You are here » Home » Companies » Company Overview » Allcargo Logistics Ltd

Allcargo Logistics Ltd.

BSE: 532749 Sector: Others
NSE: ALLCARGO ISIN Code: INE418H01029
BSE 00:00 | 18 Feb 109.80 -0.40
(-0.36%)
OPEN

109.10

HIGH

110.55

LOW

108.10

NSE 00:00 | 18 Feb 109.75 -0.45
(-0.41%)
OPEN

110.00

HIGH

110.75

LOW

107.50

OPEN 109.10
PREVIOUS CLOSE 110.20
VOLUME 8741
52-Week high 126.00
52-Week low 87.35
P/E 23.36
Mkt Cap.(Rs cr) 2,698
Buy Price 108.20
Buy Qty 20.00
Sell Price 109.80
Sell Qty 40.00
OPEN 109.10
CLOSE 110.20
VOLUME 8741
52-Week high 126.00
52-Week low 87.35
P/E 23.36
Mkt Cap.(Rs cr) 2,698
Buy Price 108.20
Buy Qty 20.00
Sell Price 109.80
Sell Qty 40.00

Allcargo Logistics Ltd. (ALLCARGO) - Auditors Report

Company auditors report

TO THE MEMBERS OF ALLCARGO LOGISTICS LIMITED

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statements of AllcargoLogistics Limited ("the Company") which comprise the Balance Sheet as at March31 2019 thThe statement of Profit and Loss including thThe statement of OtherComprehensive Income the Cash Flow Statement and thThe statement of Changes in Equity forthe year then ended and notes to thThe financial statements including a summary ofsignificant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2019 its profit including other comprehensive income its cashflows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing (SAs) as specified under section 143(10) of the Companies Act2013 ("the Act"). Our responsibilities under those Standards are furtherdescribed in the ‘Auditor's Responsibilities for the Audit of the Standalone Ind ASFinancial Statements' section of our report. We are independent of the Company inaccordance with the ‘Code of Ethics' issued by the Institute of Chartered Accountantsof India together with the ethical requirements that are relevant to our audit of thThefinancial statements under the provisions of the Act and the Rules thereunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and theCode of Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the standalone Ind AS financialstatements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone Ind AS financial statements for thThefinancial year ended March 31 2019. ese matters were addressed in the context of ouraudit of the standalone Ind AS financial statements as a whole and in forming our opinionthereon and we do not provide a separate opinion on these matters. For each matter belowour description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to becommunicated in our report. We have fulfilled the responsibilities described in theAuditor's responsibilities for the audit of the standalone Ind AS financial statementssection of our report including in relation to these matters. Accordingly our auditincluded the performance of procedures designed to respond to our assessment of the risksof material misstatement of the standalone Ind AS financial statements. e results of ouraudit procedures including the procedures performed to address the matters below providethe basis for our audit opinion on the accompanying standalone Ind AS financialstatements.

Key audit matters How our audit addressed the key audit matter
Recoverability of trade receivables (as described in note 7.3 of thThe financial statements)
The gross balance of trade receivables as at 31 March 2019 amounted to ? 32310 lakhs against which the Company has recorded expected credit loss provision of ? 4037 lakhs. e collectability of trade receivables is a key element of the Company's working capital management. The Company's customer acceptance process includes obtaining a formal credit evaluation. Further the Company has a policy for evaluation of recoverability of receivables and recording of impairment loss which is applied at every period-end. In accordance with Ind AS 109 the Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on trade receivables which is based on the credit loss incurred in the past current conditions and forecasts of future conditions. Further the Company also performs a qualitative assessment for receivables from specific customers or sectors. The Company's disclosures are included in Note 2.2(d) and Note 7.3 to thThe financial statement which outlines the accounting policy for determining the allowance for doubtful debts and details of the period on period movement in gross and net trade receivables. We evaluated the Company's policies processes and controls relating to the monitoring of trade receivables and review of credit risks of customers. Our audit procedures included amongst others evaluating management's assessment of the credit review procedures of trade receivables obtaining trade receivable confirmations obtaining evidence of receipts from the trade receivables. We also evaluated management's estimates used for the ECL model analysis of ageing of receivables assessment of material overdue individual trade receivables including specific customer balances and sector exposure and the determination of the impairment loss provision required at the period-end.
At March 31 2019 the Company had net deferred tax assets of ? 5291 lakhs which include Minimum Alternate Tax (MAT) of ? 14598 lakhs paid in accordance with the income-tax provisions. MAT is recognized as deferred tax asset in the balance sheet based on a judgment that it is probable that the future economic benefit in the form of availability of set off against future income tax liability will be realized. Some of the Company's units are located in tax-free zone/ area from which the profit earned is not subject to income-tax and this results in the Company being subject to paying MAT. e recognition of MAT and its subsequent assessment of recoverability involves a management's judgment based on which we determined MAT to be a key audit matter. The Company's disclosures are included in Note 2.2(e) and Note 8 to thThe financial statement which outlines the accounting policy for taxes and details of the period on period movement in deferred tax assets and liabilities. We obtained an understanding of the process relating to recording of the tax assets liabilities and evaluated the design and tested the effectiveness of controls in this area relevant to our audit. We have evaluated the Company's assumptions and estimates in relation to the likelihood of generating sufficient future taxable income based on most recent budgets and plans prepared by management and approved by the audit committee principally by performing sensitivity analyses and evaluating and testing the key assumptions used to determine the amounts recognized. We performed substantive audit procedures on the recognition of deferred tax balances. We have tested the mathematical accuracy of deferred tax calculation.

Provisions and contingent liabilities including taxation related matters (asdescribed in note 28 of thThe financial statements)

The Company is contesting direct tax indirect tax and legal cases and management exercises judgment in estimating the likelihood of any liability crystalizing on the Company. The evaluation of management's judgments including those that involve estimations in assessing the likelihood that a pending claim will succeed or a liability will arise and the quantification of the potential financial settlement have been identified as key audit matter during the current year audit. Evaluation of the outcome of the direct tax indirect tax and legal cases and whether the risk of loss is more likely than not or remote requires significant judgment by management. The Company's disclosures are included in Note 2.2(n) 2.2(o) and Note 28 to thThe financial statement which outlines the accounting policy for contingent liabilities and details of pending legal and direct and indirect tax litigation disclosed as contingent liabilities. We evaluated the Company's policy processes and controls for direct tax indirect tax and legal cases. We examined regulatory correspondence to assess development in all pending cases against the Company. For tax matters we involve our tax specialists to assess management's application and interpretation of tax legislation affecting the Company and to consider the quantification of exposures and settlements arising from the disputes with the tax authorities in the various tax jurisdictions.

Information Other than thThe financial Statements and Auditor's Report ereon

The Company's Board of Directors is responsible for thThe other information. The otherinformation comprises the information included in the Annual report but does not includethe standalone Ind AS financial statements and our auditor's report thereon.

Our opinion on the standalone Ind AS financial statements does not cover thThe otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone Ind AS financial statements ourresponsibility is to read thThe other information and in doing so consider whether suchother information is materially inconsistent with thThe financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information we are required to report that fact. We have nothing to report in thisregard.

Responsibilities of Management for the Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone Ind AS financialstatements that give a true and fair view of thThe financial position financialperformance including other comprehensive income cash flows and changes in equity of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (Ind AS) specified under section 133 of the Actread with the Companies (Indian Accounting Standards) Rules 2015 as amended. isresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; andthe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone Ind AS financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

ose charged with governance are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone Ind ASfinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone Ind AS financial statements.

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

Identify and assess the risks of material misstatement of the standalone Ind ASfinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. e risk of not detecting a material misstatement resultingfrom fraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3) (i) ofthe Act we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthThe 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 auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the standalone Ind ASfinancial statements including the disclosures and whether the standalone Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone Ind AS financialstatements for thThe financial year ended March 31 2019 and are therefore the key auditmatters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure 1" a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

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 bestof 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 theCompany so far as it appears from our examination of those books;

(c) e Balance Sheet thThe statement of Profit and Loss including thThe statement ofOther Comprehensive Income the Cash Flow Statement and Statement of Changes in Equitydealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid Ind AS financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Companies (IndianAccounting Standards) Rules 2015 as amended;

(e) On the basis of the written representations received from the directors as on March31 2019 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2019 from being appointed as a director in terms of Section 164 (2) of theAct;

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company with reference to these standalone Ind AS financial statementsand the operating effectiveness of such controls refer to our separate Report in"Annexure 2" to this report;

(g) In our opinion the managerial remuneration for the year ended March 31 2019 hasbeen paid / provided by the Company to its directors in accordance with the provisions ofsection 197 read with Schedule V to the Act;

(h) With respect to thThe other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous: i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements – Refer Note 28 to thestandalone Ind AS financial statements; ii. The Company did not have any long-termcontracts including derivative contracts for which there were any material foreseeablelosses; iii. ere has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended March 312019

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm Registration Number: 101049W/E300004

per Govind Ahuja

Partner

Membership Number: 048966

Place of Signature: Mumbai Date: May 22 2019

Annexure 1 to the Independent Auditor's Report Re: Allcargo Logistics Limited(‘the Company')

Referred to in Paragraph 1 under the heading "Report on other legal and regulatoryrequirements" of our report of even date

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has a regular programme of physical verification of its fixed assets bywhich heavy equipment's and other vehicles are verified annually and all other fixedassets are verified over the period of three years which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. No materialdiscrepancies were noticed on such verification.

(c) According to the information and explanations given by the management the titledeeds of immovable properties included in fixed assets are held in the name of the Companyexcept for the freehold land parcels at Nagpur aggregating ? 746 lakhs for which titledeeds are held in the name of director as a trustee and would be transferred to Company indue course subsequent to completion of registration formalities.

(ii) e inventory has been physically verified by the management during the year. In ouropinion the frequency of verification is reasonable. No material discrepancies werenoticed on such physical verification.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under Section 189 of theCompanies Act 2013. Accordingly the provisions of clause 3(iii)(a) (b) and (c) of theOrder are not applicable to the Company and hence not commented upon.

(iv) In our opinion and according to the information and explanations given to usthere are no loans investments guarantees and securities granted in respect of whichprovisions of section 185 and 186 of the Act are applicable and hence not commented upon.

(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) To the best of our knowledge and as explained the Central Government has notspecified the maintenance of cost records under Section 148(1) of the Act for theproducts/services of the Company.

(vii) (a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employees' state insurance income-taxsales-tax service tax duty of custom value added tax goods and service tax cess andother statutory dues applicable to it. e provisions relating to duty of excise are notapplicable to the Company.

(b) According to the information and explanations given to us no undisputed dues inrespect of provident fund employees' state insurance income-tax service tax sales-taxduty of custom value added tax goods and service tax cess and other statutory dues wereoutstanding at the year end for a period of more than six months from the date theybecame payable. e provisions relating to duty of excise are not applicable to the Company.

(c) According to the records of the Company the dues outstanding of income-taxsales-tax service tax duty of custom value added tax and cess on account of anydispute are as follows:

Nature of Statue Nature of Dues Amount (? in lakhs) Period to which the amount relates Forum where dispute is pending
The finance Act 1944 Service tax 277 2007-08 to 2011-12 Ahmedabad CESTAT
The finance Act 1944 Service tax 123 2012-13 to 2013-14 Mumbai CESTAT
The finance Act 1944 Service tax 1 2008-09 Commissioner of Service tax (Appeal) Bhopal
e Custom Act 1962 Custom duty 340 2004 & 2009 CESTAT
e Maharashtra Value VAT 51 2008-09 Deputy Commissioner of Sales Tax (Appeal)
Added Tax Act 2002 Maharashtra
e Central Sales Tax Act 1956 CST 32 2008-09 Deputy Commissioner of Sales Tax (Appeal) Maharashtra
MP Entry Tax Act 1976 Entry Tax 41 2010-11 Deputy Commissioner Commercial Tax Jabalpur
e Income Tax Act 1961 Income Tax 6729 2004-05 to 2009-10 Supreme Court (refer note 28(i) of Standalone Financial Statement)
e Income Tax Act 1961 Income Tax 2789 2010-11 Income Tax Appellate Tribunal Mumbai
e Income Tax Act 1961 Income Tax 7337 2012-13 to 2015-16 Commissioner of Income Tax (Appeal)

(viii) In our opinion and according to the information and explanations given by themanagement the Company has not defaulted in repayment of dues to banks.

(ix) In our opinion and according to the information and explanations given by themanagement the Company has utilized the monies raised by way of term loans for thepurposes for which they were raised.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of thThe financial statements and according to the information and explanationsgiven by the management we report that no fraud by the Company or no material fraud onthe Company by the officers and employees of the Company has been noticed or reportedduring the year.

(xi) According to the information and explanations given by the management themanagerial remuneration has been paid / provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

(xii) In our opinion the Company is not a nidhi Company. erefore the provisions ofclause 3(xii) of the order are not applicable to the Company and hence not commented upon.

(xiii) According to the information and explanations given by the managementtransactions with the related parties are in compliance with section 177 and 188 of theAct 2013 where applicable and the details have been disclosed in the notes to thThefinancial statements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence reporting requirements under clause 3(xiv) are not applicable tothe Company and hence not commented upon.

(xv) According to the information and explanations given by the management the Companyhas not entered into any non-cash transactions with directors or persons connected withhim as referred to in section 192 of the Act.

(xvi) According to the information and explanations given to us the provisions ofsection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm Registration Number: 101049W/E300004

per Govind Ahuja

Partner

Membership Number: 048966

Place of Signature: Mumbai Date: May 22 2019

ANNEXURE 2 referred to in Paragraph 2 under the Report on Other Legal and RegulatoryRequirements of our report of even date

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of AllcargoLogistics Limited ("the Company") as of March 31 2019 in conjunction with ouraudit of the standalonThe financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India("ICAI"). ese responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence to theCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliablThe financial information as required under the Companies Act2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting with reference to these standalonThe financialstatements based on our audit. We conducted our audit in accordance with the Guidance Noteand the Standards on Auditing as specified under section 143(10) of the Companies Act2013 to the extent applicable to an audit of internal financial controls and both issuedby the ICAI. ose Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting with reference to thesestandalonThe financial statements was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls over financial reporting with reference to thesestandalonThe financial statements and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting with reference to these standalonThefinancial statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. e procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of thThe financial statements whetherdue to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the internal financial controls over financialreporting with reference to these standalonThe financial statements.

Meaning of Internal Financial Controls Over Financial Reporting With Reference tothesThe financial Statements

A company's internal financial control over financial reporting with reference to thesestandalonThe financial statements is a process designed to provide reasonable assuranceregarding the reliability of financial reporting and the preparation of financialstatements for external purposes in accordance with generally accepted accountingprinciples. A company's internal financial control over financial reporting with referenceto these standalonThe financial statements includes those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on thThe financialstatements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting WithReference to these StandalonThe financial Statements

Because of the inherent limitations of internal financial controls over financialreporting with reference to these standalonThe financial statements including thepossibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the internal financial controls over financial reporting with referenceto these standalonThe financial statements to future periods are subject to the risk thatthe internal financial control over financial reporting with reference to thesestandalonThe financial statements may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects adequate internal financialcontrols over financial reporting with reference to these standalonThe financialstatements and such internal financial controls over financial reporting with reference tothese standalonThe financial statements were operating effectively as at March 31 2019based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Noteissued by the ICAI.

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm Registration Number: 101049W/E300004

per Govind Ahuja

Partner

Membership Number: 048966

Place of Signature: Mumbai Date: May 22 2019