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Va Tech Wabag Ltd.

BSE: 533269 Sector: Engineering
NSE: WABAG ISIN Code: INE956G01038
BSE 00:00 | 18 Jun 363.30 -16.45
(-4.33%)
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341.95

NSE 00:00 | 18 Jun 363.55 -16.25
(-4.28%)
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383.00

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OPEN 382.00
PREVIOUS CLOSE 379.75
VOLUME 177518
52-Week high 396.20
52-Week low 101.30
P/E 30.95
Mkt Cap.(Rs cr) 2,260
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 382.00
CLOSE 379.75
VOLUME 177518
52-Week high 396.20
52-Week low 101.30
P/E 30.95
Mkt Cap.(Rs cr) 2,260
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Va Tech Wabag Ltd. (WABAG) - Auditors Report

Company auditors report

To the members of

VA Tech Wabag Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of VA Tech WabagLimited ("the Company") which comprise the Balance Sheet as at 31 March 2019the Statement of Profit and Loss (including Other Comprehensive Income) the Statement ofCash Flows and the Statement of Changes in Equity for the year ended on that date andnotes to the standalone financial statements including a summary of significantaccounting policies and other explanatory information (hereinafter referred to as"the standalone financial statements").

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 Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at 31 March 2019 and its profit and totalcomprehensive income its cash flows and changes in equity for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing ("Standards" or "SAs") specified under section143(10) of the Act. Our responsibilities under those Standards are further described inthe Auditor’s Responsibilities for the Audit of the Standalone Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India ("ICAI")together with the ethical requirements that are relevant to our audit of the standalonefinancial statements under the provisions of the Act and the Rules thereunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and theICAI’s Code of Ethics. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our opinion on the standalone financialstatements.

Emphasis of Matter

We draw reference to Note 46 of the standalone financial statements which describesthat the Company has been executing certain projects in the states of Andhra Pradesh andTelangana as part of a consortium. The Company took over the projects as consortium leaderin 2014-15 and a corporate insolvency resolution process was ordered against the erstwhileconsortium lead member Tecpro Systems Limited (‘Tecpro’) in 2017-18. The amountsreceivable from these projects of Rs. 41556 Lakhs which are net of expected credit lossaccounted as per Company’s accounting policy are recoverable progressively uponsatisfactory completion of the contractual milestones. The Company is also pursuing legalaction to recover an amount of Rs. 6953 Lakhs from Tecpro and has filed an appeal withNational Company Law Appellate Tribunal. Based on the management’s assessment onwhich we have relied upon and the audit procedures carried out by us there are nosignificant risks in the recovery of the above-mentioned amounts. Our opinion is notmodified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.

These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

S.No. Key audit matter description and principal audit procedures

1 Revenue recognition

Refer Notes 3.4 15 and 25 in standalone financialstatements

The Company has implemented the new revenue accounting standard (Ind AS 115 –Revenue from contracts with Customers) during the year and accordingly carried out therecognition measurement presentation and disclosures of revenue in the standalonefinancial statements. The Company recognises revenue and margin on the stage of completionbased on the proportion of contract costs incurred relative to the estimated total costsof each contract. The recognition of revenue and margin therefore relies on estimates inrelation to the forecasted total costs on each contract. Cost contingencies may also beincluded in these estimates to take account of specific uncertain risks arising withineach contract. These cost estimates are reviewed by the Company on a regular basis duringcontract execution and adjusted where appropriate. There is significant managementjudgement in estimating the amount of revenue and margin to be recognised by the Companyup to the balance sheet date and changes to these estimates could give rise to materialvariances. Hence revenue recognition has been considered as a key audit matter.

Our procedures included the following:

• Evaluated management’s processes and controls in respect of the recognitionof revenue through the following procedures. As part of this process we tested keycontrols including:

- the preparation review and authorisation of contract review sheets for contractswhich contains estimated total costs for the contracts including risk provisions

- the project reviews that are undertaken by the Company’s management

- the controls in relation to accrual of cost towards materials and services

• Recalculated revenue recognised under the percentage of completion method on atest basis performance

• Evaluated the financial of contracts against budget / earlier year and obtainedreasons for significant deviations thereto.

• Tested the contract value considered by reference to underlying contractdocument costs incurred to date and total contract costs for a sample of contractsselected based on factors such as value of contracts material new contracts and contractswhere significant risks have.team been identified either by the managementor the audit

• Conducted site visits on a test basis to confirm our understanding of the risksand controls at site level.

• Reviewed management’s assessment of impact of pre-GST taxes on the contractrevenue and its effect on the standalone financial statements for contracts entered intoprior to the introduction of GST where execution is under progress

• Reviewed compliance with the new revenue accounting standard including thetransitional provisions

2 Dues from customers (unbilled) and Trade receivables

Refer Notes 2.1 3.11 6 15 35 and 46 in standalone financial statements

The Company measures revenue to be recognised based on the contract costs incurred overthe total estimated costs for each contract. Such revenue recognised in excess of progressbilling is presented as ‘Dues from customers’ which are yet to be billed. SuchDues from customers are recognised based on the contractual terms and management’sassessment of recoverability from customers. Management also assesses the recoverabilityof Trade receivables including those which have remained unsettled beyond contractualcredit period using judgement and past collection trends in similar contracts andcustomers. The management estimates and recognises allowance for expected credit losses onTrade receivables which involves estimation of expected default and/or delay in thecustomer making payment over the duration of the contract and realisability of Dues fromcustomers considering the past trend and management assessment on the reporting date.Since the valuation of Dues from customers and Trade receivables involve significantmanagement judgement and estimates it has been considered as a key audit matter.

S.No. Key audit matter description and principal audit procedures

Our procedures included the following:

• Evaluated management’s processes and controls in respect of Dues fromcustomers and Trade receivables for the following

- risk assessment pertaining to invoicing and recoverability

- assessment of the probability of default and delay

- assessment of the significant increases in credit risk if any

• Requested confirmation of balances from customers having significant outstandingbalances during the year

• Reviewed the project progress invoicing and collection history of customerswith significant Dues from customers or Trade receivables. Discussed with the project teamto understand the management’s assessment of risk associated with recoverability

• Analysed the past trend and inquired into the reasonableness of provision matrixdeveloped by the management for estimating the allowance for Dues from customers and Tradereceivables.

• Considered the subsequent events and collections in assessing the recoverabilityof Dues from customers and Trade receivables

• Consulted legal counsel wherever necessary for legal disputes to assess thevaluation of Trade receivables.

Other matters

During the year the Company has carried out a reclassification as described in Note2.1 of the standalone financial statements in the comparative balance sheets as of 1April 2017 and 31 March 2018. We have not carried out any audit procedures on thefinancial information of the comparative periods presented in the standalone financialstatements other than the audit of the abovementioned reclassification.

The comparative standalone financial information of the Company for the year ended 31March 2018 presented in the standalone financial statements were audited by thepredecessor auditor who had issued unmodified audit report dated 25 May 2018.

Our opinion above on the standalone financial statements and our report on other legaland regulatory requirements below are not modified in respect of the above matters.

Information other than the Standalone Financial Statements and Auditor’s Reportthereon

The Board of Directors of the Company is responsible for the preparation of the otherinformation. The other information comprises the information included in the Management

Discussion and Analysis Board’s Report including Annexures to Board’s Reportand Report on Corporate

Governance but does not include the standalone financial statements and our reportthereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.If based on the work we have performed we conclude that there is a material misstatementof this other information we are required to report that fact. We have nothing to reportin this regard.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial Statements

The Board of Directors of the Company is responsible for the matters stated in Section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance changesin equity and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Ind AS prescribed under Section 133 of the Actread with Companies (Indian

Accounting Standards) Rules 2015 as amended. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgements 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 accounting records relevant to the preparationand presentation of the standalone financial statements that give a true and fair view andare free from material misstatement whether due to fraud and error.

In preparing the standalone financial statements management is responsible forassessing the Company’s ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the company’sfinancial reporting process.

Auditor’s Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance whether the standalone financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor’s report that includes our opinion. Reasonable assurance is ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these standalone financial statements.

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

• identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis deficiencies for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• obtain an understanding of internal control relevant to the audit in order todesign 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 companyhas adequate internal financial controls system in place and the operating effectivenessof such controls.

• evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• conclude on the appropriateness of management’s use of the going concernbasis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor’s report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor’s report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

• evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the standalone financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work; and (ii) to evaluate the effect ofany identified misstatements in the standalone financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including ininternal control that we identify anysignificant during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards. From the matters communicated withthose charged with governance we determine those matters that were of most significancein the audit of the standalone financial statements of the current period and aretherefore the key audit matters. We describe these matters in our auditor’s reportunless law or regulation precludes public disclosure about the matter or when inextremely rare circumstances we determine that a matter should not be communicated in ourreport because the adverse consequences of doing so would reasonably be expected tooutweigh 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 ("theOrder") issued by the Central Government of India in terms of Section 143(11) of theAct we give in Annexure ‘A’ to this report a statement on the mattersspecified in para 3 and 4 of the Order to the extent applicable.

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

(b) in our opinion proper books of accounts 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 the Statement of Cash Flowsand Statement of Changes in Equity dealt with by this report are in agreement with thebooks 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 Companies(Indian Accounting Standards) Rules 2015 as amended;

(e) on the basis of the written representations received from the directors as on 31March 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2019 from being appointed as a director in terms of Section64(2) of the Act.

(f) with respect to the adequacy of internal financial controls over financialreporting of the Company and the operative effectiveness of such controls refer to ourseparate Report in "Annexure B".

(g) with respect to other matters to be included in the Auditor’s Report inaccordance with the requirements of Section 197(16) of the Act as amended: In our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act.

(h) 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. the Company as detailed in Note 44 to the standalone financial statements hasdisclosed the impact of pending litigations on its financial position;

ii. the Company as detailed in Note 20 to the standalone financial statements hasmade provision as required under the applicable law or Ind AS for material foreseeablelosses if any on long-term contracts including derivative contracts;

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

for SHARP & TANNAN
Chartered Accountants
(Firm’s Registration No. 003792S)
V. Viswanathan
Partner
Membership No. 215565
Place : Chennai
Date : 21 May 2019

Annexure A to the Independent Auditor’s Report

With reference to paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements’ section of our report to the members of VA Tech Wabag Limited of evendate we report the following ;

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its property plant and equipment.

(b) The Company has a regular programme of physical verification of its property plantand equipment under which all property plant and equipment are physically verified in aphased manner over a period of three years which in our opinion is reasonable havingregard to the size of the Company and the nature of its property plant and equipment. Inaccordance with this programme certain property plant and equipment were physicallyverified by the management during the year and no material discrepancies were noticed onsuch verification.

(c) The title deeds of all the immovable properties which are included under the head‘Property plant and equipment’ are held in the name of the Company.

(ii) In our opinion the management has conducted physical verification of inventoriesat reasonable intervals during the year and no material discrepancies between physicalinventories and book records were noticed on such physical verification.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under Section 189 of theCompanies Act 2013. Accordingly reporting on clause 3 (iii) of the Order does not arise.

(iv) According to the information and explanations given to us the Company has notadvanced any loan made any investment given any guarantee or provided any security towhich the provisions of Section 185 and 186 of the Companies Act 2013 are applicable.Accordingly reporting on clause 3 (iv) of the Order does not arise.

(v) According to the information and explanations given to us the Company has notaccepted any deposits from public during the year and does not have any unclaimed depositsas at 31 March 2019. Accordingly reporting under clause 3 (v) of the Order does notarise.

(vi) The Central Government has specified maintenance of cost records under section148(1) of the Companies Act 2013 read with the Companies (Cost Records and Audit) Rules2014 (as amended) for the operations of the Company. We have broadly reviewed the books ofaccount maintained by the Company in respect of Company’s services and are of theopinion that prima facie the prescribed accounts and records have been made andmaintained. However we have not made a detailed examination of the cost records with aview to determine whether they are accurate or complete.

(vii) (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company has been generally regular indepositing undisputed statutory dues including provident fund employees’ stateinsurance income-tax goods and service tax duty of customs cess and other materialstatutory dues applicable to the Company during the year with appropriate authoritiesexcept for dues in respect of tax deducted at source of Rs. 247 lakhs and goods andservice tax of Rs. 307 lakhs. According to the information and explanations given to usthere were no undisputed amounts payable in respect of provident fund employees’state insurance income-tax goods and service tax duty of customs cess or othermaterial statutory dues outstanding as at 31 March 2019 for a period of more than sixmonths from the date they became payable.

(b) According to the information and explanations given to us and the records of theCompany examined by us the particulars of income tax sales tax service tax and valueadded tax at 31 March 2019 which have not been deposited with statutory authorities onaccount of a dispute pending are as under:

There are no dues in respect of goods and service tax duty of excise duty of customsas at 31 March 2019 which have not been deposited with the statutory authorities onaccount of a dispute.

(viii) According to the records of the Company examined by us and the information andexplanations given to us the Company has not defaulted in the repayment of loans orborrowings to any financial institution or bank during the year. The Company did not haveany loans or borrowing from government or dues to debenture holders during the year.

(ix) In our opinion and according to the information and explanations given to us onan overall basis the term loans taken during the year have been applied for the purposesfor which they were obtained. According to the information and explanations given to usand the records of the Company examined by us in our opinion the Company has not raisedany money by way of initial public offer or further public offer (including debtinstruments) during the year.

(x) To the best of our knowledge and according to the information and explanationsgiven to us no material fraud by the Company and no material frauds on the Company byits officers or employees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanations given to us theCompany has paid / provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with schedule V to the CompaniesAct.

(xii) The Company is not a Nidhi Company. Accordingly reporting on clause 3(xii) ofthe Order does not arise.

(xiii) According to the information and explanations given to us in our opinion alltransactions with the related parties are in compliance with Sections 177 and 188 of theCompanies Act 2013 where applicable and the details have been disclosed in thestandalone financial statements as required by the applicable Indian Accounting Standards.

(xiv) According to the information and explanations given to us the company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year. Accordingly reporting on clause 3 (xiv) of theOrder does not arise.

(xv) According to the information and explanations given to us the company has notentered into any non-cash transactions with directors or persons connected with thedirectors during the year. Accordingly reporting on clause 3 (xv) of the Order does notarise.

(xvi) According to the information and explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

for SHARP & TANNAN
Chartered Accountants
(Firm’s Registration No. 003792S)
V. Viswanathan
Partner
(Membership No. 215565)
Place : Chennai
Date : 21 May 2019

Annexure B to the Independent Auditor’s Report

(Referred to in paragraph 2(f) under ‘Report on Other Legal and RegulatoryRequirements’ section of our report to the Members of VA Tech Wabag Limited of evendate)

Independent Auditor’s 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 VA TechWabag Limited ("the Company") as of 31 March 2019 in conjunction with our auditof the standalone financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting ("the Guidance Note") issued by the Institute of Chartered Accountantsof 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 offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013("the Act").

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. Our audit is conducted in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") issued by the ICAI and the Standards on Auditingprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgement including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror.

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 controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of the standalone financial statements for external purposes inaccordance with generally accepted accounting principles. A Company’s internalfinancial control over financial reporting includes those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation ofstandalone financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and (3) providereasonable assurance regarding prevention or timely detection of unauthorised acquisitionuse or disposition of the company’s assets that could have a material effect on thestandalone financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

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

Opinion

In our opinion 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 over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31 March 2019 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the

Guidance Note issued by the ICAI.

for SHARP & TANNAN
Chartered Accountants
(Firm’s Registration No. 003792S)
V. Viswanathan
Partner
(Membership No. 215565)
Place : Chennai
Date : 21 May 2019