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A2Z Infra Engineering Ltd.

BSE: 533292 Sector: Engineering
NSE: A2ZINFRA ISIN Code: INE619I01012
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NSE 10:38 | 20 Aug 9.75 -0.10
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9.90

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9.90

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OPEN 9.76
PREVIOUS CLOSE 9.90
VOLUME 3027
52-Week high 22.80
52-Week low 8.19
P/E 6.67
Mkt Cap.(Rs cr) 173
Buy Price 9.75
Buy Qty 1502.00
Sell Price 9.81
Sell Qty 495.00
OPEN 9.76
CLOSE 9.90
VOLUME 3027
52-Week high 22.80
52-Week low 8.19
P/E 6.67
Mkt Cap.(Rs cr) 173
Buy Price 9.75
Buy Qty 1502.00
Sell Price 9.81
Sell Qty 495.00

A2Z Infra Engineering Ltd. (A2ZINFRA) - Auditors Report

Company auditors report

To

The Members of

A2Z Infra Engineering Limited

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of A2Z InfraEngineering Limited (‘the Company') which comprise the Balance Sheet as at 31 March2018 the Statement of Profit and Loss (including Other Comprehensive Income) the CashFlow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant accounting policies and other explanatory information in whichare incorporated the returns for the year ended on that date audited by the branchauditors of the Company's branches at Zambia Uganda and Nepal.

Management's Responsibility for the Standalone Financial Statements

2. The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (‘the Act') with respect to the preparation ofthese standalone financial statements that give a true and fair view of the state ofaffairs (financial position) profit or loss (financial performance including othercomprehensive income) cash flows and changes in equity of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (‘Ind AS') specified under Section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthese standalone financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial controls relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on these standalone financial statements.

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including Ind AS specified under Section133 of the Act of the state of affairs (financial position) of the Company as at 31 March2018 and its loss (financial performance including other comprehensive income) its cashflows and the changes in equity for the year ended on that date.

Emphasis of Matters

9. We draw attention to;

a) Note 3.1 to the accompanying standalone financial statements which describe thesignificant estimates and assumptions including extension of the concession period usedby the management for determining recoverable amount of cogeneration power plantsclassified under property plant and equipment and capital work-in-progress aggregating toRs. 9679.00 lacs and Rs. 18027.12 lacs respectively as at 31 March 2018 with respect tothe impairment assessment in accordance with the requirements of Ind AS 36 Impairment ofAssets.

Basis this valuation the management believes that no adjustment is required to thecarrying value of the aforesaid cogeneration power plants.

b) Note 7.1 to the accompanying standalone financial statements with respect tounbilled revenue relating to certain contracts which are still in progress aggregating toRs. 8381.36 lacs recognised in the earlier years. Based on ongoing discussions/negotiations with the customers management believes that these amounts are completelybillable.

c) Note 39 to the accompanying standalone financial statements which describes theuncertainty relating to the outcome of litigation pertaining to income tax matterspursuant to orders received by the Company against which management and the assessingauthorities have filed appeals with relevant Income Tax Authorities. The final outcome ofthese matters is presently unascertainable.

d) Note 21.1 to the accompanying standalone financial statements which describes theuncertainty relating to utilisation of input tax credit and levy of interest on servicetax. Based on the terms of the contract with the customers/ vendors and independent legalopinion management believes that these amounts are recoverable from the customerincluding interest thereon and that the Company will be able to avail the input tax creditfor aforementioned matter.

e) Note 5.2 to the accompanying standalone financial statements regarding the Company'snon-current investment in its subsidiary company and its other current financial assets(net of impairment) and its current financial assets-loan which include amounts dues fromsuch subsidiary company as on that date aggregating Rs. 20151.90 lacs Rs. 410.73 lacsand Rs. 592.85 lacs respectively. The consolidated net worth of the aforesaid subsidiarycompany as at 31 March 2018 has been fully eroded and has been incurring losses. Based onthe future business plans and projections of the subsidiary company at consolidated levelwhich have been developed by the management using certain assumptions and estimates asdescribed in the aforementioned note management believes that the realizable amount ishigher than the carrying amount of such non-current investment other current financialassets (net of impairment) and current financial assets -loan and hence fully recoverable.

Our opinion is not modified in respect of above matters.

Other Matters

10. We did not audit the separate financial statements of three branches locatedoutside India included in the accompanying statement of standalone financial statementwhose financial statements reflects total revenues (after eliminating intra-grouptransactions) of Rs. 7609.44 lacs and net profit after tax of Rs. 84.54 lacs for the yearended 31 March 2018 and total assets of Rs. 5415.20 lacs as at 31 March 2018 asconsidered in these standalone financial statements. These financial statements and otherfinancial information have been prepared in accordance with accounting principlesgenerally accepted in their respective countries and which have been audited by otherauditors under generally accepted auditing standards applicable in their respectivecountries.

Our opinion in so far it relates to the amounts and disclosure in respect of thesebranches is solely based on report of the other auditors and the conversion adjustmentprepared by the management of the Company which have been audited by us. Our opinion isnot modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

11. As required by the Companies (Auditor's Report) Order 2016 (‘the Order')issued by the Central Government of India in terms of Section 143(11) of the Act we givein the Annexure I a statement on the matters specified in paragraphs 3 and 4 of the Order.

12. Further to our comments in Annexure I as required by Section 143(3) of the Act wereport that:

(a) we have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose 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 and proper returnsadequate for the purposes of our audit have been received from the branches not visited byus;

(c) the reports on the accounts of the branch offices of the Company audited underSection 143(8) of the Act by the branch auditors have been sent to us and have beenproperly dealt with by us in preparing this report;

(d) the standalone financial statements dealt with by this report are in agreement withthe books of account and with the returns received from the branches not visited by us;

(e) in our opinion the aforesaid standalone financial statements comply with Ind ASspecified under Section 133 of the Act;

(f) the matters described in paragraph 9 under the Emphasis of Matters paragraph inour opinion may have an adverse effect on the functioning of the Company;

(g) on the basis of the written representations received from the directors as on 31March 2018 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 from being appointed as a director in terms of Section164(2) of the Act;

(h) we have also audited the internal financial controls over financial reporting(IFCoFR) of the Company as on 31 March 2018 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date and ourreport dated 29 May 2018 as per Annexure II expressed an unqualified opinion;

(i) 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 as detailed in Note 39 to the standalone financial statements hasdisclosed the impact of pending litigations on its financial position; ii. the Company asdetailed in Note 38 to the standalone financial statements has made provision asrequired under the applicable law or Ind AS for material foreseeable losses if any onlong-term contracts. The Company does not have any derivative contracts;

iii. there were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company;

iv. the disclosure requirements relating to holdings as well as dealings in specifiedbank notes were applicable for the period from 8 November 2016 to 30 December

2016 which are not relevant to these standalone financial statements. Hence reportingunder this Clause is not applicable.

For Walker Chandiok & Co LLP

Chartered Accountants Firm's Registration No.: 001076N/N500013

Sd/-
per Neeraj Sharma
Place : Gurugram Partner
Date : 29 May 2018 Membership No.: 502103

Annexure I to the Independent Auditor's Report of even date to the members of A2Z InfraEngineering Limited on the standalone financial statements for the year ended 31March 2018

Annexure I

Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit and to the best of our knowledge and beliefwe report that:

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

(b) The Company has a regular program of physical verification of its fixed assetsunder which fixed assets are verified in a phased manner over a period of three yearswhich in our opinion is reasonable having regard to the size of the Company and thenature of its assets. In accordance with this program certain fixed assets were verifiedduring the year and no material discrepancies were noticed on such verification.

(c) The title deeds of all the immovable properties which are included under the head‘Property plant and equipment' are held in the name of the Company.

(ii) In our opinion the management has conducted physical verification of inventory atreasonable intervals during the year and no material discrepancies between physicalinventory and book records were noticed on physical verification.

(iii) The Company has granted unsecured loans to companies covered in the registermaintained under Section 189 of the Act and with respect to the same:

(a) in our opinion the terms and conditions of grant of such loans are not primafacie prejudicial to the company's interest;

(b) the schedule of repayment of the principal and the payment of the interest has notbeen stipulated and hence we are unable to comment as to whether repayments/receipts ofthe principal amount and the interest are regular;

(c) in the absence of stipulated schedule of repayment of principal and payment ofinterest we are unable to comment as to whether there is any amount which is overdue formore than 90 days and whether reasonable steps have been taken by the Company for the ofprincipal amount and interest.

(iv) In our opinion the Company has complied with the provisions of Sections 185 and186 of the Act in respect of loans investments guarantees and security.

(v) In our opinion the Company has not accepted any deposits within the meaning ofSections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules 2014 (asamended). 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 undersub-section (1) of Section 148 of the Act in respect of Company's products/services andare of the opinion that prima facie the prescribed accounts and records have been madeand maintained. However we have not made a detailed examination of the cost records witha view to determine whether they are accurate or complete.

(vii) (a) Undisputed statutory dues including provident fund employees' stateinsurance income-tax sales-tax service tax duty of customs duty of excise valueadded tax goods and service tax (GST) cess and other material statutory dues asapplicable have not been regularly deposited to the appropriate authorities and therehave been significant delays in a large number of cases. Undisputed amounts payable inrespect thereof which were outstanding at the year-end for a period of more than sixmonths from the date they became payable are as follows:

Statement of arrears of statutory dues outstanding for more than six months

Name of the statute Nature of the dues Amount Period to which the amount relates Due Date Date of payment
(INR lacs)
Income Tax Act 1961 Tax deducted at source 573.43 March 2016 to August 2017 7th day of subsequent month Not yet paid
Chapter V of Finance Act 1994 Service tax 5513.25 March 2016 to June 2017 5th day of subsequent month (6th for online payment) Not yet paid
Employees Provident Fund and Miscellaneous Provisions Act 1952 Employee Provident fund 53.42 November 2015 to August 2017 15th day of subsequent month Not yet paid
Employee State Insurance Act 1948 Employee State Insurance 10.64 June 2016 to August 2017 21st day of Not yet paid
subsequent month
Employee Welfare Fund Employee welfare fund 0.46 November 2016 to August 2017 25th day of subsequent month Not yet paid
Madhya Pradesh State Tax on Professions Trades Callings and Employment Act 1995 Professional Tax 6.99 July 2012 to August 2017 10th day of subsequent month Not yet paid
West Bengal State Tax on Professions Trades Callings and Employment Act 1979 Professional Tax 0.67 April 2015 to August 2017 21st day of subsequent month Not yet paid

(b) The dues outstanding in respect of income-tax sales-tax service-tax duty ofcustoms duty of excise and value added tax on account of any dispute are as follows:Statement of disputed dues

Name of the statute Nature of the dues Amount Amount Paid Period to Forum where dispute
(in lacs) Under Protest which the is pending
(in lacs) amount
relates
Income Tax Act 1961 Demand made under section 153A and 153B 2790.80 - Assessment Years Income Tax Appellate Tribunal Delhi
2009-10 to 2013-14
Bihar Value Added Tax 2005 Value Added Tax 1644.31 125.00 2013-14 Commissioner Commercial tax Bihar
Value Added Tax 83.55 - 2010-11 Assessing Officer Commercial Tax Bihar
Value Added Tax 203.61 61.08 2012-13 Commissioner Commercial tax Bihar
Jharkhand Value Added Tax 2005 Value Added Tax 138.46 58.24 2008-09 to 2011-12 Commissioner Commercial tax Ranchi Jharkhand
The West Bengal Value Added Tax 2003 Value Added Tax 653.11 50.00 2009-10 West Bengal Commercial Taxes Appellate & Revisional Board Kolkata
Value Added Tax 1019.40 175.00 2010-11 West Bengal Commercial Taxes Appellate & Revisional Board Kolkata
Central Sales Tax 54.13 - 2010-11 West Bengal Commercial Taxes Appellate & Revisional Board Kolkata
Central Sales Tax 229.16 - 2011-12 Additional Commissioner (Appeals) Sales Tax
Central Sales Tax 2.07 - 2014-15 Joint Commissioner (Appeal) Sales Tax
Value Added Tax 192.72 - 2014-15 Joint Commissioner (Appeal) Sales Tax
The Maharashtra Value Added Tax 2002 Central Sales Tax 17.92 - 2011-12 Joint Commissioner (Appeal) Mumbai Maharashtra
Central Sales Tax 131.42 - 2007-08 Joint Commissioner (Appeal) Mumbai Maharashtra
Value Added Tax 1801.79 - 2008-09 Maharashtra Sales Tax Tribunal
Value Added Tax 15.52 - 2009-10 Joint Commissioner (Appeal) Mumbai Maharashtra
Central Sales Tax 154.06 - 2009-10 Joint Commissioner (Appeal) Mumbai Maharashtra
Value Added Tax 22.88 - 2010-11 Joint Commissioner (Appeal) Mumbai Maharashtra
Central Sales Tax 225.99 - 2010-11 Joint Commissioner (Appeal) Mumbai Maharashtra
Central Sales Tax 19.88 - 2012-13 Sales Tax Tribunal Mumbai Maharashtra- Appeal
Value Added Tax 29.10 - 2012-13 Sales Tax Tribunal Mumbai Maharashtra- Appeal
Andhra Pradesh Value Added Tax Act 2005 Value Added Tax 62.95 31.25 2010-11 Andhra Pradesh Sales Tax and VAT Appellate Tribunal Hyderabad
Jammu and Kashmir Value Added Tax Act 2005 Central Sales Tax 64.66 - 2013-14 Deputy Commissioner (Appeals) Sales tax
Central Sales Tax 86.02 - 2012-13 Deputy Commissioner (Appeals) Sales tax
The Madhya Pradesh VAT Act 2002 Central Sales Tax 3.25 - 2013-14 Joint Commissioner Indore M.P.-Appeal filed
Central Sales Tax 103.05 45.34 2011-12 Sales Tax Tribunal Madhya Pradesh
Haryana VAT Act 2003 Central Sales Tax 1930.50 - 2009-10 Sales Tax Revisional Authority Gurgaon
Kerala VAT Act 2003 Central Sales Tax 219.38 - 2011-12 Hon'ble High Court of Kerala Ernakulam

(viii)There are no dues payable to debenture-holders or Government. The Company hasdefaulted in repayment of loans and borrowings to the following banks and financialinstitutions during the year which is detailed below:

(Amount in lacs)

Particulars Default (in months)
Banks (0-3) (3-6) (6-12) (More than 12)
Allahabad Bank 523.39 9.21 - -
Axis Bank 497.48 65.28 3.86 2.15
DBS Bank 234.94 157.77 544.57 8648.62
ICICI Bank* 761.48 282.25 1891.01 4266.29
HSBC bank 31.09 20.55 68.90 417.87
IDBI Bank 391.90 131.87 30.45 -
Particulars Default (in months)
Banks (0-3) (3-6) (6-12) (More than 12)
Indusind Bank 160.81 13.17 - -
Kotak Mahindra Bank 434.84 - - -
State Bank of Hyderabad 76.66 40.53 175.88 452.85
State Bank of Mysore 89.95 42.30 210.56 191.20
State Bank of Patiala 742.31 314.47 1803.79 765.98
State Bank of Travancore 96.74 44.37 229.30 104.89
Standard Chartered Bank 325.85 321.54 626.38 3867.49
State Bank of India 255.18 121.91 643.22 1701.46
Union Bank of India 290.77 15.97 0.65 -
Yes Bank 362.57 370.43 1139.26 1655.61
Financial Institutions:
SICOM 189.04 186.99 373.97 751.54

*During the previous year ICICI bank has transferred/assigned its fund basedoutstanding amount recoverable in favour of Edelweiss Assets Reconstruction CompanyLimited.

(ix) The Company did not raise moneys by way of initial public offer or further publicoffer (including debt instruments). In our opinion term loans were applied for thepurposes for which the loans were obtained.

(x) No fraud by the Company or on the company by its officers or employees has beennoticed or reported during the period covered by our audit.

(xi) Managerial remuneration has been paid and provided by the company in accordancewith the requisite approvals mandated by the provisions of Section 197 of the Act readwith Schedule V to the Act except for in following cases:

Payment made to Financial year Amount Paid/ provided in excess of limits prescribed Amount due for Recovery as at March 31 2018 Steps taken to secure the recovery of the amount Remarks (if any)
(Rs) (Rs)
1 Managing Director 2012-13 94.54 29.99 The Company has obtained a declaration from the Managing Director that such amount has been held in trust and will be repaid as per agreed plan. Amount recoverable pertains to non-grant of requisite approval by Central Government under the provision of 198 309 & 310 of erstwhile Companies Act 1956.
2013-14 94.94 94.94

(xii) In our opinion the Company is not a Nidhi Company.

Accordingly provisions of clause 3(xii) of the Order are not applicable.

(xiii)In our opinion all transactions with the related parties are in compliance withSections 177 and 188 of Act where applicable and the requisite details have beendisclosed in the financial statements etc. as required by the applicable Ind AS.

(xiv)During the year the Company has made preferential allotment/ private placement ofshares. In respect of the same in our opinion the Company has complied with therequirement of Section 42 of the Act and the Rules framed thereunder. Further in ouropinion the amounts so raised have been used for the purposes for which the funds wereraised. During the year the Company did not make preferential allotment/ privateplacement of convertible debentures.

(xv) In our opinion the Company has not entered into any non-cash transactions withthe directors or persons connected with them covered under Section 192 of the Act.

(xvi)The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For Walker Chandiok & Co LLP

Chartered Accountants Firm's Registration No.: 001076N/N500013

Sd/-
per Neeraj Sharma
Place : Gurugram Partner
Date : 29 May 2018 Membership No.: 502103

Annexure II to the Independent Auditor's Report of even date to the members of A2ZInfra Engineering Limited on the standalone financial statements for the year ended 31March 2018

Annexure II

Independent Auditor's Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 (‘the Act')

1. In conjunction with our audit of the standalone financial statements of A2Z InfraEngineering Limited (‘the Company') as at and for the year ended 31 March 2018 wehave audited the internal financial controls over financial reporting (‘IFCoFR') ofthe Company as at that date.

Management's Responsibility for Internal Financial Controls

2. The Company's Board of Directors is responsible for establishing and maintaininginternal financial controls based on ‘the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting 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 the Company's business including adherence to the Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditor's Responsibility

3. Our responsibility is to express an opinion on the Company's IFCoFR based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India (‘ICAI') and deemed to be prescribedunder Section 143(10) of the Act to the extent applicable to an audit of IFCoFR and theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (‘theGuidance Note') issued by the ICAI. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate IFCoFR were established and maintained and if suchcontrols operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the IFCoFR and their operating effectiveness. Our audit of IFCoFR includes obtaining anunderstanding of IFCoFR assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the financial statements whether dueto 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 IFCoFR.

Meaning of Internal Financial Controls over Financial Reporting

6. A company's IFCoFR is a process designed to provide reasonable assurance regardingthe reliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles. A company'sIFCoFR include those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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 Financial Reporting

7. Because of the inherent limitations of IFCoFR including the possibility ofcollusion or improper management override of controls material misstatements due to erroror fraud may occur and not be detected. Also projections of any evaluation of the IFCoFRto future periods are subject to the risk that the IFCoFR may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

8. In our opinion the Company has in all material respects adequate internalfinancial controls over financial reporting and such controls were operating effectivelyas at 31 March 2018 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'.

For Walker Chandiok & Co LLP

Chartered Accountants Firm's Registration No.: 001076N/N500013

Sd/-
per Neeraj Sharma
Place : Gurugram Partner
Date : 29 May 2018 Membership No.: 502103