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Shipping Corporation of India Ltd.

BSE: 523598 Sector: Infrastructure
NSE: SCI ISIN Code: INE109A01011
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VOLUME 25056
52-Week high 77.35
52-Week low 34.50
P/E 19.49
Mkt Cap.(Rs cr) 1,689
Buy Price 36.25
Buy Qty 1.00
Sell Price 36.25
Sell Qty 61.00
OPEN 35.50
CLOSE 35.40
VOLUME 25056
52-Week high 77.35
52-Week low 34.50
P/E 19.49
Mkt Cap.(Rs cr) 1,689
Buy Price 36.25
Buy Qty 1.00
Sell Price 36.25
Sell Qty 61.00

Shipping Corporation of India Ltd. (SCI) - Auditors Report

Company auditors report

To

The Members of

THE SHIPPING CORPORATION OF INDIA LIMITED

1. Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of TheShipping Corporation of India Limited ("the

Company") which comprise the Balance Sheet as at March 31 2018the Statement of Profit and Loss and the Cash Flow Statement and the Statement of Changesin Equity for the year then ended and a summary of significant accounting policies andother explanatory information.

2. Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation and presentation of these standalone financial statements that give a true andfair view of the financial position financial performance changes in equity and cashflows of the Company in accordance with accounting principles generally accepted in Indiaincluding the

Accounting Standards specified under Section 133 of the Act read withRule 3 of the Companies (Accounts) Rules 2015 Companies (Indian Accounting Standards)(Amendment) Rules 2016 and Companies (Indian Accounting Standards) (Amendment) Rules2017.

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

3. Auditors' Responsibility

Our responsibility is to express an opinion on these standalonefinancial statements based on our audit. We have taken into account the provisions of theAct the accounting and auditing standards and matters which are required to be includedin the audit report under the provisions of the Act and the Rules made there under. Weconducted our audit in accordance with the Standards on Auditing issued by the Instituteof Chartered Accountants of India as specified under Section 143(10) of the Act. ThoseStandards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and the disclosures in the financial statements. The procedures selecteddepend on the auditors' judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditors' considered internal financial control relevant to theCompany's preparation of the 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 accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the financial statements. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe Standalone financial statements.

4. Opinion

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2018 and its profit (financial performanceincluding other comprehensive income) its cash flows and the changes in equity for theyear ended on that date.

5. Emphasis of Matter:

We draw attention to the following: i. Trade Receivables and‘Agents balances' are subject to the balance confirmations Subsequent reconciliationand consequential adjustments if any as on March 31

2018. ii. The direct access of certain overseas foreign agents tofunds collected on account of freight and other charges without adequate security andregular monitoring mechanism is prone to risk of non /short-payment. iii. As mentioned inthe Note No. 41 to the Financial

Statements the revision in the method of allocation of ManagementOverheads is in the process of approbation with the respective customers.

Our Opinion is not qualified in respect of this matter.

6. Report on Other Legal and Regulatory Requirements

I. As required by the Companies (Auditors' 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 A" a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

As required under sub section (5) of Section 143 of the

Act in case of the Government Company we give in the "AnnexureB" a statement on the matters specified in the directions and sub directionsissued by Office of the Comptroller and Auditor General of India.

II. As required by section 143(3) of the Act we report that: a) Wehave sought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit; b) In our opinion properbooks of account as required by law have been kept by the Company so far as appears fromour examination of those books; c) The Balance Sheet the Statement of Profit and Lossthe Cash Flow Statement and Statement of Changes in Equity dealt with by this Report arein agreement with the books of account; d) In our opinion the aforesaid standalonefinancial statements comply with the Accounting Standards specified under section 133 ofthe Act read with Rule 3 of the Companies (Accounts) Rules 2015 Companies (IndianAccounting Standards) (Amendment) Rules 2016 and Companies (Indian Accounting Standards)(Amendment) Rules 2017; e) As per Notification No. G.S.R. 463 (E) dated June 5th2015issued by Ministry of Corporate Affairs

Section 164 (2) as regards the ‘Disqualifications of Directors' isnot applicable to the Company since it is a Government Company; f) With respect to theadequacy of the internal financial controls over financial reporting of the Company andthe operating effectiveness of such controls refer to our Standalone Report in

"Annexure C"to this Report; g) With respect to the othermatters to be included in the Auditors' Report in accordance with Rule 11 of the Companies(Audit and Auditors) Rules 2014 and as amended from time to time in our opinion and tothe best of our information and according to the explanations given to us: i. The companyhas disclosed the impact of the pending litigations on its financial position in itsfinancial statements (Refer Note 28 to the financial statements). ii. The Companydoes not have any material foreseeable losses on long-term contracts including derivativecontracts. iii. There were no delays in transferring amounts required to be transferredto the Investor Education and Protection Fund by the Company.

For GMJ & Co.

For G. D. Apte & Co.

Chartered Accountants

Chartered Accountants

FRN: 103429W

FRN: 100515W

CA Sanjeev Maheshwari

CA Chetan. R. Sapre

Partner

Partner

ICAI Membership No. 38755

ICAI Membership No. 116952

Place: Mumbai

Place: Mumbai

Date: 23rd May 2018

Date: 23rd May 2018

ANNEXURES TO THE INDEPENDENT AUDITORS' REPORT

"Annexure A" to Independent Auditors' Report

(Referred to in paragraph I under ‘Report on Other Legal andRegulatory Requirements' section of our Independent Auditors' Report to the members of theCompany on the Financial Statements for the year ended March 31 2018)

(i) a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets. b) As per theinformation and explanations given to us the fixed assets have been physically verifiedby the management at reason-able intervals which in our opinion is reasonable havingregard to the size of company and nature of its business. c) According to the informationand explanations given to us and on the basis of our examination of records of thecompany the title deeds for all immovable properties are held in the name of the Companyexcept as mentioned in the Table No.1 for which no records were made available tous for verification.

Table No. 1 (Amount in lakhs)

Apartment Name

No of Flats

Gross Block

Net Block as on 31.03.2018

AJANTA APTS

1

2.35

1.06

(ii) The physical verification of inventories has been conducted atreasonable intervals by the management during the year. No material discrepancies werenoticed on such verification.

(iii) The Company have granted loans to four Body Corporates covered inthe register maintained under section 189 of the Act. a) The terms and conditions of thegrant of such loans are prima facie not prejudicial to the company's interest. b) In thecase of the loans granted the terms of arrangements do not stipulate any repaymentschedule and the loans are repayable on demand. Payment of interest has been stipulatedand the receipts thereof are regular. c) There are no overdue amounts for more than ninetydays in respect of the loans granted.

(iv) According to information and explanation given to us and in ouropinion the Company has not advanced loans to the Directors/ to a Company in which theDirectors are interested to which the provisions of section 185 of the Act apply. TheCompany has complied with the provision of Section 186 to the extent applicable.

(v) In respect of deposits accepted in our opinion and according tothe information and explanations given to us directives issued by the Reserve Bank ofIndia and the provisions of section 73 to 76 of the Act or any other relevant provisionsof the Act and the rules framed there under are not applicable and hence not commentedupon.

(vi) To the best of our knowledge and as explained the CentralGovernment has not specified the maintenance of cost records under clause 148(1) of theCompanies Act 2013 for the Company and therefore the provisions of clause (vi) of theorder are not applicable to the company.

(vii) a) According to the records of the Company verified by us wereport that the Company is generally regular in payment of undisput-ed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Sales Tax Service TaxDuty of Customs Duty of Excise Value Added Tax Cess and other statutory dues with theappropriate authorities.

According to the information and explanations given to us noundisputed amounts payable in respect of provident fund employ-ees' state insuranceincome tax service tax and other statutory dues were in arrears as at March 31 2018 fora period of more than six months from the date they became payable. b) According to theinformation and explanations given to us there are no dues of duty of Customs andExcise which have not been deposited with the appropriate authorities on account of anydispute. However according to information and explanation given to us the following duesin respect of Income Tax Sales Tax Service Tax and Value Added Tax which have not beende-posited on account of dispute:

Amount (Rs. in Lakhs)

Name Of The Statute Nature Of The Dues The Forum/ Authority Where Dispute Is Pending

Financial Year

Amount Involved

Amount Paid Under Protest

Unpaid Amount

1 Income Tax Act 1961 U/s 195 Bombay High Court

2003-04 to 2005-06

9820

-

9820

2 Income Tax Act 1961 Tax U/s 143(3) Bombay High Court

2006-07

2901

-

2901

3 Income Tax Act 1961 Tax U/s 143(3) Bombay High Court

2004-05 & 2005-06

801

-

801

4 Income Tax Act 1961 Tax U/s 147 ITAT Mumbai

2004-05 & 2005-06

2529

-

2529

5 Income Tax Act 1961 Penalty u/s 271(1) CIT(A) Mumbai

2004-05 & 2005-06

323

-

323

6 Income Tax Act 1961 Tax U/s 143(3) ITAT Mumbai

2007-08

1013

-

1013

7 Income Tax Act 1961 Tax U/s 143(3) CIT(A) Mumbai

2009-10

1180

-

1180

8 Income Tax Act 1961 Tax U/s 143(3) CIT(A) Mumbai

2011-12

186

-

186

9 Income Tax Act 1961 Tax U/s 143(3) CIT(A) Mumbai

2012-13

300

-

300

10 Income Tax Act 1961 Tax U/s 143(3) CIT(A) Mumbai

2014-15

4253

851

3402

11 Income Tax Act 1961 Tax U/s 201(1) 201(1A) CIT(A) Mumbai

2011-12

2170

-

2170

12 Finance Act 1994 Service tax CESTAT

Oct 09 to Sep 15

4183

170

4013

13 Finance Act 1994 Service tax CESTAT

Oct 09 to Sep 15

875

-

875

14 Finance Act 1994 Service tax CESTAT

Oct 09 to Sep 14

3129

2159

970

15 Finance Act 1994 Service tax CESTAT

July 12 to Sep 15

4945

-

4945

16 Finance Act 1994 Service tax CESTAT

Oct 09 to Sep 14

38394

-

38394

17 Finance Act 1994 Service tax CESTAT

Oct 09 to Sep 15

34001

-

34001

18 Finance Act 1994 Service tax Commissioner (A)

July 12 to Sep 15

8

-

8

19 Finance Act 1994 Service tax Commissioner LTU

Oct 09 to Sep 14

76474

-

76474

20 Finance Act 1994 Service tax CESTAT

July 12 to Sep 14

34

3

31

21 Finance Act 1994 Service tax CESTAT

Oct 09 to Jun 12

22

-

22

22 Finance Act 1994 Service tax Joint Commissioner LTU

Oct 09 to Jun 12

18

-

18

23 Finance Act 1994 Service tax CESTAT

Apr 09 to Jul 14

767

767

0

24 Finance Act 1994 Service tax Joint Commissioner LTU

May 10 to Sep 12

127

1

126

25 Finance Act 1994 Service tax Joint Commissioner LTU

Oct 08 to Mar 12

97

-

97

26 AP VAT Act 2005 VAT CTO

2011-12

10

-

10

27 Sales Tax VAT Bombay High Court

1994-95

14

-

14

28 Sales Tax VAT Bombay High Court

1993-94

22

-

22

29 Sales Tax VAT Bombay High Court

2017-18

95

-

95

Total

188692

3950

184742

(viii) According to the information and explanations given to us weare of the opinion that the company has not defaulted in repayment of loans or borrowingsto financial institutions and banks. The company has not issued any debentures.

(ix) The Company has raised the money from the follow up proceeds inthe earlier years. Out of the unutilized proceeds amounting to Rs. 29628 Lakhs as onMarch 31 2017 the company has utilized Rs.16243 Lakhs during the year for the purposefor which it has been raised. However balance amounting to Rs. 13385 Lakhs as on March31 2018 have not been utilized and kept in a Fixed Deposit pending utilization. In ouropinion the term loans have been applied for the purpose for which those have beenraised.

(x) We report that certain complaints have been received by thevigilance division of the company for the reporting period for which the investigationsare under process. We have neither come across any instance of fraud by the company or anyfraud on the company by its officer or employees noticed or reported during the year norhave been informed of any such case by the management. (xi) The Company is a GovernmentCompany and the provisions of section 197 are not applicable to the company. Thereforeclause (xi) of the said order is not applicable to the company.

(xii) In our opinion the company is not a Nidhi Company. Thereforeclause (xii) of the said order is not applicable to the company. (xiii) According to theinformation and explanations given by the management transactions with the relatedparties are in compliance with sections 177 and 188 of Companies Act 2013 whereapplicable and the details have been disclosed in the financial statements etc. asrequired by the applicable accounting standards.

(xiv) The company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year under reviewand therefore clause (xiv) of the said order is not applicable to the company.

(xv) The company has not entered into any non-cash transactions withthe directors or persons connected with him and therefore the clause (xv) of the saidorder is not applicable to the company.

(xvi) According to the information and explanation provided by themanagement the company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.

For G. D. Apte & Co. Chartered Accountants FRN: 100515W CA Chetan.R. Sapre Partner ICAI Membership No. 116952 Place: Mumbai Date: 23rd May 2018

For GMJ & Co. Chartered Accountants FRN: 103429W CA SanjeevMaheshwari Partner ICAI Membership No. 38755 Place: Mumbai Date: 23rd May 2018

ANNEXURES TO THE INDEPENDENT AUDITORS' REPORT

"Annexure B" to Independent Auditors' Report

Directions under Section 143(5) of the Companies Act 2013

On the Accounts of The Shipping Corporation of India Ltd. for the year2017-18

Directions Auditors' comments including Action taken wherever required to be taken Impact on the Accounts and financial statements
1 Whether the Company has clear title / lease deeds for freehold and leasehold land respec- tively If not please state the area of freehold and leasehold land for which title / lease deeds are not available. As per the information and explanation given to us the corporation has clear title/ lease deeds for freehold and leasehold land. Further the company has one land which is on the lease is the Shipping house of Mum- bai on which building has been constructed. No Impact
2 Whether there are any cases of waiver / write off debts / loans / interest etc If yes the reasons therefore and amount involved. The company has write off the debts amounting to Rs. 52530470/- during the year (Refer Annexure ‘1'). Not Material
3 Whether proper records are maintained for inventories lying with third parties and assets received as gift / grant(s) from the Government or other authorities As explained to us there are no inventories lying with third parties. Further there are no gifts received from Govt. or other authorities. No Impact

Sub-directions under Section 143(5) of the Companies Act 2013 inrespect of the Shipping Corporation of India Limited for the year 2017-18

Directions Auditors' comments including Action taken wherever required to be taken Impact on the Accounts and financial statements
1 State the area of land under encroachment and briefly explain the steps taken by the Company to remove encroachments. As per the information and explanation given to us there are no land under encroachment. No Impact

Annexure-‘1' to the Directions issued under section 143 (5) of theCompanies Act 2013.

Name of Party

Amount

Reason
Miscellaneous parties

5568

Balance is too small and uneconomical to collect.
Miscellaneous parties

1550

Balance is too small and uneconomical to collect.
Miscellaneous parties

20000

Balance is too small and uneconomical to collect.
Miscellaneous parties

170000

The amount is more than 20 year old and recovery not feasible.
HINDUSTAN SHIPYARD LIMITED

734932

The amount is more than 15 year old and recovery not feasible.
SALAM STEEL PLANT.

356066

The amount is more than 15 year old and recovery not feasible.
ALLIED MARITIME

846239

Party is Liquidated.
CCA

1608020

The amount is more than 10 year old and recovery not feasible.
Name of Party

Amount

Reason
KLINE

1629387

The amount is more than 10 year old and recovery not feasible.
JINYANG SHIPPING

2637994

The amount is more than 10 year old and recovery not feasible.
SOUTHERN CHARTERING

7496528

Charterer gone defunct.
SHIP STORES SUPPLIERS DEPOSIT

384500

The write off arising out of reconciliation of deposits.
CLIPER SHIPPING LTD

12917422

The amount is more than 22 years old and recovery not materialize despite all efforts.
CONTROLLER OF RATIONING AND DIR

5000

Balance is too small and uneconomical to collect.
OIL AND NATURAL GAS CORPORATION

20200

Balance is too small and uneconomical to collect.
INDIAN OXYGEN GAS DEPOSIT PAWAI

19650

Balance is too small and uneconomical to collect.
VIDESH SANCHAR NIGAM LTD MUMBAI

20000

Balance is too small and uneconomical to collect.
P & T TELEX DEPOSIT-CALCUTTA.

70000

Recovery not materialize despite all efforts.
IRIS LINES

61416

The amount is more than 10 year old and recovery not feasible.
GEEPEE SHIPPING & TRADING

35416

The amount is more than 10 year old and recovery not feasible.
COMPASS INTERNATIONAL

10025

Balance is too small and uneconomical to collect.
CENTRAL WAREHOUSING CORPORATION

1213

Balance is too small and uneconomical to collect.
BORNEO SHIPPING

5500699

The party is absconding and untraceable.
PANTHAI SHIPPING LTD

1482150

The amount is more than 10 year old and recovery could not be made despite all efforts.
LAND AIR SEA TRANSPORT

16496497

The party is absconding and untraceable.
TOTAL

52530470

"Annexure C" to Independent Auditors' Report

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

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act") To theMembers of ‘The Shipping Corporation of India Limited'

In conjunction with our audit of the standalone financial statements ofThe Shipping Corporation of India Limited ("the Company") as of and for theyear ended March 31 2018 we have audited the Internal Financial Controls over financialreporting of the Company as of that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding 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 as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Act to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered

Accountants of India.

Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditors' judgement including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that: (1) pertains to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) Provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Qualified Opinion

According to the information and explanation given to us and based onour audit the following material weaknesses have been identified in the operatingeffectiveness of the Company's internal financial control over financial reporting as atMarch 31 2018. a) The timely updation and monitoring of the data with respect to FleetPersonnel needs to be strengthened. Maker checker concept in case of initial entering ofthe floating staff data needs to be strengthened. b) The control on the booking of bunkerconsumption to the correct voyage of the vessels needs to be strengthened. Also timelyupdation of telegrams should be followed to avoid delays in booking of Bunker Consumption.c) Legacy balances should be reconciled. d) The control in the system to ensure that thebunker consumption in case of time charter is recovered from the charterer instead ofdebiting to the consumption account needs to be further strengthened. e) The system has toensure that the tax is deducted at source on all the provision for expense made. f) MakerChecker concept with respect to preparation and raising of Invoices to the Customers'needs to be strictly followed. g) System of monitoring and clearing of Vendors Accountsand Clearing Accounts needs to be followed on timely basis. h) FDA's and PDA'sreconciliation needs to be done on timely basis. i) Expenses booking in the correct profitcentres needs to be further strengthened. j) Forex Valuation system needs to bestrengthened.

In our opinion the Company has in all material respects maintainedadequate internal financial controls over financial reporting as of March 31 2018 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered

Accountants of India and except for the possible effects of thematerial weaknesses described above on the achievement of objectives of the controlcriteria the internal financial controls over financial reporting of the company wereoperating effectively as at March 31 2018. We have considered the material weaknessesidentified and reported above in determining the nature timing and extent of audit testsapplied in our audit of the financial statements of the company as of March 31 2018 andthese material weaknesses do not affect our opinion on the Standalone Financial statementsof the Company.

For G. D. Apte & Co. Chartered Accountants FRN: 100515W CA Chetan.R. Sapre Partner ICAI Membership No. 116952 Place: Mumbai Date: 23rd May 2018

For GMJ & Co. Chartered Accountants FRN: 103429W CA SanjeevMaheshwari Partner ICAI Membership No. 38755 Place: Mumbai Date: 23rd May 2018