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Kesoram Industries Ltd.

BSE: 502937 Sector: Others
NSE: KESORAMIND ISIN Code: INE087A01019
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VOLUME 30269
52-Week high 173.25
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OPEN 74.05
CLOSE 73.95
VOLUME 30269
52-Week high 173.25
52-Week low 70.50
P/E
Mkt Cap.(Rs cr) 1,012
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Kesoram Industries Ltd. (KESORAMIND) - Auditors Report

Company auditors report

TO THE MEMBERS OF KESORAM INDUSTRIES LIMITED

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statementsof Kesoram Industries Limited ("the Company") which comprise the Balance Sheetas at March 31 2018 and the Statement of Profit and Loss (including Other ComprehensiveIncome) the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone Ind AS FinancialStatements

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone Ind AS financial statements that give a true and fair viewof the financial position financial performance including other comprehensive incomecash flows and changes in equity of the Company in accordance with the Indian AccountingStandards (Ind AS) prescribed under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended and other accounting principles generallyaccepted in India.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these standalone Ind ASfinancial statements based on our audit. In conducting our audit we have taken intoaccount the provisions of the Act the accounting and auditing standards and matters whichare required to be included in the audit report under the provisions of the Act and theRules made thereunder and the Order issued under section 143(11) of the Act. We conductedour audit of the standalone Ind AS financial statements in accordance with the Standardson Auditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the standalone Ind AS financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and the disclosures in the standalone Ind AS financial statements. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the standalone Ind AS financial statements whether due to fraudor error. In making those risk assessments the auditor considers internal financialcontrol relevant to the Company's preparation of the standalone Ind AS financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company's Directors as well as evaluating the overall presentation of the standaloneInd AS financial statements. We believe that the audit evidence obtained by us issufficient and appropriate to provide a basis for our audit opinion on the standalone IndAS financial statements.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone Ind AS financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the Ind AS and other accounting principles generally accepted in India ofthe state of affairs of the Company as at March 31 2018 and its loss totalcomprehensive loss its cash flows and the changes in equity for the year ended on thatdate.

Other Matters

The comparative financial information of the Company for the year endedMarch 31 2017 and the transition date opening balance sheet as at April 01 2016 includedin these standalone Ind AS financial statements are based on the statutory financialstatements prepared in accordance with the Companies (Accounting Standards) Rules 2006audited by the predecessor auditor whose report for the year ended March 31 2017 andMarch 31 2016 dated April 28 2017 and May 25 2016 respectively expressed an unmodifiedopinion on those standalone financial statements and have been restated to comply withInd AS. Adjustments made to the previously issued said financial information prepared inaccordance with the Companies (Accounting Standards) Rules 2006 to comply with Ind AShave been audited by us. Our opinion on the standalone Ind AS financial statements is notmodified in respect of this matter

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit wereport to the extent applicable that: a) We have sought and obtained all the informationand explanations which to the best of our knowledge and belief were necessary for thepurposes of our audit. b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books. c) TheBalance Sheet the Statement of Profit and Loss including Other Comprehensive Income theCash Flow Statement and Statement of Changes in Equity dealt with by this Report are inagreement with the books of account. d) In our opinion the aforesaid standalone Ind ASfinancial statements comply with the Indian Accounting Standards prescribed under section133 of the Act. e) On the basis of the written representations received from the directorsof the Company as on March 31 2018 take on record by the Board of Directors none of thedirectors is disqualified as on March 31 2018 from being appointed as a director in termsof Section 164(2) of the Act. f) With respect to the adequacy of the internal financialcontrols over financial reporting of the Company and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure A". Our report expresses anunmodified opinion on the adequacy and operating effectiveness of the Company's internalfinancial controls over financial reporting. g) With respect to the other matters to beincluded in the Auditor's Report in accordance with Rule 11 of the Companies (Audit andAuditors) Rules 2014 as amended in our opinion and to the best of our information andaccording to the explanations given to us: i. The Company has disclosed the impact ofpending litigations on its financial position in its standalone Ind AS financialstatements - Refer Note 33; ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses. iii. There hasbeen no delay in transferring amounts required to be transferred to the InvestorEducation and Protection Fund by the Company.

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

For DELOITTE HASKINS AND SELLS

Chartered Accountants

Firm Registration Number: 302009E

Abhijit Bandyopadhyay

Partner

Membership Number 054785

Place: Kolkata Date: May 11 2018

Annexure "A" to Independent Auditor's Report

(Referred to in paragraph 1(f) under ‘Report on Other Legal andRegulatory Requirements' section of our report of even date)

Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financialreporting of Kesoram Industries Limited ("the Company") as of March 31 2018 inconjunction with our audit of the standalone Ind AS financial statements of the Companyfor the year ended on that date.

Management's Responsibility for Internal Financial

Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of 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.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting of the Company based on our audit. Weconducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting (the "Guidance Note") issued by the Instituteof Chartered Accountants of India and the Standards on Auditing prescribed under Section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material misstatement of the financial statements whether 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 systemover financial reporting.

Meaning of Internal Financial Controls Over Financial

Reporting

A company's internal financial control over financial reporting 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 control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance 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 financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting Because of the inherent limitations of internal financial controls overfinancial reporting 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 overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to theexplanations given to us the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2018 based on theinternal financial control over financial reporting established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For DELOITTE HASKINS AND SELLS

Chartered Accountants

Firm Registration Number: 302009E

Abhijit Bandyopadhyay

Partner

Membership Number 054785

Place: Kolkata Date: May 11 2018

Annexure "B" to the Independent Auditor's Report

(Referred to in paragraph 2 under ‘Report on Other Legal andRegulatory Requirements' section of our report of even date)

(i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets. (b) The Companyhas a program of verification of fixed assets to cover all the items in a phased mannerover a period of three years which in our opinion is reasonable having regard tothe size of the Company and the nature of its assets. Pursuant to the program certainfixed assets were physically verified by the Management during the year. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification. (c) According to the information and explanations given to us and therecords examined by us and based on the examination of the registered sale deed transferdeed conveyance deed mutation of title papers provided to us we report that the titledeeds comprising all the immovable properties of land and buildings are held in the nameof the Company as at the balance sheet date. Immovable properties of land and buildingswhose title deeds have been pledged as security for loans guarantees etc. are held inthe name of the Company based on the confirmations directly received by us from lenders.In respect of immovable properties of land that have been taken on lease and disclosed asfixed asset in the financial statements the lease agreements are in the name of theCompany where the Company is the lessee in the agreement. (ii) The inventoryexcept for goods-in-transits and stock lying with third parties has been physicallyverified by the management at reasonable intervals during the year. In our opinion thefrequency of such verification is reasonable. For stocks lying with third parties at theyear-end written confirmations have been obtained and in respect of goods-in-transitsubsequent goods receipts have been verified or confirmations have been obtained from theparties. The discrepancies noticed on verification between the physical stocks and thebook records were not material. (iii) According to the information and explanationsgiven to us the Company has granted loans unsecured to companies covered in theregister maintained under section 189 of the Companies Act 2013 in respect of which:

(a) The terms and conditions of the grant of such loans are in ouropinion prima facie not prejudicial to the Company's interest except for one loanaggregating Rs. 7.11 crore as on at March 31 2018 with a maximum amount of Rs. 7.11crore outstanding during the year which was granted without specifying any repaymentterms and is therefore in our opinion prejudicial to the Company's interests. (b) Inrespect of the aforesaid loans except for an amount aggregating Rs. 7.11 croreoutstanding towards principal and which is fully provided for the other loan amounting toRs. 386.23 crore is repayable on demand. However the party is regular in payment ofinterest as applicable. (c) In respect of the aforesaid loans except for an amountaggregating Rs. 7.11 crore which is already provided for there is no amount which isoverdue for more than ninety days. (iv) In our opinion and according to theinformation and explanations given to us the Company has complied with the provisions ofSections 185 and 186 of the Companies Act 2013 in respect of grant of loans makinginvestments and providing guarantees and securities as applicable.

(v) According to the information and explanations given to us theCompany has not accepted any deposit during the year and had no unclaimed deposits at thebeginning of the year as per the provisions of Sections 73 to 76 or any other relevantprovisions of the Companies Act 2013. (vi) The maintenance of cost records hasbeen specified by the Central Government under section 148(1) of the Companies Act 2013.We have broadly reviewed the cost records maintained by the Company pursuant to theCompanies (Cost Records and Audit) Rules 2014 as amended prescribed by the CentralGovernment under sub-section (1) of Section 148 of the Companies Act 2013 and are of theopinion that prima facie the prescribed cost records have been made and maintained. Wehave however not made a detailed examination of the cost records with a view todetermine whether they are accurate or complete. (vii) According to the informationand explanations given to us in respect of statutory dues:

(a) The Company has been regular in depositing undisputed statutorydues including Provident Fund Employees' State Insurance Income-tax Sales Tax ServiceTax Customs Duty Excise Duty Value Added Tax Goods and Service Tax cess and othermaterial statutory dues applicable to it to the appropriate authorities. (b) There were noundisputed amounts payable in respect of Provident Fund Employees' State InsuranceIncome-tax Sales Tax Service Tax Customs Duty

Excise Duty Value Added Tax Goods and Service Tax cess and othermaterial statutory dues in arrears as at March 31 2018 for a period of more than sixmonths from the date they became payable. (c) Details of dues of Income-tax Sales TaxService Tax Customs Duty Excise Duty and Value Added Tax which have not been depositedas on March 31 2018 on account of disputes are given below:

(All amounts in Rupees Crores unless otherwise stated)

Name of the statute

Nature of dues

Forum where dispute is pending

Period

Amount

Andha Pradesh General
Sales Tax Act 1957

Sales Tax

Tribunal

2003-04

0.11

Andhra Pradesh VAT Act

Sales Tax

High Court

2006 - 2009

0.54

Bihar VAT Act 2005

Sales Tax

Commissioner (Appeals)

2013-14

0.65

Bihar VAT Act 2005

Sales Tax

Joint Commissioner (Appeals) Deputy Commissioner of Sales Tax ( Appeals)

2008-09

0.01

Bombay Sales Tax Act

Sales Tax

Amravati Division

2003-04 2004-05

0.32

2005 - 2006 2006 - 2007 2007 - 2008

2008 - 2009 2009 - 2010

Central Excise Act 1944

Central Excise

Additional Commissioner

2010 - 2011 2011 - 2012 2012 - 2013

6.36

2013 - 2014 2014 - 2015

2015 - 2016

1991- 92 1993 -94 1994 - 95

1995 - 96 1996 - 97 1997 - 98

1998 - 99 1999 - 2000 2000 - 2001

Central Excise Act 1944

Central Excise

Assistant Commissioner

2001 - 02 2002 - 03 2003 - 04

7.68

2004 - 05 2005 - 06 2006 - 07

2009 - 10 2010 - 11 2013 - 14

2015 - 16 2016 - 17

1974 - 75 1987 - 88 1993 - 94 1994

- 95 1995 - 96 1996 -97 1997 - 98

1998 - 99 1999 - 2000 2000 - 01

Central Excise Act 1944

Central Excise

CESTAT

2001 - 02 2002 - 03 2003 - 04 2004

142.56

- 05 2005 - 06 2006 - 07 2007 - 08

2008 - 09 2009 - 10 2010 - 11 2011 -

12 2012 - 13

1985-1990 1995 - 96 1996 - 97 1997

- 98 1998 - 99 1999 - 2000 2000 -

01 2001 - 02 2002 - 03 2003 - 04

Central Excise Act 1944

Central Excise

Commissioner

2004 - 05 2005 - 06 2006 - 07 2007

38.48

- 08 2008 - 09 2009 - 10 2010 - 11

2011 - 12 2012 - 13 2013 - 14 2014 -

15 2015 - 16 2016 - 17

1994 1997 - 98 1998 - 99 2002 - 03

2003 - 04 2004 - 05 2005 - 06 2006

Central Excise Act 1944

Central Excise

Commissioner (Appeals)

- 07 2007 - 08 2008 - 09 2009 - 10

13.81

2010 - 11 2013 - 14 2014 - 15 2015

- 16

Central Excise Act 1944

Central Excise

Deputy Commissioner

2004

0.03

Central Excise Act 1944

Central Excise

High Court

1994 2005 - 06 2006 - 07

1.16

1979-80 1980-81 1982-83 1992-93

1995-96 1996-97 1997-98 1998-99

Superintendent of Central
Central Excise Act 1944

Central Excise

1999-00 2000-01 2001-02 2002-03

0.49

Excise

2004-05 2005-06 2011-12 2012-13

2013-14 2014-15 2015-16

Superintendent Central
Central Excise Act 1944

Central Excise

2002

0.03

Excise
Central Excise Act 1944

Central Excise

Supreme Court

2010

0.08

Central Sales Tax Act 1956

Sales Tax

Additional Commissioner

1996-97 1998-99

0.07

Central Sales Tax Act 1956

Sales Tax

Appeal

2013-14

0.06

Central Sales Tax Act 1956

Sales Tax

Assistant Commissioner

2000-01 2016-17

0.07

Central Sales Tax Act 1956

Sales Tax

CESTAT

2009-10

20.70

Central Sales Tax Act 1956

Sales Tax

Commissioner (Appeals)

2010-11 to 2014-15

0.43

Central Sales Tax Act 1956

Sales Tax

Deputy Commissioner

2012-13 2015-16 2016-17

0.10

Central Sales Tax Act 1956

Sales Tax

High Court

2001-02 2003-04 2009-10 2015-16

15.57

Central Sales Tax Act 1956

Sales Tax

JCCT

2011-12 2012-14

2.08

Central Sales Tax Act 1956

Sales Tax

Joint Commissioner of Commercial Taxes (Appeals)

2009-10

0.19

Central Sales Tax Act 1956

Sales Tax

Karnataka Appellate

2004-05

1.27

Central Sales Tax Act 1956

Sales Tax

Tribunal Bangalore NA

2001-02

0.05

Central Sales Tax Act 1956

Sales Tax

Revisional Board

2008-09 2010-11

0.07

Central Sales Tax Act 1956

Sales Tax

Sales Tax Tribunal 1995-96 1997-98

0.05

Central Sales Tax Act 1956

Sales Tax

Senior Joint CommissionerCorporate 2013-14

0.05

Central Sales Tax Act 1956

Sales Tax

Supreme Court 2003-04

4.06

Central Sales Tax Act 1956

Sales Tax

Tribunal 1999-00 1994-95 2002-03 2004-05 2007-08 2008-09 2009-10 2010-11

4.88

Central Sales Tax Act

Sales Tax

Tribunal & High Court 2011-12 2006-07

0.52

1956
Central Sales Tax Act WB Appellate & 2003-04 2004-05 2005-06 2006-07

Sales Tax

7.02

1956 Revisional Board 2007-08 2009-10 2010-11
CST Demanded under UP Addition Commissioner

Sales Tax

2005-06 2006-07

0.01

Trade Act1948 (Appeals)
Assistant Commissioner
Customs

Customs

2008-09

0.02

of Customs
Customs

Customs

CESTAT 2014-15

1.44

Delhi Sales Act 1975

Sales Tax

Assessing Authority 1999-00

0.42

Finance Act 1994

Service Tax

Assistant Commissioner 2006-07 to 2007-08

0.13

Finance Act 1994

Service Tax

CESTAT 2007-08 2008-09 2009-10

0.60

2005-06 2006-07 2007-08 2009-10

1.18

Finance Act 1994

Service Tax

Commissioner (Appeals) 2010-11 2011-12
Finance Act 1994

Service Tax

Superintendent of Central Excise 2013-14 2014-15

0.12

Gujarat VAT Act

Sales Tax

Appeal 2013-14

0.73

Jharkhand VAT Act 2005

Sales Tax

Commissioner 2010-11 2012-13

0.73

Jharkhand VAT Act 2005

Sales Tax

Joint Commissioner (Appeals) 2013-14

0.09

Jharkhand VAT Act 2005

Sales Tax

Tribunal 2010-11

0.14

Odisha Value Added Tax Act 2004

Sales Tax

Addition Commissioner (Appeals) 2010-11

8.12

Odisha Value Added Tax Act 2004

Sales Tax

Additional Commissioner 2005-06 2007-08

0.90

Odisha Value Added Tax Act 2004

Sales Tax

CTC TRIBUNAL 2008-09

1.03

Odisha Value Added Tax Act 2004

Sales Tax

JCCT 2011-12

3.34

Odisha Value Added Tax Act 2004

Sales Tax

Sales Tax Tribunal 2009-10

4.21

Rajasthan VAT Act 2003

Sales Tax

Assistant Commissioner 2013-14

0.02

Rajasthan VAT Act 2003

Sales Tax

Deputy Commissioner 2008-09

0.01

Tamil Nadu General Sales Tax Act 1959

Sales Tax

High Court 1999-00

0.18

UP Trade Tax Act1948

Sales Tax

Addition Commissioner (Appeals) 2006-07

0.09

UP VAT Sales Tax Addition Commissioner (Appeals)

2010-11 2011-12 2013-14

0.46

WB Sales Tax Act1994 Sales Tax Deputy Commissioner

1995-96 1997-98

0.21

WB Sales Tax Act1994 Sales Tax WB Taxation Tribunal

1998-99

0.07

WB VAT Act 2003 Sales Tax Additional Commissioner

2014-15

0.04

WB VAT Act 2003 Sales Tax Revisional Board

2007-08 2008-09 2009-10 2010-11

8.69

WB VAT Act 2003 Sales Tax WB Appellate & Revisional Board

2003-04 2004-05 2005-06 2006-07

6.71

2007-08 2008-09 2009-10

WB VAT Act 2003 Sales Tax WB Taxation Tribunal

2006-07 2010-11

3.24

(viii) In our opinion and according to the information andexplanations given to us the Company has not defaulted in the repayment of loans orborrowings to financial institutions banks and government. The Company has not issued anydebentures.

(ix) In our opinion and according to the information andexplanations given to us the term loans taken have been applied by the Company during theyear for the purposes for which they were raised.

(x) To the best of our knowledge and according to the informationand explanations given to us no fraud by the Company and no material fraud on the Companyby its officers or employees has been noticed or reported during the year.

(xi) In our opinion and according to the information andexplanations given to us the Company has paid / provided managerial remuneration inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act 2013.

(xii) The Company is not a Nidhi Company and hence reporting underclause (xii) of the CARO 2016 Order is not applicable.

(xiii) In our opinion and according to the information andexplanations given to us the Company is in compliance with Section 177 and 188 of theCompanies Act 2013 where applicable for all transactions with the related parties andthe details of related party transactions have been disclosed in the financial statementsetc. as required by the applicable accounting standards.

(xiv) According to the information and explanations given to usthe Company has made preferential allotment of shares and fully convertible warrantsduring the year under review.

In respect of the above issue we further report that: a) therequirement of Section 42 of the Companies Act 2013 as applicable have been compliedwith; and b) the amounts raised have been applied by the Company during the year for thepurposes for which the funds were raised other than temporary deployment pendingapplication.

(xv) In our opinion and according to the information andexplanations given to us during the year the Company has not entered into any non-cashtransactions with its directors or directors of its holding subsidiary or associatecompany or persons connected with them and hence provisions of section 192 of theCompanies Act 2013 are not applicable.

(xvi) The Company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934.

For DELOITTE HASKINS AND SELLS

Chartered Accountants

Firm Registration Number: 302009E

Abhijit Bandyopadhyay

Partner

Membership Number 054785

Kolkata May 11 2018