You are here » Home » Companies » Company Overview » Chambal Fertilisers & Chemicals Ltd

Chambal Fertilisers & Chemicals Ltd.

BSE: 500085 Sector: Agri and agri inputs
NSE: CHAMBLFERT ISIN Code: INE085A01013
BSE 10:11 | 14 Jul 152.15 -2.90
(-1.87%)
OPEN

153.85

HIGH

153.90

LOW

151.00

NSE 10:09 | 14 Jul 152.30 -2.20
(-1.42%)
OPEN

154.15

HIGH

154.15

LOW

151.40

OPEN 153.85
PREVIOUS CLOSE 155.05
VOLUME 14700
52-Week high 186.00
52-Week low 95.25
P/E 5.30
Mkt Cap.(Rs cr) 6,333
Buy Price 152.15
Buy Qty 38.00
Sell Price 152.35
Sell Qty 70.00
OPEN 153.85
CLOSE 155.05
VOLUME 14700
52-Week high 186.00
52-Week low 95.25
P/E 5.30
Mkt Cap.(Rs cr) 6,333
Buy Price 152.15
Buy Qty 38.00
Sell Price 152.35
Sell Qty 70.00

Chambal Fertilisers & Chemicals Ltd. (CHAMBLFERT) - Auditors Report

Company auditors report

To the Members of Chambal Fertilisers and Chemicals Limited

Report on the audit of the Standalone financial statements

Opinion

1. We have audited the accompanying standalone financial statements of ChambalFertilisers and Chemicals Limited ("the Company") which comprise the balancesheet as at March 31 2019 and the statement of Profit and loss (including othercomprehensive income) statement of changes in equity and statement of cash flows for theyear then ended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information (hereinafter referred to as"Standalone Ind AS Financial Statements").

2. 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 ("the Act") in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India of the state of affairs of the Company as at March 31 2019 and totalcomprehensive income (comprising of Profit and other comprehensive income) changes inequity and its cash flows for 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 Standalone Ind ASFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of theStandalone Ind AS Financial Statements under the provisions of the Act and the Rulesthereunder and we have ful_lled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

4. Key audit matters are those matters that in our professional judgement were ofmost significance in our audit of the Standalone Ind AS Financial Statements of thecurrent period. These matters were addressed in the context of our audit of the StandaloneInd AS Financial Statements as a whole and in forming our opinion thereon and we do notprovide a separate opinion on these matters.

Key audit matter How our audit addressed the key audit matter
4.1 Appropriateness of capitalisation of expenditure incurred towards the New Urea Plant (Gadepan III Plant) Our procedures included the following amongst others :
[Refer to the accompanying Note 47 and Note 2(b)(vi) (vii) and (viii) of the Standalone Ind AS Financial Statements.] • We understood and evaluated the design and tested operating effectiveness of management's internal financial controls in relation to approval of expenditure and capitalisation of appropriate costs. We were able to place reliance on these controls for the purpose of our audit.
During the year the Company has commenced commercial production and capitalised Rs 576205 lakhs of costs as tangible and intangible assets towards its new urea plant ("Gadepan III Plant" or "the plant").
We focused on this area given the significance of the overall capital expenditure and judgements involved in assessing the useful life of the assets and whether the criteria including internal costs directly attributable to the construction as set out in Indian Accounting Standards ("Ind AS") 16 ‘Property Plant and Equipment' for the capitalisation of such expenditure had been met. • We performed testing of costs capitalised during the year focusing on those items that we considered significant due to their amount or nature which included examining third-party invoices purchase orders terms and conditions of significant contracts and other supporting documents as appropriate to check whether such costs had been appropriately capitalised under the correct asset category.
• In respect of internal costs allocated to the plant test checked the identification and allocation of costs directly attributable to the construction of the plant.
• We examined the factors considered by the Company to determine the date on which the plant was ready to be used.
• We examined the useful life for individual assets to determine whether it is consistent with the Company's accounting policy.
• Examined the appropriateness of the related disclosures in the Standalone Ind AS Financial Statements.
As a results of the above procedures we did not identify any significant exceptions in relation to the expenditure incurred on the capitalisation towards Gadepan III Plant.
4.2 Assessment of implications of government policies/ notifications on recognition of subsidy revenue and its recoverability Our procedures included the following:
[Refer to the accompanying notes 8(b) 17 31 49 53(d) and 2(b)(xvi)(a) of the Standalone Ind AS Financial Statements.] • We understood and evaluated the design and tested the operating effectiveness of controls as established by management in recognition of subsidy revenue and assessment of the recoverability of subsidy receivables.
During the year the Company has recognised subsidy revenue amounting to Rs. 599718 lakhs and as at March 31 2019 has subsidy receivables aggregating to Rs. 432232 lakhs and related allowance for doubtful debts aggregating to Rs. 19794 lakhs which are significant to the Standalone Ind AS Financial Statements. • We evaluated the management's assessment regarding reasonable certainty of complying with the relevant conditions as specified in the notifications/policies.
• We considered the relevant notifications/policies issued by various authorities to ascertain the appropriateness of the recognition of subsidy revenue and adjustments to subsidy receivables already recognised pursuant to changes in subsidy rates.
We focused on this area since the recognition of subsidy revenue and the assessment of recoverability of the related subsidy receivables is subject to significant judgements of the management. • We also understood the basis of judgements that management has made in relation to the notifications/policies including past precedence and subsequent evidence as applicable.
The areas of subjectivity and judgement include interpretation and satisfaction of conditions specified in the notifications/ policies in the estimation of timing and amount of recognition of subsidy revenue likelihood of recoverability and allowance in relation to the outstanding subsidy receivables. • We tested the ageing of the related receivables and assessed the information used by the management to determine the recoverability of subsidy receivable and assessment of allowance for doubtful receivables by considering historical collection trends and the level of credit loss charged over time.
• We evaluated adequacy of disclosures in the Standalone Ind AS Financial Statements.
Based on the above procedures performed the management's assessment of implications of government notifications/policies on recognition of subsidy revenue and the recoverability were considered to be reasonable.

Other Information

5. The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the annual report but does not includethe Standalone Ind AS Financial Statements and our auditor's report thereon.

Our opinion on the Standalone Ind AS Financial Statements does 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 theother 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

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 Standalone Ind AS FinancialStatements that give a true and fair view of the financial position financial performance(including other comprehensive income) changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under section 133 of the Act. 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 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.

7. In preparing the Standalone Ind AS Financial Statements management is responsiblefor assessing 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. The Board of Directors is alsoresponsible for overseeing the Company's financial reporting process.

Auditor's responsibilities for the audit of the Standalone Ind AS Financial Statements

8. Our objectives are to obtain reasonable assurance about whether the Standalone IndAS Financial Statements as a whole are free from material misstatement whether due tofraud or 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.

9. As part of an audit in accordance with SAs we exercise professional judgement andmaintain professional scepticism 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 with reference to Standalone Ind AS FinancialStatements in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the going concern basisof accounting 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 Standalone Ind AS Financial Statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained upto the dateof our auditor's report. However future events or conditions may cause the Company tocease 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.

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 matterscommunicated with those charged with governance we determine those matters that were ofmost significance in the audit of the Standalone Ind AS Financial Statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen 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 subsection (11) ofsection 143 of the Act we give in the Annexure A 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 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 other comprehensiveincome) the Statement of Changes in Equity and the Cash Flow Statement dealt with by thisReport 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.

(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 with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B".

(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 if any of pending litigations on itsfinancial position in its Standalone Ind AS Financial Statements – Refer Note 25 tothe Standalone Ind AS Financial Statements;

ii. The Company has long-term contracts including derivative contracts as at March 312019 for which there were no material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended March 312019.

iv. The reporting on disclosures relating to Specified Bank Notes is not applicable tothe Company for the year ended March 31 2019.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Chartered Accountants
Pramit Agrawal
Place : New Delhi Partner
Date : May 16 2019 Membership Number - 099903

Annexure A to Independent Auditor's Report

Referred to in paragraph 13 of the Independent auditor's report of even date to themembers of Chambal Fertilisers and Chemicals Limited on the Standalone Ind AS FinancialStatements as of and for 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 of the Company have been physically verified by the Managementduring the year based on a phased programme of verifying all the assets over a period oftwo years which in our opinion is reasonable having regard to the size of the Companyand the nature of its assets. No material discrepancies have been noticed on suchverification carried out during the year.

(c) The title deeds of immovable properties as disclosed in Note 3 on fixed assets tothe Standalone Ind AS Financial Statements are held in the name of the Company exceptfor one office premises having carrying value of Rs. 378.02 lakhs freehold land havingcarrying value of Rs. 0.89 lakhs and leasehold land having carrying value of Rs. 31.69lakhs as at March 31 2019 whose title deeds are not in the Company's name.

ii. The physical verification of inventory excluding stocks with third parties havebeen conducted at reasonable intervals by the Management during the year. In respect ofinventory lying with third parties these have substantially been confirmed by them. Nomaterial discrepancies were noticed on such physical verification of inventory as comparedto book records.

iii. The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnership or other parties covered in the register maintained underSection 189 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. In our opinion and according to the information and explanations given to us theCompany has not advanced loans to directors including entities in which directors areinterested to which provisions of Section 185 of the Act apply. In our opinion andaccording to the information and explanations given to us provisions of Section 186 ofthe Act in respect of loans given investments made guarantees and security given havebeen complied with by the Company.

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 these records with a view to determine whether they are accurateor 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 generally regular in depositingundisputed statutory dues in respect of income tax and is regular in depositing undisputedstatutory dues including provident fund employees' state insurance duty of customselectricity duty additional cost due to non- recognised input (ACTN) professional taxgoods and services tax and other material statutory dues as applicable with theappropriate authorities. Also refer Note 50 to the Standalone Ind AS Financial Statementsregarding management's assessment on 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 goods and service tax which have not beendeposited on account of any dispute. The particulars of dues of income tax service taxand duty of excise as at March 31 2019 which have not been deposited on account of adispute are as follows:

Name of the Statute Nature of the Dues Amount Period to which the amount relates Forum where dispute is pending
(Rs. lakhs) *
Finance Act 1994 Service tax demand (including penalty) raised in respect of service tax not paid on payments made in foreign currency to foreign parties. 17414.80 FY 2007-08 to 2011-12 CESTAT Kolkata
Finance Act 1994 Department appeal against the refund of service tax on downward revision of Transmission charges 274.62 November 2008 to June 2010 High Court Jabalpur (Madhya Pradesh)
Finance Act 1994 Service Tax Demand on Goods Transport Agency 29.66 FY 2008-09 to June 2012 CESTAT Allahabad Uttar Pradesh
Finance Act 1994 Service tax demand raised on declared services. 102.33 July 2012 to March 2017 Commissioner (Appeals) Jodhpur
Central Excise Act 1944 Wrong availment of proportionate cenvat credit on input services 198.09 August 2014 to March 2016 Commissioner (Appeals) Jodhpur
Central Excise Act 1944 Wrong availment of proportionate cenvat credit on input services 93.20 FY 2016-17 Joint Commissioner Udaipur
Income Tax Act 1961 Income Tax for non-allowance of special survey and dry dock expenditure 2054.61 FY 1997-98 High Court Kolkata
Income Tax Act 1961 Disallowances for various expenses 20049.08 FY 1997-98 to 2004- 05; and FY 2006-07 to FY 2008- 09 Supreme Court of India
Income Tax Act 1961 Disallowances for various expenses 2151.55 FY 2009-10 to 2010-11 High Court Rajasthan (Jaipur)
Income Tax Act 1961 Disallowances for various expenses 5901.86 FY 2011-12 to FY 2013- 14 Income Tax Appellate Tribunal Jaipur
Income Tax Act 1961 Disallowances for various expenses 325.68 FY 2015- 16 Commissioner (Appeals) Kota

*Amount under dispute is net of advance deposited if any.

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 as at the balance sheet date. Further the Companydid not have any outstanding debentures and loan from government during the year.

ix. In our opinion and according to the information and explanations given to us themoneys raised by way of term loans have been applied for the purposes for which they wereobtained. The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year.

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. The Company has paid/ provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.

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 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 Number: 012754N/N500016
Chartered Accountants
Pramit Agrawal
Place : New Delhi Partner
Date : May 16 2019 Membership Number - 099903

Annexure B to Independent Auditor's Report

Referred to in paragraph 14(f) of the Independent Auditor's Report of even date to themembers of Chambal Fertilisers and Chemicals Limited on the Standalone Ind AS FinancialStatements for the year 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 with reference to financialstatements of the Company as of March 31 2019 in conjunction with our audit of theStandalone Ind AS Financial Statements of the Company for the year ended 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.

Auditor's 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 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 fairlyreffect 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 controls 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 material respects an adequate internalfinancial controls system with reference to financial statements and such internalfinancial controls with reference to financial statements were operating effectively as atMarch 31 2019 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 Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Chartered Accountants
Pramit Agrawal
Place : New Delhi Partner
Date : May 16 2019 Membership Number - 099903