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NIIT Ltd.

BSE: 500304 Sector: Services
NSE: NIITLTD ISIN Code: INE161A01038
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OPEN 170.05
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VOLUME 44564
52-Week high 197.60
52-Week low 53.55
P/E 21.59
Mkt Cap.(Rs cr) 2,411
Buy Price 170.45
Buy Qty 1.00
Sell Price 172.00
Sell Qty 100.00
OPEN 170.05
CLOSE 168.75
VOLUME 44564
52-Week high 197.60
52-Week low 53.55
P/E 21.59
Mkt Cap.(Rs cr) 2,411
Buy Price 170.45
Buy Qty 1.00
Sell Price 172.00
Sell Qty 100.00

NIIT Ltd. (NIITLTD) - Auditors Report

Company auditors report

To the Members of NIIT Limited

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statements of NIIT Limited (the Company) which comprise the Balance sheet as at March 312019 the Statement of Profit and Loss including the statement of Other Comprehensive Income the Cash Flow Statement and the Statement of Changes in Equity for the year then ended and notes to the financial statements including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us the aforesaid standalone Ind AS financial statements give the information required by the Companies Act 2013 (the Act) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at March 312019 its profit including other comprehensive income 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 in accordance with the Standards on Auditing (SAs) as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the 'Auditor's Responsibilities for the Audit of the Standalone Ind AS Financial Statements' section of our report. We are independent of the Company in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of most significance in our audit 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 AS financial statements as a whole and in forming our opinion thereon and we do not provide a separate opinion on these matters. For each matter below our description ofnow our audit addressed the matter is provided in that context.

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

Key audit mattersHow our audit addressed the key audit matter
Revenue recognition (Refer to the summary of significant accounting policies in point 2(d) and the disclosure in note 15 of the standalone Financial Statements)
The company derives significant portion of its revenue from long-term and fixed price projects. Estimated effort is a critical estimate to determine revenues for fixed price contract.We have performed walkthrough and understood the process and tested key controls associated with the revenue recognition and accounts receivable process.
This estimate has a high inherent uncertainty as it requires consideration of progress of the contract efforts incurred till date efforts required to complete the remaining contract performance obligations.We made enquiries of management and analysed contracts to evaluate whether revenue was recognized in accordance with their terms we also performed procedures that are designed to address the risk of manipulation of accounting records and the ability to override controls. We have:
Further various distinctive terms/matters such as multiple element contracts customer payments deferred payments contract acquisition cost etc. are complex matters in an arrangement with customers. These terms require management analysis judgement and application of guidance for correct revenue recognition. Assessed the Company's accounting policies relating to revenue recognition;
The Company has adopted Ind AS 115 Revenue from Contracts with Customers starting 1 April 2018. The application of the new revenue accounting standard involves certain key judgements and principles and therefore has been identified as key audit matter. Checked the revenue recognition by reading the supporting documents including inspection of contracts / statement of work / purchase orders from customers and delivery documents on test check basis;
 Reviewed pre and post year end sample of revenue recognized and agreed with the supporting documents;
 Circulated the confirmations for outstanding debtors on sample basis on year end and performed alternate procedures for the confirmations not received;  Tested the journal entries impacting revenue using data extracted from the accounting system as well as other adjustments made in the preparation of the Standalone Ind AS financial statements;
 Assessed the Standalone Ind AS financial statement disclosures in this regard.
Key audit matters How our audit addressed the key audit matter
Impairment of Investments (Refer to the summary of significant accounting policies in point 2(j) and the disclosure in note 6 (i) of the standalone Financial Statements)
Annually the management assesses the existence of impairment indicators for each non-current investment and in case of occurrence such investments are subjected to an impairment test.Our audit procedures included the following:  Assessed the Company's valuation methodology applied in determining the recoverable amount;
As at the reporting date the Company has non-current investments in certain subsidiaries of which the management has identified impairment indicators such as net worth erosion and loss in the current year in respect of certain investments in subsidiaries. Accordingly these investments have been tested for impairment as at year end in accordance with Indian Accounting Standard ('Ind AS') 36 Impairment of Assets. Assessed the assumptions around the key drivers of the cash flow forecasts including estimated reserved discount rates expected growth rates and terminal growth rates used;
Based on the management's assessment an impairment provision of Rs 200 Mn has been recorded in the books as at the year-end. Assessed historical accuracy of management's budgets and forecasts by comparing them to actual performance;
In consideration of the judgments required in particular with reference to the forecast of cash flows and the assumptions used in estimating the value-in-use of these subsidiaries we have identified this matter to be a key audit matter. Assessed the recoverable value headroom by performing sensitivity testing of key assumptions used;
 Discussed potential changes in key drivers as compared to previous year / actual performance with management in order to evaluate the inputs and assumptions used in the cash flow forecasts ;
 Tested the arithmetical accuracy of the models;
 Evaluated the financial statement disclosures in this regard.
Impairment of intangible assets and Goodwill (Refer to the sur disclosure in note 5 of the standalone Financial Statements)nmary of significant accounting policies in point 2(r) and the
Annually the management assesses the impairment of internally generated intangible assets for each Cash Generating Unit (CGU) and goodwill for an impairment test. As at the reporting date the Company has internally generated intangible assets (including intangible assets under development) for which management has evaluated future economic benefits in accordance with Indian Accounting Standard ('Ind AS') 36 Impairment of Assets.Our audit procedures included the following:
In consideration of the judgments required in particular with reference to the forecast of CGU cash flows and the assumptions used in estimating the value-in-use of these intangibles and Goodwill we have identified this matter to be a key audit matter.We assessed the key information used in determining the valuation including the weighted average cost of capital cash flow forecasts and the implicit growth. We have
 Assessed the Company's valuation methodology applied in determining the value in use;
 Assessed the assumptions around the key drivers of the cash flow forecasts including discount rates expected growth rates and terminal growth rates used;
 Assessed historical accuracy of management's budgets and forecasts by comparing them to actual performance;
 Assessed the recoverable value headroom by performing sensitivity testing of key assumptions used;
 Evaluated the Standalone Ind AS financial statement disclosures in this regard.
Recoverable of Government Contracts (Refer to the summary of significant accounting policies in point 2(l) and the disclosure in note 6 (iii) of the standalone Financial Statements)
The gross balance of trade receivables as at March 31 2019 amounted to INR 1847 Mn which comprises of receivable from Government Rs. 477 Mn. We evaluated the company's processes and controls relating to the monitoring of trade receivables and review of credit risks of customers. Our audit procedures includes:
The assessment of the recoverability of the receivables from the Government Customers requires management to make judgements and estimates to assess the certainty regarding the recoverability from Government Customer. Accordingly this has been identified as a key audit matter We evaluated management's continuous assessment of the assumptions used in the recoverability assessment. These considerations include whether there are regular receipts from the customers past collection history as well as an assessment of the customers' credit ability to make repayments;
 We have checked the subsequent collection made from the Government debtors and discussed with management the reasons of any long outstanding amounts and correspondences with the customers;
 We have checked the calculation of delay risk under expected credit loss model evaluated the Standalone Ind AS financial statement disclosures in this regard.

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

The Company's Board of Directors is responsible for the other information. The other information comprises the information included in the Annual report but does not include the standalone Ind AS financial statements and our auditor's report thereon. Our opinion on the standalone Ind AS financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Ind AS financial statements our responsibility is to read the other information identified above when it becomes available and in doing so consider whether the other information is materially inconsistent with the Standalone Ind AS financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

Responsibilities of Management for the Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position financial performance including other comprehensive income cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.

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

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

Auditor's Responsibilities for the Audit of the Standalone Ind AS Financial Statements

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

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

 Identify and assess the risks of material misstatement of the standalone Ind AS financial statements whether due to fraud or error design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions misrepresentations or the override of internal control.

 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

 Conclude on the appropriateness of management's use of the going concern basis of accounting and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists we are required to draw attention in our auditor's report to the related disclosures in the financial statements or if such disclosures are inadequate to modify our opinion. Our conclusions are 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 going concern.

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

We communicate with those charged with governance regarding among other matters the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine those matters that were of most significance in the audit of the standalone Ind AS financial statements for the financial year ended March 312019 and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when in extremely rare circumstances we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

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 the matters specified in paragraphs 3 and 4 of the Order.

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

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

(b) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

(c) The Balance Sheet the Statement of Profit and Loss including the Statement of Other Comprehensive Income the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015 as amended;

(e) On the basis of the written representations received from the directors as on March 312019 taken on record by the Board of Directors none of the directors is disqualified as on March 312019 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 financial reporting of the Company with reference to these standalone Ind AS financial statements and the operating effectiveness of such controls refer to our separate Report in Annexure 2 to this report;

(g) In our opinion the managerial remuneration for the year ended March 31 2019 has been paid / provided by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act;

(h) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS financial statements - Refer Note 27 to the standalone Ind AS financial statements;

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

iii. There has been no delay in transferring amounts required to be transferred to the Investor Education and Protection Fund by the Company.

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Sanjay Bachchani
Place: GurugramPartner
Date: May 25 2019Membership Number: 400419

ANNEXURE 1 REFERRED TO IN PARAGRAPH 1 OF REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE ON THE STANDALONE IND AS FINANCIAL STATEMENT OF NIIT LIMITED

(i) a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b) The fixed assets are physically verified by the Management according to a phased programme designed to cover all the items over a period of two years which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme a portion of the fixed assets has been physically verified by the Management during the year and no material discrepancies have been noticed on such verification.

c) According to the information and explanations given by the management the title deeds of immovable properties included in property plant and equipment are held in the name of the Company.

(ii) The inventory has been physically verified by the management during the year. In our opinion the frequency of verification is reasonable. No material discrepancies were noticed on such physical verification. Inventories lying with third parties have been confirmed by them as at March 312019 and no material discrepancies were noticed in respect of such confirmations.

(iii) According to the information and explanations given to us the Company has not granted any loans secured or unsecured to companies firms Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act 2013. Accordingly the provisions of clause 3(iii)(a) (b) and (c) of the Order are not applicable to the Company and hence not commented upon.

(iv) In our opinion and according to the information and explanations given to us provisions of section 185 and 186 of the Companies Act 2013 in respect of loans to directors including entities in which they are interested and in respect of loans and advances given investments made and guarantees and securities given have been complied with by the company.

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

(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act 2013 related to the educational services and are of the opinion that prima facie the specified accounts and records have been made and maintained. We have not however made a detailed examination of the same.

(vii) a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund employees' state insurance income-tax sales tax service tax duty of custom value added tax goods and service tax cess and other statutory dues applicable to it. The provisions relating to duty of excise are not applicable to the Company.

b) According to the information and explanations given to us no undisputed amounts payable in respect of provident fund employees' state insurance income tax sales tax service tax duty of custom value added tax goods and service tax cess and other applicable statutory dues were outstanding at the year end for a period of more than six months from the date they became payable.

c) According to the records of the Company the dues of income- tax works contract tax sales tax and value added tax on account of any dispute are as follows:

Name of the statuteNature of SuesAmount (Rs. in Mn)Period to which the amount relatesForum where the dispute is pending
Andhra Pradesh General Sales Tax Act 1957Works contract tax31.322002-2005Supreme Court of India
Central Sales Tax Act 1956Sales Tax44.57*2005-2011VAT Appellate Tribunal
Bihar Value Added Tax Act 2005Value Added Tax5.08**2011-2012Joint Commissioner Appeals
Income Tax Act 1961Income Tax3.092008-2009Income Tax Appellate Tribunal
Income Tax Act 1961Income Tax20.392009-2010Commissioner Income Tax (Appeal)

*This includes amount paid under protest amounting to Rs. 22.29 Mn. **This includes amount paid under protest amounting to Rs. 2.09 Mn.

(viii) In our opinion and according to the information and explanations given by the management the Company has not defaulted in repayment of loans or borrowings to a financial institution bank or Government or dues to debenture holders.

(ix) In our opinion and according to the information and explanations given by the management the Company has utilized the monies raised by way of initial public offer / further public offer /debt instruments and term loans for the purposes for which they were raised.

(x) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management we report that no fraud by the Company or fraud on the Company by the officers and employees of the Company has been noticed or reported during the year.

(xi) According to the information and explanations given by the management the managerial remuneration has been paid / provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act 2013.

(xii) In our opinion the Company is not a nidhi Company. Therefore the provisions of clause 3(xii) of the order are not applicable to the Company and hence not commented upon.

(xiii) According to the information and explanations given by the management transactions with the related parties are in compliance with section 177 and 188 of Companies Act 2013 where applicable and the details have been disclosed in the notes to the financial statements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and on an overall examination of the balance sheet the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and hence reporting requirements under clause 3(xiv) of the order are not applicable to the Company and not commented upon.

(xv) According to the information and explanations given by the management the Company has not entered into any non-cash transactions with directors or persons connected with him as referred to in section 192 of Companies Act 2013.

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

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Sanjay Bachchani
Place: GurugramPartner
Date: May 25 2019Membership Number: 400419

ANNEXURE 2 TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE IND AS STANDALONE FINANCIAL STATEMENTS OF NIIT LIMTED

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

We have audited the internal financial controls over financial reporting of NIIT Limited (the Company) as of March 31 2019 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business including adherence to the Company's policies the safeguarding of its assets the prevention and detection of frauds and errors the accuracy and completeness of the accounting records and the timely preparation of reliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting with reference to these standalone financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the Guidance Note) and the Standards on Auditing as specified under section 143(10) of the Companies Act 2013 to the extent applicable to an audit of internal financial controls and both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting with reference to these standalone financial statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls over financial reporting with reference to these standalone financial statements and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting with reference to these standalone financial statements assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgement including the assessment of the risks 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 to provide a basis for our audit opinion on the internal financial controls over financial reporting with reference to these standalone financial statements.

Meaning of Internal Financial Controls over Financial Reporting With Reference to these Financial Statements

A company's internal financial control over financial reporting with reference to these standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting with reference to these standalone financial statements includes those policies and procedures that (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition use or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting With Reference to these Standalone Financial Statements

Because of the inherent limitations of internal financial controls over financial reporting with reference to these standalone financial statements including the possibility of collusion or improper management override of controls material misstatements due to error or fraud may occur and not be detected. Also projections of any evaluation of the internal financial controls over financial reporting with reference to these standalone financial statements to future periods are subject to the risk that the internal financial control over financial reporting with reference to these standalone financial statements may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects adequate internal financial controls over financial reporting with reference to these standalone financial statements and such internal financial controls over financial reporting with reference to these standalone financial statements were operating effectively as at March 31 2019 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India.

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Sanjay Bachchani
Place: GurugramPartner
Date: May 25 2019Membership Number: 400419

   

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