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Amber Enterprises India Ltd.

BSE: 540902 Sector: Engineering
NSE: AMBER ISIN Code: INE371P01015
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OPEN 2297.95
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VOLUME 8286
52-Week high 4023.65
52-Week low 2029.80
P/E 163.64
Mkt Cap.(Rs cr) 7,873
Buy Price 0.00
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Sell Price 0.00
Sell Qty 0.00
OPEN 2297.95
CLOSE 2247.95
VOLUME 8286
52-Week high 4023.65
52-Week low 2029.80
P/E 163.64
Mkt Cap.(Rs cr) 7,873
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Amber Enterprises India Ltd. (AMBER) - Auditors Report

Company auditors report

to the Members of Amber Enterprises India limited

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

Opinion

1. We have audited the accompanying standalone financial statements of AmberEnterprises India Limited (‘the Company') which comprise the Balance Sheet as at 31March 2021 the Statement of Profit and Loss (including Other Comprehensive Income) theCash Flow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant information.

2. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 (‘Act') in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India includingIndian Accounting Standards (‘Ind AS') specified under section 133 of the Act of thestate of affairs of the Company as at 31 March 2021 and its profit (including othercomprehensive income) its cash flows and the changes in equity for the year ended on thatdate.

Basis for Opinion

3. We conducted our audit in accordance with the

Standards on Auditing specified under section 143(10) of the Act. Our responsibilitiesunder those standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (‘ICAI') together with the ethical requirements that are relevant to our auditof the financial statements under the provisions of the Act and the rules thereunder andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion.

Emphasis of Matter – COVID-19

4. We draw attention to Note 53(ii)(D) to the accompanying standalone financialstatements which describes the effects of uncertainties relating to the outbreak of

COVID - 19 pandemic and management's evaluation of the impact on the Company'soperations and the accompanying financial statements of the Company as at the balancesheet date the extent of which is significantly dependent on future developments.

Our opinion is not modified in respect of this matter.

key Audit Matters

5. Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

6. We have determined the matters described below to be the key audit matters to becommunicated in our report.

key audit matter How our audit addressed the key audit matter
Impairment assessment of investments in subsidiary companies Our audit procedures included but were not limited to the following:
As described in Note 2 and 9 to the standalone financial statements as at 31 March 2021 the Company has investments aggregating Rs 34015.87 lakhs in its subsidiary companies. a) We obtained an understanding of the management process for identification of possible impairment indicators and process performed by the management for impairment tests;
In view of the above the management of the Company during the year ended 31 March 2021 has carried out an impairment test for such investments whereby the carrying amount of the investments were compared with their fair values for which the management has prepared detailed cash flow projections based on business plans of the subsidiary companies expected growth rates in the business and other market related factors including the discount rates etc. b) We understood evaluated and tested the controls around management's assessment of the impairment indicators and the impairment tests performed;
c) We reconciled the cash flow projections to the business plans approved by the Company's Board of Directors;
d) We challenged the management on the underlying assumptions used for the cash flow projections including the expected growth rates considering evidence available to support these assumptions and our understanding of the business;
While the above impairment test resulted in an impairment provision to the extent of the net carrying value of the investment in Appserve Appliance Private Limited aggregating Rs 170 Lakh had already been recognised in the previous years. e) We assessed the reasonableness of the assumptions used and appropriateness of the valuation methodology applied. Tested the discount rates and long-term growth rates used in the forecast vis-a-vis industry forecasts and the recent changes in economic environment where deemed appropriate;
Considering the materiality of the amounts involved significant degree of judgement and subjectivity involved in the estimates and key assumptions used in determining the cash flows used in the impairment evaluation we have determined impairment of such non-current investments as a key audit matter. f) We involved auditor's experts to assess the appropriateness of the valuation model used by the management and the assumptions used relating to discount rates risk premium industry growth rates etc. to assess their reasonability;
g) We evaluated the sensitivity analysis performed by management in respect of the key assumptions such as discount and growth rates to ensure that there was sufficient headroom with respect to the estimation uncertainty impact of such assumptions on the calculation;
h) We assessed the appropriateness and adequacy of the disclosures made by the management for the impairment losses recognised in accordance with applicable Indian Accounting Standards.
key audit matter How our audit addressed the key audit matter
Product development - Intangible assets Our audit work included but was not restricted to performing the following procedures:
As disclosed in note 2 7 and 8 to the standalone financial statements the Company develops various product models and performs trial runs for enhancing their performance and increasing their efficiency. The Company has a research and development department which oversees such development process and conducts trial runs. The Company has capitalised Rs 2709.19 lakh during the year ended 31 March 2021 under intangible assets and intangible assets under development which comprises of raw material cost (net of scrap sales) and certain attributable overheads. The Company capitalises the product models when they are ready for sale in the active market. a) We obtained an understanding of management's process for assessing costs forming part of research and development activities and whether such costs meet recognition criteria in terms with Indian Accounting Standard 38 Intangible Assets;
b) We assessed the design and implementation of controls in respect of expenses incurred for trial runs in addition to testing the effectiveness of key controls operating across the business;
c) We obtained a schedule of all the costs capitalised by the company and on test-check basis verified that the cost of only those raw materials that have been used for the purpose of development activities and trial runs were capitalised as applicable;
d) We also assessed the reasonableness of overheads allocated along with consumption of raw material;
Such developmental activities represent a significant uses judgement to determine classification of expenditure into research and development phase wherein as per the applicable accounting guidance expenditure incurred on research activities is required to be recognised in the statement of profit and loss and development costs may be developed products corroborated management's assertions capitalised subject to specific conditions. Such assessment includes assessing whether the product being developed is commercially feasible whether the Company has adequate technical financial and other required resources to complete the development and whether the costs will be fully recovered through future sale of the product. e) We further evaluated the commercial viability of the product by considering other information obtained during the audit including products being developed in previous years the stage of related sales prospects and where appropriate the level of sales generated to determine whether the status and performance of over the technical feasibility and the ability to generate ‘probable' future economic benefits;
Considering the materiality of the amounts significant judgement involved in determining the appropriate quantum of development expenses to be capitalised including those incurred on trial runs this matter has been considered as a key audit matter for the current year audit. f) We also ensured that the carrying value of these intangible assets under development will be fully recovered by the Company and there are no impairment indicators for these assets. For this assessment we obtained the product assessment which are being currently developed by the Company and discussed the same with the management including research and development personnel. Also we reviewed the product assessment in reference to developed products which were capitalised in the earlier years and being currently sold by the Company;
g) We have evaluated the adequacy of disclosures made by the Company in the financial statements in view of the as specified in the Indian Accounting Standards.

Information other than the Financial Statements and Auditor's Report thereon

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

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon. In connection with ouraudit of the standalone financial statements our responsibility is to read the otherinformation and in doing so consider whether the other information is materiallyinconsistent with the standalone financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated.

The Annual Report is not made available to us at the date of this auditor's report. Wehave nothing to report in this regard.

Responsibilities of Management and those Charged with Governance for the StandaloneFinancial Statements

8. The accompanying standalone financial statements have been approved by the Company'sBoard of Directors. The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these standalone financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including the IndAS specified under section 133 of the Act. This responsibility also includes maintenanceof adequate accounting records in accordance with the provisions of the Act forsafeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

9. In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

10. Those Board of Directors is also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

11. Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance withStandards on Auditing will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

12. As part of an audit in accordance with Standards on Auditing we exerciseprofessional judgment and maintain professional skepticism throughout the audit.

We also:

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional 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) of theAct we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such 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 Company's ability tocontinue as a going concern.

If we conclude that a material uncertainty exists we are required to draw attention inour auditor's report to the related disclosures in the financial statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor's report. However future events orconditions may cause the Company to cease to continue as a going concern;

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation; 13. We communicatewith those charged with governance regarding among other matters the planned scope andtiming of the audit and significant including any significant that we identify during ouraudit.

14. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

15. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the financial statements ofthe current period and are therefore the key audit matters. We describe these matters inour auditor's report unless law or regulation precludes public disclosure about the matteror when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other legal and Regulatory Requirements

16. As required by section 197(16) of the Act based on our audit we report that theCompany has paid remuneration to its directors during the year in accordance with theprovisions of and limits laid down under section 197 read with Schedule V to the Act.

17. As required by the Companies (Auditor's Report) Order 2016 (‘the Order')issued by the Central Government of India in terms of section 143(11) of the Act we givein the Annexure I a statement on the matters specified paragraphs 3 and 4 of the Order.

18. Further to our comments in Annexure I as required by section 143(3) of the Actbased on our audit we report to the extent applicable that: a) we have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit of the accompanying standalonefinancial statements; b) in our opinion proper books of accounts as required by law havebeen kept by the Company so far as it appears from our examination of those books; c) thestandalone financial statements dealt with by this report are in agreement with the booksof accounts; d) in our opinion the aforesaid standalone financial statements comply withInd AS specified under section 133 of the Act; e) on the basis of the writtenrepresentations received from the directors and taken on record by the Board of Directorsnone of the directors is disqualified as on 31 March appointed as a director in terms ofsection 164(2) of the Act; f) we have also audited the internal financial controls withreference to standalone financial statements of the Company as on 31 March 2021 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date and our report dated 22 May 2021 as per Annexure II expressedunmodified opinion; and g) with respect to the other matters to be included in theAuditor's Report in accordance with rule 11 of the Companies (Audit and Auditors) Rules2014 (as amended) in our opinion and to the best of our information and according to theexplanations given to us: i. the Company as detailed in note 45 to the standalonefinancial statements has disclosed the impact of pending litigations on its financialposition as at 31 March 2021; ii. the Company did not have any long-term contractsincluding derivative contracts for which there were any material foreseeable losses as at31 March 2021; and iii. there were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company during the year ended 31 March 2021.

For Walker Chandiok & Co llP
Chartered Accountants
Firm's Registration No.: 001076N/N500013
per Sandeep Mehta
Partner
Place: Chandigarh Membership No.: 099410
Date: 22 May 2021 UDIN: 21099410AAAACK6242

ANNEXURE I

Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit and to the best of our knowledge and beliefwe report that: (i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets. (b) The Companyhas a regular program of physical which fixed verification assets are verified of threeyears which in our opinion is reasonable having regard to the size of the Company andthe nature of its assets. In accordance with this programcertainfixedassetswereverifiedduring the year and no material discrepancies were .noticedonsuchverification

(c) The title deeds of all the immovable properties (which are included under the head‘Property plant and equipment') are held in the name of the

Company.

(ii) In our opinion the management has conducted physical during verification theyear except for goods-in-transit and no material discrepancies between physical inventoryand book . records were noticed on physical verification

(iii) The Company has granted an unsecured loan to a company covered in the registermaintained under Section 189 of the Act; and with respect to the same: (a) in our opinionthe terms and conditions of grant of such loans are not prima facie prejudicial to thecompany's interest.

(b) the schedule of repayment of principal and payment of interest has been stipulatedand the receipts of the principal amount and the interest are regular;

(c) there is no overdue amount in respect of the loan granted to such company.

(iv) In our opinion the Company has complied with the provisions of Sections 185 and186 of the Act in respect of loans investments guarantees and security.

(v) In our opinion the Company has not accepted any deposits within the meaning ofSections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules 2014 (asamended). Accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) We have broadly reviewed the books of accounts in a phased manner over a periodmaintained by the Company pursuant to the Rules made by the Central Government for themaintenance of cost records under sub-section (1) of Section 148 of the Act in respect ofCompany's products/services and are of the opinion that prima facie the prescribedaccounts and records have been made and maintained.

However we have not made a detailed examination of the cost records with a view todetermine whether they are accurate or complete.

(vii) (a) Undisputed statutory dues including provident fund employees' stateinsurance income-tax sales-tax service tax duty of customs duty of excise valueadded tax goods and service tax cess and other material statutory dues as applicablehave generally been regularly deposited to the appropriate authorities though there hasbeen a slight delay in a few cases. Further no undisputed amounts payable in respectthereof were outstanding at the year-end for a period of more than six months from thedate they became payable.

(b) The dues outstanding in respect of income-tax sales-tax goods and service taxOctroi duty of excise and value added tax on account of any dispute are as follows:

Statement of Disputed Dues

Name of the statute Nature of dues Amount Rs ( in lakh) Amount paid under Protest (Rs in lakh) Period to which the amount relates Forum where dispute is pending Remarks if any
Income-Tax Act 1961 Income Tax 37.81 Nil AY 2010-11 AY 2011-12 AY 2012-13 Income Tax Appellate Tribunal Chandigarh
Punjab Municipal Act 1911 Octroi 15.58 Nil FY 2006-07 Hon'ble High Court of Punjab and Haryana.
Central Excise Act 1944 Excise duty 24.39 2.79 FY 2013-14 FY 2014-15 Assistant Commissioner Central Excise Noida
Name of the statute Nature of dues Amount (Rs in lakh) Amount paid under Protest (Rs in lakh) Period to which the amount relates Forum where dispute is pending Remarks if any
UP VAT Act 2008 Sales Tax 11.29 Nil FY 2008-09 Additional Commissioner (Appeal) Noida.
Goods and Service Tax Act 2017 Goods and Service Tax 30.63 30.63 FY 2019-20 Joint Commissioner (Appeal) Dehradun Joint Commissioner (Appeal) Agra
Himachal Value Added tax Act 1968 Sales Tax 15.04 2.00 FY 2009-10 Additional Commissioner (Appeal)
Uttarakhand Value Sales Tax 15.39 3.35 FY 2011-12 Joint Commissioner
Added Tax Act 2005 FY 2014-15 (Appeal) Dehradun
Central Sales Tax Act Sales Tax 68.49 0.25 FY 2015-16 Joint commissioner
1956 & Maharashtra Value Added Tax Act 2002 FY 2016-17 Appeal of State Tax & Deputy Commissioner of Sales Tax

(viii) The Company has not defaulted in repayment of loans or borrowings to any bank orfinancial institution during the year. The Company did not have any outstanding loan orborrowings to government and debentures during the year.

(ix) The Company did not raise moneys by way of initial public offer or further publicoffer (including debt instruments). In our opinion the term loans were applied for thepurposes for which the loans were obtained though idle/surplus funds which were notrequired for immediate utilization have been invested in liquid investments payable ondemand. (x) No fraud by the Company or on the company by its officers or employees hasbeen noticed or reported during the period covered by our audit.

(xi) Managerial remuneration has been paid and provided by the Company in accordancewith the requisite approvals mandated by the provisions of Section 197 of the Act readwith Schedule V to the Act.

(xii) In our opinion the Company is not a Nidhi Company. Accordingly provisions ofclause 3(xii) of the Order are not applicable.

(xiii) In our opinion all transactions with the related parties are in compliance withSections 177 and 188 of Act where applicable and the requisite details have beendisclosed in the financial statements etc. as required by the applicable Ind AS.

(xiv) During the year the Company has made private placement of shares. In respect ofthe same in our opinion the Company has complied with the requirement of Section 42 ofthe Act and the Rules framed thereunder. Further in our opinion the amounts so raisedhave been used for the purposes for which the funds were raised.

(xv) In our opinion the Company has not entered into any non-cash transactions withthe directors or persons connected with them covered under Section 192 of the Act.

(xvi) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For Walker Chandiok & Co llP
Chartered Accountants
Firm's Registration No.: 001076N/N500013
per Sandeep Mehta
Partner
Place: Chandigarh Membership No.: 099410
Date: 22 May 2021 UDIN: 21099410AAAACK6242

ANNEXURE II

Independent Auditor's Report on the internal financial controls with reference to thestandalone financial statements under

Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 (‘the Act')

1. In conjunction with our audit of the standalone financial statements of AmberEnterprises India Limited (‘the Company') as at and for the year ended 31 March 2021we have audited the internal financial controls with reference to the standalone financialstatements of the Company as at that date.

Responsibilities of Management and those Charged with Governance for Internal FinancialControls

2. The Company's Board of Directors is responsible for establishing and maintaininginternal financial controls based on the internal financial controls over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting (‘the Guidance Note') issued by the Institute of CharteredAccountants of India (‘ICAI'). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of the Company's businessincluding adherence to the Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor's Responsibility for the Audit of the Internal Financial Controls withReference to Financial Statements

3. Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to the standalone financial statements based on our audit. Weconducted our audit in accordance with the

Standards on Auditing issued by the ICAI prescribed under Section 143(10) of the Actto the extent applicable to an audit of internal financial controls with reference tofinancial statements and the Guidance Note issued by the ICAI. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlswith reference to financial statements were established and maintained and if suchcontrols operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls with reference to financial statements and theiroperating effectiveness. Our audit of internal financial controls with reference tofinancial statements includes obtaining an understanding of such internal financialcontrols assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls withreference to the standalone financial statements.

Meaning of Internal Financial Controls with Reference to Financial Statements

6. A company's internal financial controls with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial controlswith reference to financial statements include 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 ofthe standalone financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and (3) providereasonable assurance regarding prevention or timely detection of unauthorised acquisitionuse or disposition of the company's assets that could have a material effect on thestandalone financial statements.

Inherent limitations of Internal Financial Controls with Reference to the StandaloneFinancial Statements

7. Because of the inherent limitations of internal financial controls with reference tothe standalone financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to financial statements to future periods are subject to the riskthat the internal financial controls with reference to financial statements may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects adequate internalfinancial controls over financial reporting and such controls were operating effectivelyas at 31 March 2021 based on the internal financial controls over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note issued by the ICAI.

For Walker Chandiok & Co llP
Chartered Accountants
Firm's Registration No.: 001076N/N500013
per Sandeep Mehta
Partner
Place: Chandigarh Membership No.: 099410
Date: 22 May 2021 UDIN: 21099410AAAACK6242

.