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Kirloskar Electric Company Ltd.

BSE: 533193 Sector: Engineering
NSE: KECL ISIN Code: INE134B01017
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VOLUME 184
52-Week high 56.95
52-Week low 21.00
P/E
Mkt Cap.(Rs cr) 153
Buy Price 23.10
Buy Qty 850.00
Sell Price 23.70
Sell Qty 184.00
OPEN 23.10
CLOSE 23.15
VOLUME 184
52-Week high 56.95
52-Week low 21.00
P/E
Mkt Cap.(Rs cr) 153
Buy Price 23.10
Buy Qty 850.00
Sell Price 23.70
Sell Qty 184.00

Kirloskar Electric Company Ltd. (KECL) - Auditors Report

Company auditors report

TO THE MEMBERS OF KIRLOSKAR ELECTRIC COMPANY LIMITED BENGALURU

Abridged Report on the Abridged Standalone Financial Statements:

The accompanying abridged financial statements which comprise the abridged balancesheet as at March 31 2017 the abridged statement of profit and loss and abridged cashflow statement for the year then ended and related notes are derived from the auditedfinancial statements of Kirloskar Electric Company Limited ("the Company") as atand for the year ended March 31 2017. We expressed a qualified audit opinion on thosefinancial statements in our report dated May 26 2017.

The abridged financial statements do not contain all the disclosures required by theaccounting principles generally accepted in India including the accounting standardsspecified under section 133 of the Companies Act 2013 ("the Act") read withrule 7 of the

Companies (Accounts) Rules 2014. Reading the abridged financial statements thereforeis not a substitute for reading the audited financial statements of the Company.

Management's Responsibility for the Abridged Standalone Financial Statements:

Management is responsible for the preparation of a summary of the audited financialstatements in accordance with the accounting standards specified under section 133 of theAct read with rule 7 of the Companies (Accounts) Rules 2014 and accounting principlesgenerally accepted in India.

Auditor's Responsibility:

Our responsibility is to express an opinion on the abridged financial statements basedon our procedures which were conducted in accordance with Standard on Auditing (SA) 810"Engagements to Report on Summary Financial Statements" issued by the Instituteof Chartered Accountants of India.

Basis for Qualified Opinion:

Attention of the members is invited to note 52 (a) of the financial statementsregarding amounts due to the Company from certain subsidiaries towards part considerationreceivable on sale/assignment of certain immoveable properties and receivables. We haverelied on management's representations that it is confident of realization of amounts duefrom the said subsidiaries aggregating to ` 14741 lakhs (previous year Rs 14951 Lakhs).Shortfall in realization of consideration receivable if any could not be ascertained.

Qualified Opinion:

In our opinion except for the effects of the matter described in the Basis forQualified Opinion paragraph above the abridged financial statements derived from theaudited financial statements of the Company as at and for the year ended March 31 2017are a fair summary of those financial statements in accordance with the accountingstandards specified under section 133 of the Act read with rule 7 of the Companies(Accounts) Rules 2014 and accounting principles generally accepted in India.

Other Matter:

We did not audit the financial statements/information of one branch the Kuala Lumpuroffice of the Company included in the standalone financial statements of the Companywhose financial statements reflect total assets of Rs 189 lakhs as at 31st March 2017 andtotal revenues of Rs 1 lakh for the year ended on that date as considered in thestandalone financial statements. The financial statements of the said office have beenaudited by the branch auditors (M/s Sundar & Associates Chartered Accountants) whosereport has been furnished to us and our opinion in so far as it relates to the amountsand disclosures included in respect of these branches is based solely on the report ofsuch branch auditors.

Emphasis of Matter:

(a) Attention of the members is invited to note 53 of the financial statements wherein the directors have detailed the reasons for compiling the financial statements on agoing concern basis though the net worth of the group consisting of the Company itssubsidiaries and associate has been eroded. The appropriateness of the said basis issubject to the Company adhering to the restructuring plan and infusion of requisite fundsto it. We have relied on the representations made to us by the management. Our report isnot qualified in this respect.

(b) Attention of the members is invited to note 54 (a) of the financial statementswhich sets out that the Company has filed special leave petition in respect of demands forresale tax and sales tax penalty of Rs. 527 lakhs and Rs.362 Lakhs respectively before theHonourable Supreme Court of India. Management has represented to us that it is notprobable that there will be an outflow of economic benefits and hence no provision isrequired to be recognized in this regard. We have relied on this representation.

(c) Attention of the members is invited to note 54 (b) of the financial statementswhich sets out that the Company has filed writ petition in the Honourable High Court ofKarnataka challenging the demand of Value added tax of Rs. 893 lakhs. Management hasrepresented to us that it is not probable that there will be an outflow of economicbenefits and hence no provision is required to be recognized in this regard. We haverelied on this representation.

For B.K. RAMADHYANI & CO LLP
Chartered Accountants
Firm Registration No. 002878S/S200021
VASUKI H S
Date: May 26 2017 Partner
Place: Bengaluru Membership No. 212013

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KIRLOSKAR ELECTRIC COMPANY LIMITEDBENGALURU

Report on the Standalone Financial Statements:

We have audited the accompanying standalone financial statements of Kirloskar ElectricCompany Limited ("the Company") which comprise the Balance Sheet as at March31 2017 the Statement of Profit and Loss the Cash Flow Statement and a summary ofsignificant accounting policies and other explanatory information for the year then endedin which are incorporated the Returns audited by the branch auditors M/s Sundar &Associates Chartered Accountants of the Kuala Lumpur office of the Company in Malaysia.

Management's Responsibility for the Standalone Financial Statements:

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the accounting standardsspecified under section 133 of the Act read with rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgements 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 financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility:

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

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

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

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

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

Basis for Qualified Opinion:

Attention of the members is invited to note 52(a) of the financial statementsregarding amounts due to the Company from certain subsidiaries towards part considerationreceivable on sale/assignment of certain immovable properties and receivables. We haverelied on management's representations that it is confident of realization of amounts duefrom the said subsidiaries aggregating to ` 14741 lakhs (previous year Rs 14951Lakhs). Pending completion of disposals/realization of assets by the subsidiariesshortfall in realization of the amount outstanding if any could not be ascertained.

Qualified Opinion:

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the Basis for QualifiedOpinion paragraph above the aforesaid standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2017 and its loss and its cash flows for the yearended on that date.

Other Matter

We did not audit the financial statements/information of one branch the Kuala Lumpuroffice of the Company included in the standalone financial statements of the Companywhose financial statements reflect total assets of Rs 189 lakhs as at 31st March 2017 andtotal revenues of Rs 1 lakh for the year ended on that date as considered in thestandalone financial statements. The financial statements of the said office have beenaudited by the branch auditors (M/s Sundar & Associates Chartered Accountants) whosereport has been furnished to us and our opinion in so far as it relates to the amountsand disclosures included in respect of these branches is based solely on the report ofsuch branch auditors.

Emphasis of Matter:

(a) Attention of the members is invited to note 53 of the financial statements wherein the directors have detailed the reasons for compiling these statements on a goingconcern basis though the net worth (after excluding revaluation reserve) of the groupconsisting of the Company its subsidiaries and associate has been eroded. Theappropriateness of the said basis is subject to the Company adhering to the restructuringplan and infusion of requisite funds. We have relied on the representations made to us bythe management.

(b) Attention of the members is invited to note 54 (a) of the financial statementswhich sets out that the Company has filed special leave petition in respect of demands forresale tax and sales tax penalty of Rs. 527 lakhs and Rs.362 Lakhs respectively before theHonourable Supreme Court of India. Management has represented to us that it is notprobable that there will be an outflow of economic benefits and hence no provision isrequired to be recognized in this regard. We have relied on this representation.

(c) Attention of the members is invited to note 54 (b) of the financial statementswhich sets out that the Company has filed writ petition in the Honourable High Court ofKarnataka challenging the demand of Value added tax of Rs. 893 lakhs. Management hasrepresented to us that it is not probable that there will be an outflow of economicbenefits and hence no provision is required to be recognized in this regard. We haverelied on this representation.

Report on Other Legal and Regulatory Requirements:

1. 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 the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

2. As required by the section 143(3) of the Act we report that

a. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit.

b. In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books and proper returnsadequate for the purposes of our audit have been received from the branches not visited byus.

c. The report on the accounts of the Kuala Lumpur office in Malaysia of the Companyaudited under Section 143 (8) of the Act by branch auditors have been forwarded to us andhave been duly dealt with by us while preparing this report.

d. The Balance Sheet Statement of Profit and Loss and Cash Flow statement dealt withby this report are in agreement with the books of account and with the returns receivedfrom the branches not visited by us.

e. 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.

f. On the basis of the written representations received from the directors as on March31 2017 taken on the record by the Board of Directors none of the directors isdisqualified as on that date from being appointed as a director in terms of section 164(2)of the Act.

g. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B".

h. With respect to other matters to be included in the Auditors report in accordancewith rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us

i The Company has disclosed the impact of pending litigations on its financial positionin its financial statements – Refer Note 24 to the financial statements.

ii The Company did not have any long-term contracts and has not entered into anyderivative contracts. Accordingly no provision is required to be recognised in respect ofmaterial foreseeable losses under applicable laws or accounting standards.

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

iv The Company has provided requisite disclosures in the standalone financialstatements as regards its holding and dealings in Specified Bank Notes as defined in theNotification S.O. 3407(E) dated November 8 2016 of the Ministry of Finance during theperiod from November 8 2016 to December 30 2016. Based on audit procedures performed andthe representations provided to us by the management we report that the disclosures are inaccordance with the books of account maintained by the Company and as produced to us bythe Management.

For B.K. RAMADHYANI & CO LLP
Chartered Accountants
Firm Registration No. 002878S/S200021
VASUKI H S
Date: May 26 2017 Partner
Place: Bengaluru Membership No. 212013

ANNEXURE ‘A' TO THE INDEPENDENT AUDITORS' REPORT (REFERRED TO IN PARAGRAPH 1 UNDERTHE HEADING "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OFEVEN DATE) TO THE MEMBERS OF KIRLOSKAR ELECTRIC COMPANY LIMITED

1. a. The Company has maintained proper records showing full particulars includingquantitative details and situation of Property plant and equipment (PPE). Howevercomprehensive description of assets and their current location need to be updated in theasset records. b. Management has physically verified these PPE in various units as per aphased program of physical verification which is at reasonable intervals. Thediscrepancies noticed on such verification were not material however the same has beenproperly dealt with in the books of account. c. According to the information andexplanation given to us and as represented to us by the company the title deeds ofImmoveable properties are held in the name of the Company.

2. The Company has a program of physical verification of inventory which is conductedat reasonable intervals by the management. Certain mistakes noticed in the inventoryrecords have been corrected to the extent identified based on physical verification takenfrom time to time. The Company is in the process of identifying and analysing thedifferences adjusted/to be adjusted in the books of account on a comprehensive basis asreported in note 40 of the financial statements and consequently we are not in a positionto comment on the extent of discrepancies and any further adjustments required in thebooks of account.

3. The Company has not granted any loans to companies firms Limited liabilityPartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013. For this purpose we have relied on the representations of themanagement that monies due from parties referred to in note 42 to the financial statementsare advances and not in the nature of loans.

4. In our opinion and according to the information and explanations given to us thecompany has not granted any loans or provided any guarantees or security to the partiescovered under section 185 of the Companies Act 2013. In our opinion and according to theinformation and explanations given to us the company has complied with the provisions ofsection 186 of the Companies Act 2013 in respect of investments made or guarantees givento the wholly owned subsidiaries covered under section 186 of the Companies Act 2013.There were no loans given nor securities provided to wholly owned subsidiaries coveredunder section 186 of the Companies Act 2013.

5. In our opinion and according to the information and explanations given to us theCompany has complied with the directives issued by the Reserve Bank of India and theprovisions of sections 73 to 76 of the Companies Act 2013 or any other relevantprovisions of the said Act and the rules framed there under with regard to depositsaccepted from the public. There were delays in repayment of deposits during the financialyear ended March 31 2017 and the management has represented to us that there are no suchdeposits unpaid as laid down in section 74 and other relevant provisions of the CompaniesAct 2013. Further and according to the Company no order has been passed by the CompanyLaw Board or National Company Law Tribunal or Reserve Bank of India or any Court or anyother Tribunal.

6. We have broadly reviewed the books of account maintained by the Company pursuant tothe Rules made by the Central Government for the maintenance of cost records undersub-section (1) of section 148 of the Act and read with paragraph 2 above regardinginventory records we are of the opinion that prima facie the prescribed accounts andrecords have been made and maintained. 7. a. The Company has been regular in depositingundisputed statutory dues including provident fund employees' state insuranceincome-tax sales-tax service tax duty of customs duty of excise value added tax cessand any other statutory dues barring delays in certain months ranging upto 3 months delayin service tax up to 1 month delay in professional tax upto 2 months delay in Employees'State Insurance tax deducted at source and excise duty. According to the information andexplanations given to us there are no undisputed amounts payable in respect of abovementioned statutory dues which were in arrears as at March 31 2017 for a period of morethan six months from the date they became payable except in respect of dues of providentfund amounting to Rs 12.31 lakhs payable for the period April 2016 to August 2016.

b. According to the information and explanations given to us the following dues ofSales Tax Income Tax Excise Duty Value Added Tax Service Tax and Cess had not beendeposited as at March 31 2017 with the relevant authorities on account of disputes.

Name of the statue Nature of the dues Amount Period to which the amount relates Forum where dispute is pending
( Rs . in Lakhs)
Karnataka Sales Tax Act 1957 Resale tax demanded 229.07 2003 – 2005 Supreme Court
Karnataka Value Added Tax Act 2003 VAT penalty demanded 181.06 2005 – 2008 Supreme Court
Karnataka Value Added Tax Act 2003 VAT demanded 190.03 2006 – 2007 & 2008 – 2009 Joint Commissioner of Commercial Tax (Appeals)
Karnataka Value Added Tax Act 2003 Input VAT credit and other disallowances 893.42 2009-10 High Court of Karnataka
The Central Excise Act 1944 Excise demand 0.30 April 1993 & High Court of
April 2001 Karnataka
Excise demand 2.62 September 2006 and September 2007 Central Excise and Service Tax Appellate Tribunal
Cenvat availment 82.11 January 2008 to April 2010 October 2008 to April 2010 September 2010 to March 2011 Commissioner of Central Excise (Appeals)
The Income Tax Act 1961 Income tax demand 10.34 Assessment Year 2010 – 2011 Commissioner of Income Tax (Appeals)
The Central Sales Tax Act 1956 & The Bombay Sales Tax Act 1959 Sales tax demand 1478.14 1999 – 2000 2005-2006 2007-2008 and 2008-2009 Joint Commissioner of Commercial Taxes
The Central Sales Tax Act 1956 & Maharastra Value Added Tax Act 2002 Sales tax demand 3133.30 2010-11 The President Maharashtra Sales Tax Tribunal Mumbai (in respect of CST demand) & Deputy Commissioner of Sales Tax (Appeals) Pune
The West Bengal Sales Tax Act Sales Tax demand 50.70 2011-12 Commercial Taxes Appellate board and Senior joint commissioner Central Audit Unit-1 Kolkata
2012-13 & 2013-14

8. In our opinion and according to the information and explanations given to us thereare no defaults in repayment of dues to banks as at March 31 2017 taking intoconsideration the terms and conditions of the Master Restructuring Agreement("MRA") referred to in note 55 of the financial statements. There are no loanstaken from financial institution Government or dues to debenture holders by the Company.

9. The company has not raised monies by way of initial public offer or further publicoffer (including debt instruments) or fresh term loans from banks during the year.

10. According to the information and explanation given to us there are no fraudsreported by the Company or any fraud on the company by its officers or employees has beennoticed or reported during the year.

11. According to the information and explanations given by the management themanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

12. The Company is not a Nidhi Company. Accordingly the provisions of clause 3(xii) ofthe said Order are not applicable.

13. In our opinion and according to the information and explanation given to us and asrepresented to us by the management all transactions with the related parties are incompliance with section 177 and 188 of Companies Act 2013 and the details have beendisclosed in the Financial Statements as required by the applicable Accounting Standards.

14. During the year the company has raised monies from the Qualified institutionalbuyers by issuing 79 91765 shares of face value ` 10 each at premium of Rs 36.15 pershare (refer explanation below to note 3 of the Financial Statements). The requirement ofSection 42 of the Companies Act 2013 have been complied with and the amount raised havebeen used for the purposes for which the funds were raised.

15. As represented to us by the management and according to the information andexplanation given to us by the management the Company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly the provisions ofclause 3(xv) of the said Order are not applicable.

16. According to the information and explanation given the Company is not required tobe registered under section 45-IA of the Reserve Bank of India Act 1934. Accordinglyclause 3(xvi) of the Order is not applicable to the Company.

For B.K. RAMADHYANI & CO LLP
Chartered Accountants
Firm Registration No. 002878S/S200021
VASUKI H S
Date: May 26 2017 Partner
Place: Bengaluru Membership No. 212013

ANNEXURE-B TO THE INDEPENDENT AUDITORS' REPORT

(REFERRED TO IN PARAGRAPH 2 (f) UNDER THE HEADING "REPORT ON OTHER LEGAL ANDREGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF KIRLOSKARELECTRIC COMPANY LIMITED).

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of KirloskarElectric Company Limited ("the Company") as of March 31 2017 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on "the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India". These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") 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 applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate 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 about the adequacy ofthe Internal Financial Controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial 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 a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's Internal Financial Control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of Internal Financial Controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the Internal Financial Controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion 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 2017 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India".

For B.K. RAMADHYANI & CO LLP
Chartered Accountants
Firm Registration No. 002878S/S200021
VASUKI H S
Date: May 26 2017 Partner
Place: Bangalore Membership No. 212013