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NTPC Ltd.

BSE: 532555 Sector: Infrastructure
NSE: NTPC ISIN Code: INE733E01010
BSE 00:00 | 21 Sep 167.35 -1.75
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NSE 00:00 | 21 Sep 168.25 -0.90
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OPEN 169.95
PREVIOUS CLOSE 169.10
VOLUME 481465
52-Week high 187.95
52-Week low 149.45
P/E 13.38
Mkt Cap.(Rs cr) 137,988
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 169.95
CLOSE 169.10
VOLUME 481465
52-Week high 187.95
52-Week low 149.45
P/E 13.38
Mkt Cap.(Rs cr) 137,988
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

NTPC Ltd. (NTPC) - Auditors Report

Company auditors report

To

The Members of NTPC Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of NTPC Limited("the Company") which comprise the Balance Sheet as at 31 March 2018 and theStatement of Profit and Loss (including Other Comprehensive Income) the Statement of CashFlows and the Statement of Changes in Equity for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

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 state ofaffairs (financial position) profit or loss (financial performance including othercomprehensive income) cash flows and changes in equity of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) prescribed under Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

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 accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under. We conducted our audit ofthe standalone financial statements in accordance with the Standards on Auditing specifiedunder Section 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including the Ind AS of the state ofaffairs (financial position) of the Company as at 31 March 2018 and its profit(financial performance including other comprehensive income) its cash flows and thechanges in equity for the year ended on that date.

Emphasis of Matter

We draw attention to the following matters in the notes to the standalone financialstatements:

(a) Note No. 36 a) & b) regarding billing & recognition of sales on provisionalbasis and measurement of GCV of coal on ‘as received' basis measured on wagon top atthe unloading point in respect of most of the stations pending disposal of petition byCERC and ratification by Hon'ble Delhi High Court and related matters as mentioned in thesaid note.

(b) Note No. 47 in respect of a Company's project where the order of NGT has beenstayed by the Hon'ble Supreme Court of India and the matter is sub-judice.

Our opinion is not modified in respect of these matters.

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 in terms of

Section 143(11) of the Act and on the basis of such checks of the books and records ofthe Company as we considered appropriate and according to the information and explanationsgiven to us we give in "Annexure 1" a statement on the matters specified inparagraphs 3 and 4 of the said Order.

2. We are enclosing our report in terms of Section 143(5) of the Act on the basis ofsuch checks of the books and records of the Company as we considered appropriate andaccording to the information and explanations given to us in the "Annexure 2"on the directions and sub-directions issued by the Comptroller and Auditor General ofIndia.

3. 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 bestof our knowledge and belief were necessary for the purposes of our audit.

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

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

(d) In our opinion the aforesaid standalone financial statements comply with theIndian Accounting Standards prescribed under Section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended.

(e) Being a Government Company pursuant to the Notification No. GSR 463(E) dated 5 June2015 issued by the Ministry of Corporate Affairs Government of India provisions ofsub-section (2) of Section 164 of the Act are not applicable to the Company.

(f) With respect to the adequacy of the Internal Financial Controls with reference tostandalone financial statements of the Company and the operating effectiveness of suchcontrols refer to our separate report in "Annexure 3".

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies

(Audit and Auditors) Rules 2014 in our opinion and to the best of our information andaccording to the explanations given to us: i. The Company has disclosed the impact ofpending litigations on its financial position in its standalone financial statements.Refer Note No. 74A to the standalone financial statements; ii. The Company has madeprovision as required under the applicable law or Indian accounting standards formaterial foreseeable losses if any on long-term contracts including derivativecontracts; iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

For T R Chadha & Co LLP For PSD & Associates For Sagar & Associates
Chartered Accountants Chartered Accountants Chartered Accountants
FRN 006711N/N500028 FRN 004501C FRN 003510S
(Neena Goel) (Thalendra Sharma) (B. Aruna)
Partner Partner Partner
M. No. 057986 M. No. 079236 M. No.216454
For Kalani & Co. For P.A. & Associates For S.K. Kapoor & Co. For B M Chatrath & Co LLP
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
FRN 000722C FRN 313085E FRN 000745C FRN 301011E/E300025
(Vikas Gupta) (S. S. Poddar) (V . B. Singh) (P. R. Paul)
Partner Partner Partner Partner
M. No. 077076 M.No.051113 M.No. 073124 M.No. 051675
Place: New Delhi
Date: 28 May 2018

ANNEXURE 1 TO THE INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date to the members of NTPC LIMITED on theStandalone Financial Statements for the year ended 31 March 2018

(i) (a) The Company has generally maintained proper records showing full particularsincluding quantitative details and situation of fixed assets (Property Plant &Equipment).

(b) The Company is having a regular programme of physical verification of all fixedassets (Property Plant & Equipment) over a period of two years which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. No material discrepancies were noticed on such verification.

(c) The title deeds of all the immovable properties are held in the name of the Companyexcept as follows:

Description of Asset No. of cases Area in acres Gross block as on 31.03.2018 Net block as on 31.03.2018 Remarks
(Rs Crore) (Rs Crore) (If Any)
Land
- Freehold 948 10126 1900.82 1900.79 The Company is taking appropriate steps for completion of legal formalities
- Leasehold 648 10824 1804.49 1625.75
Building & Structures 2 - 4.97 3.52

(ii) The inventory has been physically verified by the management at reasonableintervals. No material discrepancies were noticed on such physical verification.

(iii) The Company has not granted any loans secured or unsecured to any companiesfirms limited liability partnership or other parties covered in the register maintainedunder Section 189 of the Act.

In view of the above clause 3 (iii)(a) 3 (iii)(b) and 3 (iii)(c) of the Order are notapplicable.

(iv) The Company has complied with the provisions of Section 185 and 186 of the Act asapplicable in respect of loans advanced to subsidiary companies & joint venturecompanies and investments made in the subsidiary and joint venture companies. The Companyhas not given any guarantee or provided any security to any party covered under Section185 and 186 of the Act.

(v) The Company has not accepted deposits from the public. As such the directivesissued by the Reserve Bank of India the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the rules framed there under are not applicable to theCompany. The Company has obtained deposits from the dependent of employees who die orsuffer permanent total disability for which the Company has applied to the Ministry ofCorporate Affairs Government of India for continuation of the exemption earlier obtainedin respect of applicability of Section 58A of the Companies Act 1956 which is stillawaited (refer Note No. 30 d) of the standalone financial statements). No order has beenpassed with respect to Section 73 to 76 by the Company Law Board or National Company LawTribunal or Reserve Bank of India or any Court or any other Tribunal.

(vi) We have broadly reviewed the accounts and records maintained by the Companypursuant to the Rules made by the Central Government for the maintenance of cost recordsunder sub-section (1) of Section 148 of the Act read with Companies (Cost Records &Audit) Rules 2014 and we are of the opinion that prima facie the prescribed accounts andrecords have been made and maintained. We have not however made detailed examination ofthe records with a view to determine whether they are accurate and complete.

(vii) (a) Undisputed statutory dues including provident fund income tax sales-taxwealth tax service tax duty of customs duty of excise value added tax cess and otherstatutory dues (as applicable) have generally been regularly deposited with theappropriate authorities and there are no undisputed statutory dues outstanding as on 31March 2018 for a period of more than six months from the date they became payable. We havebeen informed that employees' state insurance is not applicable to the Company.

(b) According to information and explanations given to us the gross disputed statutorydues of income tax or sales tax or service tax or duty of customs or duty of excise orvalue added tax amounts to `10521.96 crore in aggregate as on 31 March2018 out of which Rs 3053.64 crore has been deposited under protest/adjusted bytax authorities and the balance of Rs 7468.32 crore of dues have not beendeposited on account of matters pending before appropriate authorities as detailed below:

Name of Statute Nature of the disputed statutory dues Period to which the amount relates (FY) Forum where the dispute is pending Gross disputed amount Amount deposited under protest/ adjusted by Tax Authorities Amount not deposited
(Rs Crore) (Rs Crore) (Rs Crore)
1 Income Tax Act 1961 Income Tax/ Penalty/ TDS 1978-79 Supreme Court 0.45 0.45 -
2001-02 2003-04 to 2011-12 Income Tax Appellate Tribunal* 8766.95 1661.87 7105.08
2009-10 to 2014-15 Commissioner of Income Tax (Appeals) 1685.01 1379.35 305.66
2013-14 to 2014-15 Asst. Commissioner of Income Tax 0.32 0.12 0.20
2006-07 2009-10 2017-18 ITO (TDS)/AO 0.81 0.78 0.03
2 Income Tax Ordinance of Bangladesh 1984 Income Tax 2012-13 to 2013-14 Commissioner of Taxes (Appeal) Dhaka Bangladesh 2.63 0.26 2.37
3 Central Sales Tax and VAT Acts of various States Central Sales Tax/VAT 1997-98 2000-01 High Court 2.31 - 2.31
1985-86 2000-01 to 2010-11 2014-15 Appellate Tribunal/ Board of Revenue 29.11 6.77 22.34
2005-06 to 2008-09 Commissioner of Sales Tax ** 2.37 1.17 1.20
1988-89 to 1997-98 2000-01 2002-03 2004-05 2006-07 2011-12 2014-15 to 2015-16 Additional Commissioner of Sales Tax *** 6.53 1.58 4.95
2008-09 Deputy Commissioner of Sales Tax (Appeals) 0.05 - 0.05
2001-02 to 2006-07 Deputy Commissioner of Sales Tax 11.69 0.01 11.68
2000-01 2005-06 2009-10 to 2011-12 2014-15 Joint Commissioner of Sales Tax**** 2.37 0.42 1.95
2015-16 Appeal yet to be filed (Time limit not lapsed) 0.67 - 0.67
4 Central Excise Act 1944 Duty of Excise 2009-10 CESTAT***** 0.30 0.05 0.25
2011-12 to 2015-16 Commissioner (Appeals) 0.74 0.04 0.70
5 Finance Act 1994 Service Tax 2009-10 to 2012-13 High Court 0.18 - 0.18
2009-10 to 2015-16 CESTAT 2.01 0.31 1.70
2009-10 to 2014-15 Commissioner (Appeals) 1.59 0.44 1.15
2012-13 to 2014-15 Assistant Commissioner of CEST 0.33 - 0.33
2013-14 to 2015-16 Appeal yet to be filed (Time limit not lapsed) 0.75 - 0.75
6 Customs Act 1962 Duty of Customs 1999-2000 2010-11 CESTAT 4.50 - 4.50
2005-06 to 2015-16 Commissioner of Customs (Appeals) 0.29 0.02 0.27
Total 10521.96 3053.64 7468.32

* Includes disputed amount of Rs 5427.00 crore in respect of certain matters wherethe first appellate authority has decided in favour of the company although the AssessingOfficer has disputed the same with appropriate Appellate Authority.

** Includes Rs 2.08 crore and Rs 0.29 crore towards the demand for VAT raised by SalesTax Officer which has been stayed by the Hon'ble High Court and Commissioner of Sales Taxrespectively.

*** Includes Rs 5.01 crore towards the demand for VAT and CST raised by Sales TaxAuthority which has been stayed by Commissioner/Additional Commissioner of Sales Tax.

**** Includes Rs 1.02 crore towards the demand for CST raised by Sales Tax Officerwhich has been stayed by the Hon'ble

High Court.

***** Includes Rs 0.30 crore towards the demand for service tax raised by CommissionerCentral Excise Customs and Service Tax which has been stayed by CESTAT.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of loans or borrowings to financialinstitutions banks or dues to debenture holders. The company has not taken any loan fromthe Government.

(ix) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments). According to the information and explanationsgiven to us the money raised by the Company by way of term loans have been applied forthe purposes for which they were obtained.

(x) According to the information and explanations given to us and as represented by theManagement and based on our examination of the books and records of the Company and inaccordance with generally accepted auditing practices in India no case of frauds by theCompany or any fraud on the Company by its officers or employees has been noticed orreported during the year.

(xi) As per Notification No. GSR 463(E) dated 5 June 2015 issued by the Ministry ofCorporate Affairs Government of India Section 197 of the Act is not applicable to theGovernment Companies. Accordingly provisions of clause 3 (xi) of the Order are notapplicable to the Company.

(xii) The provisions of clause 3 (xii) of the Order for Nidhi Company are notapplicable to the Company.

(xiii) The Company has complied with the provisions of Section 177 and 188 of the Actw.r.t. transactions with the related parties wherever applicable. Details of thetransactions with the related parties have been disclosed in the standalone financialstatements as required by the applicable Indian accounting standards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.Accordingly provisions of clause 3 (xiv) of the Order are not applicable to the Company.

(xv) The Company has not entered into any non-cash transactions with the directors orpersons connected with them as covered under Section 192 of the Act.

(xvi) According to information and explanation given to us the Company is not requiredto be registered u/s 45-IA of Reserve Bank of India Act 1934. Accordingly provision ofclause 3(xvi) of the Order is not applicable to the Company.

For T R Chadha & Co LLP For PSD & Associates For Sagar & Associates
Chartered Accountants Chartered Accountants Chartered Accountants
FRN 006711N/N500028 FRN 004501C FRN 003510S
(Neena Goel) (Thalendra Sharma) (B. Aruna)
Partner Partner Partner
M. No. 057986 M. No. 079236 M. No.216454
For Kalani & Co. For P.A. & Associates For S.K. Kapoor & Co. For B M Chatrath & Co LLP
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
FRN 000722C FRN 313085E FRN 000745C FRN 301011E/E300025
(Vikas Gupta) (S. S. Poddar) (V . B. Singh) (P. R. Paul)
Partner Partner Partner Partner
M. No. 077076 M.No.051113 M.No. 073124 M.No. 051675
Place: New Delhi
Date: 28 May 2018

ANNEXURE 2 TO THE INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date to the members of NTPC LIMITED on theStandalone Financial Statements for the year ended 31 March 2018

Directions u/s 143(5) of the Companies Act 2013 Auditor's reply on action taken on the directions Impact on financial statement
1 Whether the Company has clear title/lease deeds for freehold and leasehold land respectively? If not please state the area of the freehold and leasehold land for which title/lease deeds are not available. The Company is having clear title/lease deeds for entire freehold and leasehold land except 10126 acres of freehold land valuing Rs 1900.82 crore and 10824 acres of leasehold land valuing Rs 1804.49 crore. According to information and explanations given to us reasonable steps are being taken by the Company for getting the titles of these land in its favour. Nil
2 Whether there are any cases of waiver/write off of debts/loans/interest etc. if yes the reasons thereof and the amount involved. According to information and explanations given to us there are no cases of waiver/write off of debts/ loans/interest etc. Nil
3 Whether proper records are maintained for inventories lying with third parties & assets received as gift from Govt. or other authorities? Proper records are maintained for inventories lying with third parties and also for assets received as gift from Government or other authorities. Nil
For T R Chadha & Co LLP For PSD & Associates For Sagar & Associates
Chartered Accountants Chartered Accountants Chartered Accountants
FRN 006711N/N500028 FRN 004501C FRN 003510S
(Neena Goel) (Thalendra Sharma) (B. Aruna)
Partner Partner Partner
M. No. 057986 M. No. 079236 M. No.216454
For Kalani & Co. For P.A. & Associates For S.K. Kapoor & Co. For B M Chatrath & Co LLP
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
FRN 000722C FRN 313085E FRN 000745C FRN 301011E/E300025
(Vikas Gupta) (S. S. Poddar) (V. B. Singh) (P. R. Paul)
Partner Partner Partner Partner
M. No. 077076 M.No.051113 M.No. 073124 M.No. 051675
Place: New Delhi
Date: 28 May 2018

ANNEXURE 3 TO THE INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 3 (f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date to the members of NTPC LIMITED on theStandalone Financial Statements for the year ended 31 March 2018.

Report on the Internal Financial Controls with reference to standalone financialstatements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013(“the Act”)

We have audited the internal financial controls with reference to standalone financialstatements of NTPC Limited ("the Company") as of 31 March 2018 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 with reference to standalone financial statements based on the internalcontrols over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting issued by The Institute of CharteredAccountants of India (ICAI). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence toCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to standalone financial statements based on our audit. Weconducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls over Financial Reporting (the "Guidance Note") and the Standards onAuditing issued by ICAI and deemed to be prescribed under section 143(10) of the Act tothe extent applicable to an audit of internal financial controls both applicable to anaudit of Internal Financial Controls and both issued by ICAI. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlswith reference to standalone financial statements was established and maintained and ifsuch controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial control system with reference to standalone financial statementsand their operating effectiveness. Our audit of internal financial control with referenceto standalone financial statements included obtaining an understanding of internalfinancial control with reference to standalone financial statements assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the standalone 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 systemwith reference to standalone financial statements.

Meaning of Internal Financial Controls with reference to Standalone FinancialStatements

A Company's internal financial control with reference to standalone financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of standalone financial statements for externalpurposes in accordance with generally accepted accounting principles. A Company's internalfinancial control with reference to standalone 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 standalone financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the Company arebeing made only in accordance with authorizations of management and directors of theCompany; and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company's assets that could have amaterial effect on the standalone financial statements.

Inherent Limitations of Internal Financial Controls with reference to StandaloneFinancial Statements

Because of the inherent limitations of internal financial controls with reference tostandalone financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to standalone financial statements to future periods are subjectto the risk that the internal financial controls with reference to standalone financialstatements may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem with reference to standalone financial statements and such internal financialcontrols with respect to standalone financial statements were operating effectively as at31 March 2018 based on the internal controls over financial reporting criteriaestablished by the Company considering the components of internal controls stated in theGuidance Note on Audit of Internal Financial Controls over Financial Reporting issued bythe ICAI.

For T R Chadha & Co LLP For PSD & Associates For Sagar & Associates
Chartered Accountants Chartered Accountants Chartered Accountants
FRN 006711N/N500028 FRN 004501C FRN 003510S
(Neena Goel) (Thalendra Sharma) (B. Aruna)
Partner Partner Partner
M. No. 057986 M. No. 079236 M. No.216454
For Kalani & Co. For P.A. & Associates For S.K. Kapoor & Co. For B M Chatrath & Co LLP
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
FRN 000722C FRN 313085E FRN 000745C FRN 301011E/E300025
(Vikas Gupta) (S. S. Poddar) (V. B. Singh) (P. R. Paul)
Partner Partner Partner Partner
M. No. 077076 M.No.051113 M.No. 073124 M.No. 051675
Place: New Delhi
Date: 28 May 2018