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Bayer CropScience Ltd.

BSE: 506285 Sector: Agri and agri inputs
NSE: BAYERCROP ISIN Code: INE462A01022
BSE 00:00 | 01 Jul 5070.50 82.35
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4988.70

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5130.00

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NSE 00:00 | 01 Jul 5075.65
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OPEN 4988.70
PREVIOUS CLOSE 4988.15
VOLUME 529
52-Week high 6127.45
52-Week low 4101.20
P/E 37.93
Mkt Cap.(Rs cr) 22,787
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4988.70
CLOSE 4988.15
VOLUME 529
52-Week high 6127.45
52-Week low 4101.20
P/E 37.93
Mkt Cap.(Rs cr) 22,787
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bayer CropScience Ltd. (BAYERCROP) - Auditors Report

Company auditors report

To The Members of Bayer CropScience Limited Report on the Audit of the FinancialStatements

Opinion

We have audited the accompanying financial statements of Bayer CropScience Limited("the Company") which comprise the Balance Sheet as at March 31 2021 and theStatement of Profit and

Loss (including Other Comprehensive Income) the Statement of Cash Flows and theStatement of Changes in Equity for the year then ended and a summary of significantaccounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give 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 Standards) 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 2021 and its profit total comprehensiveincome its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under section 143(10) of the Act (SAs).

Our responsibilities under those Standards are further described in the Auditor'sResponsibility for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India (ICAI) together with the ethical requirements that arerelevant to our audit of the financial statements under the provisions of the

Act and the Rules made thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics. Webelieve that the audit evidence obtained by us is sufficient and appropriate to provide abasis 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 financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined the matters described below to be the key audit matters to be communicatedin our report.

Sr. Key Audit Matter Auditor's Response
1 Revenue Recognition – Rebates/ Discounts and Returns. Principal audit procedures performed:
A description of key accounting policies for revenue recognition rebates / discounts and returns is disclosed in Note 1(d) Significant accounting policies of the financial statements. We obtained an understanding of the policies applied to estimate rebates/discount/returns and Company's process for making estimates in these areas and performed the following procedures:
Management is required to make certain judgements in respect of revenue recognition and level of expected rebates/ discounts and returns which are deducted in arriving at revenue. These estimates are material to the financial statement and require significant judgement. We tested the design and operating effectiveness of key controls related to rebates/ discounts and returns. We obtained an understanding of key contractual arrangements with customers for rebates/ discounts and returns.
To determine these estimates Management is required to consider historical experience specific contractual terms and future expectation of revenue. Management judgement is also significantly impacted by volatility in the market weather conditions and action of third parties. We considered the reasonableness of management's estimates in previous years by comparing historical accrued liabilities to the actual settlements.
Hence the estimation of refund liabilities is complex subjective and susceptible to material misstatement if judgement is inaccurate. We assessed the accuracy of the refund liabilities by recalculating the amount based on historical actual returns adjusted for volatility in the market and weather condition.
The Management has determined refund liabilities of Rs 2687 million as at March 31 2021 (refer note 22 of the financial statement). We considered the adequacy of the Company's revenue recognition accounting policies including the recognition and measurement of deductions to gross sales relating to rebates/ discounts and returns and related disclosures.
2 Litigation related to Direct tax matters. Principal audit procedures performed:
The Company has significant outstanding contingent liabilities arising from litigation related to direct tax matters amounting to Rs 1963 million as at March 31 2021 (Refer note 35 to the financial statement). During the year the Company had filed an application under The Direct Tax Vivad Se Vishwas Act 2020 (VSV Act) and related rules in respect of certain past years with a view to give certainty and effectively close long pending disputes and litigations under the Income Tax Act 1961. We evaluated the design and tested the operating effectiveness of internal controls related to the Management's assessment of the likely outcome of income tax litigation.
We discussed significant open matters with the Company's direct tax team.
Consequent to tax authority's order under VSV Act tax expense of Rs 1272 million (net) was recognised in current year which resulted in reduction of related contingent liability of Rs 5381 million. We involved our internal tax experts to understand and evaluate the status of litigations for direct tax matters and impact of the order under VSV Act review legal precedents and external expert opinions obtained by the management to evaluate whether the direct tax position is appropriate after taking into account recent developments if any.
Management applies significant judgment in estimating the likelihood of the future outcome in each case based on its own past assessments judicial precedents and opinions of experts/ legal counsels when considering whether and how much to provide or in determining the required disclosure for the potential exposure. We verified the appropriateness of the accounting for and disclosure of the impact of the order under VSV Act.
Due to inherent complexity and magnitude of the potential exposures these matters are susceptible to material misstatement if evaluation is inappropriate. We verified the appropriateness of the accounting policies and disclosures related to Contingent liabilities pertaining to Direct Tax matters.

Information Other than the Financial Statements and Auditor's Report Thereon

n The Company's Board of Directors is responsible for the other information.The other information comprises the information included in the Director's ReportCorporate Governance Report and Management Discussion & Analysis Report but does notinclude the financial statements and our auditor's report thereon. n Our opinion onthe financial statements does not cover the other information and we do not express anyform of assurance/ conclusion thereon. n In connection with our audit of thefinancial statements our responsibility is to read the other information and in doingso consider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained during the course of our audit or otherwise appearsto be materially misstated. n If based on the work we have performed weconclude that there is a material misstatement of this other information we are requiredto report that fact. We have nothing to report in this regard.

Management's Responsibility for the 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 financial statements that givea true and fair view of the financial position financial performance including othercomprehensive income cash flows and changes in equity of the

Company in accordance with the Ind AS and other accounting principles generallyaccepted in India. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting 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 ofthe financial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

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.

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

Auditor's Responsibility for the Audit of the Financial Statements

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 with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also: n Identify andassess the risks of material misstatement of the financial statements whether due tofraud or error design and perform audit procedures responsive to those risks and obtainaudit evidence that is sufficient and appropriate to provide a basis for our opinion. Therisk of not detecting a material misstatement resulting from fraud is higher than for oneresulting from error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal control. n Obtain anunderstanding of internal financial control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances. Under section 143(3)(i) of the

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.

n Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by the management.

n 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's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.

n Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually 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.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit 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 ouropinion proper books of account as required by law have been kept by the Company so faras it appears from our examination of those books. c) The Balance Sheet the Statement ofProfit and Loss including Other Comprehensive Income the Statement of Cash Flows andStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account. d) In our opinion the aforesaid financial statements comply with the Ind ASspecified under Section 133 of the Act. e) On the basis of the written representationsreceived from the directors as on March 31 2021 taken on record by the Board ofDirectors none of the directors is disqualified as on

March 31 2021 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 and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the

Company's internal financial controls over financial reporting. g) With respect to theother matters to be included in the Auditor's Report in accordance with the requirementsof section 197(16) of the Act as amended

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.

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 as amended in our opinion and to the best of our information andaccording to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements Refer Note 35

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There has been no delay in transferring amounts and shares required to betransferred to the Investor Education and Protection Fund by the Company except theamount pertaining to Unpaid dividend of Rs 5 million and the related equity shares whichhas not been transferred. Based on the information and records available with the Companyall these relate to disputed shareholder matters of Monsanto India Limited the erstwhileamalgamating Company.

2. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central

Government in terms of Section 143(11) of the Act we give in "Annexure B" astatement on the matters specified in paragraphs 3 and 4 of the Order.

For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm's Registration No.117366W/W-100018)
Sampada S Narvankar
Partner
Place: Mumbai (Membership No. 102911)
Date: May 25 2021 UDIN: 21102911AAAABK5820

Report on Internal Financial Controls Over Financial Reporting

Annexure "A" To The Independent Auditor's Report

(Referred to in paragraph 1 (f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of BayerCropScience Limited ("the Company") as of March 31 2021 in conjunction withour audit of the Ind AS financial statements of the

Company for the year ended on that date.

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 Reportingissued by the Institute of Chartered Accountants of India". These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to 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 Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the

Company's internal financial controls over financial reporting of the Company based onour audit. We conducted our audit in accordance with the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting (the "Guidance Note")issued by the Institute of Chartered Accountants of India and the Standards on Auditingprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls. 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 over financialreporting was established and maintained and if such controls operated effectively in allmaterial 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 over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements 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 Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls overfinancialreporting including the possibility of collusion or improper management overrideof controls material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2021 based on the criteria forinternal financial control over financial reporting established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm's Registration No.117366W/W-100018)
Sampada S Narvankar
Partner
Place: Mumbai (Membership No. 102911)
Date: May 25 2021 UDIN: 21102911AAAABK5820

Annexure "B" To The Independent Auditor's Report

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our Report of even date on financial statements of BayerCropScience Limited for the year ended March 31 2021) i. In respect of its fixed assets:a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. b) The Company has a program ofverification of fixed assets to cover all the items in a phased manner over a period ofthree years which in our opinion is reasonable having regard to the size of the Companyand the nature of its assets. Pursuant to the program certain fixed assets werephysically verified by the

Management during the year. According to the information and explanations given to usno material discrepancies were noticed on such verification.

c) According to the information and explanations given to us and the records examinedby us and based on the examination of the registered sale deed / transfer deed /conveyance deed provided to us we report that the title deeds comprising all theimmovable properties of land and buildings which are freehold are held in the name of theCompany as at the balance sheet date except as stated below:

Particulars No of Assets As at March 31 2021 Remarks
Gross Block ( Rs in million) Net Block Rs ( in million)
Freehold Land 13 122 122 The title deeds are in the name of Monsanto India Limited erstwhile company that was merged with the Company under section 230 to 232 of the Companies Act 2013 in terms of the approval of the National Company Law tribunal

In respect of immovable properties of land and buildings that have been taken on leaseand disclosed as

Right of Use asset in the financial statements the lease agreements are in the name ofthe Company where the Company is the lessee in the agreement except as stated below:

Particulars No of Assets

As at March 31 2021

Remarks
Gross Block ( Rs in million) Net Block Rs ( in million)
Leasehold Land 20 10 5 The title deeds are in the name of Monsanto India Limited erstwhile company that was merged with the Company under section 230 to 232 of the Companies Act 2013 in terms of the approval of the National Company Law tribunal
Leasehold Buildings 17 9 -

ii. The physical verification of inventory [excluding goods in transit and stocks withthird parties] have been conducted at reasonable intervals by the Management during theyear. In respect of inventory lying with third parties this has been substantiallyconfirmed by them during the year.

The discrepancies noticed on physical verification of inventory as compared to bookrecords were not material.

iii. The Company has not granted any loans secured or unsecured to companies firmslimited liability Partnerships or other parties covered in the register maintained undersection 189 of the Act. Therefore the provisions of Clause 3(iii) (iii) (a) (iii) (b)and (iii) (c) of the said Order are not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 186 of the Act in respect of makinginvestments. The Company has not granted any loans or provided guarantees and securities.

v. According to the information and explanations given to us the Company has notaccepted any deposit during the year and hence reporting under clause (v) of the saidOrder is not applicable.

vi. The maintenance of cost records has been specifiedby the Central Government undersection 148(1) of the Act. We have broadly reviewed the cost records maintained by theCompany pursuant to the Companies (Cost Records and

Audit) Rules 2014 as amended prescribed by the Central Government under sub-section(1) of Section 148 of the Act and are of the opinion that prima facie the prescribedcost records have been made and maintained. We have however not made a detailedexamination of the cost records with a view to determine whether they are accurate orcomplete.

vii. According to the information and explanations given to us in respect of statutorydues:

a) The Company is generally regular in depositing undisputed statutory dues in respectof Tax Deducted at Source Professional tax Labour Welfare Fund though there have beenslight delays in few cases and is regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income-tax Customs Duty Goods andService tax cess and other material statutory dues applicable to it to the appropriateauthorities.

b) There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income-tax Tax Deducted at Source Professional Tax Labour WelfareFund Customs Duty Goods and Service tax cess and other material statutory dues inarrears as at March 31 2021 for a period of more than six months from the date theybecame payable.

c) Details of dues of Income-tax Sales Tax Service Tax Excise Duty Entry TaxCustoms Duty Value Added Tax and Goods and Service tax which have not been deposited ason March 31 2021 on account of disputes are given below:

Name of Statute Nature of Dues Forum where Dispute is Pending Period to which the Amount Relates Amount (Rs In Million)
Income Tax Act 19611 Income Tax Dues Appellate Authority up to Appellate Tribunal level Assessment Years 937
2003-04 2007-08
2009-10 2012-13
2014-15 and 2018-19
Supreme Court Assessment Years 256
1999-2000 and 2001-02
The Central Sales Tax Act 1956 and Local Sales Tax Acts2 Sales Tax and Value Added Tax liability Appellate Authority up to Commissioner's level Financial Years 388
1977-1978 1979-1980 to 1981-1982 1983-1984 to 1984-1985 1998-1999 to 2016-2017
Sales Tax Financial Years 3
Appellate Tribunal 1989-1990 to 1990-1991 1995-1996 to 1996-1997 2009-2010
Central Excise Act 1944 Excise Duty liability Supreme Court Financial Years 10
2000-2001 to 2002-2003
Appellate Authority upto Financial Year 2019-20 5
Commissioner level
The Finance Act 1994 Service Tax Liability Custom Excise and Service Tax Financial Years 2005-06 2006-07 2009-10 to 2017-18 271
Appellate Tribunal
The Custom Act 1962 Custom Duty Appellate Authority up to Commissioner's level Financial Year 2002-03 8
The Entry Tax Act1976 Entry Tax Appellate Authority up to Commissioner's level Financial Year 2015-16 1
The Central Goods and Service Tax Act 20173 Goods and Service Tax Appellate Authority up to Financial Years 3
Commissioner's level 2018-19 2020-21

1. Net of Rs 572 million paid; 2. Net of Rs 63 million paid; 3. Net of Rs 0.5 millionpaid. viii. In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of loans or borrowings to banks. TheCompany has not taken any loans or borrowings from financial institutions and government.The Company has not issued any debentures.

ix. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) or term loans and hence reporting under clause (ix) ofthe said Order is not applicable.

x. To the best of our knowledge and according to the information and explanations givento us no fraud by the Company and no material fraud on the

Company by its officers or employees has been noticed or reported during the year.

xi. In our opinion and according to the information and explanations given to us theCompany has paid/ provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act. xii.The Company is not a Nidhi Company and hence reporting under clause (xii) of the saidOrder is not applicable. xiii. In our opinion and according to the information andexplanations given to us the Company is in compliance with Section 177 and 188 of theAct for all transactions with the related parties and the details of related partytransactions have been disclosed in the financial statements etc as required by theapplicable accounting standards. xiv. During the year the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures and hence reporting under clause (xiv) of said Order is not applicable to theCompany.

xv. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsdirectors or persons connected with them and hence provisions of section 192 of the Actare not applicable.

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

For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm's Registration No.117366W/W-100018)
Sampada S Narvankar
Partner
Place: Mumbai (Membership No. 102911)
Date: May 25 2021 UDIN: 21102911AAAABK5820

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