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You can view full text of the latest Auditor's Report for the company.

BSE: 526371ISIN: INE584A01023INDUSTRY: Mining/Minerals

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95.60
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132.90
Year End :2018-03 

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS Financial Statements of NMDC Limited (“the Company”), which comprises the Balance Sheet as at 31st March 2018, the Statement of Profit and Loss (Including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors are responsible for the matters stated in Section 134 (5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone Ind AS Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in the equity of the company in accordance with the accounting principles generally accepted in India.

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.

Auditor’s Responsibility

Our responsibility is to express an opinion on those 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 Rules made there under, and the Order issued under section 143(11) of the Act.

We conducted our audit 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 auditor’s 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 Company’s 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 Company’s Directors, as well as evaluating the overall presentation of the standalone Ind AS Financial Statements.

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 including the Ind AS, of the financial position of the Company as at March 31, 2018, and its financial performance including other comprehensive income, its Cash Flow and Changes in Equity for the year ended on that date.

Other Matter

1 . The comparative financial information of the Company on the transition date opening Balance Sheet as at 1st April 2015 included in these Standalone Ind AS Financial Statements are based on the previously issued statutory Financial Statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006 audited by the predecessor auditor whose report dated 23.05.201 5 for the year ended 31st March 2015, expressed an unmodified opinion on the said standalone Financial Statements, as adjusted for the differences in the accounting principles adopted by the Company on the transition to the Ind AS which have been audited by us.

We did not audit the Financial Statements/ information of 6 branches included in the standalone Financial Statements of the Company whose Financial Statements / financial information reflect total assets of Rs.19,318.47 Crore as at 31st March, 2018 and total revenues of Rs.11614.15 Crore for the year ended on that date, as considered in the standalone Financial Statements. The Financial Statements/information of these branches has been audited by the branch auditors whose reports have been furnished to us and our opinion in so far as it relates to the amounts and disclosures included in respect of these branches, is based solely on the report of such branch auditors. Our opinion is not qualified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) as amended 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 the paragraphs 3 and 4 of the Order.

2. As required by Section 143 (5) of the act, we give in “ANNEXURE - B”, a statement on the matters specified by the Comptroller and Auditor General of India for the Company.

3. 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 reports of other auditors.

c) The reports on the accounts of the branch offices of the Company audited under Section 143 (8) of the Act by branch auditors have been sent to us and have been properly dealt with by us in preparing this report.

d) The Balance Sheet, the Statement of Profit and Loss and the statement of Cash Flow and statement of the Changes in Equity dealt with by this report are in agreement with the books of account;

e) In our opinion, the aforesaid standalone Ind AS Financial Statements comply with the Accounting Standards specified under Section 133 of the Act, read with relevant rules issued there under;

f) As per notification No. GSR 463(E) dated 5th June 201 5 issued by the Ministry of Corporate Affairs, Government of India, Section 164(2) of the Companies Act, 2013 is not applicable to the Company;

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 - C”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over financial reorting.

h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS Financial Statements;

ii. The Company has made provisions, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts;

iii. There are no amounts required to be transferred, to the Investor Education and Protection Fund by the Company.

“Annexure A” to the Independent Auditor’s Report

(Referred to in paragraph 1 under the heading ‘Report on Other Legal & Regulatory Requirement’ of our report of the members of NMDC Ltd of even date)

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

(b) The Company is in the process of carrying out physical verification of fixed assets, a regular programme of physical verification of its fixed assets by which all the fixed assets are physically verified by the management over a period of three years. In our opinion the periodicity of the physical verification is reasonable having regard to the size of the company and the nature of fixed assets. In accordance with this program, certain fixed assets were verified during the year and no material discrepancies have been noticed on such verification.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, as to whether the title deeds of immovable properties are held in the name of the Company, our observations are listed below:

A. Below are the Leasehold Lands (General/ Social Amenties) for which no comments could be offered for the reason no documents were made available for our verification.

1. Land Lease Hold of Dep No. 10 for Iron Ore Measuring 306.13 (Hectares) and valuing Re.1/-;

2. Land Lease hold of Pocket No. 1,2, and 3 Near Bhansi Measuring 189.956 (Hectares) and Valuing Re.1/-;

3. Land Lease Hold of Bacher Float One Measuring 99.956 (Hectares) and Valuing Re.1/-;

4. Land Lease Hold of Dep-11 C Mines & Fine Ore Dump measuring 122.619 (Hectares) valuing Rs. 21,84,430/-;

5. Mining Lease of Dep-14 measuring 17.81 (Hectares) and valuing Rs. 57,31,362/-;

6. Land Lease Hold (for Town Ship) Tye II Qtr in Krandul measuring 20.81 (Hectares) and valuing Nil.

7. Land acquisition for screening Plant Measuring 470.00 (Acres) and valuing Nil.

8. Land Acquisition for Intake Arrangement (Location. Bachell) Measuring 14.13 (Acres) and valuing Nil.

9. Land for Sankiral Nala Wsupply Scheme for 10 & 11A Project measuring 3 (Hectares) and valuing Nil.

10. Land for4 Sankini Nalla Wsuply Scheme for 10 & 11A project measuring 3 (Hectares) and valuing Nil.

11. Land for Balodia Estate as jadgaiur measuring 10 (Acres) valuing Nil.

12. Land for Operation Township at Hiltop valuing Nil;

13. Buildings (Social Amenities) with Gross Block Rs. 72,17,92,2689/- and Net Block Rs.68,22,65,758/-;

B. Below are the Freehold Lands (General / Social Amerities) for which no comments could be offered for the reason no documents were made available for our verification.

1. Land Areas in Bachell Pargana measuring 14.4 (Acres) and valuing Rs. 4,953/-;

2. Land Areas in Bachell Pargana (Kameli Kala) measuring 2.10(Acres) and valuing Rs.557/-;

3. Land Areas in Bachell Pargana (Porokameli) measuring 3.27 (Acres) and valuing Rs. 1,341/-;

4. Land Areas in Kodernar Pargana measuring 5.16 (Acres) and valuing Rs. 1,606/-;

5. Land Areas in Kirandul Pargana measuring 19.22 (Acres) and valuing Rs. 13,995/-;

6. Land Areas in Bada Bacheli measuring 1.46 (Acres) and valuing Rs. 384/-;

7. Land Areas in Bada Bacheli Pargana measuring 6.56 (Acres) and valuing Rs. 2,468/-;

8. Land Areas in Padapur Pargana measuring 4.28 (Acres) and valuing Rs. 2,468/-;

9. Land Areas in Jagdaipur measuring 5.825 (Hectares) and valuing Rs. 1,05,778/-;

10. Land for Accumulation of Sames measuring 39.58 (Acres) and valuing Rs. 7,09,502/-;

11. Land at Madad VII measuring 15.79 (Acres) and valuing Rs. 4,46,722/-;

12. Land Freehold in Keardul Pargana Measuring 47.18 (Acres) and valuing Rs. 72,565/-;

13. Land Freehold (Construction of 100 permanent Type C one) measuring 75.90 (Acres) and valuing Rs. 46,200/-;

14. Land Freehold for Construction of K.V. School Near Pradesh Vidyalaya measuring 21.62 (Acres) and valuing Rs. 22,39,610/-;

15. Land for Bharp Camp (Locacon Bachel) valing Rs. 7,840/-;

16. Land accounted for Const of lease water Supply to Correcting Plant (Location Bachel) measuring 14(Acres) and valuing Rs. 18.907/-;

17. Value of Private Land from Advances for Pipeline from nieres Dam to screening plant (Location Bachel) measuring 1.54 (Acres) and valuing Rs. 7,376/-;

18. Value of Private Land for Ordocaon Pand (Location Bachel) measuring 17.17 (Acres) and valuing Rs. 13,290/-;

19. Land for Rly Siding at Bachell measuring 4 (Acres) and valuing Rs. 5,502/-;

20. Land acquired from Advesi for Talling Dam near parapur measuring 81.39 (Acres) and valuing Rs. 2,11,395/-;

21. Acquisition of Land for traing Dam valuing Rs. 30,635/- for which no measurement details are available.

22. Forest Land for uniflowly Dispatch System measuring 2(Hectares) and valuing Rs. 12, 40,000/-;

23. Buildings (General) with Gross Block Rs. 37,46,50,472/- and Net Block Rs. 33,56,95,306/-;

24. Land valued at Rs.2,68,392/- for which no measurement details are available.

25. Land at Panna (Plot No. 1236/13) measuring 2.063 (Acres) and valued at Rs. 5,176/-.

26. Land at Panna (Plot No. 76/2) measuring 1.821 (Acres) and valued at Rs. 3,304/-.

27. Land at Panna (Plot No. 1237/2) measuring 2.063 (Acres) and valued at Rs. 7,370/-.

28. Land at Panna (Plot No. 1236/2) measuring 15.873 (Acres) and valued at Rs.30,085/-.

C. Below are Leasehold Lands (General) for which the company holds possession letter issued by Joint Secretary, Mining resources Department Raipur:

1. Land Lease Hold Dep No. 14 Mines measuring 407.55 (Hectares) valuing Rs.41,31,185/-

2. Land Lease Hold Dep No. 14 Non Mining measuring 546.882 (Hectares) valuing Rs.66,49,906/-

3. Land Lease Hold of Dep No. 11 For Iron Ore measuring 1,809.23 (Hectares) and valuing Re.1/-

D. Below are Leasehold Lands (General) for which the Company holds possession Letter Issued by Chief Secretary, Mining resources Dept. M.P:

1. Land Lease Hold of Dep No. 14 for Float Ore measuring 317.79 (Hectares) valuing Rs. Nil;

E. Below are the Freehold Lands for which the Company holds possession letter (Kabja Praman Patra) issued by Tahsidar, Jagdalpur.

1. Land at Villages Nagamar, Kasturi, Amaguda & Maganpur measuring 788.79 (Hectares) and valuing Rs. 7,27,58,374/-;

2. Land at village Bhamani measuring 1.82 (Hectares) and valuing Rs. 1,36,380/-;

3. Land at villages Nagarnar, bajaput, Upanal, Kasturi, Amaguda, Macpal, Chokawada & Maganpur measuring 318.74 (Hectares) and valuing Rs. 88,08,16,636/-;

4. Land at village Chokawada measuring 7.20 (Hectares) and valuing Rs. 26,31,600/-;

5. Land at village Nagannar measuring 155.55 (Acres) the value for which has not been finalised;

F. Below are the Leasehold Lands for which the company holds possets on letter (Kabja Praman Patra) issued by Tahsidar, Jagdalur.

1. Land at villages Chanpunji measuring 20.28 (Hectares) and valuing Rs. 3,10,20,964/-;

G. Below are the Leasehold Lands for which the company holds possession letter issued by Mining Officee District South Bastor, Dantewads;

1. Mining Lease of Dep 05 measuring 1334.463 (Acres) valuing Rs. 53,99,96,215/-;

2. Mining Lease of Dep 10 measuring 764.379 (Acres) valuing Rs. 29,89,00,815/-;

3. Mining Lease of De 10(FO) measuring 352.858 (Acres) valuing Rs. 13,91,64,937/-;

4. Mining Lease of Dep 11A measuring 764.379 (Acres) valuing Rs. 38,45,514/-;

H. Below are the Leasehold Lands for which the Company holds possession letter of Lease Deed issued by Tahisdar, Bastar M.P.

1. Land Acquired for Central Workshop Location Bachel measuring 23.39 (Acres) and valuing Rs. 62,594/-;

I. Below are the Leasehold Lands (General social Amembies) for which the Company holds possession letter issued by M.P. Govt Gazette Notification;

1. Land Magazine Building and Service Centre (Location : Hilitop) measuring 755.27 (Acres) and valuing Nil;

2. Land for Bhansi Base Camp (Location Bacheli) measuring 30 (Acres) and valuing Nil;

3. Land for Bachel Township (Lease Paid to DFO & Cost of stamp for Regn) measuring 200(Acres) and valuing Nil;

J. Below are the Leasehold Lands (General) for which the company holds possession letter (Kabja Praman Patra) issued by New Raipur Development Authority;

1. Land at Jhani Raipur measuring 1.82(Hectares) valuing Rs. 60,82,220/-;

K. Industrial Free Hold Land Having Provisional Allotment Letters of 13.43 Acres Measuring 11.35(Acres) and valuing Rs. 139.21 (Crores);

L. Industiral Free hold Land of 26.39 Acres Purchased from M/s Allyn Watches Ltd, measuring 24.23 (Acres) and valuing Rs.5.88 (Crores);

M. Industiral Free hold land of 1.32 Acres acquired from Chhattisgarh Housing Board measuring 1.43(Acres) and valuing Rs.0.83 (Crores)

N. Buildings (General Leasehold) with Net Block Rs. 21,28,51,322/- constructed on mines lease area;

O. Buildings (Social Ammeries Freehold) with Net Block Rs. 64,97,52,288/- have been constructed over the land for which no but deeds are available.

(2) (a) The management has conducted the physical verification of inventory at reasonable intervals.

(b) The discrepancies noticed on physical verification of the inventory as compared to books records which has been properly dealt with in the books of account were not material.

(3) 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 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, 2013. Accordingly the provisions of clause (3) (iii) (a) to (c) of the order are not applicable to the Company and hence not commented upon.

(4) 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 loans, investments, guarantees, and security as applicable.

(5) The Company has not accepted any deposits during the year and does not have any unclaimed deposits as at March 31, 2018 and therefore the provisions of the clause 3(V) of the Order are not applicable to the Company.

(6) The Central Government has prescribed the maintenance of cost records under Section 148(1) of the Act. Company is generally maintaining proper cost records as specified by the Central Government under sub-Section (1) of Section 148 of the Companies Act, 2013.

(7) According to information and explanations given to us, in respect of Statutory dues.

(a) The Company has generally been regular in depositing undisuted statutory dues, including Provident Fund Employees State Insurance, Income Tax, Sales Tax, Service Tax, Goods and Service Tax, Value Added Tax, Customs Duty, Excise Duty, Cess and other material statutory dues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, Goods and Service Tax, Value Added Tax, Customs Duty, Excise Duty, Cess and other material statutory does in arrears as at March 31,2018 for a period of more than six months form the date they become payable.

(c) According to the information and explanation given to us, there are no dues of income tax, sales tax, duty of customs, duty of excise, value added tax outstanding on account of any dispute, except the followings:

Unit

Name of Statue

Nature of Dues

Period

Forum where Dispute is Pending

Amount (In Rs. Crores)

Kirandul

The Finance Act, 1994

Service Tax

July 2012 -June 2014

The Appellate Tribunal

11.71

The Finance Act, 1994

Service Tax on Royalty

2016-17, 2017-2018

Chhattisgarh High Court, Bilaspur

71.16

MP Commercial Tax Act

Commercial Act

2002-03, 2005-06, 2008-09

Dy. Commissioner of Commercial Tax (Appeal)

1.60

Donimalai

Karnataka Forest Act 1963

Forest Development Tax

2008-09 to 2010-11

Hon’ble Supreme Court of India

243.69

Karnataka Sales Tax Act 1957

Tax on ERP Licenses

1991-92, 1992-93

Dy. Commissioner of Commercial Tax, Bellary

0.51

Central Excise,

Service Tax

2012-13 to 2014-15

Commissioner of Central

0.20

Customs and Service tax

Excise (Appeals)

The Finance Act, 1994

Service Tax on royality

2016-2017, 2017-2018

Director General of Intelligence, Belgam

87.14

Karnataka Sales Tax Act 1957

CST/VAT on FDT

2011-12

JCCT, Davangere, Karnataka

0.18

Panna

The Finance Act, 1994

Service Tax on royality

2016-2017, 2017-2018

Jabaiur High Court Madhya Pradesh

0.85

Commercial Tax

Sales & Entry Tax

2013-14

DCIT, Sagar

0.23

0.04

0.68

Bacheli

The Finance Act, 1994

Service Tax

July 2012-June 2014

The Appellate Tribunal

54.36

The Finance Act, 1994

Service Tax on Royality

2016-2017, 2017-2018

Jabalpur high-Court

90.80

Head Office

Income Tax Act, 1961

Income Tax

2009-10, 2010-11, 2012-13,2014-15

CIT(A)

139.84

2010-1 1, 2005-06, 1990-00 & 2001-02 2006-07 to 2009-10 to 2011-12

High Court

1271.40

2012-13, 2013-14

ITAT, Hyderabad

318.60

The Finance Act, 1994

Service Tax

01.10.2013 to 30.09.2014 & 01.10.2007 to 31.10.2012

CESTAT

28.28

01.07.2012 to 31.03.201 5

COM.(A), Mysore

0.17

RO Vizag

The Finance Act, 1994

Service Tax

2007-2008 to 2011-2012

The Customs, Excise and Service Tax Appellate Tribunal Hyderabad

22.42

Total

2,342.53

(8) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans and borrowing to any financial institution, banks government or dues to debenture holders.

(9) The Company has not raised monies by way of initial public offer or further public offer including debt instruments and term loans. Accordingly, the provisions of Clause 3 (ix) of the Order are not applicable to the Company.

(10) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company or no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.

(11) In our opinion and according to the information and explanations given to us, 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 Companies Act.

(12) The Company is not a Nidhi Company and hence reporting under Clause 3 (xiii) of the Order are not applicable to the Company.

(13) In our opinion, all transactions with the related parties are in compliance with Section 177 and 188 of Companies Act, 2013 where applicable, for all transaction with the related parties and the details of related party transaction have been disclosed in the standalone Financial Statements as required by the applicable Accounting Standards.

(14) During the year, the Company has not made any preferential allotment or private placement of shares of fully or party paid constable debentures and hence reporting under clause 3(XIV) of the Order is not applicable to the company.

(15) 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 of persons connected to its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.

(16) The Company is not required to be registered under section 45-1A of the Reserve Bank of India Act, 1934.

For Tej Raj & Pal

Chartered accountants

Firm’s Reg No: 304124E

CA B. Vijay

Partner

Membership No. 214678

Hyderabad, May 28,2018