AMD Industries Ltd Directors Report.

To the Members of AMD Industries Limited

Report on the Standalone Ind AS financial Statements Opinion

We have audited the accompanying standalone Ind AS financial statements of AMD Industries Limited ("the Company") which comprises the Balance Sheet as at March 31, 2019, the Statement of Profit and Loss (including Other Comprehensive Income), Statement of Changes in Equity and statement of cash flows 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 Act in the manner so required and give a true and fair view in conformity with the Ind AS and accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2019, and profit, total comprehensive income, the changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the 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 standalone Ind AS financial statements under the provisions of the Companies Act, 2013 and the Rules there under, 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 opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in our statements of the current period. These matters were addressed in the context of our audit of the Standalone Ind AS financial statements as a whole, and informing our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report

(i) Revenue Recognition
(As described in note 2.16 of the standalone Ind AS financial statements)
For the year ended March 31, 2019 the Company has recognized revenue from contracts with customers amounting to Rs.15,572.06 lakhs. Our audit procedures included the following: Assessed the Companys revenue recognition policy prepared as per Ind AS 115 Revenue from contracts with customers.
Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company has generally concluded that as principal, it typically controls the goods or services before transferring them to the customer. Assessed the design and tested the operating effectiveness of internal controls related to revenue recognition, discounts and rebates.
The variety of terms that define when control are transferred to the customer, as well as the high value of the transactions, give rise to the risk that revenue is not recognized in the correct period. Performed sample tests of individual sales transaction and traced to sales invoices, and other related documents. Further, in respect of the samples checked that the revenue has been recognized as per the agreed terms.
Revenue is measured net of net of returns and allowances and trade discounts.
Revenue is also an important element of how the Company measures its performance. The Company focuses on revenue as a key performance measure, which could create an incentive for revenue to be recognized before the risk and rewards have been transferred. To test cut off selected sample of sales transactions made pre- and post-year end, agreeing the period of revenue recognition to third party support, such as transporter invoice and customer confirmation of receipt of goods.
Accordingly, due to the significant risk associated with revenue recognition in accordance with terms of Ind AS 115 ‘Revenue from contracts with customers, it was determined to be a key audit matter in our audit of the standalone Ind AS financial statements. Tested the calculations related to discounts by agreeing a sample of amounts recognized to underlying arrangements with customers and other supporting documents.
Performed monthly analytical procedures of revenue by streams to identify any unusual trends.
Obtained confirmations from customers on sample basis to support existence of trade receivables and assessed the relevant disclosures made in the financial statements; to ensure revenue from contracts with customers are in accordance with the requirements of relevant accounting standards.

(ii) Contingent Liability under Indirect Tax Laws

(As described in note 41 of the standalone Ind AS financial statements)

As at March 31, 2019, there is a contingent liability of Rs.9,50,962/- in respect of Local Sales Tax raised for F.Y. 1999-2000 to 2006-07 under section 4A of the Act.The department levied tax on Goods under modernization certificate on base production.The case is pending with Supreme Court of India. Our audit procedures includes review of opinion received from expert and the nature of amounts involved, the sustainability and the likelihood of contingent liability upon final resolution.
As at March 31, 2019, there is a contingent liability of Rs.31,18,745/- in respect of Central Sales Tax raised for F.Y. 1999-2000 to 2006- 07 under section 4A of the Act. The department levied tax on Goods under modernization certificate on base production. The case is pending with Supreme Court of India. Our audit procedures includes review of opinion received from expert and the nature of amounts involved, the sustainability and the likelihood of contingent liability upon final resolution.
As at March 31, 2019, there is a contingent liability of Rs.3,58,400/- in respect of demand raised for the F.Y. 2003-04 by Sales Tax Authority on account of non-submission of Concessional Forms. The case is pending with Tribunal Court, Gahziabad. Our audit procedures includes review of opinion received from expert and the nature of amounts involved, the sustainability and the likelihood of contingent liability upon final resolution.
As at March 31, 2019, there is a contingent liability of Rs.11,45,102/- in respect of entry tax raised for the F.Y. 2001-02 by Sales Tax Authority. The case is pending with Tribunal Court, Gahziabad. As at March 31, 2019, there is a contingent liability of Rs.11,40,307/- in respect of entry tax raised for the F.Y. 2002-03 by Sales Tax Authority. The case is pending with Supreme Court of India. Our audit procedures includes review of opinion received from expert and the nature of amounts involved, the sustainability and the likelihood of contingent liability upon final resolution. Our audit procedures includes review of opinion received from expert and the nature of amounts involved, the sustainability and the likelihood of contingent liability upon final resolution.
As at March 31, 2019, there is a contingent liability of Rs.16,37,643/- in respect of entry tax raised for the F.Y. 2004-05 by Sales Tax Authority. The case is pending with Allahabad High Court. Our audit procedures includes review of opinion received from expert and the nature of amounts involved, the sustainability and the likelihood of contingent liability upon final resolution. Our audit procedures includes review of opinion received from expert and the nature of amounts involved, the sustainability and the likelihood of contingent liability upon final resolution.
As at March 31, 2019, there is a contingent liability of Rs.4,47,623/- in respect of Sales Tax Demand raised for F.Y. 2005-06 for non-filing of export certificates at the time of assessment.The case is pending with Addl. Commissioner Appeal (Trade Tax) – I, Ghaziabad As at March 31, 2019, there is a contingent liability of Rs.2,20,397/- in respect of Entry tax raised for the F.Y. 2005-06 by UP trade tax Authorities.The case is pending before the Supreme Court of India As at March 31, 2019, there is a contingent liability of Rs.38,09,702/- for the F.Y. 2007-08 in respect of UP Vat charged on Preform @ 5% as classified item under the Act, by the company but department denied and raised the demand @ 13.50%.The case is pending before the Allahabad High Court. Our audit procedures includes review of opinion received from expert and the nature of amounts involved, the sustainability and the likelihood of contingent liability upon final resolution.
Our audit procedures includes review of opinion received from expert and the nature of amounts involved, the sustainability and the likelihood of contingent liability upon final resolution
As at March 31, 2019, there is a contingent liability of Rs.2,97,18,848/- for the F.Y. 2008-09 and F.Y.2009-10 in respect of UP Vat charged on Preform @ 5% as classified item under the Act, by the company but department denied and raised the demand @ 13.50%.The case is pending before the Tribunal Court, Ghaziabad. As at March 31, 2019, there is a contingent liability of Rs.2,00,000/- on Accident Claim made by Worker under Industrial Dispute Act,1947. Our audit procedures includes review of opinion received from expert and the nature of amounts involved, the sustainability and the likelihood of contingent liability upon final resolution
The case is pending before the Labour Court-I, Ghaziabad. Our audit procedures includes review of opinion received from expert and the nature of amounts involved, the sustainability and the likelihood of contingent liability upon final resolution

We have determined that there are no other key audit matters to communicate in our report.

Information Other than the Standalone Ind AS financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility Report, Corporate

Governance and Shareholders Information, but does not include the standalone Ind AS financial statements and our auditors 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 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. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Management Responsibility for the Standalone Ind AS financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("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, changes in equity and cash flows of the Company in accordance with accounting principles generally accepted in India, including Indian Accounting Standards (Ind AS) prescribed 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 implementation and maintenance of accounting policies; making judgements and estimates that are reasonable and prudent; and 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 statement 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 Companys 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. The Board of Directors are also responsible for overseeing the companys financial reporting process.

Auditors Responsibilities for the Audit of Standalone Ind AS financial Statement

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 auditors 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 IndAS financial statements.

As part of an audit in accordance with SAs, we exercise professional judgement 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 Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has internal financial controls with reference to Financial Statements 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 managements 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 Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the standalone Ind AS 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 auditors 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 31, 2019 and are therefore the key audit matters. We describe these matters in our auditors 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 (Auditors Report) Order, 2016 ("the Order"), issued by the Central Government of India in terms of subsection (11) of section 143 of the Companies Act, 2013, we give in the "Annexure A" a statement on the matters specified in paragraphs 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 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 31, 2019 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2019 from being appointed as a director in terms of Section 164 (2) of the Act. f) With respect to the adequacy of the Internal Financial Control with reference to Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Companys Internal financial controls over financial reporting. 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 Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, 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 41 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 were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

For Goyal Nagpal & Co.
Chartered Accountants
FRN: 018289C
Sd/-
(CA Virender Nagpal)
Date : May 29, 2019 Partner
Place : New Delhi M. No. 416004

Annexure A to the Independent Auditors Report

The Annexure referred to in our Independent Auditors Report to the members of the Company on the standalone Ind AS financial statements for the year ended March 31, 2019, we report that: i. a) The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment. b) The Company has a regular program of physical verification of its fixed assets by which property, plant and equipments are verified in a phased manner. In accordance with this program, certain property, plant and equipments were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. c) According to the information and explanation given to us and on the basis of our examination of the records of the company, the title deeds of the immovable properties included in property, plant and equipment are held in the name of the company. ii. a) The management of the Company has conducted the physical verification of inventory at reasonable intervals during the year. b) The procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and nature of its business. c) The Company has maintained the proper records of inventory and no material discrepancies were noticed on physical verification.

iii. The Company has not granted any loans to companies, firms or other parties covered in the register maintained under section 189 of the

Companies Act, 2013 (‘the Act). iv. The company has not granted any loans under provisions of section 185 and has complied with provisions of section 186 of the Companies Act, 2013in respect of loans, investments, guarantees, and security. 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. The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act. vii. a) The company is generally with appropriate authorities regular in depositing undisputed statutory dues including provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, goods and services tax, value added tax, cess and any other statutory dues applicable to it. b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees state insurance, income-tax, service tax, sales-tax, duty of custom, duty of excise, value added tax, goods and service tax, cess and other material 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 outstanding of employees state insurance, income-tax, sales-tax, duty of custom, duty of excise, goods and service tax, cess and other statutory dues ,on account of any dispute are as follows:

Name of Statute Nature of Dues Amount (in Rs.) Period to which the amount Relate Forum where dispute is pending
The U.P.Trade Tax Act,1948 Local Sales Tax raised under section 4A of the Act. The department levied tax on Goods under modernization certificate on base production Rs.9,50,962/- F.Y. 1999-2000 to 2006-07 Supreme Court
The Central Sales Tax Act, 1956 Central Sales Tax raised under section 4A of the Act. The department levied tax on Goods under modernization certificate on base production Rs.31,18,745/- F.Y. 1999-2000 to 2006-07 Supreme Court
The Central Sales Tax Act, 1956 Demand raised by Sales Tax Authority on account of non-submission of Concessional Forms Rs.3,58,400/- F.Y. 2003-04 Tribunal Court, Ghaziabad
The U.P. Tax on entry of Goods into Local Area Act,2007 Entry tax raised by UP Trade Tax Authorities Rs.11,45,102/- F.Y. 2001-02 Tribunal Court, Ghaziabad
The U.P. Tax on entry of Goods into Local Area Act,2007 Entry tax raised by UP trade tax Authorities. Rs.11,40,307/- F.Y. 2002-03 Supreme Court
The U.P. Tax on entry of Goods into Local Area Act,2007 Entry tax raised by UP trade tax Authorities. Rs.16,37,643/- FY 2004-05 Allahabad High Court
Industrial Dispute Act,1947 Accident Claim made by Worker Rs.2,00,000/- F Y 2001-02 Labour Court-I, Ghaziabad
The U.P. Tax on entry of Goods into Local Area Act,2007 Sales Tax Demand raised for non- filing of export certificates at the time of assessment Rs.4,47,623/- F.Y. 2005-06 Addl. Commissioner Appeal (Trade Tax)-I, Ghaziabad
The U.P. Tax on entry of Goods into Local Area Act,2007 Entry tax raised by UP trade tax Authorities. Rs.2,20,397/- F. Y 2005-2006 Supreme Court
The U.P. Value Added Tax Act,2008 The company charged UP Vat on Preform @ 5% as classified item under the Act, but department denied and raised the demand @ 13.50% Rs.38,09,702/- F.Y 2007-2008 Honble High Court, Allahabad
The U.P. Value Added Tax Act,2008 The company charged UP Vat on Preform @ 5% as classified item under the Act, but department denied and raised the demand @ 13.50% Rs. 2,97,18,848/- 2008-09 & 2009-10 Tribunal court, Ghaziabad

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 borrowing to a financial institution, bank or Government.

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 term loans for the purposes for which they were obtained. The Company has not raised any money by way of initial public offer / further public offer / debt instruments during the year.

x. In our opinion no material fraud by the company or on the Company by its officers or employees has been noticed or reported during the course of our audit.

xi. In our opinion and according to the information and the explanations given to us and based on examination of records of the company, the company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act.

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. In our opinion and according to the information and the explanations given to us and based on our examination of the records of the company, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where ever applicable and the details of such transactions have been disclosed in the Financial Statements as required by the applicable accounting standards.

xiv. According to the information and explanations given to us and based on our examination of the records of the company, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

xv. According to the information and the explanations given to us the company has not entered into any non-cash transactions with directors or persons connected with him under the provisions of section 192 of Companies Act, 2013

xvi. The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

For Goyal Nagpal & Co.
Chartered Accountants
FRN: 018289C
Sd/-
(CA Virender Nagpal)
Date : May 29, 2019 Partner
Place : New Delhi M. No. 416004

Annexure - B to the Independent Auditors Report of even date on the Standalone Ind AS financial statements of AMD Industries Limited

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

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

Managements Responsibility for Internal Financial Controls

The Companys 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(‘ICAI). 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 companys 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.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting 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, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both 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 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 system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financialcontrols over financialreporting, 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 auditors 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 Companys internal financial controls system over financial reporting of the company.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting 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 companys internal financial control over financial reporting includes those policies and procedures that

1. pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflectthe 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 unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, 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 financial control overoftheinternal financial reporting 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, an adequate internal financial financialreporting and such internal controlssystemover effectively as financial at March 31, 2019, based on the internal control over financial reporting controlsoverfinancial 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 Goyal Nagpal & Co.
Chartered Accountants
FRN: 018289C
Sd/-
(CA Virender Nagpal)
Date : May 29, 2019 Partner
Place : New Delhi M. No. 416004