To the Members of THE ANDHRA SUGARS LIMITED TANUKU
Report on the Standalone Financial Statements
We have audited the accompanying financial statements of THE ANDHRA SUGARS LIMITED("the company") which comprise the Balance Sheet as at March 31 2019 theStatement of Profit and Loss (including other comprehensive income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year ended on that date and asummary of the significant accounting policies and other explanatory information (hereinafter referred to as "the financial statements").
In our opinion and to the best of our information and according to the explanationsgiven to us the accompanying financial statementsgive the information required by theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standard) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2019 the profit and total comprehensiveincome changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standard onAuditing (SAs) specified under Section 143(10) of the Act. Our responsibilities underthose standards are further described in the Auditors responsibility for the Audit ofFinancial Statements section of our report. We are independent of the company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit offinancial statements under the provisions of the Act and the rules made thereunder and wehave fulfilled our ethical responsibilitiesin accordance with these requirements and theICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the financial statements.
Key Audit Matters
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. We have determined the matters described below to be the key audit mattersto be communicated in our report.
|Key Audit Matter ||How our audit addressed the Key Audit Matter |
|1. Valuation of Investments in Unquoted Equity Shares of Andhra Pradesh Gas Power Corporation Limited (APGPCL) |
|The company is a shareholder of Andhra Pradesh Gas Power Corporation Limited. Investments in the entity are measured at fair value through income approach. ||We assessed the management's approach to valuation for these investments by performing the following procedures: |
|The fair value of investments as on 31st March 2019 is Rs.16020.79 lakhs. || Understood and evaluated the procedure followed by the management in calculation of savings in power cost. |
|The management applies significant judgements and estimations in arriving at the fair value of investments considering the factors such as units of power consumption cost of government power and savings per unit to be constant for every year and assuming the investments to be made at cost of equity. || We have obtained and tested evidence to support the management's assessment regarding the fair value of investment. |
|As per the MOU between APGPCL and its share- holders each shareholder is entitled to receive power generated in proportion to its shareholding at cost of Key Audit Matter generation plus 20% of its overheads which is sub- stantially lower than the price charged by DISCOMs. || We have reviewed various judgements and estimates considered by management in valuation of investment. |
| ||How our audit addressed the Key Audit Matter Conclusion: Based on the above procedures per- formed the management's determination of fair value of investment is reasonable as per principles of Ind |
|We have considered this as a key audit matter be- cause any changes in the above factors in the subse- quent financial years shall have a significant financial impact ||AS |
|2. Provision for differential electricity charges || |
|The company has contested a petition filed in the High Court by AP TRANSCO /DISCOMS in respect of dis- allowance of surplus power being generated and trans- mitted by APGPCL to participating industries. ||Our audit procedures to assess the electricity provi- sion included the following: |
| || Understanding and evaluating process controls designed ad implemented by the management in- cluding testing of relevant controls |
|The payments of APEPDCL monthly bills are being made as per Court/APERC orders. At the same time the bill payments made to APGPCL is treated as ad- vance. Based on the management judgement and advice of external legal consultants and considering the merits of the case the company has recognised the provi- sion in respect of the financial liability payable to APEPDCL amounting to Rs.48.33 crores and asset for an amount to be refunded by APGPCL amounting to Rs.16.67 crores net liability amounting to Rs.31.66 crores. || We have evaluated the independence and compe- tence of the management's legal expert. |
| || We have reviewed various estimates considered by management in recognising the provision for financial liability |
| || We have discussed the status and likelihood of the outcome of litigation with the legal expert en- gaged by the management |
| || Inspecting demand notices received from and evaluating the company's response to those mat- ters. |
|Given the uncertainty in recovering the refund from APGPCL and application of significant judgements in this area in terms of eventual outcomes of litigations we determined this to be a key audit matter. ||Conclusion: Based on the above procedures performed we did not identify any significant exceptions to the management's assessment on this going litigation |
3. Determination of Net Realizable Value of inventory of Sugar
|(Refer Note no. 24 to the Annual Standalone Financial ||Our procedures included the following: |
|Statements) The company has an inventory of sugar with carrying value of Rs24135.83 lakhsThe inventory of sugar is valued at lower of cost or Net realizable value. || . We understood and tested the design and operat- ing effectiveness of controls as established by the management in determination of net realizable value of inventory of sugar |
| || . We have reviewed the various factors considered by the management in determining the net realiz- able value of sugar |
|We have considered this as a key audit matter given the significant judgements involved in the consider- ation of factors such as Minimum sale price Monthly release quota mandatory export requirements fluc- tuation in selling price and related notifications issued by the government in determination of net realizable value ||Conclusion: Based on the above procedures per- formed the management's determination of the net realizable value of inventory of sugar as at the year end and comparison with cost for valuation of inven- tory is considered to be reasonable. |
Information Other than the Standalone Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report CorporateGovernance and Shareholder's Information but does not include the standalone financialstatements and our auditor's report thereon. The said reports are expected to be madeavailable to us after the date of this audit report.
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 our audit of the standalone financial statements our responsibilityis to read the other informa- tion and in doing so consider whether the otherinformation is materially inconsistent with the standalone finan- cial statements or ourknowledge obtained during the course of our audit or otherwise appears to be materiallymisstated.
When we read the given reports if we conclude that there is a material misstatementtherein we are required to communicate the matter to those charged with governance.
Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial State- ments
The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the Indian Accounting Standards(Ind AS) prescribed under Section 133 of the Companies Act 2013 read with relevant rulesissued there under and other accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the companyand for preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofstandalone Ind AS financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.
In preparing the financial statements the Board of Directors 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 unlessthe Board of Directors either intends to liquidate the company or to cease operations orhas no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company's financial reportingprocess.
Auditor's Responsibility for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalonefinancial 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 financial statements.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skep-
ticism throughout the audit. We also:
. Identify and assess the risks of material misstatement of the standalonefinancial 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. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.
. Obtain an understanding of internal financial controls relevant to the auditin order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls system in place and theoperating effectiveness of such controls.
. Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basisof accounting 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 inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.
Evaluate the overall presentation structure and content of the standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.
Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.
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 financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or 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
1) As required by the Companies (Auditor's Report) Order2016("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 A a statement on the matters specified in the paragraph3 and 4 of the Order to the extent applicable.
2) As required by Section 143(3) of the Companies Act2013 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) The Balance Sheet the Statement of Profit and Lossincluding Other ComprehensiveIncome State- ment of Changes in Equity and the Statement Cash Flowdealt with by thisReport are in agreement with the books of account.
d) In our opinion the aforesaid financial statements comply with the Indian AccountingStandards (Ind AS) prescribed under Section 133 of the Companies Act 2013 read with Rule7 of Companies (Accounts) Rules 2014.
e) On the basis of written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in terms of Section164(2) of the Act.
f) With respect to the adequacy of internal financial controls with reference to thefinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate report in "Annexure B" Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the company's internal financialcontrols with reference to the financial statements.
g) With respect to the other matters to be included in the Auditor's report underSection 197(16) In our opinion and according to the information and explanations given tous the remuneration paid by the Company to its directors during the current year is inaccordance with the provisions of Section 197 of the Act. The remuneration paid to anydirector is not in excess of the limit laid down under Section 197 of the Act. TheMinistry of Corporate Affairs has not prescribed other details under Section 197(16) whichare required to be commented upon by us.
h) With respect to the other matters to be included in the Auditor's report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements (Refer Note 31 to the Annualstandalone Financial Statements);
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and
iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Companyexcept foran amount ofRs.49220/- being credited by the banker during the year pertaining to earlieryears(Refer Note No 42 to the Annual Standalone Financial Statements) which were remittedon 15.05.2019.
| ||For M/s K.S RAO & Co. |
| ||Chartered Accountants |
| ||Firm Registration No. 003109S |
| ||K.VAMSI KRISHNA |
| ||Partner |
|Camp : Tanuku ||ICAI Membership No:238809 |
|Date : 29-05-2019 || |
ANNEXURE - A TO THE INDEPENDENT AUDITOR'S REPORT
The Annexure referred to in Paragraph 1 under the heading of "Report on otherLegal and Regulatory Require- ments" of our report of even date to the members ofTHE ANDHRA SUGARS LIMITED TANUKU for the year ended 31st March 2019. We report that:
(i). In respect of the Company's fixed assets
(a) The company has maintained proper records showing full particulars includingquantitative details and situ- ation of fixed assets.
(b) The company has a regular programme of physical verification of its fixed assetsby which all fixed assets are verified in a phased manner over a period of three years.Pursuant to such programme the company has not physically verified its fixed assetsduring the year under report. In our opinion periodicity of physical verification isreasonable having regard to the size of the company and the nature of its assets.
(c) In our opinion and according to the information and explanations furnished tousthe title deeds of immovable properties are held in the name of the company.
(ii). According to the information and explanation given to us the inventory has beenphysically verified by the management at reasonable intervals and the discrepanciesnoticed during such physical verification of inventories as compared to books have beenproperly dealt with in the books of account.
(iii). The Company has granted loan to a body corporate in the register maintainedunder section 189 of the Companies Act2013 and the outstanding balance as on 31st March2019 is Rs.400 lakhs:
a. The terms and conditions of the grant of such loan are prima facie not prejudicialto the interest of the company.
b. As per the stipulations mentioned in the loan agreement Principal is repayable on31st March 2021 and the payment is as per the terms of the agreement.
c. There is no amount of overdue on account of Principal and Interest recoverable as at31st March 2019.
(iv). In our opinion and according to the information and explanations given to us thecompany has not granted any loans guarantees and security in accordance with theprovisions of section 185 of the Companies Act 2013 except for an amount of Rs.1551836/- to its subsidiary being the advance for purchase of material.The company hascomplied with the provisions of section 186 of the Companies Act 2013 in respect of Loansand investments made by the company.
(v). In our opinion the company has complied with the provisions of section 73 to 76and other applicable provisions of the Companies Act 2013 and Companies (Acceptance ofDeposits) Rules 2014 with regard to the deposits accepted from the public. According tothe information furnished to us no Order has been passed on the company by the CompanyLaw Board or National Company Law Tribunal or Reserve Bank of India or any Court or anyother Tribunal for non-compliance with the provisions of Sections 73 to 76 of theCompanies Act 2013.
(vi). We have broadly reviewed the books of account and records maintained by thecompany at its Sugar Units Caustic Soda Division Caustic Potash Division Sulphuric AcidDivisions Superphosphate Division and Rectified Spirit of Distillery Division pursuant tothe Rules made by the Central Government for the maintenance of Cost Records under section148 (1) of the Companies Act 2013 and are of the opinion that prima facie the prescribedaccounts and records have been made and maintained.
(vii).(a) According to the information and explanations given to us and on the basis ofour examination of the records of the company in our opinion the company is regular indepositing with the appropriate authorities the undisputed statutory dues includingProvident Fund Employees' State Insurance Income Tax Goods and Service Tax CustomsDuty Cess and other material statutory dues applicable to it with appropriateauthorities.
According to the information and explanations given to us no undisputed amountspayable in respect of Provident fund Income Tax Goods and Services Tax Customs DutyCess and other material statutory duesapplicable to it and no undisputed statutory dueswere outstandingas at the date of Balance Sheet under report for a period of more thansix months from the date they became payable.
|Sl. No. Name of the Statute ||Period ||Amount (Rs. In lakhs) ||Remarks |
|1. Andhra Pradesh State Excise Act ||Upto August 1976 ||3.58 (Establishment Charges) ||Pending receipt of demand by the company |
|2. Andhra Pradesh State Excise Act ||August 1976 to March 2015 ||18.31 (Interest on above) ||Pending receipt of demand by the company |
(b) According to the information and explanations given to us there were no amountspayable in respect of Provident Fund Employees' State Insurance Income Tax Goods andService Tax Customs Duty Cess and other material dues in arrears as at 31st March2019that have been disputed by the company and hence were not remitted to the concernedauthorities at the date of the balance sheet under report except
|Sl. No. Nature of dues ||Name of the statute ||Period ||Amount (Rs. In lakhs) ||Forum where the dispute is pending |
|1 Water (Prevention and control of Pollution) Cess Act 1977 ||Cess ||01-04-78 to 1990-91 ||0.50 ||Appellate Committee of the Govt. of A.P. |
|2 Sales Tax laws in different States ||Sales Tax ||2002-03 to 2011-12 ||106.65 ||Different appellate Authorities |
|3 Income Tax Act 1961 ||Income Tax ||2007-08 to 2008-09 ||8.73 ||Commissioner of Income Tax Appeals |
|4 Central Excise Act 1944 ||Excise Duty ||2004-05 to 2011-12 ||811.93 ||Different departmental appellate authorities |
|5 Service Tax Law ||Service Tax ||2009-10 to 2011-12 ||173.75 ||Commissioner of Service Tax |
(viii). According to the records of the company examined by us and the information andexplanations given to us there were no defaults in repayment of loans or borrowings tobanks and Government during the year under report.
(ix). The company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) except term loans from banks during the yearunder report and the same were applied for the purposes for which those were raised.
(x). During the course of our examination of the books of and records of the companycarried out in accordance with the Generally Accepted Auditing Practices in India andaccording to the information and explanations given to us we have neither come across anyinstances of material fraud by the company or any fraud on the company by its officers oremployees noticed or reported during the year nor have we been informed of any such caseby the management.
(xi). According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Companies Act.
(xii). The company is not a Nidhi company. Accordingly the requirement of clause3(xii) of the Order is not applicable to the company during the year under report.
(xiii). According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the standalone Ind AS financial statements as requiredby the applicable accounting standards.
(xiv).According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.
(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him under the provisions of Section192 of Companies Act 2013. Therefore the provisions of clause 3(xv) of the Order are notapplicable.
(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.
| ||For M/s K.S RAO & Co. |
| ||Chartered Accountants |
| ||Firm Registration No. 003109S |
| ||K.VAMSI KRISHNA |
| ||Partner |
|Camp : Tanuku ||ICAI Membership No:238809 |
|Date : 29-05-2019 || |
Annexure - B to the Independent Auditors' Report
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 with reference to the financialstatements of The Andhra Sugars Limited ("the Company") as of 31 March 2019 inconjunction with our audit of the standalone Ind AS financial statements of the Companyfor the year ended on that date.
Management's Responsibility for Internal Financial Controls
The Board of Directors of the company is responsible for establishing and maintaininginternal financial controls based on the internal financial controls with reference to thefinancial statements criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal financialcontrols with reference to the financial statements issued by the Institute of CharteredAccountants of India ('ICAI'). These responsibilities include the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the orderly and efficient conduct of its business including adherence tocompany'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 reliable financial information as required under the Companies Act 2013.
Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to the financial statements based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal financial controls withreference to the financial statements (the "Guidance Note") and the Standards onAuditing issued by ICAI and deemed to be prescribed under section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both issued by theInstitute of Chartered Accountants of India. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls with reference tothe financial statements was established and maintained and if such controls operatedeffectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls with reference to the financialstatements included obtaining an understanding of internal financial controls withreference to the financial statements assessing the risk that a material weakness existsand testing and evaluating the design and operating effectiveness of internal controlbased on the assessed risk. The procedures selected depend on the auditor's judgmentincluding the assessment of the risks of material misstatement of the financialstatements whether due 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 Company's internal financial controls systemover financial reporting.
Meaning of Internal Financial Controls with reference to Financial Statements
A company's internal financial control over financial reporting is a process designedto provide reasonable assur-
ance regarding the reliability of financial reporting and the preparation of financialstatements for external pur- poses in accordance with generally accepted accountingprinciples. A company's internal financial control over financial reporting includes thosepolicies and procedures that
(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.
Inherent Limitations of Internal Financial Controls with reference to FinancialStatements
Because of the inherent limitations of internal financial controls with reference tothe financial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to the financial statements to future periods are subject to the risk that theinternal financial control over financial reporting may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.
In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlswith reference to the financial statements were operating effectively as at 31 March 2019based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal financial controls with reference to the financial statements issued bythe Institute of Chartered Accountants of India.
| ||For M/s K.S RAO & Co. |
| ||Chartered Accountants |
| ||Firm Registration No. 003109S |
| ||K. VAMSI KRISHNA |
| ||Partner |
| ||ICAI Membership No.238809 |
|Camp : Tanuku || |
|Date: 29-05-2019 || |