Interglobe Aviation Ltd Auditors Report.

To

The Members of

InterGlobe Aviation Limited

Report on the Rudit of the Standalone Ind RS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of InterGlobe Aviation Limited ("the Company"), which comprise the Balance Sheet as at 31 March 2018, the Statement of ProAt and Loss, the Statement of Changes in Cquity and the Statement of Cash Flows for the year then ended, and summary of the significant accounting policies and other explanatory information (hereinafter referred to as "standalone Ind AS financial statements").

Managements Responsibility for the Standalone Ind RS 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 state of affairs, proAt and other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 1 33 of the Act.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions 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 standalone Ind AS financial statements 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.

Ruditors Responsibility

Our responsibility is to express an opinion on these standalone 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 Aules made thereunder.

We conducted our audit of the standalone Ind AS 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 standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companys preparation of the standalone 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 the accounting policies used and the reasonableness of the accounting estimates made by the Companys Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements.

We are also responsible to 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 entitys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditors report to the related disclosures in the standalone Ind AS financial statements or, if such disclosures are inadequate, to modify the opinion. Our conclusions are based on the audit evidence obtained up to the date of the auditors report. However, future events or conditions may cause an entity to cease to continue as a going concern.

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

Opinion

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 accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2018 and its profits and other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Aeport) Order, 2016 (the Order), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in "Annexure A", a statement on the matters specified in paragraphs 3 and 4 of the Order.

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 ProAt and Loss, the Statement of Cash Flows and the Statement of Changes in Cquity dealt with by this Aeport are in agreement with the books of account;

d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards prescribed under Section 1 33 of the Act;

e) On the basis of the written representations received from the directors as on 31 March 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2018 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 controls with reference to standalone Ind AS financial statements of the Company and the operating effectiveness of such controls, refer to our separate Aeport in "Annexure B"; and

g) With respect to the other matters to be included in the Auditors Aeport in accordance with Aule 11 of the Companies (Audit and Auditors) Aules, 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 - Aefer Note 30 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; and

iv. The disclosures in the standalone Ind AS financial statements regarding holdings as well as dealings in specified bank notes during the period from 8 November 2016 to 30 December 2016 have not been made since they do not pertain to the financial year ended 31 March 2018. However, amounts as appearing in the audited Standalone Ind AS financial statements for the period ended 31 March 2017 have been disclosed- Aefer Note 38 to the standalone Ind AS financial statements.

For B S A Si Co. LLP

Chartered Accountants

Firm registration number: 101 248W / W-100022

Jiten Chopra
Place: Gurugram Partner
Date: 02 May 2018 Membership number: 092894

Annexure R referred to in our Independent Auditors Report to the members of InterGlobe Aviation Limited on the standalone Ind AS financial statements for the year ended 31 March 2018

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The Company has a regular programme of physical verification of its fixed assets by which all fixed assets are verified in a phased manner over a period of two years except for aircraft and spare engines, which are verified on an annual basis. In our opinion, this periodicity of physical verification by management is reasonable having regard to the size of the Company and the nature of its assets. In accordance with this programme, certain fixed assets were physically verified during the year, As informed to us, no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us, the Company does not have any immovable properties. Accordingly, paragraph 3(i)(c) of the Order is not applicable.

(ii) Inventories, except forgoods-in-transit and stocks lying with third parties have been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable. For stocks lying with third parties at the year-end, written confirmations have been obtained. According to the information and explanations given to us, the procedures for physical verification of inventories followed by the management during the year are reasonable and adequate in relation to the size of the Company and the nature of its business. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly adjusted in the books of account.

(iii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms, limited liability partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 201 3. Accordingly, the provisions of paragraph 3 (iii) of the Order are not applicable to the Company.

(iv) According to the information and explanations given to us, the Company has not given any loan, or provided any guarantee or security as specified under section 185 and 186 of the Companies Act, 201 3. Moreover, in respect of the investments made by the Company, requirements of section 186 of the Companies Act, 2013 have been complied with.

(v) As per the information and explanations given to us, the Company has not accepted any deposits as mentioned in the directives issued by the Aeserve Bank of India and the provisions of section 73 to 76 or any other relevant provisions of the Companies Act, 201 3 and the rules framed there under. Accordingly, paragraph 3(v) of the Order is not applicable.

(vi) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 201 3, for any of the services rendered or goods sold by the Company. Accordingly, paragraph 3(vi) of the Order is not applicable.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, service tax, goods and services tax, duty of customs, value added taxes, cess and other statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of duty of excise.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees state insurance, income tax, sales tax, service tax, goods and services tax, duty of customs, value added taxes, cess and other statutory dues were in arrears as at 31 March 2018for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues of income tax, service tax, goods and services tax, sales tax, value added tax and duty of customs which have not been deposited by the Company with the appropriate authorities on account of any dispute as at 31 March 2018, other than those mentioned as follows:

Nam of the Statute Nature of the dues Amount (Rs. in million) Amount paid under protest (Rs. in million) Period to which the amount relates Forum where dispute is pending
Aevision to the taxable income on account of: High Court
Income-tax Act, 1961 a) Tax treatment of certain incentives received by the Company from manufacturers with the acquisition of aircraft and engine. - - Assessment year (AV) 2007-08 1 of Delhi and Commissioner of Income Tax (Appeals)
b) Disallowance of certain expenses / adjustments [CIT(A) ]
Aevision to the taxable income on account of:
Income-tax Act, 1961 a) Tax treatment of certain incentives received by the Company from manufacturers with the acquisition of aircraft and engine. - - AV 2008-09 2 AV 2009-103 High Court of Delhi and Income Tax Appellate Tribunal (ITAT)
b) Disallowance of certain expenses / adjustments.
Aevision to the taxable income on account of:
Income-tax Act, 1961 a) Tax treatment of certain incentives received by the Company from manufacturers with the acquisition of aircraft and engine. 8.66 1.30 AV 2010-114 ITAT and CIT(A)
b) Disallowance of certain expenses / adjustments.
Writ petition filed before High Court of Delhi challenging reopening of assessment on account of:
Income-tax Act, 1961 a) Tax treatment of certain incentives received by the Company from manufacturers with the acquisition of aircraft and engine. 3,921.14 - AV 2011-125 High Court of Delhi
b) Disallowance of certain expenses/ adjustment.
Revision to taxable income on account of :
Income-tax Act, 1961 a) Tax treatment of certain incentives received by the Company from the manufacturers with the acquisition of aircraft and engine. 5,822.44 100 AV 2012-136 AV 2013-147 AV 2014-157 ITAT
b) Disallowance of certain expenses / adjustments.
Aevision to taxable income on account of:
Income-tax Act, 1961 a) Tax treatment of certain incentives received by the Company from the manufacturers with the acquisition of aircraft and engine. 2,887.73 150 AV 2015-168 CIT(A)
b) Disallowance of supplementary lease rental and certain expenses / adjustments.
Income-tax Act, 1961 Tax deducted at source 1.02 - AV 2007-08 Assessing officer (AO)
Income-tax Act, 1961 Tax deducted at source 142.48 7.84 AV 2010-11 ITAT and CIT(A)
Income-tax Act, 1961 Tax deducted at source 20.99 5.07 AV 2011-12 ITAT
Income-tax Act, 1961 Tax deducted at source 22.78 11.41 AV 2012-13 CIT(A)
Income-tax Act, 1961 Tax deducted at source@ 0.09 0.09 AV 2013-14 ITAT
Income-tax Act, 1961 Tax deducted at source 0.73 0.73 AV 2014-15 CIT(A)
Income-tax Act, 1961 Tax deducted at source 13.21 - AV 2008-09, AV 2009-10, AV 2010-11, AV 2013-14 and AV 2014- 15 ITAT and AO
Finance Act, 1994 (Service tax) Service tax and penalty on excess baggage charges and services received from overseas vendors and denial of cenvat credit 111.21 - Financial Vear (FV) 2006-07 to FV 2010-11 ## Customs, Cxcise and Service Tax Appellate Tribunal (C€STAT), Chandigarh
Finance Act, 1994 (Service tax) Service tax and penalty on services received from overseas vendors 2.96 - FV 2005-06 to FV 2009-10 and FV 2010- 11 ## C€STAT, Chandigarh
Finance Act, 1994 (Service tax) Penalty for late payment of Service tax on various expenses incurred for external Commercial Borrowing 358.56 89.64 FV 2012-13 to FV 2013-14 C€STAT, Chandigarh
The Customs Act, 1962 Customs duty and penalty on import of aircraft engines 531.20 - FV 2011-12 and FV 2012- 13 ## C€STAT, Bangalore
The Customs Act, 1962 Custom duty and penalty on notional freight charges added to the value of Aviation turbine fuel 6.78 2.69 August 2012 to May 2015 ## C€STAT, Chennai
The Customs Act 1962 Custom duty and penalty on notional freight charges added to the value of Aviation turbine fuel 7.18 1.07 October 2011 to March 2015## Commissioner of Customs (Appeals), Mumbai
Kerala Value Added Tax Act, 2003 Value Added Tax on sale of goods in International flights@ 0.66 0.92 FV 2012-13 to FV 2013-14 Kerala Value Added Tax Appellate Tribunal
Central Sales Tax Act, 1956 Sr Central Sales Tax (Bombay) Aules, 1957 Central Sales Tax on sale of goods in international flights in the state of Maharashtra (Credit of As. 0.47 million adjusted against demand and As. 0.48 million was deposited as part payment by the Company) 7.85 0.48 FV 2012-13 Joint Commissioner
Maharashtra Value Added Tax, 2002 Denial of Input Tax Credit 0.17 - FV 2012-13 Joint Commissioner
Maharashtra Value Added Tax, 2002 Tax on sole of goods in international flights and denial of Input Tax Credit (Credit of INR 0.60 million has been adjusted against the demand) 5.28 - FV 2013-14 Joint Commissioner **
Mumbai Municipal Corporations Ret, 1888 Octroi on import/inward movement of aircraft engines and aircraft engine stand@ 74.39 74.39 FV 2016-17 High court of Mumbai
Customs Tariff Ret, 1975 and The Integrated Goods And Services Tax, 2017 Integrated Goods and Services Tax on re-import of aircraft, aircraft engines and certain aircraft parts after repair@ 1,829.50 1,829.50 FV 2017-18 Commissioner of Customs (Appeals), New Delhi*

## The demand does not indude interest component as it is not specified in order.

* Includes the cases wherein appeal filing is in process.

** The Company is in process of filling appeal to Joint Commissioner.

@ As on 31 March 2018, net outstanding due is Nil.

 1 ITflT has passed favorable order dated 18 July 2016 and the loss for the year has been assessed at Rs. 2,032.85 million vide appeal effect order dated 16 November 2016. Income tax department filed an appeal to High Court of Delhi dated 23 December 2016 for the proposed addition to taxable income amounting to Rs. 1,874.63 million for RV 2007-08 which will result in reduction of business loss and unabsorbed depreciation for RV 2007-08. During the current year, the High Court of Delhi vide order dated 7 July 2017 has admitted the departments appeal on taxability of certain incentives.

In relation to certain disallowance of expenses amounting to Rs. 22.39 million, appeal is pending before CIT(fl) against order u/s 144/143(3)/263 of the Income Tax Ret, 1961.

 2 ITflT has passed favorable order dated 18 November 2016 and the loss for the year has been assessed at Rs. 3,1 71.43 million vide appeal effect order dated 6 March 2017. During the current year. Income tax department filed an appeal to High Court of Delhi dated 1 May 2017 for the proposed addition to taxable income amounting to Rs. 4,714.97 million for RV 2008-09. During the current year, the High Court of Delhi vide order dated 31 October 2017 has admitted the departments appeal on taxability of certain incentives.

The Company has also filed a miscellaneous application before ITflT to adjudicate on disallowances of certain expenses amounting to Rs. 118.50 million.

 3 ITflT has passed favorable order dated 18 November 2016 and the loss for the year has been assessed at Rs. 2,121.80 million vide appeal effect order dated 21 February 2017. During the current year. Income tax department has filed an appeal to High Court of Delhi dated 1 May 2017 for the proposed addition to taxable income amounting to Rs. 4,164.13 million for RV 2009-10. During the current year, the High Court of Delhi vide order dated 31 October 2017 has admitted the departments appeal on taxability of certain incentives.

The Company has also filed a miscellaneous application before ITflT to adjudicate on disallowances of certain expenses amounting to Rs. 619.46 million.

 4 The additional taxable income amounting to Rs.3,569.11 million for RV 2010-11 was proposed vide order dated 1 5 March 201 3 by assessing officer . During the year ended 31 March 2016, CIT(fl) has passed an order dated 20 January 2016 proposing additions amounting to Rs. 726.60 million. The Company has filed an appeal to ITflT for proposed additions to taxable income.

Further, addition of Rs. 50.97 million was proposed by assessing officer under section 147 of the Income tax Ret, 1961 vide re-assessment order dated 27 January 2016 and accordingly, above mentioned demand has arisen. The Company has filed an appeal to CIT(fl) against order under section 147 of the Income tax Ret, 1961.

 5 The RO has issued a notice u/s 148 of the Income Tax Ret, 1961 for re-opening of assessment, pertaining to RV 2011 -1 2. The Company has filed a writ petition before High Court of Delhi challenging the re-opening of reassessment by RO. The High Court has directed to pass the assessment order stating such order shall not be given effect till further orders. The assessing officer passed an assessment order proposing the additional taxable income amounting to Rs.5,823.48 million vide order dated 29 December 2017 and accordingly, demand amounting to Rs. 3,921.14 million has arisen. The High Court of Delhi has granted stay vide order dated 18 April 2018 till disposal of writ petition by High Court of Delhi.

 6 The additional taxable income amounting to Rs. 6,070.11 million for RV 2012-13 was proposed vide assessment order dated 25 March 201 5 by assessing officer. CIT(fl) has passed an order dated 22 March 2017 which further proposed additional taxable income amounting of Rs. 4,904.78 million. The assessing officer passed rectification order dated 03 October 2017 and accordingly, demand of Rs. 1,1 54.63 million has arisen. The Company has filed an appeal before ITRT for proposed additions to taxable income. Further, the Company has obtained stay of demand from ITRT for the above mentioned demand.

 7 The additional taxable income amounting to Rs.14,218.26 million and Rs.12,538.26 million for RV 2013-14 and RV 2014-1 5 respectively was proposed by assessing officer vide order dated 6 December 2016. The Company has filed an appeal to CIT(fl) and it has passed an order dated 10 October 2017 giving partial relief amounting to Rs. 3,500.35 million and Rs. 2,228.75 million respectively. The assessing officer passed appeal effect order dated 12 February 2018 and accordingly, demand amounting to Rs. 3,381.40 million and Rs. 1,286.41 million respectively has arisen. The Company has filed an appeal before ITRT for proposed additions to taxable income.

The Company has obtained stay of demand from ITRT for a period of six months or disposals of the appeals whichever expire earlier for RV 2013-14 and RV 2014-15. The stay for RV 2013-14 is subject to the condition of paying Rs. 100 million. Subsequently, the Company has paid Rs. 100 million under protest.

 8 The additional taxable income amounting Rs. 11,51 2.08 million for RV 201 5-16 was proposed by assessing officer vide order dated 28 December 2017. The Company has filed an appeal before CIT(fl) for proposed additions to taxable income.

The Company has obtained stay of demand against such order till 31 August 2018 or disposal of appeal by CIT(fl), whichever is earlier, on payment of Rs. 1 50 million. The Company has paid Rs. 1 50 million under protest.

(viii) In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not defaulted in repayment of loans or borrowings to banks or financial institutions. Further, no loans or borrowings were taken from government and there were no debentures issued during the year or outstanding as at 31 March 2018.

(ix) In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has utilised the money raised by way of institutional placement programme ("IPP"), for the purpose for which they were raised. The unutilised funds have been temporarily invested/ deposited in cash and cash equivalents including bank deposits and/or mutual funds. Moreover, the term loans taken by the Company have been applied for the purposes for which they were raised.

(x) Recording to the information and explanations given to us, 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) Recording to information and explanations given to us and on the basis of our examination of the records of the Company, the managerial remuneration has been provided and paid by the Company in accordance with the provisions of section 197 read with Schedule V to the Companies Ret, 201 3.

(xii) Recording to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.

(xiii) In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of the Company, the transactions with the related parties are in compliance with sections 177 and 188 of the Companies Ret, 201 3 where applicable and the details have been disclosed in the standalone Ind RS financial statements as required by the accounting standards.

(xiv) Recording to the information and explanation given to us and on the basis of 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 current year. Accordingly, paragraph 3(xiv) of the Order is not applicable.

(xv) According to information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with them. Accordingly, paragraph 3(xv) of the Order is not applicable.

(xvi) According to the information and explanations given to us, the Company is not required to be registered under section 45-1A of the Aeserve Bank of India Act, 1934.

For B S A Si Co. LLP

Chartered Accountants

Firm registration number: 101 248W / W-100022

Jiten Chopra

Partner

Membership number: 092894

Place: Gurugram

Date: 02 May 2018

Annexure 6 to the Independent Audi tors Report of even dote on the standalone Ind AS finonciol statements of InterGlobe Aviation Limited

Report on the Internal Finonciol Controls under Clouse (i) of Sub-section 3 of Section 143 of the Companies Ret, 2013 ("the Ret")

W have audited the internal financial controls with reference to the Standalone Ind AS financial statements of InterGlobe Aviation Limited ("the Company") as of 31 March 2018 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 Finonciol Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control with reference to financial statements 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 Aeporting (the "Guidance Note") 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 Act.

Ruditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to the standalone Ind AS financial statements based on our audit. We conducted our audit in accordance with 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 ICAI.

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 with reference to the standalone Ind AS financial statements 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 with reference to the standalone Ind AS financial statements and their operating effectiveness. Our audit of internal financial controls with reference to the standalone Ind AS financial statements included obtaining an understanding of internal financial controls with reference to the standalone Ind AS financial statements, 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 standalone Ind AS 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 with reference to the standalone Ind AS financial statements.

Meaning of Internal Finonciol Controls with reference to the Standalone Ind RS Financial Statements

A companys internal financial control with reference to the standalone Ind AS financial statements 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 with reference to the standalone Ind AS financial statements 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 Limitotions of Internol Finonciol Controls with reference to the Stondolone Ind AS Finonciol Stotements

Because of the inherent limitations of internal financial controls with reference to the standalone Ind AS financial statements, 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 with reference to the standalone Ind AS financial statements to future periods are subject to the risk that the internal financial control with reference to the standalone Ind AS financial statements 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 with reference to the standalone Ind AS financial statements and such internal financial controls with reference to the standalone Ind AS financial statements were operating effectively as at 31 March 2018, based on the internal control with reference to the standalone Ind AS financial statements 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 Aeporting issued by the Institute of Chartered Accountants of India.

For B S A Si Co. LLP

Chartered Accountants

Firm registration number: 101 248W / W-100022

Jiten Chopra

Partner

Membership number: 092894

Place: Gurugram

Date: 02 May 2018