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Indraprastha Gas Ltd.

BSE: 532514 Sector: Others
NSE: IGL ISIN Code: INE203G01027
BSE 00:00 | 08 Apr 435.85 0.40
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NSE 00:00 | 08 Apr 435.65 -0.20
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440.00

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OPEN 436.00
PREVIOUS CLOSE 435.45
VOLUME 110627
52-Week high 534.40
52-Week low 284.55
P/E 27.52
Mkt Cap.(Rs cr) 30,510
Buy Price 430.00
Buy Qty 50.00
Sell Price 444.35
Sell Qty 1.00
OPEN 436.00
CLOSE 435.45
VOLUME 110627
52-Week high 534.40
52-Week low 284.55
P/E 27.52
Mkt Cap.(Rs cr) 30,510
Buy Price 430.00
Buy Qty 50.00
Sell Price 444.35
Sell Qty 1.00

Indraprastha Gas Ltd. (IGL) - Auditors Report

Company auditors report

To

The Members of

Indraprastha Gas Limited

Report on the Audit of the Standalone Financial Statements Opinion

1. We have audited the accompanying standalone financial statements of Indraprastha GasLimited (the ‘Company') which comprise the Balance Sheet as at 31 March 2019 theStatement of Profit and Loss (including Other Comprehensive Income) the CashFlowStatement and the Statement of Changes in Equity for the year then ended and a summaryof the significant accounting policies and other explanatory information and

2. 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 Companies Act 2013 (‘Act') in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India includingIndian Accounting Standards (‘Ind AS') specified under section 133 of the Act of thestate of affairs (financialposition) of the Company as at 31 March 2019 and its profit(financialperformance including other comprehensive income) its cash flows and thechanges in equity for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the

Standards on Auditing specified under section 143(10) of the Act. Our responsibilitiesunder those standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the

Institute of Chartered Accountants of India (‘ICAI') together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have sufficientappropriate to provide a obtained is basis forour opinion.

Key Audit Matter

4. Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

5. We have determined the matter described below to be the key audit matter to becommunicated in our report.

Key audit matter How our audit addressed the key audit matter
Demand raised by Delhi Development Authority (‘DDA') Our audit procedures in relation to the aforesaid matter included but were not limited to the following:
Refer note 3.19 for the accounting policy and note 36(1)(c) for the related disclosure.
As explained in the note 36(1)(c) to the accompanying standalone financial statements; the Company had received a demand from DDA amounting to Rs.155.64 crores during financial year 2013-14 pertaining to the period 1 April 2007 to 31 March 2014 on account of increase in license fees in respect of sites taken on lease by the Company from DDA for setting up Compressed Natural Gas (CNG) stations in Delhi. The Company had filed a writ petition on 11 October 2013 before the Hon'ble High Court of Delhi against the aforesaid demand raised by DDA which is currently pending. • Evaluated the design of and tested key controls in respect of litigations and contingent liabilities;
• Obtained the Company's evaluation of the said matter supported by the external legal opinion obtained by the management in the financial year ended 31 March 2019;
Discussed the said matter with the in-house legal general counsel of the Company;
Further DDA vide communication dated 29 August 2016 had revised the total demand to Rs. 330.73 crores for the period upto 31 March 2016. Conducted in-depth inquiries with the management of the Company and robust discussions with the Board to obtain their view on the status of the aforesaid matter;
The management of the Company based on legal opinion obtained by them have assessed the same as contingent and accordingly not provided for the demand raised by DDA in thefinancialstatements Circulated and obtained confirmation from the legal counsel representing the Company as at year end; and
We identifiedthis as key audit matter for current year audit owing to the materiality of the amounts involved in this matter and inherent subjectivity and uncertainty involved in determination of the amount if any to be provided as liability in accordance with the applicable accounting standards. • Assessed the appropriateness and adequacy of the related disclosures in the standalone financial statements in accordance with the applicable accounting standards

Information other than the Financial Statements and Auditor's Report thereon

6. 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 include the financial statements and our auditor's report thereon.The Annual Report is expected to be made available to us after the date of this auditor'sreport.

Our opinion on the financial statements does not cover the other information and wewill not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information identified above when it becomes available and doing so considerwhether the other information is materially inconsistent with the financial statements orour knowledge obtained in the audit or otherwise appears to be materially misstated.

When we read the Annual Report if we conclude that there is a material misstatementtherein we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial Statements

7. 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 financial statementsthat give a true and fair view of the state of affairs (financial position) profit orloss (financial performance including other comprehensive income) changes in equity andcash flows of the Company in accordance with the accounting principles generally acceptedin India including the Ind AS specified under section 133 of the Act. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the 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 financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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

9. Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

10. Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance withStandards on Auditing 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 financial statements.

11. As part of an audit in accordance with Standards on Auditing we exerciseprofessional judgment and maintain professional skepticism throughout the audit. We also:

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

• Obtain an understanding of internal control relevant to the audit in order 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 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's ability to continue as a going concern.

If we conclude that a material uncertainty exists we are required to draw attention inour auditor's report to the related disclosures in the financial statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor's report. However future events orconditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

12. 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.

13. 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.

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

Report on Other Legal and Regulatory Requirements

15. As required by section 197(16) of the Act we report that the Company has paidremuneration to its directors during the year in accordance with the provisions of andlimits laid down under section 197 read with

Schedule V to the Act.

16. 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 A a statement on the matters specified in paragraphs 3 and 4 of the Order.

17. As required by the Comptroller and Auditor General of India vide directions issuedunder Section 143(5) of the Act we give our report on the matters specified in theaforementioned directions in Annexure B on taking into consideration the informationexplanations examination of records and written representations received from themanagement.

18. Further to our comments in Annexure A 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;

c) The standalone financial statements dealt with by this report are in agreement withthe books of account;

d) In our opinion the aforesaid standalone financial statements comply with Ind ASspecified under section 133 of the Act;

e) Ms. Varsha Joshi the director of the Company as on 31 March 2019 has not provideda written representation as to whether any Company in which she is a director as on 31March 2019 had not defaulted in terms of sub-section (2) of the section 164 of the Act.In the absence of this representation we are unable to comment whether she isdisqualified from being appointed as a director under sub-section (2) of section 164 ofthe Act. However she has vacated office as director of the Company with effect from 23May

2019. As far as other directors are concerned on the basis of the writtenrepresentations received from such directors and taken on record by the Board ofDirectors we report that none of the other directors are disqualified as on 31 March 2019from being appointed as a director in terms of sub-section (2) of section 164 of the Act.

f) We have also audited the internal financial controls over financial reporting(IFCoFR) of the Company as on 31 March 2019 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date and ourreport dated 31 March 2019 as per Annexure C expressed unmodified opinion; and

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 (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 36(1) to the standalone financial statements hasdisclosed the impact of pending litigations on its financial position as at 31 March 2019;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses as at 31 March 2019;

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 31 March

2019; and

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 whichare not relevant to these standalone financial statements. Hence reporting under thisclause is not applicable.

For Walker Chandiok & Co LLP
Chartered Accountants
Firm's Registration No.: 001076N/N500013
Sd/-
Rajni Mundra
Place: New Delhi Partner
Date: 24 May 2019 Membership No.: 058644

Independent Auditor's Report

Annexure A

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 property plant and equipment (‘PPE').

(b) Other than PPE related to underground natural gas distribution system which as permanagement cannot be physically verified the PPE has been physically verified by themanagement during the year and no material discrepancies were noticed on suchverification. In our opinion the frequency of verification of the PPE is reasonablehaving regard to the size of the Company and the nature of its assets. For the undergroundnatural gas distribution system the management has adequate controls in place tosafeguard the physical existence of the said distribution system.

(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 except forcertain immovable properties taken on lease per details given below:

(Rs. in Crores)

Nature of property Whether leasehold / freehold Gross block as on 31 March 2019 Net block as on 31 March 2019
Land Leasehold perpetual* 9.83 9.83
Land Leasehold perpetual@ 7.15 7.15

* The Company has an allotment letter for the said land but has not entered into alease deed.

@ The Company has entered into a memorandum of understanding with the lessor but hashowever not entered into a lease deed.

(ii) The inventories of the Company comprise of natural gas and inventory of stores andspares parts. As explained to us having regard to the nature of the inventory of naturalgas the procedures followed by the management for estimation of natural gas quantitieswhich is based on volume of pipelines and the volume of cascades containing the naturalgas considering the standard temperature and pressures are reasonable and no materialdiscrepancies were noticed on such computation. Further in our opinion the managementhas conducted physical verification of inventory of stores and spare parts at reasonableintervals during the year and no material discrepancies between physical inventory andbook records were noticed on physical verification.

(iii) The Company has not granted any loan secured or unsecured to companies firmsLimited Liability Partnerships (LLPs) or other parties covered in the register maintainedunder Section 189 of the Act.

Accordingly the provisions of clauses 3(iii)(a) 3(iii)(b) and 3(iii)(c) of the Orderare not applicable.

(iv) In our opinion the Company has complied with the provisions of Section 186 inrespect of investments.

Further in our opinion the Company has not entered into any transaction covered underSection 185 and Section 186 of the Act in respect of loans 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 and are of theopinion that prima facie the prescribed accounts and records have been made andmaintained. However we have not made a detailed examination of the cost records with aview to determine whether they are accurate or complete.

(vii) (a) The Company is regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income-tax sales tax service tax duty ofcustoms duty of excise value added tax cess and other material statutory dues asapplicable to the appropriate authorities.

Further no undisputed amounts payable in respect thereof were outstanding at theyear-end for a period of more than six months from the date they become payable.

(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 Nature of dues Gross Amount paid Period to Forum where statute Amount underprotest which the dispute is due (Rs. in against gross amount relates pending crores)amount due (Rs. in crores)

Central Excise Matters relating to 4.84 2.42 (Refer note 2008-10 Commissioner of Act1944 levy of Excise duty on 1 below) Central Excise discount to customers Income-tax ActMatters relating 8.23 1.65 Financial year Income-tax 1961 to disallowance of (FY) 2010-11Appellate Tribunal additional depreciation Income-tax Act Matters relating 10.68 2.14 FY2011-12 Income-tax 1961 to disallowance of Appellate Tribunal additional depreciationIncome-tax Act Matters relating 2.51 2.20 (Refer note FY 2012-13 Income-tax 1961 todisallowance of 2 below) Appellate Tribunal additional depreciation Income-tax ActMatters relating 2.01 2.01 (Refer note FY 2013-14 Income-tax 1961 to disallowance of 2below) Appellate Tribunal additional depreciation Income-tax Act Matters relating 1.091.09 (Refer note FY 2014-15 Income-tax 1961 to disallowance of 3 below) Appellate Tribunaladditional depreciation Income-tax Act Matters relating 0.84 - FY 2015-16 Commissioner1961 to disallowance of of Income- tax additional depreciation (Appeals) Uttar PradeshMatters relating to 0.04 0.04 FY 2018-19 Commercial Tax Goods and demand of Centraldepartment Uttar Service Tax Act Goods and Service Tax Pradesh 2017 and Uttar PradeshGoods and Service Tax Act

Notes:

1. The aforementioned amount of Rs. 2.42 crores initially demanded by the ExciseDepartment had been paid and had been expensed off in the Statement of Profit and Lossduring the previous years. Subsequently a penalty of equal amount was also imposed on theCompany post which the

Company filed an appeal against the demand and penalty.

2. Amount paid under protest of Rs. 4.21 crores for the financial year 2012-13 and2013-14 includes adjustment of Rs.4.01 crores made by the Income-tax department againstthe refund of financial year 2013-14.

3. Amount of Rs. 1.09 crores is adjustment made by the Income-tax department againstthe refund for financial year 2014-15.

(viii) The Company has no loans or borrowings payable to a financial institution or abank or government and no dues payable to debenture-holders during the year. Accordinglythe provisions of clause 3(viii) of the Order are not applicable.

(ix) The Company did not raise moneys by way of initial public offer or further publicoffer instruments) and did not have any term loans outstanding during the year.Accordingly the provisions of clause 3(ix) of the Order are not applicable.

(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.

(xii) In our opinion the Company is not a Nidhi Company. Accordingly provisions ofclause 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 not made any preferential allotment or privateplacement of shares or fully or partly 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/-
Rajni Mundra
Place: New Delhi Partner
Date: 24 May 2019 Membership No.: 058644

Annexure B to the

Independent Auditor's Report

Annexure B

Independent Auditor's Report as required by the Comptroller and Auditor General ofIndia vide directions issued under Section 143(5) of the Companies Act 2013 (the‘Act')

Based on the audit procedures performed and taking into consideration the informationexplanations examination of records and written representations given to us by themanagement in the normal course of audit we report to the best of our knowledge andbelief that:

S. No. Directions Response Impact on financial statements
1. Whether the Company has system in place to process all the accounting transactions through the IT system? If yes the implications of processing of accounting transaction outside IT system on the integrity of the accounts along with the financial implications if any may be stated. The Company has system in place to process all the accounting transactions through the IT system. Not applicable.
Further as per the information and explanations given to us by the management there are no accounting transactions that are processed outside the IT system by the Company which impact the integrity of the accounts.
2. Whether there is any restructuring of an existing loan or cases of waiver/ write off of debts/loans/interest etc. made by a lender to the Company due to the Company's inability to repay the loan? If yes the financial impact may be stated. As per information and explanations given to us and based on the examination of records the Company did not have any debts/loans payable to any lender as at and during the year ended 31 March 2019 and hence reporting under this direction is not applicable. Not applicable.
3. Whether funds received/ receivable for specific schemes from Central/ State Agencies were properly accounted for/ utlilized as per its terms and conditions? List the case of deviation. As per information and explanations given to us and based on the examination of records no funds have been received during the year ended 31 March 2019 or are receivable as at 31 March 2019 for specific schemes from the Central/State Agencies. Therefore reporting under this direction is not applicable. Not applicable.
For Walker Chandiok & Co LLP
Chartered Accountants
Firm's Registration No.: 001076N/N500013
Sd/-
Rajni Mundra
Place: New Delhi Partner
Date: 24 May 2019 Membership No.: 058644

Annexure C to the Independent Auditor's Report

Annexure C

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 IndraprasthaGas Limited (the ‘Company') as at and for the year ended 31 March 2019 we haveaudited the internal financial controls over financial reporting (‘IFCoFR') of theCompany as at that date.

Management's Responsibility for and appropriate 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 (‘Guidance Note') issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of the

Company's business including adherence to Company's policies the safeguarding of itsassets the prevention and detection of frauds and errors the accuracy and completenessof the accounting 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 IFCoFR based on our audit. We conducted our audit in accordance with theStandards on Auditing issued by the ICAI and deemed to be prescribed under section143(10) of the Act to the extent applicable to an audit of IFCoFR and the Guidance Noteissued by ICAI. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate IFCoFR were established and maintained and if such controls operated effectivelyall 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 standalone financial statementswhether due to fraud or error.

5. We believe that the audit evidence we have obtained to provide a basis for our isaudit 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 standalone financialstatements for external purposes in accordance with generally accepted accountingprinciples. A company's IFCoFR includes those policies and procedures that (1) pertain tothe maintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of standalonefinancial 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 standalonefinancial 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 IFCoFR toin future periods are subject tothe risk that IFCoFR may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may 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 control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Noteissued by ICAI.

For Walker Chandiok & Co LLP
Chartered Accountants
Firm's Registration No.: 001076N/N500013
Sd/-
Rajni Mundra
Place: New Delhi basedon theinternal Partner
Date: 24 May 2019 Membership No.: 058644