Ankit Metal & Power Ltd Auditors Report.

TO

THE MEMBERS

ANKIT METAL & POWER LIMITED

Report on the Ind AS Financial Statements

We have audited the acompanying Ind AS Financial Statements of ANKIT METAL & POWER LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2017, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the Significant Accounting Policies and other explanatory information.

Managements Responsibility for the 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 Ind AS Financial Statements that give a true and fair view of the financial position, financial performance including other Comprehensive Income, Cash Flows and Changes in Equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and 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 Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these Ind AS Financial Statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the Audit Report under the provisions of the Act and the Rules made there under.

We have conducted our audit of the Financial Statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessments; the auditor considers internal control relevant to the Companys preparation of the Ind AS Financial Statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the Ind AS Financial Statements.

We believe that the audit evidence we have obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Financial Statements.

Basis of Qualified Opinion

We draw your attention to Note no. 29 of the Ind AS Financial Statements with regard to Non-Recognition of Interest Expense amounting to 15,443.31 Lacs (including 2,344.39 Lacs relating to Previous Year) on the borrowings of the Company for the year ended 31st March, 2017 which is not in accordance with the requirements of Ind AS 23: Borrowing Costs read with Ind AS 109 : Financial Instruments.

The Company has not provided accrued interest in its books of accounts during the year and reversed interest provided in earlier period pertaining to the period the account was declared NPA by the respective lenders. During the year the Company has reversed interest amounting to 5,375.27 Lacs (including 2,344.39 Lacs relating to Previous Year). The unprovided liability in respect of interest on borrowings amounted to 15,443.31 Lacs. The same have consequential impact on the reported figures of this year as well as earlier periods. Had the aforesaid interest expense been recognised the finance cost would have been

16,952.93 Lacs (including 2,344.39 Lacs reversed for the Previous Year) instead of 1,509.62 Lacs and total Comprehensive Loss would have been 45,364.89 Lacs instead of 29,921.66 Lacs for the year ended 31st March, 2017. Other Equity and other Current Financial Liabilities as at 31st March, 2017 would have been ( 46,373.45) Lacs and 34,917.14 Lacs.

Qualified Opinion

In our opinion, and to the best of our information and according to the explanations given to us, except for the effects of our observation stated above in the Basis of Qualified Opinion the aforesaid 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 accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2017, and its loss, total Comprehensive Loss, Cash Flows and the Changes in Equity for the year ended on that date.

Emphasis of Matter

1. We draw your attention to Note no. 30 of the Financial Statements which indicate that as at 31st March, 2017, the Accumulated Losses amounting to 75,561.25 Lacs has eroded the entire Net Worth of the Company, indicating the existence of a material uncertainty about the Companys ability to continue as a Going Concern. These Financial Statements have been prepared on a Going Concern basis for the reasons stated in the said note.

2. We draw your attention to Note no. 35 of the Financial Statements which states that, the Company has raised during the year debit notes of 152.78 Lacs on various suppliers which are yet to be acknowledged by the respective suppliers. Pending such acknowledgement, the Company has recognised the same in the books. If these debit notes are not acknowledged, it would have resulted in increase of purchases, creditors balances, material consumption and loss for the year by the said amount.

3. In general, it was noticed that applicable statutory dues were not deposited within due dates to the respective authorities. Substantial amount of statutory dues amounting to 1978.07 Lacs has become overdue and remain unpaid. Interest, penalty, if any, in respect of the same remains unascertained and unaccounted for.

4. As referred in Note no. 34 of the Financial Statements, the balance of Sundry Debtors, Advances, Creditors etc. includes balances remaining outstanding for a substantial period. The balances are subject to confirmations and reconciliation. The reported financials might have consequential impact which remains unascertained.

Our report is not qualified in this matter.

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 the Section 143 of the Act, we give in the "Annexure A", a statement on the matters specified in the paragraphs 3 and 4 of the order, to the extent applicable.

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

a. We have sought and, except for the possible effects of the matters described in the basis of qualified opinion paragraph above, obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b. In our opinion, except for the possible effects of the matters described in the basis of qualified opinion paragraph above, 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, Statement of Profit and Loss including other Comprehensive Income ,the Cash Flow Statement and the Statement of Changes in Equity dealt with by this report are in agreement with the books of account;

d. Except for the possible effects of the matters described in the basis of qualified opinion paragraph above, in our opinion, the aforesaid Financial Statements comply with the Indian Accounting Standards specified under Section 133 of the Companies Act, 2013; read with Rule 7 of the Companies (Accounts) Rules, 2014.

e. The matters described in the basis for the Qualified Opinion paragraph above, in our opinion, may have an adverse effect on the functioning of the Company.

f. On the basis of written representations received from the directors as on 31st March, 2017, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2017, from being appointed as a director in terms of Section 164(2) of the Act.

g. With respect to the adequacy of the Internal Financial Controls over Financial Reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B"; and

h. In our opinion and to the best of our information and according to the explanation given to us, we report as under with respect to other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

i. The Company has disclosed the impact of pending litigations on the financial position in the Financial Statements- Refer Note no. 31 (a) to (g) to its Financial Statements.

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

iii. During the year the Company has not transferred an amount of 1.08 Lacs to Investor Education and Protection Fund (IEPF) pertaining to dividend for the year 2006-07.

iv. The Company has provided requisite disclosures in the Financial Statements as regard to its holding and dealings in Specified Bank Notes as defined in the Notification S.O. 3407(E) dated the 8th November, 2016 of the Ministry of Finance during the period from 8th November, 2016 to 30th December, 2016. Based on audit procedures performed by us and the representations provided by the management, we report that the disclosures are in accordance with the books of account maintained by the Company and produced to us (Refer Note no. 47 of the financial statements).

For R. Kothari & Company
Chartered Accountants
FRN: 307069E
CA Manoj Kumar Sethia
Place: Kolkata Partner
Date: 30th day of May, 2017 Membership No.064308

Annexure to the Independent Auditors Report

"ANNEXURE A"

The Annexure A referred to in paragraph 1 under the heading ‘Report on Other Legal & Regulatory Requirements of our report of even date to the Financial Statements of the Company for the year ended 31st March, 2017, we report that: (i) (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of property, plant and equipment. (b) The property, plant and equipment of the Company have been physically verified by the management during the year and no material discrepancies were noticed on such verification. In our opinion, the periodicity of physical verification is reasonable having regard to the size of the Company and nature of its assets. (c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.

(ii) The inventory has been physically verified by the management during the year at reasonable intervals. In our opinion the frequency of such verification is reasonable. The discrepancies noticed on verification between the physical stocks and the book records were not material having regard to the size of the operations of the Company and the same have been properly dealt with in the books of account.

(iii) The Company has not granted any loans, secured or unsecured, to Companies, Firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013. Therefore, the reporting under Paragraph 3 (iii) of the said Order is not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Companies Act, 2013 in respect of grant of loans, making investments and providing guarantees and securities, as applicable.

(v) The Company has not accepted any deposits from the public and consequently, the directives issued by Reserve Bank of India and provisions of Section 73 to Section 76 or any other relevant provisions of the Companies Act, 2013 and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable to the Company.

(vi) We have broadly reviewed the books of account maintained by the Company in respect of manufacture of Iron & steel product & Power generation unit pursuant to the rules made by the Central Government for the maintenance of cost records under Section 148(1) of the Companies Act, 2013, and we are of the opinion that prima facie, the records have been maintained. We have however not made a detailed examination of the records with a view to determining whether they are accurate and complete.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has generally delayed in depositing undisputed statutory dues including Provident Fund, Income Tax, Sales Tax, Service Tax, Duty of Customs, Value Added Tax, Cess and other statutory dues during the year with appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable in respect of the above were in arrears as at 31st March, 2017 for a period of more than six months from the date on when they become payable except the following:

( in Lacs)
SI. No. Nature of Dues Amount involved
1. Income Tax Deducted at Source 91.97
2. Sales Tax Deducted at Source 0.32
3. Provident Fund 108.78
4. Central Sales Tax 5.95
5. Value Added Tax 85.93
6. Service Tax 366.30
7. Excise Duty 963.30
8. Withholding Tax 1.39
9. Professional Tax on Salary 0.37
10. Gratuity 0.61
TOTAL 1,624.89

(b) According to the information and explanations given to us, there are no dues of Income Tax, Sales Tax, Value Added Tax, Service Tax, Customs Duty, Excise Duty and Cess which have not been deposited with the appropriate authorities on account of any dispute except the following cases:

Name of the Statute Nature of Dues Amount ( in Lacs ) Period to which the amount relates Forum where the dispute is pending
Income Tax Act, Income 6,692.78 A.Y. 2012-13 Commissioner of Income Tax- Appeal, Kolkata
1961 Tax 3,143.26 A.Y. 2013-14 Commissioner of Income Tax- Appeal, Kolkata
222.89 F.Y. 2005-06 Sr. Joint commissioner of Commercial Taxes, Dharmtala circle.
917.91 F.Y. 2006-07 Sr. Joint commissioner of Commercial Taxes, Dharmtala circle.
W.B. 358.16 F.Y. 2007-08 Sr. Joint commissioner of Commercial Taxes, Dharmtala circle.
VAT Act, 2003 Sales Tax 1,946.82 F.Y. 2008-09 Sr. Joint commissioner of Commercial Taxes, Dharmtala circle.
29.27 F.Y. 2009-10 Sr. Joint commissioner of Commercial Taxes, Dharmtala circle.
112.72 F.Y. 2012-13 Sr. Joint commissioner of Commercial Taxes, Bow Bazar circle.
77.02 F.Y. 2013-14 Add. Commissioner of Commercial Taxes, Dharmtala Circle
403.60 F.Y. 2012-13 Sr. Joint Commissioner of Commercial Taxes, Dharmtala Circle
Entry Tax 385.05 F.Y. 2013-14 Sr. Joint Commissioner of Commercial Taxes, LTU Govt. of India
353.95 F.Y. 2014-15 Sr. Joint Commissioner of Commercial Taxes, LTU Govt. of India
36.66 September, 2007- January, 2008 Joint commissioner, Central Excise, Bolpur Commissionerate
14.95 (15.00 paid as duty under protest) A.Y. 2012-13 Directorate General of Central Excise Intelligence, Kolkata
10.15 (5.00 paid as duty under protest) 2011 - 12 Commissioner of Central Excise - Bolpur
4.32 July, 2007- October, 2007 Addi onal Commissioner of Central Excise & Service Tax, Durgapur
37.46 2006 – 07 Joint Commissioner, Central Excise, Bolpur Commissionerate
(30.00 paid as duty under protest) 2007 – 08
2008 - 09
75.74 2008 - 09 Joint Commissioner, Central Excise, Bolpur Commissionerate
2009 - 10
132.60 2008 – 09 Joint Commissioner, Central Excise, Bolpur Commissionerate
2009 - 10
The Central Excise Act, 1944 Excise Duty 73.42 August, 2009 to February, 2011 Joint Commissioner, Central Excise, Bolpur Commissionerate
1,809.48 Director General, Central Excise, Delhi
0.65 Addi onal Commissioner, Central Excise, Bolpur Commissionerate
4.51 2011-12 Commissioner of Central Excise, Kolkata-IV
30.91 01.02.2012 to 27.12.2012 Assistant Commissioner of Central Excise, Bankura Division
389.63 2013-14 to 2014-15 Durgapur Commissionerate
59.36 Joint Commissioner, Central Excise, Durgapur Commissionerate
50.87 2015-16 Durgapur Commissionerate
16.51 Durgapur Commissionerate
1,320.53 2015-16 Assistant Commissioner of Central Excise, Bankura Division
31.09 September, 2011 to Durgapur Commissionerate
December, 2011
3,773.90 2013-14 Durgapur Commissionerate
5.29 2013-17 Bankura Commissionerate
1,337.07 2014-17 Durgapur Commissionerate

There were no other dues of duty which have not been deposited as at 31st March, 2017 on account of dispute.

(viii) Based upon the audit procedures performed and according to the records of the Company examined by us and the informa on and explanation given to us, the Company has defaulted in payment of interest and repayment of principal on borrowings to banks as follows:

( in Lacs )
Par culars Nature Principal "Interest (Net of reversal)" Period of default
State Bank of India 658.00 (29.86) October, 15 to March, 17
Indian Overseas Bank 288.00 285.05 December, 15 to March, 17
State Bank of Travancore 257.00 (10.90) September, 15 to March, 17
UCO Bank 146.00 109.60 October, 15 to March, 17
Andhra Bank 20.00 17.33 December, 15 to March, 17
IDBI Bank 29.00 27.02 January, 16 to March, 17
Syndicate Bank 38.00 33.40 October, 15 to March, 17
FITL
State Bank of Mysore 160.00 60.60 October, 15 to March, 17
State Bank of Hyderabad 89.00 (2.00) November, 15 to March, 17
Corporatoon Bank 225.00 (52.04) January, 16 to March, 17
State Bank of Bikaner & Jaipur 143.00 13.15 March, 16 to March ,17
United Bank of India 115.00 72.32 October,15 to March,17
Allahabad Bank 276.00 114.86 October, 15 to March, 17
State Bank of Pa ala 28.00 0.02 February, 16 to March, 17
TOTAL 2,472.00 638.55
State Bank of India 66.00 - February, 16 to March, 17
Indian Overseas Bank 100.00 255.99 February, 16 to March, 17
State Bank of Travancore 9.00 0.22 December, 15 to March, 17
UCO Bank 107.00 174.48 February, 16 to March, 17
Andhra Bank 5.00 14.72 December, 15 to March,17
IDBI Bank 12.00 33.33 January, 16 to March,17
WCTL-1
Syndicate Bank 25.00 64.65 February,16 to March,17
State Bank of Hyderabad 24.00 (4.56) February, 16 to March, 17
Corporatoon Bank 1.00 - March, 16 to March, 17
State Bank of Bikaner & Jaipur 49.00 0.79 March, 16 to March, 17
United Bank of India 8.00 12.52 December, 15 to March, 17
Allahabad Bank 132.00 190.75 November, 15 to March, 17
TOTAL 538.00 742.89
State Bank of India 298.00 - February, 16 to March, 17
State Bank of Travancore 45.00 - January, 16 to March, 17
UCO Bank 41.00 71.42 February, 16 to March, 17
IDBI Bank 14.00 38.34 January, 16 to March, 17
State Bank of Mysore WCTL-2 30.00 15.24 February, 16 to March, 17
State Bank of Hyderabad 45.00 (8.34) February, 16 to March, 17
Corporatoon Bank 42.00 (0.00) March, 16 to March, 17
State Bank of Bikaner & Jaipur 28.00 0.45 March, 16 to March, 17
United Bank of India 37.00 60.47 December, 15 to March, 17
TOTAL 580.00 177.57
State Bank of India 393.00 17.46 December, 15 to March, 17
Indian Overseas Bank 320.00 761.35 February, 16 to March, 17
State Bank of Travancore 306.00 (56.82) January, 16 to March, 17
State Bank of Mysore 207.00 105.04 February, 16 to March, 17
State Bank of Hyderabad 59.00 (10.95) January, 16 to March, 17
TERM LOAN
Corporatoon Bank 270.00 - March, 17
State Bank of Bikaner & Jaipur 114.00 27.18 March, 17
United Bank of India 102.00 166.04 December, 15 to March, 17
Allahabad Bank 252.00 348.43 November, 15 to March, 17
State Bank of Pa ala 43.00 0.00 February, 16 to March, 17
TOTAL 2,066.00 1357.74
GRAND TOTAL 5656.00 2916.75
State Bank of India 125.14 September,15 to March,17
Indian Overseas Bank 320.94 December,15 to March,17
State Bank of Travancore 68.96 November,15 to March,17
UCO Bank 599.98 September,15 to March,17
Andhra Bank 257.55 December,15 to March,17
IDBI Bank 383.54 December,15 to March,17
Syndicate Bank Cash Credit 457.16 November,15 to March,17
State Bank of Mysore 52.51 October,15 to March,17
State Bank of Hyderabad 50.89 October,15 to March,17
Corporatoon Bank 11.43 December,15 to March,17
State Bank of Bikaner & Jaipur 105.78 December,15 to March,17
United Bank of India 147.92 October,15 to March,17
Allahabad Bank 279.93 November,15 to March,17
TOTAL 2,861.74

The unprovided liability amoun ng to 15,443.31 Lacs as referred in Note no. 29 of the financial statements also con nued to be a default.

The Company does not have any loans and borrowings from Government and has not issued any debentures.

(ix) Based upon the audit procedures performed and the information and explanations given by the management, the Company has not raised moneys by way of initial public issue/follow-on offer (including debt instruments) and term loans.

(x) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.

(xi) Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Companies Act, 2013.

(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company. Therefore, the reporting under Paragraph 3 (xii) of the Order is not applicable to the Company.

(xiii) In our opinion and according to the information and explanations given to us, all transactions with the related parties are in compliance with Section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Ind AS Financial Statements as required by the applicable accounting standards.

(xiv) During the year the Company has not made any preferential allotment or private placement of shares of fully or partly convertible debentures and hence reporting under paragraph 3(xiv) of the Order is not applicable to the Company.

(xv) Based upon the audit procedures performed and the information and explanations given by the management, the Company has not entered into any non-cash transactions with directors or persons connected with them. Accordingly, the reporting under Paragraph 3 (xv) of the Order is not applicable to the Company and hence not commented upon.

(xvi) In our opinion, the Company is not required to be registered under Section 45 IA of the Reserve Bank of India Act, 1934.

For R. Kothari & Company
Chartered Accountants
FRN: 307069E
CA Manoj Kumar Sethia
Place: Kolkata Partner
Date: 30th day of May, 2017 Membership No.064308

Annexure to the Independent Auditors Report

"ANNEXURE B"

Report on the Internal Financial Controls Over Financial Reporting 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 M/s. ANKIT METAL & POWER LIMITED ("the Company") as of 31st March, 2017 in conjunction with our audit of the 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") issued by the Institute of Chartered Accountants of India and the Standards on Auditing issued by ICAI and 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 Financial Controls over financial reporting, 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 judgment, 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.

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 reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Financial Statements in accordance with Generally Accepted Accounting Principles, and that receipts and expenditures of the Company are being made only in accordance with authorisations 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 of the Internal Financial Controls over financial reporting to future periods are subject to the risk that the Internal Financial Control over 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 Controls system over Financial Reporting and such Internal Financial Controls over Financial Reporting were operating effectively as at 31st March, 2017, based on the Internal Financial Control over Financial Reporting criteria established by the Company considering the essential components of Internal Control stated in the Guidance note on audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India.

For R. Kothari & Company
Chartered Accountants
FRN: 307069E
CA Manoj Kumar Sethia
Place: Kolkata Partner
Date: 30th day of May, 2017 Membership No.064308