ("IMRL") which has been merged with the Company witheffect from April 1 2017 as per the Scheme whose financial statements reflect totalassets of Rs 267.28 million as at March 31 2018 and Rs 248.09 million as at April 012017 total revenues of Rs 164.19 million and net cash inflows 25.79 million for the yearended March 31 2018 as considered in the standalone financial statements. Thesefinancial statements have been audited by other auditors whose report has been furnishedto us by the Management and our opinion on the standalone financial statements in so faras it relates to the amounts and disclosures included in respect of IMRL and our report interms of subsection (3) of the Section 143 of the Act in so far as it relates to the IMRLis based solely on the report of the other auditors.

Our opinion on the standalone financial statements and our report onOther Legal and Regulatory Requirements below is not modified in respect of this matter.

The comparative financial information of the Company for the year ended31st March 2018 and the related transition date opening balance sheet as at 1st April 2017included in these standalone financial statements have been prepared after adjustingpreviously issued the standalone financial statements prepared in accordance with theCompanies (Accounting Standards) Rules 2006 to comply with Ind AS. Adjustments made tothe previously issued standalone financial statements to comply with Ind AS have beenaudited by us.

Our opinion on the standalone financial statements is not modified inrespect of the above matter on the comparative financial information.

Report on other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit wereport that:

a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b) In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income the Statement of Cash Flows and Statement of Changes in Equity dealtwith by this Report are in agreement with the relevant books of account.

d) In our opinion the aforesaid standalone financial statements complywith the Ind AS specified under Section 133 of the Act.

e) On the basis of the written representations received from thedirectors as on 31st March 2019 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2019 from being appointed as a director interms of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure A" Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols over financial reporting.

g) With respect to the other matters to be included in the Auditor'sReport in accordance with the requirements of section 197(16) of the Act as amended inour opinion and to the best of our information and according to the explanations given tous the remuneration paid by the Company to its directors during the year is in accordancewith the provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us:

i) The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements.

ii) The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

iii) There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

2. As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central Government in terms of Section 143(11) ofthe Act we give in "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the Order.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Pallavi A. Gorakshakar
(Partner)
(Membership No.105035)
Mumbai May 15 2019

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under 'Report on Other Legal andRegulatory Requirements' section of our report of even date)

Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financialreporting of IIFL Holdings Limited ("the Company") as of March 31 2019 inconjunction with our audit of the standalone Ind AS financial statements of the Companyfor the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting of the Company based on our audit. Weconducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting (the "Guidance Note") issued by the Instituteof Chartered Accountants of India and the Standards on Auditing prescribed under Section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to theexplanations given to us the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 312019 based on thecriteria for internal financial control over financial reporting established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Pallavi A. Gorakshakar (Partner)

(Membership No.105035)

Mumbai May 15 2019

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under 'Report on Other Legal and RegulatoryRequirements' section of our report of even date)

(i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) The Company has a program of verification of fixed assets to coverall the items at major locations in a phased manner over a period of three years which inour opinion is reasonable having regard to the size of the Company and the nature of itsassets. Pursuant to the program no physical verification has been conducted by themanagement during the year.

(c) The Company does not have any immovable properties of freehold orleasehold land and building and hence reporting under clause (i)(c) of the CARO 2016 isnot applicable.

(ii) The Company does not have any inventory and hence reporting underclause (ii) of the CARO 2016 is not applicable.

(iii) The Company has not granted any loans secured or unsecured tocompanies firms Limited Liability Partnerships or other parties covered in the registermaintained under section 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Sections 185 and 186 of theCompanies Act 2013 in respect of grant of loans making investments and providingguarantees and securities as applicable.

(v) According to the information and explanations given to us theCompany has not accepted any deposit during the year. Hence reporting under clause (v) ofCARO 2016 is not applicable to the Company

(vi) Having regard to the nature of the Company's business /activities reporting under clause (vi) CARO 2016 is not applicable.

(vii) According to the information and explanations given to us inrespect of statutory dues:

(a) The Company has generally been regular in depositing undisputedstatutory dues including Provident Fund Employees' State Insurance Income-tax Goodsand Services Tax cess and other material statutory dues applicable to it to theappropriate authorities. We are informed that the provisions of Sales Tax Customs Dutyand Excise Duty are not applicable to the Company.

(b) There were no undisputed amounts payable in respect of ProvidentFund Employees' State Insurance Income-tax Goods and Services Tax cess and othermaterial statutory dues in arrears as at March 312019 for a period of more than sixmonths from the date they became payable.

(c) Details of dues of Income-tax Services Tax and Profession Taxwhich have not been deposited as on 31 March 2019 on account of disputes are given below:

Name of Statute Nature of Dues Forum where Dispute is Pending Period to which the Amount Relates Amount Unpaid (Rs In Millions) Amount Deposited under protest
(Rs In Millions)
Income Tax Act 1961 Income Tax High Court A.Y 2008-09 - 21.97
Income Tax Act 1961 Income Tax High Court A.Y 2009-10 - 19.61
Income Tax Act 1961 Income Tax CIT(A) A.Y 2010-11 21.95 42.63
Income Tax Act 1961 Income Tax CIT(A) A.Y 2011-12 25.39 17.12
Income Tax Act 1961 Income Tax CIT(A) A.Y 2012-13 73.75 48.97
Income Tax Act 1961 Income Tax CIT(A) A.Y 2013-14 9.55 42.7
Income Tax Act 1961 Income Tax CIT(A) A.Y 2016-17 61.44 15.4
Income Tax Act 1961 Income Tax CIT(A) A.Y 2017-18 38.50 21.85
The Finance Act 1994 Service Tax Adjudicating Authority Apr 2007 - Mar 2012 1.10 0.04
The Finance Act 1994 Service Tax CESTAT Mumbai April 2007 to 13 May 2008 57.94 2.15
Name of Statute Nature of Dues Forum where Dispute is Pending Period to which the Amount Relates Amount Unpaid Amount Deposited under protest
(Rs In Millions) (Rs In Millions)
The Finance Act 1994 Service Tax CESTAT Mumbai July 2012 to March 2014 86.97 3.39
The Finance Act 1994 Service Tax CESTAT Mumbai April 2008 to March 2012 244.92 9.54
The Finance Act 1994 Service Tax Commissioner Appeals April 2007 to March 2013 23.04 1.20
The Finance Act 1994 Service Tax CESTAT Mumbai July 2012 to March 2014 177.08 13.34
The Finance Act 1994 Professional Tax Commissioner Appeals F.Y 2007-08 1.09 0.47

(viii) The Company has not taken any loans or borrowings from financialinstitutions banks and government or has not issued any debentures. Hence reporting underclause (viii) of CARO 2016 is not applicable to the Company.

(ix) The Company has not raised moneys by way of initial public offeror further public offer (including debt instruments) or term loans and hence reportingunder clause (ix) of the CARO 2016 Order is not applicable.

(x) To the best of our knowledge and according to the information andexplanations given to us no fraud by the Company and no material fraud on the Company byits officers or employees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanationsgiven to us the Company has paid / provided managerial remuneration in accordance withthe requisite approvals mandated by the provisions of section 197 read with Schedule V tothe Companies Act 2013 and the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014.

(xii) The Company is not a Nidhi Company and hence reporting underclause (xii) of the CARO 2016 Order is not applicable.

(xiii) In our opinion and according to the information and explanationsgiven to us the Company is in compliance with Section 177 and 188 of the Companies Act2013 where applicable for all transactions with the related parties and the details ofrelated party transactions have been disclosed in the financial statements etc. asrequired by the applicable accounting standards.

(xiv) During the year the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures andhence reporting under clause (xiv) of CARO 2016 is not applicable to the Company.

(xv) In our opinion and according to the information and explanationsgiven to us during the year the Company has not entered into any non-cash transactionswith its directors or directors of its subsidiary companies or persons connected with themand hence provisions of section 192 of the Companies Act 2013 are not applicable.

(xvi) As per the Reserve Bank of India's Circular "DNBR.PD.001/03.10.119/2016-17" dated August 25 2016 the Company is exempted from registrationunder section 45-IA of the Reserve Bank of India Act 1934.

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm's Registration No. 117366W/W-100018)
Pallavi A. Gorakshakar
(Partner)
Mumbai May 15 2019 (Membership No.105035)