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Trident Ltd.

BSE: 521064 Sector: Industrials
NSE: TRIDENT ISIN Code: INE064C01022
BSE 00:00 | 24 Apr Trident Ltd
NSE 05:30 | 01 Jan Trident Ltd
OPEN 5.25
PREVIOUS CLOSE 5.08
VOLUME 727297
52-Week high 8.45
52-Week low 3.05
P/E 5.79
Mkt Cap.(Rs cr) 2,507
Buy Price 4.91
Buy Qty 6032.00
Sell Price 4.92
Sell Qty 5.00
OPEN 5.25
CLOSE 5.08
VOLUME 727297
52-Week high 8.45
52-Week low 3.05
P/E 5.79
Mkt Cap.(Rs cr) 2,507
Buy Price 4.91
Buy Qty 6032.00
Sell Price 4.92
Sell Qty 5.00

Trident Ltd. (TRIDENT) - Auditors Report


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Company auditors report

To the Members of

Trident Limited

REPORT ON THE AUDIT OF THE STANDALONE IND AS FINANCIAL STATEMENTS

Opinion

We have audited the accompanying standalone Ind AS financial statements of TridentLimited ("the Company") which comprise the Balance sheet as at March 31 2019the Statement of Profit and Loss including the statement of Other Comprehensive Incomethe Cash Flow Statement and the Statement of Changes in Equity for the year then endedand notes to the financial statements including a summary of significant accountingpolicies and other explanatory information (hereinafter referred to as "standaloneInd AS financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Companies Act 2013 as amended ("the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2019its profit including other comprehensive income its cash flows and the changes in equityfor the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing (SAs) as specified under Section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the ‘Auditor’sResponsibilities for the Audit of the Standalone Ind AS Financial Statements’ sectionof 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 theethical requirements 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 audit opinion on the standalone Ind AS financial statements.

Emphasis of Matter

"As more fully explained in Note 53 to these standalone Ind AS financialstatements the Balance Sheet and Statement of Profit and Loss including the statement ofOther Comprehensive Income for the years ended March 31 2018 and March 31 2017 have beenrestated in accordance with the Ind AS 8 Accounting Policies Changes in AccountingEstimates and Errors for rectification of errors relating to the deferred tax liabilityand the fair value gain on land recorded as at April 1 2015 which was presented in thestandalone Ind AS financial statements for the year ended March 31 2017. At April 12015 the Company had recorded deferred tax liability considering the book value of landacquired in business combination instead of their cost to the previous owners andinadvertent recognition of land which was derecognized prior to April 01 2017 at fairvalue. The standalone Ind AS financial statements of the Company for the year ended March31 2017 were audited by another auditor who expressed an unmodified opinion on thosestatements vide their audit report dated May 09 2017. These rectification adjustmentshave resulted in increase of "Deferred Tax Liabilities (net)" by Rs. 1296.4million as at April 1 2017 (Rs. 1275.0 million as at March 31 2018) decrease in"Freehold Land" under the head "Property Plant and Equipment" by Rs.877.1 million as at April 1 2017 (Rs. 877.1 million as at March 31 2018) and decreasein "Other Equity" by Rs. 2173.5 million as at April 1 2017 (Rs. 2152.1million as at March 31 2018). Further there is no impact on the standalone profit beforetax for the year ended March 31 2018. However standalone profit after tax has increasedby Rs. 21.4 million for the year ended March 31 2018 due to accounting of deferred taxliabilities. Our opinion is not qualified in respect of this matter."

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone Ind AS financial statements for the financialyear ended March 31 2019. These matters were addressed in the context of our audit of thestandalone Ind AS financial statements as a whole and in forming our opinion thereon andwe do not provide a separate opinion on these matters. For each matter below ourdescription of how our audit addressed the matter is provided in that context.

We have determined the matter described below to be the key audit matters to becommunicated in our report. We have fulfilled the responsibilities described in theAuditor’s responsibilities for the audit of the standalone Ind AS financialstatements section of our report including in relation to these matters. Accordingly ouraudit included the performance of procedures designed to respond to our assessment of therisks of material misstatement of the standalone Ind AS financial statements. The resultsof our audit procedures including the procedures performed to address the matters belowprovide the basis for our audit opinion on the accompanying standalone Ind AS financialstatements.

Key audit matters How our audit addressed the key audit matter
Assessment of Impairment of Sheeting Division and Leasehold Land of the Company (as described in note 52 of the standalone
Ind AS financial statements)
a) The Company had setup its sheeting division in the year 2015- 16. This division manufactures various line of bed sheets. The division has been incurring losses however the division has earned profit before depreciation during the year. As a result there is a risk that the carrying value of related property plant and equipment (PPE) and other non-current assets of the division may be higher than their recoverable amount. • We understood management’s controls over the assessment of the carrying value of property plant and equipment and other non-current assets to determine whether any asset impairment was required.
b) Further the Company is having a leasehold land at Mohali which is not getting utilized at present and also there are restrictions on transfer of this land by the Company. Hence there is a risk that the carrying value of leasehold land may be higher than their recoverable amount. • In conjunction with review by specialists we evaluated the Company’s assumptions and estimates used to determine the recoverable amount of the sheeting division and the leasehold land including those relating to long-term growth rates margins and discount rates with reference to external data such as economic and industry forecasts comparable companies as well as internally developed discount rates.
The carrying value of PPE and other non-current assets of a) and b) above as at March 31 2019 is Rs. 5648.3 million. • We tested on a sample basis the mathematical accuracy of the cash flow models and agreed relevant data to approved budgets and latest forecasts.
Our audit focused on these areas because of the relative significance of the amount invested in above PPE and non- current assets to the standalone Ind AS financial statements and the fact that assessment of recoverable value for impairment assessment requires management to make a number of key judgements and estimates with respect to the future performance profitability and usage including judgements and estimates on future growth rates of revenue and the impact of the general economic environment (including competitors). • We performed sensitivity analysis in relation to the key assumptions with particular focus on drivers of the growth rates margins and discount rate used in the impairment models.
• We assessed the adequacy of the disclosures included at Note 52 to the standalone Ind AS financial statements.

Other Information

The Company’s Board of Directors is responsible for the other information. Theother information comprises the information included in the Annual report but dœsnot include the standalone Ind AS financial statements and our auditor’s reportthereon.

Our opinion on the standalone Ind AS financial statements dœs not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone Ind AS financial statements ourresponsibility is to read the other information and in doing so consider whether suchother information is materially inconsistent with the Standalone Ind AS financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated. If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone IndAS Financial Statements

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 standalone Ind AS 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 accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) specified under Section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and the designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone Ind AS financial statements management is responsible forassessing the Company’s ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those charged with Governance are also responsible for overseeing the Company’sfinancial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Ind AS FinancialStatements

Our objectives are to obtain reasonable assurance about whether the standalone Ind ASfinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor’s report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these standalone Ind AS financial statements.

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

• Identify and assess the risks of material misstatement of the standalone Ind ASfinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order todesign 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 Company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

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

• Conclude on the appropriateness of management’s use of the going concernbasis 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 financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor’s report. However future events or conditions may cause theCompany to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of the standalone IndAS financial statements including the disclosures and whether the standalone Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation. We communicate with those charged with governance regardingamong other matters the planned scope and timing of the audit and significant auditfindings including any significant defficiencies in internal control that we identifyduring our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and communicate with them allrelationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone Ind AS financialstatements for the financial year ended March 31 2019 and are therefore the key auditmatters. We describe these matters in our auditor’s report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

Other Matter

The information as at April 1 2017 and March 31 2018 has been reclassified from thefinancial statements previously presented to conform to the presentation of the financialstatements for the year ended March 31 2019 with reference to Note 54 to the standaloneInd AS financial statements which describes the nature and impact of suchreclassification.

Report on Other Legal and Regulatory Requirements

1. 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 1" a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

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

(a) We have sought and obtained all the information and explanations which to the bestof our 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 and Loss including the Statement ofOther Comprehensive Income the Cash Flow Statement and Statement of Changes in Equitydealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Companies(Indian Accounting Standards) Rules 2015 as amended;

(e) On the basis of the written representations received from the directors as on March31 2019 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2019 from being appointed as a director in terms of Section 164 (2) of theAct;

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company with reference to these standalone Ind AS financial statementsand the operating effectiveness of such controls refer to our separate Report in"Annexure 2" to this report;

(g) In our opinion the managerial remuneration for the year ended March 31 2019 hasbeen paid / provided by the Company to its directors in accordance with the provisions ofSection 197 read with Schedule V to the Act;

(h) 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements – Refer Note 32(A) to thestandalone Ind AS financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses. Refer Note 45 to the standalone Ind ASfinancial statements;

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

For S.R. BATLIBOI & CO. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Anil Gupta
Place of Signature: New Delhi Partner
Date: May 13 2019 Membership Number: 87921

Annexure 1 referred to in paragraph 1 under the heading "Report on other legal andregulatory requirements" of our report of even date

(i)(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of property plant and equipment.

(i)(b) The Company has a program of verification of property plant and equipment tocover most of the items in a phased manner over a period of three years which in ouropinion is reasonable having regard to the size of the Company and nature of its assets.Pursuant to the program certain property plant and equipment were physically verified bythe management during the year. According to the information and explanations given to usno material discrepancies were noticed on such verification.

(i)(c) According to the information and explanations given by the management the titledeeds of immovable properties included in property plant and equipment are held in thename of the Company.

(ii) The management has conducted physical verification of inventory at reasonableintervals during the year and no material discrepancies were noticed on such physicalverification. However in respect of certain items the inventories were verified by themanagement on a visual estimation which has been relied upon by us. Inventories lying withthird parties have been confirmed by them as at year end and no material discrepancieswere noticed in respect of such confirmations.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms limited liabilitypartnerships or other parties covered in the register maintained under Section 189 of theCompanies Act 2013. Accordingly the provisions of clause 3(iii) (a) (b) and (c) of theOrder are not applicable to the Company and hence not commented upon.

(iv) In our opinion and according to the information and explanations given to usthere are no loans guarantees and securities given in respect of which provisions ofSection 185 of the Companies Act 2013 apply and hence not commented upon. In our opinionand according to the information and explanations given to us there are no loansinvestments and securities given in respect of which Section 186 of the Companies Act2013 is applicable. In our opinion and according to the information and explanations givento us provisions of Section 186 of the Companies Act 2013 in respect of guarantees givenhave been complied with by the Company.

(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records underSection 148(1) of the Companies Act 2013 related to the manufacture of its products andare of the opinion that prima facie the specified accounts and records have been made andmaintained. We have not however made a detailed examination of the same.

(vii) (a) Undisputed statutory dues including provident fund employees’ stateinsurance income-tax sales-tax service tax duty of custom duty of excise value addedtax goods and service tax cess and other statutory dues have generally been regularlydeposited with the appropriate authorities though there has been a slight delay in a fewcases.

(vii) (b) According to the information and explanations given to us no undisputedamounts payable in respect of provident fund employees’ state insurance income-taxservice tax sales-tax duty of custom duty of excise value added tax goods and servicetax cess and other statutory dues were outstanding at the year end for a period of morethan six months from the date they became payable.

(vii) (c) According to the records of the Company the dues of income-tax sales-taxservice tax duty of custom duty of excise value added tax and cess on account of anydispute are as follows:

Nature of Statute Nature of Dues Amount (Rs. in million) Period to which the Amount relate Forum where dispute is pending
Central Sales Tax Act 1956 Sales tax 0.4 2010-11 MP Commercial Tax Appellate Board
Building and other construction workers (regulation of employment and conditions of service) Act 1996 Building Cess 8.1 From FY 2007 – 2009 till June 30 2017 High Court of Madhya Pradesh
Income Tax Act 1961 Income Tax (including interest) 1.5 2004 - 05 Assessing Officer
Income Tax Act 1961 Income Tax (including interest) 0.6 2013 - 14 ITAT

The following matters have been decided in the favour of the Company although thedepartment has preferred appeals at higher levels:

Nature of Statute Nature of Dues Amount (Rs. in million) Period to which the Amount relate Forum where dispute is pending
Central Excise Act 1944 Excise Duty 10.7 2013 – 14 High Court Chandigarh
Income Tax Act 1961 Income Tax (including interest) 25.2 Assessment year 2014-15 and 2015-16 Income Tax Appellate Tribunal
Income Tax Act 1961 Income Tax (including interest and penalty) 253.3 Assessment year 1989-1990 1999- 2000 2004-2005 2005-2006 2006- 2007 2008-2009 2009-2010 and 2010-2011 High Court

(viii) In our opinion and according to the information and explanations given by themanagement the Company has not defaulted in repayment of loans or borrowing to afinancial institution or banks. Further the Company did not have any outstandingdebentures and loan from Government during the year.

(ix) In our opinion and according to the information and explanations given by themanagement the Company has utilized the monies raised by way of term loans for thepurposes for which they were raised. According to the information and explanations givenby the management the Company has not raised any money by way of initial public offer /further public offer and debt instruments during the year hence not commented upon.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud by the Company or no fraud on the Companyby the officers and employees of the Company has been noticed or reported during the year.

(xi) According to the information and explanations given by the management themanagerial remuneration has been paid/provided in accordance with the requisite approvalsmandated by the provision of Section 197 read with Schedule V to the Companies Act 2013.

(xii) In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the Order are not applicable to the Company and hence not commented upon.

(xiii) According to the information and explanations given by the managementtransactions with the related parties are in compliance with Sections 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the notes tothe financial statements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence reporting requirements under clause 3(xiv) of the order are notapplicable to the Company and not commented upon.

(xv) According to the information and explanations given by the management the Companyhas not entered into any non-cash transactions with directors or persons connected withhim as referred to in Section 192 of Companies Act 2013.

(xvi) According to the information and explanations given to us the provisions ofSection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For S.R. BATLIBOI & CO. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Anil Gupta
Place of Signature: New Delhi Partner
Date: May 13 2019 Membership Number: 87921

Annexure 2 to the Independent Auditor’s Report of even date on the Standalone IndAs Financial Statements of Trident Limted

Report on the Internal Financial Controls under Clause (i) of Sub-Section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of TridentLimited ("the Company") as of March 31 2019 in conjunction with our audit ofthe standalone Ind AS financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the 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 Companies Act 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting with reference to these standalone financial statementsbased on our audit. We conducted our audit in accordance with the Guidance Note on Auditof Internal Financial Controls Over Financial Reporting (the "Guidance Note")and the Standards on Auditing as specified under Section 143(10) of the Companies Act2013 to the extent applicable to an audit of internal financial controls and both issuedby the Institute of Chartered Accountants of India. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting with reference to these standalone Ind AS financial statements was establishedand maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls over financial reporting with reference to thesestandalone Ind AS financial statements and their operating effectiveness. Our audit ofinternal financial controls over financial reporting included obtaining an understandingof internal financial controls over financial reporting with reference to these standalonefinancial statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor’s judgement includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the internal financial controls over financialreporting with reference to these standalone financial statements.

Meaning of Internal Financial Controls Over Financial Reporting With Reference to theseFinancial Statements

A company’s internal financial control over financial reporting with reference tothese standalone financial statements is a process designed to provide reasonableassurance regarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generally acceptedaccounting principles. A company’s internal financial control over financialreporting with reference to these standalone financial statements includes those policiesand procedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company’s assets that could have a materialeffect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting WithReference to these Standalone Financial Statements

Because of the inherent limitations of internal financial controls over financialreporting with reference to these standalone financial statements including thepossibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the internal financial controls over financial reporting with referenceto these standalone financial statements to future periods are subject to the risk thatthe internal financial control over financial reporting with reference to these standalonefinancial statements may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects adequate internal financialcontrols over financial reporting with reference to these standalone financial statementsand such internal financial controls over financial reporting with reference to thesestandalone financial statements were operating effectively as at March 31 2019 based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For S.R. BATLIBOI & CO. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Anil Gupta
Place of Signature: New Delhi Partner
Date: May 13 2019 Membership Number: 87921