You are here » Home » Companies ยป Company Overview » Tata Teleservices (Maharashtra) Ltd

Tata Teleservices (Maharashtra) Ltd.

BSE: 532371 Sector: Telecom
NSE: TTML ISIN Code: INE517B01013
BSE 00:00 | 24 Apr 2020 Tata Teleservices (Maharashtra) Ltd
NSE 05:30 | 01 Jan 1970 Tata Teleservices (Maharashtra) Ltd

Notice: Undefined property: stdClass::$market_capital_for_nse in /usr2/unibs/application/modules/live-market/views/scripts/company/bs-new-bse-nse-block.php on line 17
OPEN 3.05
PREVIOUS CLOSE 2.92
VOLUME 1236932
52-Week high 5.27
52-Week low 1.80
P/E
Mkt Cap.(Rs cr) 588
Buy Price 3.06
Buy Qty 3892.00
Sell Price 3.06
Sell Qty 87308.00
OPEN 3.05
CLOSE 2.92
VOLUME 1236932
52-Week high 5.27
52-Week low 1.80
P/E
Mkt Cap.(Rs cr) 588
Buy Price 3.06
Buy Qty 3892.00
Sell Price 3.06
Sell Qty 87308.00

Tata Teleservices (Maharashtra) Ltd. (TTML) - Auditors Report


Notice: Undefined variable: pattern in /usr2/unibs/application/modules/live-market/views/scripts/company/annual-report.php on line 72

Company auditors report

To the Members of Tata Teleservices (Maharashtra) Limited

Report on the audit of the financial statements

Opinion

1. We have audited the accompanying financial of Tata Teleservices (Maharashtra)Limited ("the Company") which comprise the balance sheet as at March 312019 and the statement of Profit and Loss (including Other Comprehensive loss) statementof changes in equity and statement of cash flows for the year then ended and notes to thefinancial statements including a summary of significant accounting policies and otherexplanatory information.

2. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2019 and total comprehensive loss(comprising of loss and other comprehensive loss) changes in equity and its cash flowsfor the year then ended.

Basis for opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

Key audit matters

4. Key audit matters are those matters that in our professional judgment were of mostsignificance 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 asa whole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

Key audit matter How our audit addressed the key audit matter
1. Accuracy of revenue recorded for telecommunication services given the complexity of the related IT systems Our audit procedures included control testing and substantive procedures covering in particular:
(Refer notes 2.3 and 23 to the financial statements) • Understanding and evaluating the relevant IT systems and design of key controls including procedures on testing of IT general controls.
The Company's revenue from telecommunication services is recorded through complex automated (IT) structure wherein the data is processed through multiple systems which requires periodic reconciliation controls to ensure completeness and accuracy. • Testing operating effectiveness of key controls over:
There is an inherent risk around the accuracy of revenue recorded given the complexity of billing rating and other relevant support systems and the impact of changing pricing models to revenue recognition (tariff structures incentive arrangements discounts etc.). a) Capturing and recording of revenue transactions;
b) Authorization of rate changes and the input of this information to the billing systems;
c) Accuracy of calculation of amounts billed to customers;
Testing the end-to-end reconciliation from billing and rating systems to the general ledger. The testing included validating material journals processed between the billing & rating system and general ledger;
• Performing tests on the accuracy of customer bill generation on a sample basis and testing of a sample of the credits and discounts applied to customer bills;
• Testing cash receipts for a sample of customers back to the customer invoice.
Based on the procedures performed above we did not find any material exceptions in the accuracy of telecommunication services revenue recognized during the year.
2. Assessment of contingent liabilities and provisions for litigations Our procedures included the following:
(Refer note 21 – "Provisions" note 31 – "Contingent Liabilities" and note 2.14 on Companies accounting policies with regard to provision and contingent liabilities.) Testing design and implementation of key controls surrounding litigation regulatory and tax procedures and assessment of probable outflow ;
There are a number of material regulatory and tax cases against the Company. Significant judgement is required in estimating / reassessing the level of provisioning and/or disclosures. The management's assessment is supported by advice from independent legal/ tax consultants obtained by them. • Discussing with the management and tax and regulatory department heads to understand significant matters under litigation;
• Reading external legal opinions obtained by management where available;
We considered this as a Key Audit Matter as the eventual outcome of litigations is uncertain and the positions taken by the Management are based on the application of significant judgement and estimation. Any unexpected adverse outcomes could significantly impact the Company's results and financial position. • Obtaining confirmations where appropriate of relevant third party legal representatives and discussing with them certain material litigation;
• Testing that the adjustments arising on account of reassessment in estimates during the year are either due to changes occurred in the circumstances on which estimate was based or as a result of more information or more experience gained during the current year.
• Assessing management's conclusions through understanding precedents in similar cases;
• For Direct and Indirect tax litigations involving auditors' tax experts to understand the current status of tax cases and monitoring changes in the disputes by reading external advice received by the Company;
• Performing detailed procedures on the underlying calculations supporting the provisions recorded and ensuring adequacy of disclosures made.
Based on the above procedures performed we have not identified any significant exceptions relating to disclosure of contingent liabilities and accounting for provisions for litigations.
3. Appropriateness of classification and measurement of assets and liabilities related to Consumer mobile business (disposal group) as held for sale and accounting for the related restructuring costs Our audit procedures included :
(Refer Note 2.26 for Accounting Policy and notes 1.2 13 22 and 30 to the financial statements) • Understanding the management's basis of identifying the assets and liabilities related to consumer mobile business.
The Company had entered into a Scheme of Arrangement for transfer of its Consumer Mobile Business (CMB) to Bharti Airtel Limited ("Bharti Airtel"). Pending requisite approvals as at March 31 2019 the Company has classified the assets and liabilities relating to CMB (disposal group) as ‘held for sale' in accordance with Ind AS 105 – ‘Non-Current Assets Held for Sale and discontinued operations' in the financial statements. • Reading the scheme related documents and agreements executed between the company and Bharti Airtel for identification of the assets and liabilities to be transferred to Bharti Airtel.
The application of Ind AS 105 involves significant management judgements in respect of identification of assets appropriateness of restructuring costs recognised by the and liabilities related to the disposal group and assessment/ re-assessment of fair value of assets and liabilities included in the disposal group as at reporting date. • Verifying correct identification of the assets and liabilities relating to the disposal group and ensuring accuracy and completeness of the balances to be transferred and their classification as held for sale in the financial statements.
• Assessing/reassessing the carrying values of assets classified as held for sale as the lower of the carrying amount and fair value less cost to sell.
• Evaluating management's judgement involved in determining the operations of CMB as not a separate Cash Generating Unit.
• Verifying the underlying agreements to assess the Company.
Further the Company has incurred significant restructuring costs in relation to the proposed transfer of CMB which have been classified as exceptional items in the Statement of Profit and Loss. • Assessing the appropriateness of the disclosures made in financial statements.
This has been considered as a key audit matter in view of significance of the amounts and the assessment of the classification and measurement in accordance with Ind AS 105 being complex non-routine and involving significant management judgements. Based on the above procedures performed we noted that the management assessment of classification and measurement of the disposal group as held for sale and the accounting of related restructuring costs to be appropriate.
4. Assessment of Going Concern as a basis of accounting: Our procedures included the following :
(Refer note 1.3 to the financial statements) • Obtained the management assessment of appropriateness of Going Concern basis of accounting.
The Company has incurred losses during the current year and in earlier years. Its net worth is eroded and the current liabilities exceed its current assets as at that March 31 2019. • Discussed with the management on future business and their plans to ensure that the company is able to meet its financial obligations in the foreseeable future. Read the minutes of board of directors meeting for discussion on future business plans and on liquidating certain assets to ensure availability of liquid funds.
These may create a doubt regarding the Company's ability to continue as a going concern. • Verified the support letter obtained by the Company from its Promoter indicating that Promoter will take necessary actions to organize for any shortfall in liquidity in Company that may arise to meets its financial obligations and timely repayment of debt during the period of 12 months from the balance sheet date.
However the financial statements have been prepared on a going concern basis in view of the financial support from the promoter company and the management's plan to generate cash flows through operations and sale of certain assets which would enable the Company to meet its financial obligations as and when they fall due. • Verified the financial ability of the Promoter Company to support the Company from the latest audited financial statements of the Promoter Company.
We considered this to be a key audit matter because management's assessment is largely dependent on the support letter obtained from its Promoter Company. • Verified that the promoter company has supported the Company in the past when the need arose. Based on the above procedures we noted the management assessment of going concern basis of accounting as appropriate.

Other Information

5. The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management Discussion and AnalysisDirectors' Report Corporate Governance Report and Other Information included in AnnualReport but does not include the financial statements and our auditor's report thereon.

Our opinion on the financial statements does the other information and we do notexpress any form of assurance conclusion thereon.

In connection with our audit of the financial our responsibility is to read the otherinformation and in doing so consider whether the other information is materiallyinconsistent with the financial statements or our knowledge obtained in the audit orotherwise appears to be materially misstated. If based on the work we have performed weconclude that there is a material misstatement of this other information we are requiredto report that fact. We have nothing to report in this regard.

Responsibilities of management and those charged with governance for the financialstatements

6. The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance changes in equityand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under section 133 of theAct. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

7. In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's responsibilities for the audit of the financial statements

8. Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

9. As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances; Under Section 143(3)(i) of theAct we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe 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'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

10. We communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

11. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

12. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the financial statements ofthe current period and are therefore the key audit matters. We describe these matters inour auditor's report unless law or regulation precludes public disclosure about the matteror when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirements

13. As required by the Companies (Auditor's Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure B a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

14. As required by Section 143(3) of the Act we report that:

(a) We have sought and obtained all the information explanations which to the best ofour knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit (including other comprehensive loss)the Statement of Changes in Equity and Cash Flow Statement dealt with by this Report arein agreement with the books of account.

(d) In our opinion the aforesaid financial statements with the Accounting Standardsspecified under Section133 of the Act.

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

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A".

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition in its financial statements Refer Note 31 to the financial statements;

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts – Refer Note 43 to the financial statements;

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year ended March 31 2019. and iv.The reporting on disclosures relating to Specified Bank Notes is not applicable to theCompany for the year ended March 31 2019.

For Price Waterhouse Chartered Accountants LLP
Firm Registration No. 012754N/N500016
Chartered Accountants
Nitin Khatri
Place : Mumbai Partner
Date : May 29 2019 Membership No. 110282

Annexure A to Independent Auditors' Report

Referred to in paragraph 14(f) of the Independent Auditors' Report of even date to themembers of Tata Teleservices (Maharashtra) Limited on the financial statements for theyear ended March 31 2019

Report on the Internal Financial Controls with reference to financial statements underClause (i) of Sub-section 3 of Section 143 of the Act

1. We have audited the internal financial controls reference to financial statements ofTata Teleservices (Maharashtra) Limited ("the Company") as of March 312019 in conjunction with our audit of the financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") and the Standards on Auditing deemedto be prescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of internal financial controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls with reference to financial statementswas established and maintained and if such controls operated effectively in all materialrespects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system with reference to financial statements and theiroperating effectiveness. Our audit of internal with financial controls with reference tofinancial statements included obtaining an understanding of internal financial controlswith reference to financial statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgement including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemwith reference to financial statements.

Meaning of Internal Financial Controls with reference to financial statements

6. A company's internal financial controls with reference to financial statements 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 controlswith reference to financial statements includes those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the financialstatements.

Inherent Limitations of Internal Financial Controls with reference to financialstatements

7. Because of the inherent limitations of internal financial controls with reference tofinancial statements 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 withreference to financial statements to future periods are subject to the risk that theinternal financial control with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

Opinion

8. In our opinion the Company has in all respects an adequate internal financialcontrols system with reference to financial statements and such internal financialcontrols with reference to financial statements were operating effectively as at March 312019 based on the internal control over financial reporting criteria 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 Price Waterhouse Chartered Accountants LLP
Firm Registration No. 012754N/N500016
Chartered Accountants
Nitin Khatri
Place : Mumbai Partner
Date : May 29 2019 Membership No. 110282

Annexure B to Independent Auditors' Report

Referred to in paragraph 13 of the Independent Auditors' Report of even date to themembers of Tata Teleservices (Maharashtra) Limited on the financial statements as of andfor the year ended March 31 2019

i. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b). The fixed assets are physically verified by the Management according to a phasedprogramme designed to cover all the items over a period of three years which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. Pursuant to the programme a portion of the fixed assets has been physicallyverified by the Management during the year and no material discrepancies have been noticedon such verification.

(c). The title deeds of immovable properties as disclosed in Note 3 on fixed assets tothe financial statements are held in the name of the Company.

ii. The physical verification of inventory conducted at reasonable intervals by theManagement during the year. The discrepancies noticed on physical verification ofinventory as compared to book records were not material.

iii. The Company has not granted any loans or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under Section189 of the Act. Therefore the provisions of Clause 3(iii) (iii)(a) (iii)(b) and(iii)(c) of the said Order are not applicable to the Company.

iv. The Company has not granted any loans or made any investments or provided anyguarantees or security to the parties covered under Section 185 and 186.

Therefore the provisions of Clause 3(iv) of the said Order are not applicable to theCompany.

v. The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the Rules framed there under to the extentnotified.

vi. Pursuant to the rules made by the Central Government of India the Company isrequired to maintain cost records as specified under Section 148(1) of the Act in respectof its products.

We have broadly reviewed the same and are of the opinion that prima facie theprescribed accounts and records have been made and maintained. We have not however madea detailed examination of the records have been with a view to determine whether they areaccurate or complete.

vii. (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is regular in secured depositingthe undisputed statutory dues including provident fund employees' state insuranceincome tax sales tax service tax duty of customs duty of excise value added taxcess goods and service tax and other material statutory dues as applicable with theappropriate authorities.

Also refer note 31(vii) to the financial statements regarding management's assessmenton certain matters relating to provident fund.

(b). According to the information and explanations given to us and the records of theCompany examined by us there are no dues of Income tax goods and service tax duty ofcustoms duties of excise Sales tax & cess which have not been deposited on accountof any dispute. The particulars of dues of VAT and service-tax as at March 31 2019 whichhave not been deposited on account of a dispute are as follows:

Name of the statute Nature of dues Amount (Rs. in crores)# Period to which the amount relates Forum where the dispute is pending
Value Added Tax Act VAT demand including interest and penalty as applicable 0.11 2007-08 Joint commissioner of sales tax (Appeals) Navi Mumbai
Service Tax under Finance Act 1994 Service tax demand including interest and penalty as applicable 252.55 2007-08 to 2013-14 CESTAT-Mumbai
0.10 2012-13 to 2014-15 Commissioner of Service Tax - Mumbai
1.50 2014-15 Commissioner CGST-Raigad (Appeals)
24.69 2008-09 to 2011-12 Commissioner Service tax Mumbai-II
2.57 2004-05 to 2009-10 High Court

viii. According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any financial institution or bank or Government or dues to debenture holders as at thebalance sheet date.

ix. In our opinion and according to the information explanations given to us themoneys raised by way of term loans have been applied for the purposes for which they wereobtained.

x. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

xi. As the Company has not paid/ provided for managerial remuneration during the yearthe provisions of Clause 3(xi) of the Order are not applicable to the Company.

xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto it the provisions of Clause 3(xii) of the Order are not applicable to the Company.

xiii. The Company has entered into transactions with related parties in compliance withthe provisions of Sections 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the financial statements as required under IndianAccounting Standard (Ind AS) 24 Related Party Disclosures specified under Section 133 ofthe Act.

xiv. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Accordingly theprovisions of Clause 3(xiv) of the Order are not applicable to the Company.

xv. The Company has not entered into any non cash transactions with its directors orpersons connected with him. Accordingly the provisions of Clause 3(xv) of the Order arenot applicable to the Company.

xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For Price Waterhouse Chartered Accountants LLP
Firm Registration No. 012754N/N500016
Chartered Accountants
Nitin Khatri
Place : Mumbai Partner
Date : May 29 2019 Membership No. 110282


Notice: Undefined variable: mediaAbsUrl in /usr2/unibs/application/modules/live-market/controllers/CompanyController.php on line 6061