You are here » Home » Companies » Company Overview » Jaypee Infratech Ltd

Jaypee Infratech Ltd.

BSE: 533207 Sector: Infrastructure
NSE: JPINFRATEC ISIN Code: INE099J01015
BSE 14:30 | 17 Feb 1.01 -0.04
(-3.81%)
OPEN

1.01

HIGH

1.06

LOW

1.01

NSE 14:23 | 17 Feb 1.00 -0.05
(-4.76%)
OPEN

1.05

HIGH

1.05

LOW

1.00

OPEN 1.01
PREVIOUS CLOSE 1.05
VOLUME 559426
52-Week high 4.14
52-Week low 0.99
P/E
Mkt Cap.(Rs cr) 140
Buy Price 1.01
Buy Qty 76820.00
Sell Price 1.02
Sell Qty 1530.00
OPEN 1.01
CLOSE 1.05
VOLUME 559426
52-Week high 4.14
52-Week low 0.99
P/E
Mkt Cap.(Rs cr) 140
Buy Price 1.01
Buy Qty 76820.00
Sell Price 1.02
Sell Qty 1530.00

Jaypee Infratech Ltd. (JPINFRATEC) - Auditors Report

Company auditors report

TO THE MEMBERS OF JAYPEE INFRATECH LIMITED

Report on the Standalone financial statements

We have audited the accompanying Standalone financial statements of Jaypee InfratechLimited (the Company) which comprise the Balance Sheet as at 31st March2019 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year ended on thatdate and a summary of significant accounting policies and other explanatory information(hereinafter referred to as the standalone financial statements).

Opinion

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 (the Act) in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended (Ind AS) and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2019 the loss and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis of Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.

Emphasis of Matter

We invite attention to:

1. Note no. 31 to Standalone Financial Statements which describes the ongoing CorporateInsolvency Resolution Process of the Company under Insolvency and Bankruptcy Code 2016(`the Code') and related matters.

2. Note no. 39(c) to Standalone Financial Statements regarding disclosure of balanceCost estimates based on Independent Consultants report which may vary based on thefactors prevailing at the time of actual execution.

3. Note no. 32(g) of Standalone Financial Statements which indicates materialuncertainty in respect of estimation of discount (rebate) to customer for likely delay inpossession of units under construction.

Our opinion is not modified in respect of the above matters

Key Audit Matters

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 standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

1. Evaluation of uncertain direct and indirect tax positions

The Company has material uncertain direct and indirect tax positions including mattersunder dispute which involves significant judgment to determine the possible outcome ofthese disputes. The Company has disputes pending at various levels of tax authorities overthe past several years as on March 31 2019 the company has total such disputed demandsamounting to Rs. 1266.03 Crores. We have considered these as Key Audit Matter as itrequires significant management judgment including accounting estimates that involveshigh estimation uncertainty.

Auditor's Response

Principal Audit Procedures

Our audit included but was not limited to the following procedures:

 We have evaluated the appropriateness of the design and tested the operatingeffectiveness of the management's controls over the tax litigation matters.

 Obtained details of completed tax assessments and demands during the year endedMarch 31 2019 from Management.

 We reviewed the management's underlying assumptions in estimating the taxprovision and the possible outcome of the disputes.

 Additionally we considered the effect of the outcomes of the Appellate Ordersreceived during the year in respect of uncertain tax positions as at April 1 2018 toevaluate whether any change was required to management's position on these uncertainties.

 We have verified the orders from tax and appellate authorities for the previousyear and relied on management judgements in evaluating the tax provisions for the CurrentFinancial Year.

 Further we have relied upon the management judgements and estimates for possibleoutflow and opinion of internal experts of the company in relations to such disputed taxpositions.

 Assessed the appropriateness of the disclosure made in the standalone financialstatements.

2. Recoverability of pre-deposits relating to tax and non tax matters

As at March 31 2019 the company has current assets i.e. pre deposits pertaining tovarious tax and non tax matters namely VAT Service Tax Income Tax etc. with adjudicatingauthorities amounting to Rs. 52.17 crores that are for pending for/relating to casespending for more than 3 years and for which there are no balance confirmations from therespective authorities available on records.

Auditor's Response

Principal Audit Procedures

Our audit included but was not limited to the following procedures:

 We have evaluated the appropriateness of the design for recording and trackingthe recoverability of pre-deposits pertaining to the old tax and non-tax cases.

 We have discussed and reviewed the nature of the amounts recoverable vis a visthe underlying cases. We further discussed the sustainability of the cases on a samplebasis and the likelihood of recoverability or otherwise upon final resolution from therespective authorities.

 We enquired with the management about these cases vis a vis the current positionand the efforts taken by the management to recover the deposits placed or obtaining thebalance confirmations from the respective authorities.

 Further we have relied on the management estimations and judgements withreference to inherent uncertainties involved while determining the outcome of these cases.

Information Other than the Standalone Financial Statements and Auditor's Report Thereon

The Company's Management is responsible for the preparation of the other information.The other information comprises the information included in the Board's Report includingAnnexures to Board's Report Management Discussion and Analysis/ Business ResponsibilityReport/Corporate Governance and Shareholder's Information but does not include thestandalone financial statements and our auditor's report thereon. The above-referredinformation is expected to be made available to us after the date of this audit report.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information identified above when it becomes available and in doingso consider whether the other information is materially inconsistent with the standalonefinancial statements or our knowledge obtained during the course of our audit or otherwiseappears to be materially misstated. If based on the work we have performed we concludethat there is a material misstatement of this other information; we are required to reportthat fact.

When we read the other information if we conclude that there is a materialmisstatement therein we are required to communicate the matter to those charged withgovernance and take appropriate actions necessitated by the circumstances and theapplicable laws and regulations.

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

The company is undergoing Corporate Insolvency Resolution Process (CIR Process) underthe provisions of the Insolvency and Bankruptcy Code 2016 (Insolvency Code)w.e.f.9thAugust 2017 in terms of orders passed by Hon'ble National Company Law Tribunal(NCLT) Allahabad Bench and Hon'ble Supreme Court from time to time. As per Section 20 ofthe Insolvency Code management & operations of the Company are being managed byInterim Resolution Professional Mr. Anuj Jain on a Going Concern Basis.

The Company's management is responsible for the matters stated in Section 134(5) of theCompanies Act 2013 (the Act) with respect to the preparation of theseStandalone financial statements that give a true and fair view of the financial positionfinancial performance total comprehensive income changes in equity and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified under Section 133 of the Act read with Rule7 of the Companies (Accounts) Rules 2014. This responsibility also includes maintenanceof adequate accounting records in accordance with the provisions of the Act forsafeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring 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.

In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Management is responsible for overseeing the Company's financial reporting process.

Auditor's Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

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

 Identify and assess the risks of material misstatement of the standalonefinancial 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 financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness 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 financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

 Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

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

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

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or 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

1. As required by Section 143(3) of the Act based on our audit 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 appears from our examination of those books.

c) The Balance Sheet and the Statement of Profit and Loss including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid Standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in termsof Section 164 (2) of the Act.

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 A. Our report expresses anunmodified opinion on the adequacy and operating effectiveness of the Company's InternalFinancial Controls with reference to financial statements.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended: In our opinionand to the best of our information and according to the explanations given to us noremuneration paid by the Company to its directors during the year in accordance with theprovisions of section 197 of the Act.

h) With respect to the other matters included in the Auditor's Report in accordancewith Rule 11 of the companies (Audit and Auditors) Rule 2014 in our opinion and to thebest of our information and according to the explanation given to us and to best of ourinformation and according to the explanations given to us:

i. The company has disclosed the impact of pending litigation on its financial positionin its standalone financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any 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.

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

For DASS GUPTA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 000112N
(CA NARESH KUMAR)
Date: 27th May 2019 PARTNER
Place: Noida Membership No. 082069

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under `Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Jaypee Infratech Limited of evendate)

Report on the Internal Financial Controls with reference to Financial Statements underClause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 (theAct)

We have audited the Internal Financial Controls with reference to financial statementsof JAYPEE INFRATECH LIMITED (the Company) as of March 31 2019 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management's Responsibility for Internal Financial Controls

The Management of the company 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 with reference to financialstatements issued by the Institute of Chartered Accountants of India (ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

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 withreference to financial statements (the Guidance Note) issued by the Instituteof Chartered Accountants of India and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both issued by the Institute ofChartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate Internal Financial Controls with reference to financialstatements was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe Internal Financial Controls with reference to financial statements and their operatingeffectiveness. Our audit of Internal Financial Controls with reference to financialstatements included obtaining an understanding of Internal Financial Controls withreference to financial statements assessing the risk that a material weakness exists andtesting and evaluating the design and operating effectiveness of internal control based onthe assessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the standalone financial statementswhether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's Internal Financial Controls withreference to financial statements.

Meaning of Internal Financial Controls with reference to financial statements

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 standalone financial statements for external purposes inaccordance with generally accepted accounting principles. A company's Internal FinancialControls with reference to financial statements includes those policies and proceduresthat (1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation ofstandalone financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and (3) providereasonable assurance regarding prevention or timely detection of unauthorised acquisitionuse or disposition of the company's assets that could have a material effect on thestandalone financial statements.

Inherent Limitations of Internal Financial Controls with reference to financialstatements

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

In our opinion the Company have in all material respects an adequate InternalFinancial Controls with reference to financial statements and such Internal FinancialControls with reference to financial statements were operating effectively as at 31 March2019 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls with reference to financial statements issuedby the Institute of Chartered Accountants of India.

For DASS GUPTA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 000112N
(CA NARESH KUMAR)
Date: 27th May 2019 PARTNER
Place: Noida Membership No. 082069

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under `Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Jaypee Infratech Limited of evendate)

i. In respect of the Company's fixed assets:

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

(b) A substantial portion of fixed assets has been physically verified by themanagement during the year and in our opinion the frequency of verification is reasonablehaving regard to the size of the company the nature of its assets. According to theinformation given to us and to the best of our knowledge no material discrepancies werenoticed on such physical verification.

(c) According to the information and explanations given to us and the records examinedby us we report that the title deeds comprising the immovable property of Land areheld in the name of company as at the balance sheet date.

ii. (a) As explained to us the Inventory has been physically verified by themanagement at reasonable intervals during the year.

(b) In our opinion and according to the information and explanations given to us nomaterial discrepancies were noticed on physical verification.

iii. According to the information and explanations given to us and the records examinedby us the Company has not granted secured or unsecured loan to companies firms limitedliability partnerships and other parties covered in the register maintained under section189 of the Companies Act 2013.

iv. In our opinion and according to the information and explanations given to us theCompany has not granted any loans made any investment given any guarantee or providedany security to the parties covered under section 185 and 186 of the Companies Act 2013except for financial assistance availed by Jaiprakash Associates Limited the holdingcompany from its lenders. (Refer Note No. 38 and 31(i) of the standalone financialstatements.)

v. According to the information and explanations given to us the company has notaccepted deposits during the year. The company generally complied with the provisions ofSections 73 to 76 or any other relevant provisions of the Companies Act 2013. Howeverthere has been delay in repayment of fixed deposits. The fixed deposit holders being thefinancial creditors are a part of the CoC as per Insolvency code and the repayment thereofis incumbent upon successful resolution plan for the Company.

vi. According to the information and explanations given to us cost records asprescribed by the central Government under Section 148(1) of the Companies Act 2013 arebeing made and maintained.

vii. (a) According to the information and explanations given to us and the recordsexamined by us in our opinion the company has generally been regular in depositing withappropriate authorities undisputed statutory dues including Provident Fund Employees'State Insurance Income-tax Service tax value added tax Goods and Service tax cess andany other material statutory dues applicable to it. There were no arrears of such dues atthe yearend which have remain outstanding for a period of more than six months from thedate they became payable.

(b) According to the information and explanations given to us and the records examinedby us company has following dues in respect of Income Tax Service Tax and value addedtax which has not been deposited on account of any dispute:

Nature of Statute (Nature of Dues) Period to which amount relates Forum where dispute in pending Amount (in Rs. Lacs)
Income Tax (TDS) AY 2011-12 Tribunal 0.45
Income Tax (TDS) AY 2012-13 Tribunal 0.44
Income Tax (TDS) AY 2013-14 Tribunal 0.44
Income Tax (TDS) AY 2014-15 Tribunal 0.44
Income Tax AY 2012-13 Tribunal 111983.25
Service Tax July 2010-June 2012 Tribunal 3193.06
Service Tax July 2012 - March 2015 Tribunal 3652.85
Service Tax (Penalty) July 2012 - March 2015 Tribunal 3652.85
Service Tax April 2015 - June 2017 Additional Commissioner CGST 346.85
Service Tax July 2012 - June 2017 Additional Commissioner CGST 172.97
Service Tax July 2012 - June 2017 Additional Commissioner CGST 172.97
Service Tax July 2012 - June 2017 Additional Commissioner CGST 0.10

viii. Based on the audit procedure and according to the information and explanationsgiven to us we are of the opinion that the company has defaulted in repayment ofprincipal and/or interest to banks financial institutions & debenture holders whereinthe period of delay ranges from 1 to 1217 days.

Details of overdue interest on borrowings amounting to Rs. 377223.25 Lacs reflectedin Note no. 21 to the standalone financial statements which were outstanding as at 31stMarch 2019 are given below:

Name of Lender Interest Default (In Rs. Lacs)* Period of Default*
Axis Bank 4247.06 1 to 669 days
Corporation Bank 30467.05 1 to 1217 days
ICICI Bank 7838.13 1 to 639 days
IIFCL 38715.26 1 to 973 days
State Bank of India 26371.22 1 to 1004 days
Bank of Maharashtra 17819.01 1 to 1186 days
IDBI Bank 165628.69 1 to 973 days
Jammu & Kashmir Bank 10079.65 1 to 1155 days
Syndicate Bank 15227.69 1 to 1186 days
IFCI Limited 12979.92 1 to 1065 days
Union Bank of India 14046.77 1 to 1194 days
LIC of India 32730.40 1 to 1216 days
SREI Equipment Finance Limited 1072.40 1 to 562 days
Total 377223.25

*As per agreements with respective banks/financial institutions subject to CIR Process.

Details of overdue principal repayments of borrowings amounting to Rs. 131895.26 Lacsreflected in Note no. 21 to the standalone financial statements which were outstanding asat 31st March 2019 are given below:

Name of Lender Principal Default Period of Default*
(In Rs. Lacs)*
Axis Bank 11195.00 455 days
Corporation Bank 10000.00 819 days
ICICI Bank Ltd. 3000.00 454 days
State Bank of India 18740.00 819 days
Bank of Maharashtra 10750.00 819 days
IDBI Bank 16500.00 819 days
Jammu & Kashmir Bank 3000.00 454 days
Syndicate Bank 10750.00 819 days
IFCI Limited 2300.00 454 days
Union Bank of India 10000.00 819 days
LIC of India 33600.00 1298 days
SREI Equipment Finance Limited 2060.26 501 days
Total 131895.26

*As per agreements with respective banks/financial institutions subject to CIR Process.

ix The company has not raised moneys by way of further public offer. Further in ouropinion and according to the information and explanations given to us the moneys raisedby way of debt instruments and term loans have been applied by the company during the yearfor the purposes for which they are raised.

x. To the best of our knowledge and according to the information and explanations givento us no fraud by the company and no material fraud on the company by its officers oremployees noticed or reported to us by the management during the year.

xi. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not paid or provided formanagerial remuneration.

xii. In our opinion and according to the information and explanations given to usCompany is not a Nidhi Company. Accordingly reporting under paragraph 3(xii) of the Orderis not applicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company all transactions with the related parties arein compliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the standalone financial statements as required by theapplicable accounting standards.

xiv. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year and hence reporting under clause 3(xiv) are not applicable to the company.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly reporting underparagraph 3(xv) of the Order are not applicable.

xvi. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For DASS GUPTA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 000112N
(CA NARESH KUMAR)
Date: 27th May 2019 PARTNER
Place: Noida Membership No. 082069