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Mindteck (India) Ltd.

BSE: 517344 Sector: IT
NSE: MINDTECK ISIN Code: INE110B01017
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OPEN 28.80
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VOLUME 2811
52-Week high 54.40
52-Week low 23.50
P/E 17.57
Mkt Cap.(Rs cr) 65
Buy Price 25.30
Buy Qty 998.00
Sell Price 25.70
Sell Qty 5.00
OPEN 28.80
CLOSE 25.45
VOLUME 2811
52-Week high 54.40
52-Week low 23.50
P/E 17.57
Mkt Cap.(Rs cr) 65
Buy Price 25.30
Buy Qty 998.00
Sell Price 25.70
Sell Qty 5.00

Mindteck (India) Ltd. (MINDTECK) - Auditors Report

Company auditors report

To the Members of Mindteck (India) Limited

Report on the Audit of the Standalone Ind AS Financial StatementsOpinion

We have audited the accompanying standalone Ind AS financial statementsof Mindteck (India) Limited ("the Company") which comprise the Balance Sheet asat March 31 2019 the Statement of Profit and Loss including the statement of OtherComprehensive Income the Cash Flow Statement and the Statement of Changes in Equity forthe year then ended and notes to the financial including a summary of significant otherexplanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone Ind

AS financialstatements give the information required by the CompaniesAct 2013 ("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 2019 its profit including other comprehensiveincome its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements inaccordance with the Standards on Auditing (SAs) as specifiedunder section 143(10) of theAct. Our responsibilities under those Standards are further described in the‘Auditor's Responsibilities for the Audit of the Standalone Ind AS FinancialStatements' section of our report. We are independent of the Company in accordancewith the ‘Code of Ethics' issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules thereunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and theCode of Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the standalone Ind AS financialstatements.

Key Audit Matters

Key audit matters are those matters that in our professionalstatements judgment were of most accounting policies and significance in ouraudit of the standalone Ind AS financial statements for the financial year ended March 312019. These matters were addressed in the context of our audit of the standalone Ind ASfinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. For each matter below our description of how ouraudit addressed the matter is provided in that context.

We have determined the matters described below to be the key auditmatters to be communicated in our report. We have fulfilled the responsibilities describedin the Auditor's responsibilities for the audit of the standalone Ind AS financialstatements section of our report including in relation to these matters. Accordingly ouraudit included the performance of procedures designed to respond to our assessment of therisks of material misstatement of the standalone Ind AS financial statements. The resultsof our audit procedures including the procedures performed to address the matters belowprovide the basis for our audit opinion on the accompanying standalone Ind AS financialstatements.

Key audit matters How our audit addressed the key audit matter
Service Concession Arrangement (as described in Note 42 of the standalone Ind AS financial statements)
The gross balance of capital expenditure as at March 31 2019 is Rs. 1002 lakhs relating to service concession agreements for maintaining and developing the smart parking system against which amortization amounting to Rs. 70 lakhs was charged. Our audit procedures included the following amongst others:
The Company had obtained the contract from Bhopal Municipal Corporation (BMC) for implementation of smart parking systems which would be governed by the specific regulations issued by BMC. The revenue from parking is collected by the We assessed the assumptions around the application of Appendix D of Ind AS 115 involving determination of relative fair value of the service delivered recognition of assets to the extent of cost incurred or to be incurred (including obligations arising out of the arrangement with BMC) towards getting the right to charge users of the public service.
Company for which rates are determined by the BMC. In lieu of the contract the Company has to pay authorization fees to BMC over the period of the contract. This arrangement has been treated as ‘Service Concession Arrangements' as per Appendix D of Ind AS 115. We evaluated the Company's processes and controls over capitalisation of expenditure incurred.
With reference to capital expenditure during the year we selected a sample of transactions and tested that they were recognised in accordance with the capitalisation criteria established by the Company.
Due to the nature of the arrangement recognition of the amounts including capitalization of intangible assets involve significant judgments and assumptions identification and recognition of contractual/onerous obligation. We obtained the impairment test from the Company and held meetings with management to understand the method applied.
At the end of the year management also performed the annual test for impairment of the intangible assets recorded under this arrangement. In view of the above we identified it as a key audit matter. We assessed Company's assumptions around the key drivers of the cash flow forecasts including discount rates applied projected revenue growth rates used. We also assessed the recoverable value headroom by performing sensitivity testing of key assumptions used.
We tested the arithmetical accuracy of the model.
Contingencies (as described in Note 32 of the standalone Ind AS financial statements) We also assessed the disclosures in the standalone Ind AS financial statements for compliance with disclosure requirements under the accounting standards.
The Company is involved in various legal proceedings relating to taxes. As of March 31 2019 there was Rs. 387 lakhs disclosed as contingent liability in the standalone Ind AS financial statement. In relation to these proceedings management assesses the impact of the eventual outcome on its standalone Ind AS financial statements. Our audit procedures included the following amongst others:
We obtained an understanding and assessed the internal control environment relating to the identification recognition and measurement of provisions for disputes and disclosures of contingent liabilities in relation to taxes.
Since the aforesaid estimates require significant by management based on the available information including that obtained from its tax advisors we identified it as a key audit matter area. from management's expert on We obtained judgments details of completed tax assessments demands issued by tax authorities orders/notices received in this regard from the management.
We held discussions with management to understand their assessment of the quantification and likelihood of significant exposures and the specific cases.
We obtained confirmation ongoing litigations along with risk assessment. We have evaluated the competences capabilities and objectivity of the management's expert and obtained an understanding of the scope of work and the terms of engagement. We involved our tax specialists to obtain and evaluate management's assessment of the likely outcome and potential exposures arising from all significant contingencies and considered the requirements of any provisions and related disclosures.
We also assessed the disclosures in the standalone Ind AS financial statements for compliance with disclosure requirements under the accounting standards.
Impairment of Investments in Subsidiaries (as described in Note 6 of the standalone Ind AS financial statements)
As at March 31 2019 the carrying value of investment in subsidiaries in the standalone Ind AS balance sheet amounts to Rs. 12384 lakhs which is assessed for impairment. Our audit procedures included the following amongst others:
We evaluated the Company's internal controls over its annual impairment test.
The management assesses annually the existence of impairment indicators of shareholdings in subsidiaries in compliance with its strategy of managing legal entities within the group and in case of occurrence or annually these assets are subject to impairment test. We have evaluated the competences capabilities and objectivity of the management's expert and obtained an understanding of the scope of work and the terms of engagement.
During the current year an impairment assessment was carried out by the Company by comparing the carrying value of these investments to their recoverable amount to determine whether an impairment was required to be recognized. We assessed Company's valuation methodology applied assumptions around the key drivers of the cash flow forecasts including discount rates applied projected revenue growth rates and terminal growth rates used.
For the above impairment testing basis valuation conducted by an external valuation specialist (‘management's expert') value in use has been determined by forecasting and discounting future cash flows which has been reviewed and approved by Audit Committee / Board of Directors of the Company. We discussed potential changes in key drivers as compared to previous year / actual performance relevant market data inputs and assumptions used to support projected future performance.
Furthermore the value in use is highly sensitive to changes in some of the inputs used for forecasting the future cash flows. We also assessed the recoverable value headroom by performing sensitivity testing of key assumptions used.
Further the determination of the recoverable amount of the investments involved significant judgment due to inherent uncertainty in the assumptions supporting the recoverable amount of these investments. We tested the arithmetical accuracy of the model. We also assessed the disclosures in the standalone Ind AS financialstatements for compliance with disclosure requirements under the accounting standards.
Accordingly the impairment of investments was determined to be a key audit matter in our audit of the standalone Ind AS financial statements.

Other Information

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Reportand Corporate Governance Report but does not include the standalone Ind AS financialstatements and our auditor's report thereon.

Our opinion on the standalone Ind AS financialstatements does not coverthe other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone Ind AS financialstatements our responsibility is to read the other information and in doing so considerwhether such other information is materially inconsistent with the standalone Ind ASfinancial statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated. If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Responsibilities of Management for the Standalone Ind AS FinancialStatements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of thesestandaloneIndASfinancialstatements that give a true and fairviewofthefinancialpositionfinancial performance including other comprehensive income cash flows and changes inequity of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards (Ind AS) specified under section 133 ofthe Act read with the Companies statements (Indian Accounting Standards) Rules 2015 asamended. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the

Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; andthe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone Ind AS financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Ind ASFinancial Statements

Our objectives are to obtain reasonable assurance about whether thestandalone Ind AS financial statements as a whole are free from material misstatementwhether due to fraud or error and to issue an auditor's report that includes ouropinion. Reasonable assurance is a high level of assurance but is not a guarantee that anaudit conducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone Ind AS financialstatements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of whether standaloneInd AS financial due to fraud or error design and perform audit procedures responsive tothose risks and obtain audit evidence that is sufficientand appropriate to provide abasis for our opinion.

The risk of not detecting a material misstatement resulting from fraudis higher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit 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 thereasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on thea going concern. If we conclude that a material uncertainty exists we are required todraw attention in our auditor's report to the related disclosures in the financialstatements or if such disclosures are inadequate to modify our opinion. Our conclusionsare based on the audit evidence obtained up to the date of our auditor's report.However future events or conditions may cause the Company to cease to continue as a goingconcern.

Evaluate the overall presentation structure and content of thestandalone Ind AS financialstatements including the disclosures and whether thestandalone Ind AS financial statements represent the underlying transactions and events ina manner that achieves fair presentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant auditdeficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalone IndAS financial statements for the financial year ended March 31 2019 and are therefore thekey audit matters. We describe these matters in our auditor's report unless law orregulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of

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 of the Act we give in the "Annexure 1" a statement on thematters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act we report that: a. We havesought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit; b. In our opinionproper books of account as required by law have been kept by the Company so far as itappears from our examination of those books; c. The Balance Sheet the Statement of Profitand Loss including the Statement of Other Comprehensive

Income the Cash Flow Statement and Statement of Changes in Equitydealt with by this Report are in agreement with the books of account; d. In our opinionthe aforesaid standaloneIndASfinancial statements comply with theAccountingStandardsspecified abilitytocontinueas under Section 133 of theAct read with Companies (Indian Accounting Standards) Rules 2015 as amended; e. On thebasis of the written representations received from the directors as on March 31 2019taken on record by the Board of Directors none of the directors is disqualified as onMarch 31 2019 from being appointed as a director in terms of Section 164 (2) of the Act;f. With respect to the adequacy of the internal financial controls over financialreporting of the Company with reference to these standalone Ind AS financial statementsand the operating effectiveness of such controls refer to our separate Report in"Annexure 2" to this report; g. In our opinion the managerial remuneration forthe year ended March 31 2019 has been paid / provided by the Company to its directors inaccordance with the provisions of section 197 read with Schedule V to the Act; includingany significant h. With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us: i. The Company has disclosed the impact of pending litigationson its financial position in its standalone Ind AS financial statements Refer Note 32(A)to the standalone Ind AS financial statements;

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses; and

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

For S.R. Batliboi & Associates LLP
such communication.
Chartered Accountants
ICAI Firm registration number:
101049W/E300004
per Rajeev Kumar
Partner
Membership number: 213803
Place: Bengaluru
Date : May 28 2019

Annexure 1 to the Independent Auditor's Report of even date on theStandalone Ind AS Financial Statements of Mindteck (India) Limited Statement on thematters specified in paragraph 3 and 4 of the Companies (Auditor's Report) Order2016 ("the Order")

(i) a. The Company has maintained proper records showing fullparticulars including quantitative details and situation of property plant andequipment.

b. Property plant and equipment have been physically verified by themanagement during the year and no material discrepancies were identified on suchverification.

c. According to the information and explanations given by themanagement the title deeds of immovable properties included in property plant andequipment/investment property are held in the name of the Company.

(ii) The Company's business does not involve inventories andaccordingly the requirements under paragraph 3(ii) of the Order are not applicable to theCompany.

(iii) According to the information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under section189 of the Companies Act 2013 ("the Act"). Accordingly the provisions ofclause 3(iii) (a) (b) and (c) of the Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanationsgiven by the management the Company has complied with the provisions of section 185 and186 of the Act in respect of grant of loans to directors including entities in which theyare interested and in respect of loans and advances given making investments andproviding guarantees and securities as applicable.

(v) The Company has not accepted any deposits within the meaning ofSections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules 2014 (asamended). Accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) To the best of our knowledge and as explained the CentralGovernment has not specified the maintenance of cost records under Section 148(1) of theAct for the services of the Company.

(vii) a. Undisputed statutory dues including provident fundemployees' state insurance income-tax duty of custom duty of excise value addedtax goods and service tax cess and other statutory dues have generally been regularlydeposited with the appropriate authorities though there has been a slight delay inremittance of provident fund employees' state insurance professional tax goods andservices tax and serious delays in remittance of withholding taxes in few cases.

b. According to the information and explanations given by themanagement no undisputed amounts payable in respect of provident fund employees'state insurance income-tax duty of customs duty of excise value added tax goods andservices tax cess and other statutory dues were outstanding at the year end for aperiod of more than six months from the date they became payable. Also refer Note 32(B)of the standalone Ind AS financial statements.

c. According to the information and explanations given to us there areno dues of income-tax sales-tax service tax duty of customs duty of excise valueadded tax goods and services tax and cess which have not been deposited on account of anydispute except the following:

Name of the Statute Nature of the Dues Disputed amount (Rs. in Lakhs) Amount paid/refund adjusted under protest Period to which the amount relates (Assessment Year) Forum where dispute is pending
26.26 - 2006-07 Deputy Commissioner of Income Tax
Income Tax Act 1961 Income tax 234.10 168.07 2010-11 Deputy Commissioner of Income Tax/
34.38 - 2012-13 Transfer Pricing Deputy Commissioner of Income Tax

(viii) In our opinion and according to the information and explanationsgiven by the management the Company has not defaulted in repayment of loans or borrowingto a financial debenture holders.

(ix) According to the information and explanations given by themanagement the Company has not raised any money by the way of initial publicoffer/further public offer (including debt instruments) and term loans during the year.Hence reporting under clause 3(ix) of the Order is not applicable to the Company andhence not commented upon.

institutionbankorgovernmentorduesto (x) Based upon the auditprocedures performed for the purpose of reporting the true and fair view of the StandaloneInd AS

Financial Statements and according to the information and explanationsgiven by the management we report that no fraud by the Company or no fraud on the Companyby the officers and employees of the Company has been noticed or reported during the year.

(xi) According to the information and explanations given by themanagement the managerial remuneration has been paid/provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theAct.

(xii) In our opinion the Company is not a nidhi company. Thereforethe provisions of clause 3(xii) of the Order are not applicable to the Company and hencenot commented upon.

(xiii) According to the information and explanations given by themanagement transactions with the related parties are in compliance with section 177 and188 of the Act where applicable and the details have been disclosed in the notes to theStandalone Ind AS Financial Statements as required by the applicable accountingstandards.

(xiv) According to the information and explanations given to us and onan overall examination of the balance sheet the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review and hence reporting requirements under clause 3(xiv) are notapplicable to the company and not commented upon.

(xv) According to the information and explanations given by themanagement the Company has not entered into any non-cash transactions with directors orpersons connected with him as referred to in section 192 of the Act.

(xvi) According to the information and explanations given to us theprovisions of section 45-IA of the Reserve Bank of India Act 1934 are not applicable tothe Company.

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm registration number:
101049W/E300004
per Rajeev Kumar
Partner
Membership number: 213803
Place: Bengaluru
Date: May 28 2019

Annexure 2 to the Independent Auditor's Report of even date on theStandalone Ind AS Financial Statements of Mindteck (India) Limited Report on the InternalFinancial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act2013 ("the Act")

We have audited the internal financial controls over financialreporting of Mindteck (India) Limited ("the Company") as of March 31 2019 inconjunction with our audit of the statements of the Company for standaloneInd AS financialthe year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing controlsbased on the and maintaining internal financial reporting criteria established internalcontrol over financial by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting 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 conduct ofits business including adherence to efficient the Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting with reference to these standaloneInd ASfinancialstatements based on our audit. We conducted our audit in accordance withthe Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") and the Standards on Auditing asspecified section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financialreporting with reference to these standalone Ind ASfinancial statements was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financialcontrols over financial reporting with reference tothese standalone Ind AS financial statements and their operating effectiveness. Our auditof internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting with reference tothese standalone Ind AS financialstatements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgement including the assessment of the risks of material misstatement of the financialstatements whether required due to fraud or error. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe internal financial controls reference to these standalone Ind AS financial statements.

Meaning of Internal Financial Controls Over Financial Reporting WithReference to these Standalone Ind AS Financial Statements

A company's internal financial control over financial reportingwith reference to these standalone Ind AS financial statements is a process designed toprovide 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 with reference to these standalone Ind AS financial statements includes thosepolicies and procedures that (1) pertain to the maintenance of records that in reasonabledetail accurately and fairly reflect the transactions and dispositions of the assets ofthe company; (2) provide reasonable assurance that transactions are recorded as necessaryto permit preparation of financialstatements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a materialeffect on the financial statements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting With Reference to these Standalone Ind AS Financial Statements

Because of the inherent limitations of internal financial controls overfinancial reporting with reference to these standalone Ind AS financial statementsincluding the possibility of collusion or improper management override of controlsmaterial misstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingwith reference to these standalone Ind AS financialstatements to future periods aresubject to the risk that the internal financial control over financial reporting withreference to these standalone Ind statements may become inadequate because of ASfinancialchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

In our opinion the Company has in all material respects adequateinternal financialcontrols over financialreporting with reference to these standalone IndAS financial statements and such internal financialcontrols over financial reporting withreference to these standalone Ind AS financial statements were operating effectively as atMarch 31 2019 based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India.

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm registration number:
101049W/E300004
per Rajeev Kumar
Partner
Membership number: 213803
Place: Bengaluru
Date : May 28 2019