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NIRMAL BOT LIMITED(A subsidiary of Highway Concessions One Pvt. Ltd.)
I hwagoncessions
l“ H
27th May, 2019
To,
BSE Limited
Phiroze Jeejeebhoy Towers,
Dalal Street
Mumbai -400 001
Ref: Scrip Code: 947022
Sub: Submission of Audited Financial Results for the financial year ended March 31, 2019
under SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015.
Dear Sir/Madam,
Pursuant to the provisions of Regulation 52 of the SEBI (Listing Obligations and Disclosure
Requirements), Regulations, 2015 ("Listing Regulations"), we wish to inform the Exchange that
the Audited Financial Results for the year ended March 31, 2019 has approved by the Board of
Directors of the Company at its Meeting held on Monday, 27th May, 2019.
In this regard, please find enclosed the following:
I. Audited Financial Results of the Company accompanying Auditors’ Report thereon for
the year ended 31St March, 2019. The said results containing the information required
under Regulation 52(4).
ll. Declaration by the Director pursuant to Regulation 52(3)(a) of the Listing Regulations;
Request you to please take the above documents on record.
For Nirmal BOT Limited
Kunjal Shah
Company Secretary & Compliance Officer
Place: Mumbai
Regd. Office :
316-317, ‘0' Wing, Kanakia Zillion,L.B.S. Road, BKC Annex, Kurla (W), Mumbai — 400 070.
Tel: +91 22 61073200 . Fax: +91 22 61073201
CIN No. U45201MH2006PLC164728
Web: www.nirmalbot.com
Project Office:
AP-8 (BOT) Road Project, Survey No. 553/2 & 554/2,Toll Plaza, Gamjal (Vill.), Soan (PO & Mand),Nirmal (Dist) — 504 105, Telangana, India
Tel: +91 8734 202283 0 Fax: +91 8734 202284
if":MMMMMMMMMM
27 Head Office: A16/9, Vasani Vihar, New Delhi — 110 057, India.
HLA l L) iT: +91.11.42591800_42591818 E: [email protected] W:www.|lca.net
Branch Offices:Bengaluiu1MumbeliNoida[Lulliia & (.nllira LLi‘ consliiuiuu llirougli (AlllVCYSlUH ol Lulliiz €.LrilhtR(RfiD N0 UOZOBiN) w e i' April 272015 LLP ldenlillcalion ND,AAM»b115]
ACC 0U NTANTS
INDEPENDENT AUDITOR’S REPORT
To
Board of Directors,
Nirmal BOT Limited
We have audited the financial results of Nirmal BOT Limited (”the Company”) for the year ended March
31, 2019 attached herewith, being submitted by the Company pursuant to the requirement of Regulation
52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. /
These financial results which are the responsibility of the Company’s Management and approved by the
Board of Directors, have been prepared on the basis of related financial statements, which is in
accordance with lndian Accounting Standards, prescribed under Section 133 of the Companies Act, 2013
and other accounting principles generally accepted in India. Our responsibility is to express an opinion on
these financial results based on our audit.
We conducted our audit in accordance with the Auditing standards generally accepted in lndia. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial results are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts disclosed as financial results. An audit also includes assessing the accounting
principles used and significant estimates made by management. We believe that our audit provides a
reasonable basis for our opinion.
in our opinion and to the best of our information and according to the explanations given to us on these
financial results:
(i) have been presented in accordance with the requirements of Regulation 52 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI circular No.
CiR/CFD/FAC/62/2016 dated July 5, 2016 and SEBI circular No. CIR/iMD/DF1/69/2016 dated
August 10, 2016 in this regard; and
(ii) give a true and fair view in conformity with aforesaid lndian Accounting Standards and other
accounting principles generally accepted in india of the net profit and other financial information
for the year ended March 31, 2019.
For Luthra & Luthra LLP
Chartered Accountants,
1/
Naresli Agrawal (j
Date: May 27, 2019Partner
3
Place: New Delhi (M.No. 504922)
Nlrmal BOT Limited
CIN: U45201MH2006PLC164728
Begistered Office: 316-317, C Wing, Kanakia Zillion, LBS Road, BKC Annexe, Kurla (west), Mumbai - 400070
Balance Sheet as at March 31, 2019 (Rs. in Lacs)
As At As A!
March 31, 2019 March 31, 2013
(Audited) (Audited)
ASSETS
Non Current Assets
(a) Property, plant and equipment70.65 74.51
(b) Financial Assets
(l) Other Financial Assets 14,192.87 18,529.85
(c) Non-current tax asset235.67 168.30
(d) Other Non Current Assets-
.
Total Non-Current Assets 14,499.19 18,772.66
Current Assets
(3) Financial Assets
(i) investments 2,498.57 2,853.33
(ii) Cash 8( Cash Equivalents9.75 10.99
(iii) Other Financial Assets 4,769.25 2,339.31
(b) other Current Assets19.42 614.83
Total Current Assets 7,296.99 5,818.46
TOTAL ASSETS21,796.18 24.591412
EQUITY AND LIABILiTlES
Equity
(3) Share Capital 3,150.00 3,150.00
(0) Other Equitv(2,426.18) (2,422.62)
Total Equity723.82 727.38
Liabilities
Non-Current Liabilities
(a) Financial Liabilities
(l) Borrowings 18,788.00 20,176.00
(b) Provisions3.72 2.10
(c) Deferred tax iia biiities (net)160.16 213.55
Total Non-Current Liabilities 18,951.88 20,391.65
current Liabilities
(a) Financial Liabilities
(I) Trade payables
(a) Total outstanding dues of micro enterprises and small enterprises 0.84
(b) Total outstanding dues to creditors other than micro enterprises and
small enterprises81.05 35.45
(ll) Other Financial Liabilities 2,030.58 2,718.30
(b) Other current liabilities7.81 718.17
(c) Provisions0.20 0.17
Total Current Liabilities 2,120.48 3,472.09
TOTAL EQUITY AND LiABlLiTiES 21,796.18 14,591.12
NHmBI BOY Umiled
CON: UGSZOIMHZDOSPLCIGMZB
Reglsfieied Office: 316$“, C Wing, Kanakia Zilllon, LBS Road, BKC Annexe, Kuils (west), Mumhai - 4100070
5311 "\QIILO‘AudKBd Flnanfia‘illrgiglisf‘ wlfl néi‘rzesfimis:
Particulars
1 lummn '(Om Opelauoits
March 31, 2018
(Kirmtedj'
(a) Revenue ham Operation
2,572.60 Lama
(mother Income
“3327,09341.14
Total Income
3,199.” 2.952._
2 Expenses
(a) Operating expenses
586.33 400.41
(b) Empiovee henems expense
51.55 37.71
(C) Flnance cosh
2,051.98 2,221.31
(d) Depieciallan and amortization expense
10.97 3.16
(is) other expenses
57.93 51.07
mm! Expenses
2 753.91 2,718.66
3 Prom/(i nss) before exceptional Items and tax
440.58 233.94
cmprianai items
443.31-
Wont/(LOSS) before h‘ix
(3.23) 233.94
A Tax Expense:
(53.83]
_M
(43.33}
5 prom/ii 055) after tax
(3.23)115.06
(uhcr Comprehensive income
(0.32)3.68
5 Total comprehensive income form: pellod
(3.55)178.741
1 Eamlns pei Equltv Share:
» Basic
mm)0.57
. Diluted
mm)0.57
8 "nuns
041“!»le eqully share capital (RIDE Value Of R5. 10 each)
3,150.00 3,150.00
Rim-Ive; excluding revaluation reserves
(2,426.13) (1,422.61)
NelWorth
723.51 727.33
Sncumd DEM
17,026.00 19,050.00
Gum Equity Ratio
2.70 3.02
Dehcnmm Redemption Reseive
4
Debt Snrvke Coverage Ratio (Adjusted)
0.51 0.67
Intevexk Service Coverage Ral'iu (Adjusked)
1400 1.11
L Assets Coverage Ratio
1.24‘_
“v
1.21
1
N
w
9
mm\l
as
10
11
Notes to audited Financial Results for the year ended Blst March, 2019
The aforesaid results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors at its meeting
held on 27th May, 2019
The 9.38% Listed, Rated Taxable Redeemable Non’Convertible Debentures of Rs.10 Lacs each aggregating to Rs. 27600 Lacs
(outstanding as on 31.03.2019~Rs.17,026/- Lacs) are secured against first charge on Moveable & immoveable properties of the
Company as defined in the Debenture Trust Deed dated 16th December 2010.
The Company has not received any complaints from the investors during the year and hence, there were no investor complaints
outstanding at the beginning and at the end of the year.
There are no deviations in the use of proceeds received from the issue of Rated Taxable Redeemable Non—Convertible Debentures.
Credit Rating of the Company is AAA (50) done by CARE dated 7th February, 2019.
The payment of interest and redemption amount which was due on 18th November, 2018 and paid on 16th November, 2018.
The due date for the payment of interest and redemption amount which was due on 18th May, 2019 and paid on 16th May, 2019, The
next due date for payment of incterest and redemption amount is due on 18th November, 2019.
In the absence of adequate profits, the company has not created Debenture Redemption Reserve. However, the Company is regular in
redeeming Debentures matured during the year and also an amount of Rs. 2,380 lacs ls kept in Fixed Deposit as security.
The Company adopted indian Accounting Standard (“ind AS“) from April 1, 2017 and accordingly these financial results have been
prepared in accordance with the ind AS prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued
there under and the other accounting principles generally accepted in India.
Due to changes in accounting principles from lGAAP to Ind AS, reported profit before interest, depreciation & tax got reduced during
the period causing Debt Service Coverage Ratio to reduce below 1. However, cash generated from the operations of the company are
sufficient to repay debt and interest thereon.
The definitions of ratio / formUIas used for actual computation are as follows:
Debt Equity Ratio = Total Debt by way of NCDs / Equity (incli Quasi Equity in the form of Promoter‘s Contribution)
Debt Service Coverage Ratio = (Profit before interest, Depreciation and Tax + Interest on NCDs + Principal Repayment of NCDs) /
(interest on NCDs + Principal Repayment of NCDS)
interest Service Coverage Ratio = Profit before interest, Depreciation and Tax / (Interest).
Asset Coverage Ratio = (Total Assets—Intangible AssetsHCurrent Liabilities—Short term debtllTotai Debt Obligation,
For and on behalf of the Board of Directors
Nirmal BOT Limited
Milind Agrawal
Place : Mumbai
Director
Date: 27th May, 2019
DiN: 03592812
@E RatingsProfessional Risk Opinion
5’25:
CARE/H0/RL/2018-19/4739Mr. Narayanan DoraiswamyCFO
Highway Concessions One Private Limited
316-317, 'C' Wing, Kanakia Zillion, L.B.S. Road,
BKC Annex, Kurla (W),Mumbai —400070
Dear Sir,
9mm
February 07, 2019
Credit rating for outstanding Non-Convertible Debenture issue
On the basis of recent developments including operational and financial performance of
your company for FY18 audited and H1FY19 Unaudited, our Rating Committee has reviewed
the following ratings:
Instrument Amount Rating1 Rating Action
(Rs. crore)
Non—Convertible 170.26 CARE AAA (SO); Stable Reaffirmed
Debenture issue (reduced from [Triple A (Structured
190.50) Obligation) Outlook: Stable]
2. The last installment of NCDs is repayable in May 2026.
3. The above ratings are based on the credit enhancement in the form of credit
enhancement measures (CEMs) and the structured payment mechanism (SPM) for
servicing the NCDs. The rating is subject to conditions listed in Annexure A.
4. The rationale for the rating will be communicated to you separately. A writeup (press
release) on the above rating is proposed to be issued to the press shortly, a draft of
which is enclosed for your perusal as Annexure II. We request you to peruse the
annexed document and offer your comments if any. We are doing this as a matter of
courtesy to our clients and with a view to ensure that no factual inaccuracies have
1Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE
publications.
P e 1 ofCARE ligatings
(Formerly known as Cradlt Analysis 6: Research Limited)
10Limited
4'" Floor, Godre) Collseum, Somaiyn Hosplul Road, Off Eastern Express Highway, Slcn (E), Mumb-I - 400 022.
Tel.:+91-22- 6754 3456 o Faxz+91-22- 022 6754 3457 n wwwicnrernlngscam - CIN‘L67190MH19939LCO71691
inadvertently crept in. Kindly revert as early as possible. In any case, if we do not hear
from you by February 7, 2019, we will proceed on the basis that you have no any
comments to offer.
CARE reserves the right to undertake a surveillance/review of the rating from time to
time, based on circumstances warranting such review, subject to at least one such
review/surveillance every year.
6. CARE reserves the right to revise/reaffirm/withdraw the rating assigned as also revise
the outlook, as a result of periodic review/surveillance, based on any event or
information which in the opinion of CARE warrants such an action. In the event of failure
on the part ofthe entity to furnish such information, material or clarifications as may be
required by CARE so as to enable it to carry out continuous monitoring of the rating of
the debt instrument, CARE shall carry out the review on the basis of best available
information throughout the life time of such instrument. In such cases the credit rating
symbol shall be accompanied by “ISSUER NOT COOPERATING”. CARE shall also be
entitled to publicize/disseminate all the afore-mentioned rating actions in any manner
considered appropriate by it, without reference to you.
7_ Users of this rating may kindly refer our website www.careratings.com for latest update
on the outstanding rating.
8. CARE ratings are not recommendations to buy, sell, or hold any securities.
CAREPiufiRngLmited(Formerly known as Credit Analysis 51 Research Limited)
4‘k Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022.
Tel.: +91~22~ 6754 3456 - Fax: +91-ZZ- 022 6754 3457 . www.careratings.com . ClN-L6719OMH1993PLC071691
If you need any clarification, you are welcome to approach us in this regard.
Thanking you,
Yours faithfully,
W 90.kaMayuresh Phadke Ratnam Nakka
Analyst Associate Director
[email protected] Ratnam.nakka@careratingscom
Encl.: As above
Disclaimer
CARE's ratings are opinions on credit quality and are not recommendations to sanction, renew, disburse or
recall the concerned bank facilities or to buy, sell or hold any security. CARE has based its ratings/outlookson information obtained from sources believed by it to be accurate and reliable. CARE does not, however,
guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors
or omissions or for the results obtained from the use of such information. Most entities whose bank
facilities/instruments are rated by CARE have paid a credit rating fee, based on the amount and type of bank
facilities/instruments.
In case of partnership/proprietary concerns, the rating/outlook assigned by CARE is based on the capital
deployed by the partners/proprietor and the financial strength of the firm at present. The rating/outlook
may undergo change in case of withdrawal of capital or the unsecured loans brought in by the
partners/proprietor in addition to the financial performance and other relevant factors.
CAREMrafifLmated(Formerly known as Credit Analysis 5: Research Limited)
4‘" Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022.
Tel.: +91-22- 6754 3456 I Fax: +91-22- 022 6754 3457 - www.careratingsLom - CIN—L67‘l90MH1993PLC071691
Annexure A
Particulars instrument (5)
Type of Instrument Secured Redeemable Non-Convertible
Debentures (NCD)Amount of the issue Rs 276 cr
Tenor 17 yrs.
Other Terms 1. All the requisite insurance policies are in
place ensuring suitable coverage.
2. Letter of Credit equivalent of one annuity
payment of Rs.23.80 crore has been
provided by NHAI to take care of any
delays in disbursal of annuity payment to
the SPV.
3. Escrow mechanism with National
Highways Authority of india (as per
Concession Agreement) to ensure fund
utilization of NHAI receipts for servicingof interest and principal.
4. The Borrower has opened and
maintained with the Bank, "Trust and
Retention Account” (TRA) which shall
include, inter alia, the Proceeds Account,
Compensation Account and Insurance
Account. Credits and debits to the
Project Accounts shall be made in
accordance with the procedures and
priorities described in the Trust and
Retention Agreement in compliance with
provisions of Concession Agreement and
Escrow Agreement executed.
5. Scheduled repayment dates will be at
T+20 days, with T being scheduled
annuity payment date.
6. HCC-Con and HCOPL have jointly
provided an unconditional and
irrevocable undertaking to make good
any shortfall, on demand from the
debenture trustee, in incurring
0&M/MM expenses, when the
0&M/MM expenses exceed the
budgeted numbers within 15 days from
the date when such demand has been
raised.
7. HCC and HCOPL have further provided an
undertaking to make good any shortfall
in annuity receipt from NHAI as
CARéhsfiflgefLmited(Formerly known as Credit Analysis 5: Research Limited)
4'" Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022.
Te|.:+91<22- 6754 3456 - Fax: +91-22» 022 6754 3457 - www.careralings.com . CIN-L67190MH1993PLC071691
compared to the annuity originallyscheduled to be payable by NHAI to NBL,
on demand from the debenture trustee,
within 15 days from the date when such
demand has been raised, if such a
shortfall is due to the non-
performance/poor performance of the
0&M contractor as specified by the
independent consultant.
8. Major Maintenance Reserve Account
(MMRA) to be created as per the
projections given in the business plan.9. Approval from the proposed lenders
required in case of any change in 0&M
contractor, if the existing 0&M
contractor/ major stake holder defaults.
10. A DSRA sub-account has been created in
the form of funded deposit equivalent to
one semi-annuity level ie. Rs.23.80
crore.
11. Subordinate debt not to be repaid till the
full redemption ofthe NCDs.
12. The company to maintain a debt service
coverage ratio (DSCR) of minimum 120
throughout the tenure of the NCD issue.
Mode of Issue NCDs issued by way of discounting the future
NHAI annuity receivables of NBL
Amount 0/5 as on March 31, 2018 Rs 170.26 crores
CAREPRzfirfingLlQned(Formerly known as Credit Analysis 6: Research Limited)
4m Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022‘
Tel.: +91-22‘ 6754 3456 . Fax: +9‘l-22- 022 6754 3457 o www.careratings.com o ClN-L67190MH1993PLC071691
Annexure ll
Nirmal BOT Limited
Ratings
FacilitiesAmount
Rating2 Rating Action(Rs. crore)
CARE AAA (SO);Stable
Debentures~Non~ 170.26 [Triple AReaffirmed
Convertible Debentures) (reduced from 190.50) (Structured
Obligation)Outlook: Stable]
Details of instruments/facilities in Annexure-1
Detailed Rationale 8: Key Rating Drivers
The rating assigned to the instrument of Nirmal BOT Limited (NBL) continues to derive strength from the
structured payment mechanism whereby biannual annuity is received from the National Highways
Authority of India (NHAI) (rated 'CARE AAA; Stable’ for bonds) in an escrow account for servicing of the
NCD. The rating derives comfort from the track record of timely receipt of annuity payments, good
condition of the road reflected by a lower roughness index as against stipulated requirement and
comfortable liquidity position of the company. The rating also factors in the presence of Major
Maintenance Reserve Account (MMRA) and Debt Service Reserve Account (DSRA).
However, a higher-than~envisaged increase in the operations and maintenance (0&M) expenses and
major maintenance (MM) expenses, any significant moderation in the liquidity position of the company
vis-a-vis envisaged, variation in the credit profile of the annuity provider - NHAi and occurrence of any
force majeure events are viewed as the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating StrengthsScheduled Structural Receivable
The NCD issue is based on the future NHAI annuity receivables of the company which in the absence of
any revenue risk imparts significant comfort to the issue and there is a structured payment mechanism
whereby biannual annuity is received from the National Highways Authority of India (NHAI) (rated 'CARE
AAA; Stable’ for bonds) in an escrow account for servicing of the NCD.
The company is receiving annuity payments from NHAI in a timely manner from April 2010 onwards. It
receives bi-annual annuity on 29th April and 29th October each year from NHAL In CY18, NHAI has
deducted annuity amount of approximately Rs.7.1 crore from the first semi-annual annuity, As per the
acquisition contract, the same shall be recovered from the HCC Concessions Ltd.
1Complete definition of the ratings assigned are available at wwwcareratingscom and other CARE
publications
CAREmfiflrfgefLmited(Formerly known as Credit Analysis 5: Research Limited)
4‘h Floor, Godre] Coliseum, Somaiya Hospital Road, Olf Eastern Express Highway, Sion (E), Mumbai - 400 022.
Tel.: +91-22~ 6754 3456 - Fax: +9‘l-22- 022 6754 3457 - wwwicareratingsicom . CIN»L6719OMH‘I993PLC071 691
Maintaining reserves for future major maintenance
The major maintenance expenditure is to be incurred every fifth year with first major maintenance
undertaken five years from the COD (Le. in FY15 (refers to the period April 1 to March 31). Second major
maintenance shall be carried out during FY19 and FY20. The work has already commenced in January,
2019. in order to prevent any stress on the cash flows in the year of major maintenance, NBL has created
Major Maintenance Reserve and Debt Sen/ice Reserve.
Comfortable liquidity position
NBL’s liquidity position is at a comfortable level as characterized by the cash and cash equivalents of
R576] crore (includes DSRA of R525 crore, MMRA of Rs.21.7 crore and Mutual fund and free cash and
bank balance of Rs.29.5 crore) as on March 31, 2018. Any significant deterioration in the liquidity profile
of NBL is critical from the credit perspective.
The rating also factors in the change in sponsor of NBL from HCC Concessions Limited to Highway
Concessions One Private Limited. HCOPL earlier known as Piramal Roads Infra Limited is a road asset
holding company owned and controlled by india infrastructure Fund ("IIF")‘ it was incorporated with the
objective of acquiring and managing operating road assets. HCOPL operates public-private partnership
road projects in India.
Key Rating Weaknesses
Higher Major maintenance and calamities
The company is exposed to the higher than the budgeted major maintenance expenditure that can dilute
the strong liquidity position. Furthermore, it is exposed to the natural calamities which can increase the
overall maintenance cost in future
Analytical approach
CARE has analysed NBL's credit profile by considering the structured payment mechanism; [biannual
annuity is received from the National Highways Authority of India (NHAI) (rated 'CARE AAA; Stable’ for
bonds) in an escrow account for servicing of the NCD] and adequate built in liquidity cushions with
favourable credit protection mechanisms.
Applicable Criteria
Criteria on assigning Outlook to Credit Ratings
CARE’s Policy on Default Recognition
Rating Methodology - Infrastructure Sector RatingsFinancial ratios — Non-Financial Sector
Background
Nirmal BOT Limited (NBL) is a special purpose vehicle (SPV) incorporated on September 19, 2006, to
undertake improvement, rehabilitation/strengthening of the existing two»lane road of the Kadtal-Armur
section [278 km to 308 km of National Highway (NH)-7] and widening it to four-lane divided carriageway
on a Build, Operate and Transfer (BOT) - awarded under the Annuity Scheme by the National Highways
CARe’RsanefLiriiited(Formerly known as Credit Analysis 81 Research Limited)
4m Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), 'Mumbai — 400 022.
Tel.: +91~22~ 6754 3456 0 Fax: +9‘l-22- 022 6754 3457 o www.careratingscom o ClN-L67190MH1993PLC071 691
hwag _
oncessuons
NIRMAL BOT LIMITED6"(A subsidiary of Highway Concessions One Pvt. Ltd.)
27th May, 2019
To,
BSE Limited
Phiroze Jeejeebhoy Towers,
Dalal Street, Mumbai,
Maharashtra 400001
Dear Sir/Madam
Subject:- Declaration pursuant to Regulation 52(3)(a) of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Pursuant to Regulation 52(3)(a) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended from time to time, I, Milind Agrawal, Director of Nirmal BOT
Limited (ClN: U45201MH2006PLC164728) having its Registered Office at Unit No 316 & 317, C
Wing, Third Floor, Kanakia Zillion, LBS Marg, BKC Annexe Mumbai Mumbai City MH 400070
India, do hereby declare that, the Statutory Auditors of the Company have submitted the Audit
Reports with an unmodified opinion for Audited Financial Results of the Company for the
financial year ended March 31, 2019.
Kindly take this declaration on your record.
For Nirmal BOT Limited
M WeMilind AgrawalDirector
DIN:- 03592812
Place: Mumbai
Regd. Office : Project Office:
316—317. ‘0' Wing, Kanakia Zillion, AP-8 (BOT) Road Project. Survey No. 553/2 & 554/2,L.B.S. Road, BKC Annex, Kurla (W), Mumbai —400 070. Toll Plaza, Gamjal (Vill.), Soan (PO & Mand),Tel: +91 22 61073200 . Fax: +91 22 61073201 Nirmal (Dist) — 504 105, Telangana, India
CIN No. U45201MH2006PLC164728 Tel: +91 8734 202283 . Fax: +91 8734 202284Web: www.nirmalbot.com