Jainex Aamcol Ltd Auditors Report.

To,

The Members of Jainex Aamcol Limited

Report on Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the standalone financial statements of Jainex Aamcol Limited ("the Company"), which comprise the Balance Sheet as at 31st March 2019, the statement of Profit and Loss (including other Comprehensive Income), the Statement of Changes in Equity and the 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 financial statements give the information required by the Companies Act, 2013 as amended (‘the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended, ("IND AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2019, its profit (including other comprehensive income), its statement of 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 Act. 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 (ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules made thereunder, and we have ful lled 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 audit opinion on the Ind AS financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Ind AS financial statements of the current period. These matters were addressed in the context of our audit of the Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how audit addressed the matter is provided in the context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have ful lled the responsibilities described in the Auditors responsibilities for the audit of the standalone Ind AS financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the standalone Ind AS financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying standalone Ind AS financial statements.

Sr. No. Key Audit Matters Auditors response
1. Actuarial valuation, provisions of arrears and funding of Gratuity under Defined Benefit Plan/ Long Term Compensated Absences. Audit procedure performed
The companys Employees Gratuity Fund Scheme is managed by the LIC of India as defined benefit plan. The present value of obligations based on previous experience and actual valuation given by LIC read with the compliance of applicable IND AS in this regard has been considered and provided in the financial statements subject however to funding and payment of arrears to LIC as re ected in the companys financial statements Note No. 31 item (8)(b)(iii). Since the valuation of gratuity is done by LIC with their vast experience in the field at actuals, hence no third party actuarial valuation is taken as the management is of the view that the company has made provision at actuals which in their view is generally higher than the actuarial valuation if taken. 1. We have performed procedure to ensure that the provision for gratuity is adequately made including the year/s upto the financial year under audit as per the computation made by the company under the Payment of Gratuity Act as amended from time to time vis-a-vis the statement / computation of gratuity provided by LIC.
2. The company is in arrear of Rs. 51.31 lakhs upto FY 2019 for funding to LIC.
3. We assessed the disclosures in accordance with IND AS 19.
2. Actuarial valuation and funding of leave salary Audit procedure performed
The company has provided for the actual leave encashment liability as per company rules at the balance sheet date based on permissible accumulated leave balance of the employees at last salary drawn. Since leave encashment liability at actual is fully provided, no actuarial valuation is considered necessary by the management. However, provision is made for leave encashment during the year and unpaid liability at year end is Rs. 16.98 lakhs. 1. We have performed procedure to ensure that the provision for leave salary (encashment) is adequately made including the year/s upto the financial year under audit as per the actual computations made as per company rules for payment of leave salary at actuals and therefore no actuarial valuation is considered necessary by the management.
2. The unpaid liability at the year end is of Rs. 16.98 lakhs upto FY 2019.
3. We assessed the disclosures in accordance with IND AS 19.
3. Impairment of Assets Audit procedure performed
Impairment of assets has been recognized and losses where ever applicable has been charged to Profit & Loss account. 1. Our audit procedures included companys accounting policies with respect to impairment in accordance with IND AS 36 "Impairment of Assets".
As of each balance sheet date, the carrying amount of assets is tested for impairment so as to determine - the provision for impairment loss, if any, required, or the reversal, if any, required or impairment has recognized in previous year. 2. We performed test of controls over impairment process through inspection of evidence of performance of these controls.
3. We performed the following tests of details:
a) We obtain the managements impairment assessment.
b) We have obtained and evaluated the technical and performance analysis.
4. We accordingly assessed the disclosures in accordance with IND AS 36 "Impairment of Assets"
4. Recognition of Tax Credits. Audit procedure performed
a) Deferred Tax Liabilities of Rs. 13.01 lakhs 1. Our audit procedures included companys accounting policies with respect to recognition of tax credits in accordance with IND AS 12 " Income Taxes"
Current tax is determined as the amount of tax payable in respect of taxable income for the year, as per applicable tax rates and laws. 2. We performed test of controls over recognition of tax credits through inspection of evidence of performance of these controls.
Deferred tax is recognized, subject to the consideration of prudence in respect of deferred tax assets on timing differences, being the difference between taxable income and accounting income that originates in one period and capable of reversal in one or more subsequent periods. 3. We involved our tax consultant who evaluated the tax positions by comparing it with prior years and past precedents.
b) Minimum Alternate Tax (MAT) credit. 4. We discussed the future business plans and financial projections with the company.
The company has recognized Minimum Alternate Tax (MAT) credit receivable of Rs. 9.63 lakhs and unrecognized MAT credit receivable of Rs. 16.70 lakhs both totaling Rs. st 26.33 lakhs as at 31 March, 2019. 5. We assessed the managements long term financial projections and the key assumptions used in the projections by comparing it to approved business plans and projections.
6. We assessed the disclosures in accordance with IND AS 12 "Income Taxes"
5. Company Secretary Audit procedure performed
The company had no Qualified Company Secretary during the financial year under audit as required under Section 203(1)(ii) of Companies Act, 2013. However, the company has recently appointed a qualified company secretary pursuant to the provisions of section 2(24), 2(51) and Section 203 of the Companies Act, 2013 read with Companies (Appointment and Remuneration Managerial Personnel) Rules, 2014 w.e.f. 30th April, 2019 and has led necessary forms on MCA portal on 16/05/2019. We have been explained that company was on the lookout for qualified company secretary during the financial year under the audit but could engage a qualified company secretary only after year end w.e.f 30th April, 2019 as per necessary forms led on MCA portal on 16/05/2019.

Managements Responsibility for the Standalone Financial Statements

The Companys Board of Directors is responsible for the preparation and presentation of these Ind As financial statements in terms of requirements of the Act that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash ows of the Company in accordance with the accounting principles generally accepted in India, including the Ind AS Accounting Standards (Ind AS) (speci ed under section 133 of the Act read with 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 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 Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error which have been used for the purpose of the preparation of the Ind AS financial statements by the Directors of the Company, as aforesaid.

In preparing the Ind AS financial statements, the Board of Directors of the company is responsible for assessing the 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 is also responsible for overseeing the Companys financial reporting process of the Company.

Other Information, such as "Information Other than the 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 Annual Report, but does not include the consolidated Ind AS financial statements and our auditors report thereon.

Our opinion on the 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 Ind AS financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the 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.

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 Ind AS financial statements.

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

• Identify and assess the risks of material misstatement of the 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 Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial control systems 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 the management.

• Conclude on the appropriateness of managements use of the going concern basis of accounting, 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 our auditors report to the related disclosure in the 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 entity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and the content of the Ind AS financial statements, including the disclosures, and whether the Ind AS financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entity or business activities of which we are the independent auditors and whose financial information we have audited, to express an opinion on the Ind AS financial statements.

• Materiality is the magnitude of misstatements in the standalone financial statements that individually or in aggregate makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be in uenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work and (ii) to evaluate the effect of the identified misstatements in the standalone financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit ndings, including any significant de ciencies 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 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.

Other Matter

Our opinion on the Ind AS financial statements and financial information certified by the management, and our report on Other Legal and Regulatory Requirements below, is not modi ed being the only statutory auditor of the company which has no branch or branch auditors.

Report on Other Legal and Regulatory Requirements

1. Pursuant to the Companies (Auditors Report) Order, 2016("the Order"), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the "Annexure A" a statement on the matters specified in paragraph 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 and records.

c) The Balance Sheet, the Statement of Profit & Loss including the statement of other comprehensive income, statement of changes in equity and the cash flow statement 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 records by the Board of Directors, none of the directors are 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 controls over financial reporting of the Company with reference to these standalone Ind AS financial statements and the operating effectiveness of such controls, refer to our separate Report in "Annexure B" to this Report.

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, as amended, in our opinion and to the best of our information and according to the explanations given to us.

i. The Ind AS financial statements disclose the impact of pending litigations on its financial position in Ind AS financial statements Refer Note 31(9) to the Ind AS financial statements;

ii. The Company does not have any long term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.

iii. There has been no occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sums does not arise.

For P. M. BHARGAVA & CO
CHARTERED ACCOUNTANTS
FRN 145087W
P. M. BHARGAVA
(PROPRIETOR)
M. No. 100595
Place : MUMBAI
Date : 30TH MAY 2019

ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph under "Report on Other Legal and Regulatory Requirements" section of our report to the members of the Jainex Aamcol Ltd. of even date)

Report on Companys (Auditors Report) Order, 2016 (the Order) issued by the Central government in terms of Section 143 (11) of the Companies Act, 2013 (the Act) of JAINEX AAMCOL LIMITED (the Company)

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we report that :

(i) In respect of the Companys Fixed Assets

(a) The company has maintained proper records showing full particulars including quantitative details and situation of xed assets other than furniture & fixtures and office equipments.

(b) All the assets have been physically veri ed by the management during the year and there is a regular programme of veri cation which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. According to information and explanation given to us, no material discrepancies were noticed on such veri cation.

(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) In respect of the Companys Inventories

As explained to us, the inventories except goods in transit were physically veri ed during the year by the management at reasonable intervals and no material discrepancies were noticed on physical veri cation.

(iii) In respect of the Companys Loans granted

The company has not granted any loans, secured or unsecured, to companies, firms, limited liability partnership or other parties covered in the register maintained under section 189 of the ‘the Act. Accordingly, clause (iii) of the Order is not applicable to the Company.

(iv) In respect of the Companys Loans, Investments, Guarantees and Securities

The company has not granted any loans, made investments, provided guarantees and securities as per the provisions of sections 185 and 186 of the Act. Accordingly, the clause (iv) of the Order is not applicable to the company.

(v) In respect of Loans/Deposits taken

The Company has carried forward and additional unsecured loans/deposits during the year from three related parties viz. a body corporate as a share holder, a director and shareholder and a rm in which directors are interested and also rms two partners are shareholders. During the year, the company has not accepted any deposits from public and does not have any unclaimed deposits as at March 31, 2019. The compliance under the Act as amended is to be done, if any.

(vi) In respect of Cost Audit

The Central government has not prescribed the maintenance of cost records under section 148(1) of the Act for any of the products/services dealt by the company. Accordingly, the clause (vi) of the Order is not applicable to the company.

(vii) In respect of Statutory Dues

According to the information and explanation given to us

(a) The company is generally regular in depositing undisputed statutory dues including provident fund, employees state insurance, income tax, service tax, customs duty, GST and any other material statutory dues applicable to it with appropriate authorities.

(b) There were no undisputed amounts payable in respect of provident fund, employees state insurance, income tax, customs duty, GST and any other material statutory dues in arrears as at 31 March, 2019 for a period of six months from the date they became payable.

(c) Details of dues set out herein below in respect of customs duty which has not been deposited as at 31 March, 2019 by the company with the appropriate authorities on account of disputes.

Name of Statute Nature of Dues Amount in Rs. lacs Amount in Rs. lacs paid under protest Period to which the amount relates Forum were disputes is pending
Customs Custom Duty 7.14 2.00 2008-2009 Customs and Excise Tribunal, Mumbai Case is heard and matter is reverted back to the concerned assessing authority to re-look afresh and is still pending for order.

There were no dues of income tax and GST which have not been deposited as at 31st March, 2019 on account of dispute.

(viii) In respect of default in repayment of loans or borrowings from banks/ financial institutions/debenture holders and government

In our opinion and according to the information and explanations given to us, the Company has defaulted in repayment of term loan installments of Bank of India as mentioned below.

(Rs. In lacs)
Sr. No. Period/Type Amount of default Delay till date of this report
Financial year Due Date Loan Type
1. 2018 (part) and 2019 Monthly Term Loan 15 17.00 51.75 Monthly installment due from December 17 to March 19 resulting in delay from 1 to 16 months; as the case may be, respectively as per banks original sanction but not re ecting as over due in the banks systems viz. (the downloaded current computer and systems/prints of bank), is neither demanded nor recovered by the bank.
Total (1) 68.75

(ix) In respect of money raised

The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) or term loan. Accordingly, the clause (ix) of the Order is not applicable to the company.

(x) In respect of Fraud

To the best of our knowledge and according to the explanations given to us, no fraud by the company and no fraud on the company by its Officers or employees has been noticed or reported during the year.

(xi) In respect of Managerial Remuneration

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

(xii) In respect of Nidhi Companies

The Company is not a Nidhi Company. Accordingly, the clause (xii) of the Order is not applicable to the company.

(xiii) In respect of transactions with related parties

In our opinion and according to the information and explanations given to us, the Company is in compliance with sections 177 and 188 of the Act, wherever applicable for all the transactions with the related parties and the details of related party transactions have been disclosed in Standalone Ind As financial statements as required under Indian Accounting Standard (Ind AS) 24 Related Party Disclosure specified under section 133 of the Act.

(xiv) In respect of preferential allotments, private placement of shares and convertible debentures

During the year, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures. Accordingly, the clause (xiv) of the Order is not applicable to the company.

(xv) In respect of non cash transactions under section 192

In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its Directors or persons connected to its Directors. Accordingly, the clause (xv) of the Order is not applicable to the company.

(xvi) In respect of registration as NBFC under section 45-IA of RBI Act, 1934

The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the clause (xvi) of the Order is not applicable to the company.

For P. M. BHARGAVA & CO
CHARTERED ACCOUNTANTS
FRN 145087W
P. M. BHARGAVA
(PROPRIETOR)
M. No. 100595
Place : MUMBAI
Date : 30TH MAY 2019

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph under "Report on Other Legal and Regulatory Requirements" section of our report to the members of the Jainex Aamcol Ltd. of even date)

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)

1. We have audited the internal financial controls over financial reporting of Jainex Aamcol 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

2. 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 Act.

Auditors Responsibility

3. 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 deemed to be prescribed under section 143(10) of the Act 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 over financial reporting was established and maintained and if such controls operated effectively in all material respects.

4. 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 judgement, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error.

5. 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

6. 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 the stand alone Ind AS 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 (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the standalone Ind AS 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 (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the standalone Ind AS financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

7. 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

8. 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 March 31, 2019, 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.

for P. M. BHARGAVA & CO
CHARTERED ACCOUNTANTS
FRN 145087W
P. M. BHARGAVA
(PROPRIETOR)
M. No. 100595
Place : MUMBAI
Date : 30TH MAY 2019