Annual Report 2016-17

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(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the

Company and no material fraud on the Company by its ofocers or employees has been noticed or reported during

the year.

(xi) 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, 2013.

(xii) The Company is not a Nidhi Company and hence reporting under clause 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 the Company is in compliance with

Section 188 and 177 of the Companies Act, 2013, where applicable, for all transactions with the related parties

and the details of related party transactions have been disclosed in the onancial 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 or fully

or partly convertible debentures and hence reporting under clause 3 (xiv) of the Order is not applicable to the

Company.

(xv) 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 any of its directors or persons connected with him and hence

provisions of section 192 of the Companies Act, 2013 are not applicable.

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

For Deloitte Haskins & Sells LLP

Chartered Accountants

ICAI Firm registration no. 117366W/W-100018

For JOSHI APTE & CO

Chartered Accountants

ICAI Firm registration no. 104370W

per Hemant M. Joshi

Partner

Membership no. 038019

per C. K. Joshi

Partner

Membership no. 030428

Place: Pune

Date: April 25, 2017