HEMANT ARORA & CO. LLP ‘Chartered Accountants INDEPENDENT AUDITOR'S REPORT ‘othe Manbersof Utara Power Corporation nite Report on the Audit of Financia Satements Quaied Opinion We ave autos the scompaniag Souci sutanens of Utaakiand Power Coporain Lined Compa’) which ope he Hace Sit a 31° Mare, 2019, the Sateen of Mo and Las ad he {Gah Flow Sime forth ear then ene ond othe acl ements, Inching uy of Sige ccoing pots and oer expla iat nepali thse Mane ttn re the rts er the yen edd at dat, sted by the orl (ae) sao of he Copan ones (Grates) coved under Kuna nd Reap Zane Inca opin ad to the bs four tortion and azn he explnaton sve tow, excep fr the eff te wate) ested in he Bai fr Qualified Opinio eto, the aves snc SEN ihe foal resus the Companies Ae 2013 (CAC), nthe manser sued sd ive ve {a iw conformity wth ‘be acct stds speeder Secon 13 of be Act ed wih Rul of "he Copies Acca) Rl 204 ander cebmting pipe emacs a a: 2) nthe ceo the Hance She, ofthe ste fas fhe company as a¢ 31" Mah, 201% ©) nthe asf the Stent of Pot & Loss ofthe os fe Year ede tha td ©) nie caso the Cath Flew Steet fr hye del tt ds ass for Quaid Opinion \We daw ttn tothe ters desc in “Annes A 1 his repo he ffs of mist’ and ‘she ellc of undelete onthe fiscal tamer etait oan suit Sd Sproat ao evidence wc arent But no eves ete Indl nase We contcad ou ait of he Financial Stament in ascordince wih the Stndads on Aung (SAE specified ur Seton 130) ofthe At Ox resposbiies under ose andar ae fre esrb in he ‘nds Responses forth Aust of te Face! Sttemonts ston of orp. We ae jena ‘he compony in aocordance wth he Code of Es sued ty the Inte of Charred Account of nda toga wih the ethical reuemens ate relent fo oa ait ofthe fone semen ander te Proviso! of the Act and th Ries thereunder, and we fave filed or ther eh responses in Sconce with these requkenens and the Code of Ele, We bee tha the aul circ we have bined [Soule and appropri provide bs fr or ail opion on the fai tenet Emphasis on Matter 1. We drow atenon Not no. 2 ofthe facil seen wherein th ompay his booked ap nes of 1. 191,93,87865 on aca of tans of underakig lo Power Transmssion Coen of Urata hod yh Coven of Utrand (O90) Daren of Ee de Notation N50 (6028002 Sch capa ls has Hen acenured for afer aking no Conseton mieations othe ‘chen, fied on 26112018 The fl sche has ben sen Yor approval othe Unsrathad Shasan Egy Departmen vide Leer No 41 V3 ded 27452019, On ntifcton ote Scheme, ary ‘hnge inthe ies ste made, the ne may ve mn pact on he apa os Book an es, ps ‘hefnerHEMANT ARORA & CO. LLP ‘Chartered Accountants 2. Wed ateton o Note 27 af the aia semen thee ate fo testis prone by the Company ie deena by repltery ui, Le" Uitankhand Eeticy Rezlatry Commision {CLERC his tif eo te Company ved en ovonal as force 201819, Dain ‘he pvt we sud fe Copan’ fa ered power cous excess of sine eos and sch excess ‘Se oe chained by fig peion nah UERE [Pet No-26/2URCLROU 22, dated 03082019). ‘Seotsnce with he Gidnce Note (4) 30 on “Acton for Rae Regained Acts, he Campy Is ‘egued to erent ropnory net ith repr to te amount laied. The Company his seo, rere sd dclose regulary mse of Rs. 255400000 i the fal ements Soh eho ‘Sow hs ban cet Geng he anon othe Prof & Law seme 24 We de atton othe et that sce lass of th compy are or thn it et worth. However, Fnancl stent re spar on gone cncers bss the matagerent anit ro rm pera Inf ears cocoa Fauci suport the Government fr connec of bss heh Wl reat postive ne woe (nro sat medi in espe tese ates Omer Mates ‘The fil sens fr your end 3" March, 2019 ices comparative fc ntraton fr he ‘enone 31 March 2018 "he Final Stren othe yr nda 3 Mire 2018 have ben aie tte predsesr auioy,who spree a mid ops on ase sent 030" Aug, 218 Iuformat ther tha he Finacial Statements nl Aur’s Report Therson “The Caoypany’s Boar of ier reponse fr the preparation ofthe ete information, The thr informatie copies th nmin ince in the Board's Repatelg steve o Ban's Rep at ‘cnt inlet nana! statment aera? opr eran. The aboveeteed vation 5 ‘speedo Bernd avnlbk tours be ao is au ep, ‘On opnion ote sil ats doesnot eve theater formation and we d ot expres oy fe of “swan conchio hon n connection with cur au ofthe fname cr espns sored the eter ifm Keio stove when ttre eae an, i doing coer whether te oar inka feast nose with he tandloe scl tenet or or tnowlegeeeaed in he Alor teri apps tabe trial mst, bs on the wok we hve performed we ole a The ata ester of hi ther ifomatn, we ar requ ep at a ‘When we ed te athe nition, fw cone thatthe ara mstanen tl, we ae eid {e'anmanict the mater tose caged wily governed ae appropri scons neces Y ‘Srcstanes he apie avs an esas. ‘sponses of Managenent and Those charged with Governance fr the Finca Statements ‘The Companys Bad of Dieta’ esponsile forthe mates ste in Seton 145) fhe Ac wih epet {ole pronation of hse fecal sone tha isa te an five ofthe Tall poston aril [trace an esh flows the Company asorace wih he asunting sands pec en Section Tit ofthe Art aod eer sing pines pene seeped Indi Ts respansty as ince mitromne of aout acunig eel In aeeane wth he proven of he At Tr seg te ‘Stet of he company an fr reverting an ecg as ad oe regu; elton and appition oF “roi scomting polos aking joes an ema tht are rnorble and poet dein, iMplemearon and ansenne of nal faci contol, tat were operating efesely fr esuing be {lam un completes he econ reso lean o he reparation a presen e tena Sema th ie tc avon and re ef marta mistrmet Wht he an re In popcing the Manca semen, he Dol of Dict is responsible oases the Compny’s ably to Contin song cos, dcosng, ar mpl, mater ado gol cosa an ig the BOL encom Sis of aecouing less Boat of Dieters eb ns lige the Company oo =e ‘prs obs no elie aera ato do, ‘The Bound of Direc ako espn for oveseing the Company's san eparting procesHEMANT ARORA & CO. LLP CChariered Accountants Audios Responibites fr he audio the Financ Statements ‘ur eetves rt bin resemble nsurnce sn whet the fancilnenents a whole fe rm Inter mssbtemet, wt cf fo er osu a aul’ epor hat ics our opinion, ean ature igh fvel of surance but sot sean hata at conducted In accordance ‘vil SAS wil ays dtm snes hon exe Misatteret eas oy e eor {Nr coabered ater indy or he atest, hey ould reasonably expecta to enc the ‘SSeomiedekon of set then on he bf se altace ‘As put of an uit in accane wih SA, wo erie profesinal judgment and inn profesionat ‘tepid oughoutthewck Weal: + Iden a assess he is of trl mise! ofthe Facial Statements, whether to flor ‘ron des and pr not reds responsive tthe Fs, and obtain aul evince that Is Sit a pti to provide bas for our pias The ik of ho decting a mati mises ‘sling fo aud gr tan for ove resting rom ene, aud ty Involve clon, fogs), Inter omisions, mire, he over of eal aro + Obinin av urs finer contol eleva 1 the ut in der wo design uit procedures tha re ‘snoopin n the ceanstanos. Unde Seton F3GXH) of he Ac, eae aso reponse fo exresing thropion on wither th Company has adequate rane cole tem in place ad Te open ‘ffctvens ash contol + vane the apis fasoung pes wel andthe resonable of econ exis reed closures ade magne + Conve on he appropri of managements ws ofthe going cancer bass of accounting an, based on thee viene shed whe tral Usa ei ltd tenet ar canons at ey eat "enfcne dub onthe Compan abiliy to cosine as going concen. If we conlue a 2 ra tering ete a oir fo da stent a alt’ repart othe reed dss in he {iri semen osu doses ae alee, ory cur opinion. Out conchsins ae bed the ait vices cise vp the date far ats root However, tre veto ons MY ‘ute the Company ces o continue as poing concen. + valate he over preseiton, suc ond content of he Fiscal Semen, ining te dss, tu whole foment staepens epee! the undying sation and events # manne a ‘hives fa peta. ‘We i ut fe fan infrsion of Kaman and Reap Zone inde inthe ani stent of The Congay howe fans notion eet al ets f Re. 1.989191.08,06 as 3 Mich, 2019 ad the tal ever of Rs 2500393, fr the Jear ent on ht de The ean intmation ese zs boo aed by zona ar whose eps ave bot fused sour pinion nso a a relies © the amounts nd dln bled in rept of ane bane slo ep sch zonal ai. ‘ourcpinan sot main respect of tis mater We communis witht charg with goverance repatng. one ther ters, the planed scope at ‘lingo th nian shit su digs, nig an iguieant Jetelences i inert eotol hat we eo drag ou au We sto prove thone cared wih goventnce wit a statement ht we have compli wh eleva eth ‘eens esting nfndcns, ano sommncte wi am a enshps endothe was ‘only be thou fo at ur depends, anf where apa, elated seuHEMANT ARORA & CO. LLP Chartered Accountants Report om Other Lop and Regulatory Reuiements 1. Asse y scion 14) ofthe Act we report ha hws hae sought an bain excep the mates dsb in the Ba for Qualified Opinion secon, the inkrtion denltions Ni othe festa our Analg and tle? wore messy fr the purposes fourm (excep forthe ee ose et fhe mates sate i the Bas fr Qvale Opinion eto in oar psfon popes Boks ef acount see y have been ep by the Company a appears om ‘hr examin f tse Boks snd oper rts aleq for the pups ef our ai, have Bos recive rr the bees! Zones nt te yt (che repr onthe asus of th nl an) fee ofthe Company nied unde selon 1438) of The Aut by tne onl (an) ats the Cay have been st san ave ben prope eal ‘ity prepara is opart (ahi tosis of preparing Rance Shs te Stent of Profan Las an the Cash Flow Staten ne er bcarpring th sacs for the yor by gett Tal Bale of unis om Pane ‘Accating Stn FAS") ncporating hs Opies Balances f Ase nd Lilies Ho pels lite nc stent (Chsbject to the es the mater enone in he Bai fr Qualifed Opinion ston, i x pinion he nfocsad Fnia Strats apy mith te Aesounting Stand pied une Section 133 of the Aton wi Rule? ofthe Companies (Account) Rab, 2014, (per aoieatonounber GSR 463) ded St Sune, 2015 ised by Minis of Corpor Au, Secon 12) ofthe At eating the Ssgunieaas of Deets nt ape rhe Compary, ‘ine tse Gavermen Company () wih spt to msinsnane of scouts and eter ters comes tere, refer Quaid Opinion sco ar separa ira Tune contls vent "Anmesure BY ‘ith respect the qn ofthe nr ae corols wth reference o Hania statement of he Comput snd th pesting ete: FS ato, eet or spate report i Annee we (i wi espet fo the he ts inde in he Att’ Rep la accordance wi Rule 11 of the Compass (Audit ant Avs) Rule, 2014 in our opinion and tothe bet feu Information 2nd Scoring te enn given 0 |. The Company hs deol the ing of pening tpn ons Saal possi the Fanci stsenens-Ree sb oe i) foe na. 89a enon. 1k. The Company dss not hae ay longs cones ining rvates coma, fr which thee ‘were nyt ese oes ihre were no aman which wee eld to e tensa othe aves Eduction ad Proetion Fb he Campy 2. ued on werfion of fn fact of he Copy and acon infoenaton a explanations {Src toun We gheinthe sanenure > snc fear sate inthe econ sue By he Srp and Aud Gener of Ins ines a U8 secon (8) of Seton 143 of the Ac 3. As vxpied by the Companies (Audi's Report) Orer2016 (the Order), nsed by the Cena ‘Goverment of aa nme of vse (1) of son 14 ofthe Capris At 2013, we ie ne "Shmerare D” stent oa te mater speed nthe paragraphs 3 and 4 of the One. the exe sopleas aHEMANT ARORA & CO. LLP Chartered Accountants 4 As per Notion number GR. 466) dated St use, 205 sed by Minty of Corporate Ai, ovals af sec 17 ofthe Act egg eminent Seo hot aplble ote Comps, [inet rs Cevrument Company tren eperting eed 1971) te Ae came ead For HEMANT ARORA &CaLLP (Chae Account Fir Rog. Ha OSHC Ji Senay Ara mer Mota Pace: lean Date: 2" September, 2019HEMANT ARORA & CO. LLP ‘Chartered Accountants (West Ros Cat yi in gt te Moan un Re Capri int fe 1. Referingto Par 4. ofigiiont ascoming ple: he Company sayings damaged el ast at tices fay gcumultl denon, At per ASD ise sets daag a ast {micro source of inc tnt the act maybe pied. An asl sab 0 Be imped when the ning nmexnt of ich st exesec i recoverable aout. nso 8 th Company requed s> [owe or inpartone (Crying Ve mamas Recoerable Any eating te recor ‘out the etch lace dt date Honey, the Compa has not proved fx sich ipaient ibe Tore ete of uch provsion not made tee of he Company andere. nthe asence of Infra prove by magement, we re unable to quai sch ndesiatren, 22th bean esr the Company is ceuing freee onthe basis of nits il ding the fone yea Te Conny bile vena consmers ons peril bass ike mon Broo or Fateyenr basis et pending peo the are type of ensue a tip in Tai Regsatons tote by Uterine Repltry Corin. xen whee bing done Denon Fatryea, the units ft are cond acer year nd fave not bon bie the Balance sot ate tre Feing Sot are reve ne et anil ear, Sich patio oy one With the meta of aczningcnployet ty he Camry, ve tcualbsi of scouting. Fr the Company ‘ot comping tht esgniton rei nbs by AS "Revene Recngion Ts tl pact, ‘nie rth nal ear has ot bon sean 1. oii to Pane 56 ogo scomning pice, the Enpojes Cost and Adinisraton & Genera spent ined om spin of Capital Work rcpt tbe ot of ae @ 184% of ho oun capa capris ince rng he yea. Ones a appropentees ofthis accounting pote, we cul a ina esa bt fo dtsminaton of schol rt Fur refering a Toca where te saplise be f fed ats has beh gules inceuey in ate of Iain reas» cscadine effet of ona ort nthe eying aoa ofthe Hed asst nour opin, are Should bean apps bss i ing aoconserson th acl cox stebtble capital wake sein gata fad 4 efeig to moe. 3 the foil sateen, the noon sadn wd te heat Ine Ui ranston Balm Ro 15290619 (Cr) ha bos colle to the flac shoe date. Canseqoen ect tt tesonc on he fail stn cannot eerie | Rein to Para 12 ofthe ceconing pati th Company is proving fr ul and dul debts 2% tie wal New Govenant ance, The Sompary Nas a outstanding debs of Ks, 1677.87.4.753 {tof neh Ra 1208000876 has bon provided frat Ba dou, whch i 72.05% of he taal ‘using ts een sre ht th ponsn rb & dul bs i reviewed each yee, The {tnont rove for 240 the Nen-Gorersen assent each ye accu the proviso, tet hic he bls in rosin ascot har Seams me an 70% of he lesan, our pinion such pons fr sxcensie han what reqed, Fate, tee ino policy down by the Compan fo revision ofthe provison To he eat of such excessne proviso, ls fr te ear ‘versed an st oer, 6 Reena Par 3242 and 72 fsa accusing poles ling scouting a ise of oe {nd spars Le. snverit fr Capa rk a eal stare se pice fat accordance with [ASA1O “Proper, Pm & Eaten” The res apd ses ae accounted fo tse pice, which fiir han ct Gf thi low amp I underated y R21 57,0314 1. Proison fr ave ncn has been made in acer With ASS "Employee BeefHEMANT ARORA & CO. LLP ‘Chartered Accountants 8 Refering to Pare 2 of iom econ police, the Company revives contrition! deposits fom ‘Sosmtstgrs oro ne The Company radon defer ame methodol ‘Stoun fr such sont depo ephned im Ae 12 “Gowemant rat As per ths melo the contin! depose re opie te poi and ls statement ona aetna ass ‘rc te elie fhe sect Sach allot toto sus nade ver the yrds and the opr in wich dgocatono elted ares age However thos teen served tht capi {Enger met ot of hes contbuon! depot hs ot boo enti forthe ps few years. De 12 ‘hk the aman of conbton! Spot popetanat fo he dereciaion cared he relied asta fot bec aor (rtd) i he po nd ss accent Te the extent of sch amnion ofthe ontbetion’ depot les fr he yea re overated never, wo re male 0 quan sch OVE 9. fering to Pars 8.2.2 spi accounting police, dgecation on Tied ses is provid nly on the nets m exitece tthe ging of he year ad mo precio povided on be aitons mae tari te yor Chasing of epreciton int n sendin wih AS-10 "Property, Pin & Equipe ‘Tore et of raging of depen on ons of ied ses cing the year fas reed in neste fess and nesterent of fied ee yak amount which B USEHEMANT ARORA & CO. LLP Chartered Accountants Annesre Bote INDEPENDENT AUDITOR'S REPORT {teed wm pap 0 one pa er taped by Ryman of ‘Sic ponte We hve sd he irl Snape ono over Fauci poring of he Company a of 31°, 2019 ‘Conjunto wh cu audio teionia ate th Compan othe year ended on hat, Managemen’ Repent for lateral Fianca Control “The Company’ manga respnsble fer xsbshing a malities facial cata bad on ihe nr conta ever fall paving cineca bythe Cenpary corieing te ese exponent of era ol sie he edaoe Nt on tater Franca Contos ve Facil eporng bse y te Instat of Chaered Aconntas of Inda These reperatilis lc the din, Inplomeratie and tines of oer! frase eno wih referee o Pani Stren that wee Crating efeciely for ening the orderly nad eft coat of buses, inching adberene eypns pols the sofepudngo sat, he prevention and dan of fads and eer the acy nt snmpltenes of the azunting recon and te Une Pepraton of reiale fn fot, a ‘eyed der the Cops Ac, 201, Auditor’ Responsitity ‘ur responsi to expt an pinion o the Capa interacial convo ovr Facial eat ‘Sra on ort, We conc our ut n accondance i th aides Note Aut of nena ian {Con verFsancal Repting (idee Now") andthe SAS, uel by Isnt of Chater Arcomtats ‘Tink ad dasa obs pes mdr Seton 13(0) ofthe Campane Ae, 201, tote etapa {Oar ali of eral fama ol Tose Sonar ad the Guance Note rege tht we comply with ‘hcl relents ap pn and peo the at fo obinrowonsle sane abut wheter adeqae irra ancl onto or ran rooting sealed and mofained ad if ach conto opted ‘ely nal ara eget (ur aut involnes pening poses o aban ait evidence aout he adqucy ofthe intel ani onols stm on her opetngefesven. Our ai of eval ian carols ever ie reporting Steeda eon on undroudg of stra antl bios ove cal eon sessing the isk ha a ntl weakness enn esting and evening the design snd oping eevee of mera contol [ised on th sedi The sere sla pend on hese’ jut, clang Ie ses of theraks ofr msstonent ofthe iancl stamens, wheter dof emer. ‘We bei ha th au cence ne have oad suit and appropiate o provide a tas fr or ait {pian on the Comps nr ancl sone system over Saal epating cla Reporting ‘A company’ nena naa cool ever Gace epering is oes designed to prove reson ‘Snnce egsing the clei ofan reporting athe prepon of franca enc for exe Feyowsinacordnce ih enoralacypn ccoving pence A compat’ intemal Trae con Over Fell reporing insades tne oles al pocedus ht: Menino lateral Fail Contos oer Fs (0) pertain othe netnane of ecard th, in esoable dei aectately and aly refs the scion 2nd hipaa of thease of the company (2) prove ream asunce that tmsacions ae recorded a necessary o permit prepraton f ancl ents in codecs with tly ace coaning pipes, nl Git eces md expendi of the eumpey ae beg made ony i accorlnce wi aherion Of management and decors of he (©) povie reasonable ssurnceregading prevention or timely deacon of unre aequson, us, oF ispostiano the compar sth old ves meal eet nthe rani soneHEMANT ARORA & CO. LLP ‘Chartered Accounts ‘where Limitations otter Financia Control over Flanciat Reporting ‘cn fhe ahr tinttions ont Sian onto oer Sancta epting, ncn the possi, Tealsin or mprpe minsget vero coal utr misstatnet e errc ra ay cEw Shtauebe dct. Ais, petion of ay crn othe eal fiancla onos over Hames repo, to re pes ae sett the i Ct he irl anal conol ove fn repting may Become Td ate of hanes conto c the dese of cman wih he polis x pode ry drat. Quaiied Opinion ‘Accoting © the infematin ant explanations given 408 anne 2 our sud, te Company has mat ‘ashe tera cone ee fun epring. rts Base om the nen con ve fecal ‘pring cia eashey the Copan cosiering te eset component fal contol ste Tie Gnidoce Note on Ao ena Fatal Cana over imei! Reporting sed y the Inte of ‘Chared Acciona ic. Ara eae ae uae to obtain suc nd appropiate aut eves provi abs or opin wher the company hada ner contol ow fnaell eporting mo ‘Met sach ira enw operating eetiney sen 31" Mach, 2019 sel on the ined aut rocedrsperfned by ws dng the coarse of ur ait te flowing materia ‘weiter faster Kctife the opsating eeevenest of te Conpony's nema fanc eonrl ver Fanci ping a 31" Mach, 207 1. The Company does atte an appropri inal onto tem fr ensuing capitation of propery, ‘an ule ont ate avai for oe, tol in sance of wor completion eerie Py pectvecagmecii detent which as potential rered so unr captalston of rope. pt “nveuipnent and ctesgooding tc on operat Jeo fer charge of depreciation, 2 The Company dese bave an appropri intemal conzol sytem for deeming employee co, ininatave & gene expec ctl title t ap wort rte pps ofcpaition ba, fre made amare bse 184% ofthe aan of fot eapa exes neue rine the ear Thesey, cen noe undrsaementof ie set al eaespocingy unde averting, he oe sy be 5. The Company doesnot fave an itp ERP system which has edo acconing pss epi in he {he fate nt nents, aly th respec Custer of aves epi works om on ani ‘Sher Asse eure oe leaned wih in ta has ips Gall poring 4. The Company dies tat be an appropiate intemal carol syste to recone the fn ecu Petaling to Goods ad ServiesTa with he eean tax retods Yes which an posh ek Fo udaroer stafren of mck ous in thf satemen 5. Tee Campy doesnt have aprons inal contol make management sets wth reset to Taisen” of tact fast ands athe yea end. Te compa sural to provide vende wie nrmation with eset alae bul de a | oa Ta] ty —[ ps asa Hany Sep cs SRLS) 14) ob gir EO) {3A ~ [Gps A Unacek Cal Go Sans ‘301 | tia Aes Sy Reo Ul Geant | 23402509) ee ed sta) 1622 ir Lm Admes: Ober: Une & Coil Sao 6 Daring he year, vais eds facaont of led Assets and Capital Workin Progress have ee regroup! ‘ecified However fring och activ, the conespandng provision fe depreciation oo ed ees ‘Scouts ts ne tcc sanpletsyrgioupedl rsd. The writen down ale of ne ast le hed impo by sch ctv fe bgomee However sas no noel pact on nt lok of Fie se sae.HEMANT ARORA & CO. LLP (Chartered Accountants | ratriwekes isa eeen, 0 & combination of defences, intra francia eon over ana ‘pring such at tere Is negate post Hots mae issatenent ofthe copays ete ine Fees ce re pendant ba ‘We hve considered te mata eae ti a epored boven determining the nar, ning. nd cent of at to spp Ho at of the fancl sinenents of the Conary, and thee vei ‘Sestnees vested gr opinion othe nana tna the Compary and weave sted a aiid ‘pinion or the iia sateen or HEMANT ARORA & Co. LLP ‘Care Accounts wm Ra Nas 021410 Pace: Dalen Date: 2" September, 2019HEMANT ARORA & CO. LLP ‘Chartered Accountants Ammen 1th INDEPENDENT AUDITOR'S REPORT AE mn 2, tp Ll any Ronn ween Fa We He io ed ga a mi wr re econ nde to HO) of Congr At 2013 ‘potest the ania yar 30 doen ER [Dione eae TW gi eer Te eS Tr | Vee Con lar ie aed Whe fel an eal ln epctvey? et pase | een eid teh aes ofl and esl a fo hh 2 | Wha he we any cao wae” wie aff Tade Raabe Tor Rs S2TRTAOE ave ‘hte! ethno hr | bmn wae al whi heen jie gain te onaut ined Prion rad ll eb, 5 Wha pape reas ma Ta ais | VBA Rael Tor ‘ye wh tid prs Rats reseed a gt | venror ing wh Tieton, Le ‘pans) fs Gavenneeeter suerte, | contacts, "No ass fe ten ssid iV re om govern er eer nei HS) of Companies Act 2013 ER Biase eps T. | Wit th ompiny Tas sen Tn ple paces | UPC has TSysems Ta ceo procs i ste accunting ances veg IT sate? I | scogtasasins. All aco ees es. te impleatins of rosesing of ssoating | we pr in compl yam and race ouie IT yt cote arya the | cont is gered kr ston ad coun alang wi te fine inpltos,Ian,| cling of a eis. Hens, tee eno ny betes plo ofpocening of secaadng anette Sem Waa Hay ecg a ing Tan | TH we Brg TSE orcas of waren wie fo ean tres, fe made yw tr athe compa de 0 mys ini 10 epay he fu? I es, be Tol pat ye S| What nds ee esa eps Fads red fr pce shames or REC, scams fe cota se ago wer propery | PFC or RAPDRW” DOUGIY Satine IPDS feonmed foaled ser ister and cn | ee popery soit for dian Tis tecaser fn, {exe nth he ems acon he ‘eneHEMANT ARORA & CO. LLP Chartered Accountants ome Seer ssc retinas adr Section 45) the Compaen At 2013 [Aa cos Kee Te Rae ef ep to pen SSNS OI] The CoM en PSE an Ta {and oes hecongany may Fe ei. nase Int the Compo cont, ser ipo, mt ut to we er ele mapas als may ‘Mere agi val mao a | Ww elo ee gp ross pot vicher salem ofr” one | new poets stloet of kes Soe Po ds wngret ow inal nc | eptony dns ur al Ti of itn ny ce tee (Sis Nocats of ears repo sated 3] Whats te Company hi a ete sam Te The Conny bs an efleive em or ‘Reveyofeveat por carta as sd the | reser of eveme spe eo te ‘Sem oye stout for the tous f | repc of ong even ft ‘Shoes feimplance ath th appiable | 2 of Aimer tur epr eve ‘Asouning Sos, TPs cot ay Sn Haan aba! | No abel pep ove aN json ot oe hw muah cnt as een Steno ee nai dan fei isa ae | ey green of nce for dbs And veveue ss apements egal eet | deci Si res the Pept ont iy ofthe ER a ng an] Aas SG of 7p Whar npr pot tes ve Bn ARTSY As epee, per pra? a Fave Bh ‘Meceumer? Hon ten cumin ow msaney a | ile Yr al coset Fingered [Whar he Conny Se a NE PA wecanom Tor esoey_of_ Riel Cok [Beesciy Replay Commision SERC) approved | Ase (FCA) as een pve the Feland Powe Pwcase Adannt Coe (QPPCAY? |euiions tp Utara icy Fezey Commision Thr povison at eon immed ad esvery of FCA bag pronto he si on 3 Whar aslo ot abs ad mals |The eel of pene Br erica ever the geocnon dsron and taramasen | nd non compris anion ‘Spun tco ‘smplen ths tenons fe |e tot Haweves aac of Power ‘Stes ay been Trreisn Cpa of Utah ‘hing wi the nce of ods a UPC SEAUSTonan9. The reson of ton ‘cn itt to nanan Wt ie Conny snp [Noahs asbes aiod Frets son ter the Company oo Spine for 6 Fences at elon avenge ‘Sate pa TT es i STs allowed | Dring area aa Ek OTe tnd bake in thant caring he yee? Whar | ben lowed he sn i ng elmbsed epri y the S (Covent shri anny become 2p faanne he ys af fee len of LA | Nona way oar ns wee pod ‘Canes by Lt ees of vel | ee rar hh a in Oh ‘hg sree 1B Beane cod BOTT ae aoe | at eile seine aa wef sin nln pb ar pc ed eS ‘Smo be screed” taped cata ‘sore 1] mt ay ar SST OpTATOGT Te ana sing i oT He Copy Tae iat tl ep ow mosh of thd | rng mane nce Accum [BE Shays wie ccc oma. wc fu | Sytem For bling esr ATONE 1HEMANT ARORA & CO. LLP ‘Chartered Accountants re ach a IE peel pel nen fave Den conten a Payal msg cid [Rca fn ed ope ssc pty fr | oie MMS, hows, ek, est fi ‘hore! cae Aveo at ee ne soe ae mnie ye cone Ewan. rat ‘Ty ply fr da sot bare az iS aed ach tg ale For da ‘Sori ee own fer aha hnatins and aac, Fer RAPDR? ‘nto din bo pct a Ds Rlsoery Cane of UPC A eae fr omc the Sey" Au of ele TT inacacre oa Cee, Dae exer Coe (Hrdre,Syem "Sota ‘Nowak and UPCL wee nso wer For HEMANT ARORA 2 Co. LLP ‘hatred Accom im Rog Nov O03 = ‘Shay Area Mn. 007s Pace: din Date 1? Selenite, 2019HEMANT ARORA & CO. LLP ‘Chartered Accountants Ammen B10 the INDEPENDENT AUDITOR'S REPORT ‘et nm ano eon pny psn pte een fent We ep that 1, tmnspect ois aed ase (a) The Company has nt maint proper reads fr xed Assets showing. fill paris ining Cnasinve det tt Tosti af Ted ase The Company has tepesentd thatthe fie ses Aegis rupert racial Yeu 206-7, The company isthe poses of pang he same for ell ea 207-18 3p 201818, (0) Physical vein xe sets as ot bee aid ut (©) Condit voluminots nt an varus cats, we hae vei ie ese dst of sample inmost proper ola ht th ede were nth name oe company. iitvenry a enalied ses have ben phil vere during the year. Discrepancies otic ung sto! vation of ieres have been el wih ye comemy. Pst wcieason of tentry at decal sores ha not bon proce foe us. In ssence of he mpl vsti), ne ae notin» pion to comment hater quency of vere i etsonabe ad ‘hermanos which mate drone as een dea inthe oaks of cen. fi, Acconting othe nfrton a expansions shen ow ante on tau procedures conte by Tote Compony hs ot red any lan, scared msced the compan, Tm, ed ity thie or eer pari covered deeper ante or Secon 189 of he Companies Ac. 2013 {iSite yar, Tele rutin underlase () 0(c) argh 3) oh ore bt apollo ‘tecompy, in. According ote infrston an explants given ou an so th aul procedures conde by ‘en the Company his ot grand ay oan me my inven’ hen any gunentes a seciy where ‘rovbion of Son [85nd Secon 18 are be compe wa Thre, parazaph 3) of he One rv pale th Company ‘Acorn the nfrmaon a explanations genta non he as of ear examination of he oaks oF ‘sous, he Company bu ot ced ay apostate publ covered under Section 731 6 ov ober ‘Slwat vison of be Companies Ae, 213. Three, paaroph 30) ofthe Orders ot apple the Compan vis Aso t the fannton and explanations given tthe Company imac maining the cost ‘eer sso by te Canal Goverment under sbsocon (of econ 1 of the Companies Act i tn espe of tasty ds: (0) Undated sao ie aclang Point and, Bpoyes Sha naan, none Ta, Servle® Ta pnen egy ces, Gnade & Servis taper natrlstauary des have Ben geil epoid play th he sport uberis, However, the dtl sry des outst othe period ‘moet sis on te Gt tc Dane ble ar at 31" Mar, 2019 aes fw: a eS ga a TAT a ‘orks 1 era Taras 2 ay — smHEMANT ARORA & CO. LLP ‘Chartered Accountants (@y Te ae des of ize, salt, dt feos, ayo exci, vale ad tx and goods a sec tat (GS pang en acount fay espe ii Accosing to the nfo and expat ven 0 ws he Comyn fe as om ak, anil stincons al meen, Dring hs eae crpany has not ale nepal, 1 mou opinion and nod th fat nd explation vent an onthe bss of exten tt books ef gxunt Company dl oo rie sy money Oy way oF ial pbc fe or ft publ ‘tr cling et isonet) Money ie by waa te loans mee api fr the puros fr which ‘Ar ened os, of sue during the eponting pod except one nse in spr Halivan Divs Kurson Zang dt whi 3 ows a — Nara a Te ERT Cheon [Spf Do Kase Zane ert In view of exemptions gen vide in toms of Noiteian No, GR 463(6) dite 08 Jane, 205 isd by the Maat of Gert Af, the pois of eto 197 read with sleduleV ofthe Act epding ‘meagsi retanraton te nt sppeableto the Company ik The Company nt «Nii Company. Tees, arora ofthe Orde nt apiale othe ‘company sit nou opin andor 1 he futon an explanation given to ws und aden our xin ‘tte ceo he Conpary,tomacons wie elated pares ar conic with sections 177 and TB ofthe Campnies A 2013, Dts ofthe reed party tansctins hve been sles in he Hane stents requ ye applealeAecoming Soars. ‘sv, nouopinan a ascoxtng to ths afrton a explanations le 10 se Company has mae any efcetl lant or pate placement shares ful ply convertible bees dating the yea “heefre, parr (3) ofthe ord ot applable to he Company. 1 nou opinon an coding othe nforation a explanations given ows and based on ou examin of de recat ofthe Company. the Canary bso ened to non-cash onstions wih esas rps {sone wih hin Othe proven oF Soon 192 of te Canpanles Ae, 2013 ar not appa ‘Tete, nee 360 of he Ode not pplable othe Company vi The Compa Ht reir to be eitered ude eso 45-8 ofthe Reserve Banko inn Act, 1934, ‘rere Prapap sn) ofthe Orders noapic othe Compan. en ae Pace: Dtaan Dat (2 September, 2019