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CL Educate Ltd.

BSE: 540403 Sector: Others
NSE: CLEDUCATE ISIN Code: INE201M01011
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OPEN 70.00
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VOLUME 5348
52-Week high 89.60
52-Week low 28.40
P/E
Mkt Cap.(Rs cr) 95
Buy Price 133.80
Buy Qty 1000.00
Sell Price 140.30
Sell Qty 560.00
OPEN 70.00
CLOSE 70.35
VOLUME 5348
52-Week high 89.60
52-Week low 28.40
P/E
Mkt Cap.(Rs cr) 95
Buy Price 133.80
Buy Qty 1000.00
Sell Price 140.30
Sell Qty 560.00

CL Educate Ltd. (CLEDUCATE) - Auditors Report

Company auditors report

To the Members of CL Educate Limited

Report on the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statements of CL EducateLimited ("the Company") which comprise the Balance Sheet as at March 31 2019the Statement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year then ended and notes to thestandalone Ind AS financial statements including a summary of significant accountingpolicies and other explanatory information (hereinafter referred to as "standaloneInd AS financial statements")

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Companies Act 2013 ("the Act") in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India including the Indian Accounting Standards ("Ind AS") of the state ofaffairs of the Company as at March 31 2019 its profit including other comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with Standards on Auditing (SAs) specified undersection 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Standalone Ind ASFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia ("ICAI") together with the ethical requirements that are relevant to ouraudit of the standalone Ind AS financial statements under the provisions of the Act andRules thereunder and we have fulfilled our other ethical responsibilities in accordancewith these requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone Ind AS financial statements of the currentperiod. These matters were addressed in the context of our audit of the standalone Ind ASfinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Key Audit Matter How our audit addressed the key audit matter
Revenue Recognition (Refer Note 2(i) and Note 33 to the accompanying standalone Ind AS financial statements)
Revenue is one of the key profit driver and is therefore susceptible to misstatement. Cut off is the key assertion in so far as revenue recognition is concerned. The revenue is also deferred for part of services which have not been rendered. Our audit procedures included the following:
Revenue is measured net of discounts and amounts collected on behalf of third parties (such as goods and services tax). There is a risk that these discounts are incorrectly recorded resulting in understatement of the associated expenses and accrual. • Assessed the Company's revenue recognition policy prepared as per Ind AS 115 'Revenue from contracts with customers.
Additionally the application of new revenue accounting standard - Ind AS 115 ‘Revenue from contracts with customers' involves reassessment of revenue recognition policy and collation of information like disaggregated revenue for the disclosure purpose. • Understood evaluated and tested the key controls implemented by the Company in relation to revenue recognition and discounts.
Considering the significant risk associated with revenue recognition it was determined to be a key audit matter in our audit of the standalone Ind AS financial statements. • Performed sample tests of individual service transaction and verified services invoices and other related documents of such samples. Further in respect of such samples checked that the revenue has been recognized as per the accounting policy.
• Performed cut off procedures on sample basis for revenue transactions made to ensure correctness of period of revenue recognition.
• Tested the calculations related to discounts and other supporting documents on test check basis.
• Verified the relevant disclosures made in the financial statements in accordance with Ind AS 115.
Impairment testing of Trade Receivables (Refer Note 2(ix)(v) and Note 15 to the accompanying standalone Ind AS financial statements)
For the purpose of impairment assessment of trade receivable significant judgments and assumptions including the timing and amount of realization of these receivables are required for the determination of the impairment charge. Our audit procedures included the following:
We have identified valuation of trade receivables as a key audit matter on account of the significant management judgment involved with respect to the realisation of trade receivables and the provisions for impairment of receivables. • Understanding the trade receivables process with regards to valuation and evaluation of controls designed and implemented by the management.
• Assessment of the appropriateness of the Company's credit risk policy and obtaining an understanding on management of credit risk.
• Testing the accuracy of ageing of trade receivables at year end on sample basis.
• Obtained a list of outstanding receivables identified significant long outstanding receivables and discussed plan of recovery with management including if applicable review of recent correspondences with the customers.
• Verified the appropriateness of judgments regarding provisions for trade receivables and assess as to whether these provisions were calculated in accordance with the Company's provisioning policies.
• Tested subsequent settlement of trade receivables after the balance sheet date on a sample basis as applicable.

Emphasis of Matter

We draw attention to Note 49 of accompanying standalone Ind AS financial statementswherein the Management has explained the reasons for considering old vocationaloutstanding receivables as recoverable.

Our opinion is not modified in respect of this matter.

Other Information

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Board's Report Report on CorporateGovernance and Annexures to Board's Report but does not include the Ind AS financialstatements and our auditor's report thereon.

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

In connection with our audit of the standalone Ind AS financial statements ourresponsibility is to read the other information identified above when it becomes availableand in doing so consider whether the other information is materially inconsistent withthe standalone Ind AS financial statements or our knowledge obtained in the audit orotherwise appears to be materially misstated.

Responsibilities of Management and Those Charged with Governance for the Standalone IndAS Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone Ind AS financialstatements that give a true and fair view of the financial position financial performance(including other comprehensive income) changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including Ind ASspecified under section 133 of the Act read with relevant rules issued thereunder. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

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

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

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

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

• Identify and assess the risks of material misstatement of the standalone Ind ASfinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. 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 control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)

(i) of the Act we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls with reference to financial statements inplace and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof 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 Ind AS 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.

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

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

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

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone Ind AS financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

(1) As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of section 143(11) of the Act we give

in "Annexure 1" a statement on the matters specified in

paragraphs 3 and 4 of the Order to the extent applicable.

(2) As required by section 143(3) of the Act we report that:

a. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit;

b. In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

c. The Balance Sheet the Statement of Profit and Loss the Statement of Changes inEquity and the Statement of Cash Flows dealt with by this report are in agreement with thebooks of account;

d. In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards specified under section 133 of the Act read with relevantrules issued thereunder;

e. The matter described under the Emphasis of Matter section of our report in ouropinion may have an adverse effect on the functioning of the Company;

f. On the basis of the written representations received from the directors as on March31 2019 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2019 from being appointed as a director in terms of section164(2) of the Act;

g. With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controls wegive our separate report in "Annexure 2".

h. With respect to the other matters to be included in the

Auditor's Report in accordance with the requirements of section 197(16) of the Act;

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.

i. 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 42 on ContingentLiabilities and Contingent Assets to the standalone Ind AS financial statements; and

(ii) The Company did not have any long-term contracts including derivative contracts.Hence the question of any material foreseeable losses does not arise;

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Haribhakti & Co. LLP
Chartered Accountants
ICAI Firm Registration No.103523W/W100048
sd/-
Raj Kumar Agarwal
Partner
Membership No.:074715
Place: New Delhi
Date : May 23 2019

ANNEXURE 1 TO THE INDEPENDENT AUDITOR'S REPORT

[Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' in the Independent Auditor's Report of even date to the members of CLEducate Limited ("the Company") on the Standalone financial statements for theyear ended March 31 2019]

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

(b) During the year the fixed assets of the Company have been physically verified bythe management and as informed no material discrepancies were noticed on suchverification. In our opinion the frequency of verification is reasonable having regard tothe size of the Company and the nature of its assets.

(c) It was informed to us that the title deeds of immovable properties recorded asfixed assets in the books of account of the Company are mortgaged with the banks/financial institutions for availing the secured loan. Hence we are unable to verify theoriginal deed of immovable property held in the name of the Company.

(ii) The inventory has been physically verified by the management during the year. Inour opinion the frequency of verification

is reasonable. As informed no material discrepancies were noticed on physicalverification carried out during the year.

(iii) The Company has granted unsecured loans to companies and other parties covered inthe register maintained under

Section 189 of the Act.

(a) According to the information and explanations given to us and based on the auditprocedures conducted by us we are of the opinion that the terms and conditions of loansgranted by the Company to a party covered in the register maintained under Section 189 ofthe Act (total loan amount granted Rs. 1213064 and balance outstanding as at balancesheet date Rs. 54243016) are prejudicial to the Company's interest on account of thefact that the Company is not charging any interest on such loan.

(b) The schedule of repayment of principal and payment of interest in respect of suchloans has not been stipulated thus we are unable to comment whether the repayments orreceipts are regular and report amounts overdue for more than ninety days if any asrequired under paragraph 3(iii)(c) of the Order.

(c) In respect of the aforesaid loans as the schedule of repayment of principal hasnot been stipulated we are unable to comment whether there is any overdue amount of loangranted to companies and other parties listed in the register maintained under Section 189of the Act.

(iv) According to the information and explanations given to us in respect of loansinvestments guarantees and securities

the Company has complied with the provisions of Section 185 and 186 of the Act exceptfor the details given below:

Nature of non-compliance Name of Company/party Amount Involved Balance as at March 31 2019
Interest is not charged on loan Career Launcher Education Foundation 1213064 54243016

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the provisions of sections 73to 76 of the Act and the rules framed there under.

(vi) We have broadly reviewed the books of account maintained by the Company in respectof products where the maintenance of cost records has been specified by the CentralGovernment under sub-section (1) of section 148 of the Act and the rules framed thereunder and we are of the opinion that prima facie the prescribed accounts and records havebeen made and maintained. We have not however made a detailed examination of the recordswith a view to determine whether they are accurate or complete.

(vii) (a) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund employees' state insurance incometax sales tax service tax value added tax goods and service tax customs duty exciseduty cess and any other material statutory dues applicable to it however there havebeen slight delays in few cases.

According to the information and explanations given to us no undisputed dues inrespect of provident fund employees' state insurance income tax sales tax service taxvalue added tax goods and service tax customs duty excise duty cess and any othermaterial statutory dues applicable to it which were outstanding at the year end for aperiod of more than six months from the date they became payable.

(b) According to the information and explanation given to us the dues outstanding withrespect to income tax sales tax service tax value added tax goods and service taxcustoms duty excise duty on account of any dispute are as follows:

Name of the statute Nature of dues Amount '(in Lacs) Amount paid under protest Period to which the amount relates Forum where dispute is pending
Finance Act 1994 Service tax 166.36 October 2010 to September 2011 Commissioner of Service Tax New Delhi
Finance Act 1994 Service tax 125.53 - October 2011 to June 2012 Commissioner of Service Tax New Delhi
Finance Act 1994 Cenvat Credit reversal 46.54 - September 2004 to March 2007 Central Excise and Service Tax Appellate Tribunal New Delhi
Finance Act 1994 Cenvat Credit reversal 15.69 October 2007 to March 2008 Commissioner of Service Tax New Delhi
Finance Act 1994 Cenvat Credit reversal 400.97 April 2008 to March 2012 Commissioner of Service Tax New Delhi
Income Tax Act 1961 Income Tax 607.96 - AY 2013-14 Commissioner of Income tax (Appeals) New Delhi
Income Tax Act 1961 Income Tax 718.32 - AY 2011-12 Income tax Appellate Tribunal New Delhi
Income Tax Act 1961 Income Tax 501.44 - AY 2012-13 Income tax Appellate Tribunal New Delhi
Income Tax Act 1961 Income Tax 49.39 - AY 2014-15 Income tax Appellate Tribunal New Delhi

(viii) According to the information and explanations given to us the Company has notdefaulted in repayment of loans or borrowings to financial institution and bank. TheCompany has neither taken any loans or borrowings from government nor has it issued anydebentures.

(ix) In our opinion and according to the information and explanations given to us theCompany has fully utilized the money raised by way of IPO and the term loans during theyear for the purposes for which they were raised (refer note no. 50).

(x) During the course of our examination of the books 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 anyinstance of fraud by the Company or any fraud on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such instance by themanagement.

(xi) According to the information and explanations given to us managerial remunerationhas been paid provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Therefore paragraph 3(xii) of the Order is not applicableto the Company.

(xiii) According to the information and explanation given to us all transactionsentered into by the Company with the related parties are in compliance with sections 177and 188 of Act where applicable and the details have been disclosed in the FinancialStatements etc. as required by the applicable accounting standards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review. Thereforeparagraph 3(xiv) of the Order is not applicable to the Company.

(xv) According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him duringthe year.

(xvi) According to the information and explanation given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For Haribhakti & Co. LLP
Chartered Accountants
ICAI Firm Registration No.:103523W/W100048
sd/-
Raj Kumar Agarwal
Partner
Membership No.:074715
Place: New Delhi
Date : May 29 2019

ANNEXURE 2 TO THE INDEPENDENT AUDITOR'S REPORT

[Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' in the Independent Auditor's Report of even date to the members of CLEducate Limited on the standalone Ind AS financial statements for the year ended March 312019]

Report on the Internal Financial Controls with reference to Financial Statements underclause (i) of sub-section 3 of section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls with reference to financial statementsof CL Educate Limited ("the Company") as of March 31 2019 in conjunction withour audit of the standalone Ind AS financial statements of the Company for the year endedon 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 with reference to financial statementscriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India ("ICAI"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence 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 Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note and the Standards on Auditing specified under section143(10) of the Act to the extent applicable to an audit of internal financial controlsboth issued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls with reference to financial statements wasestablished and maintained and

if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to financial statements and their operatingeffectiveness.

Our audit of internal financial controls with reference to financial statementsincluded obtaining an understanding of internal financial controls with reference tofinancial statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal controls based on theassessed risk. The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the financial statements whether dueto 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 withreference to financial statements.

Meaning of Internal Financial Controls with reference to Financial Statements

A company's internal financial control 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 control withreference to financial statements includes those policies 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 authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised 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 tofinancial 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 financial statements to future periods are subject to the risk that theinternal financial controls with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

Qualified opinion

According to the information and explanations given to us and based on our audit thefollowing material weaknesses have been identified as at March 31 2019:

a) The Company's internal financial control in respect of authorisation of purchase ofgoods and services was not operating effectively which could potentially result in theCompany procuring unnecessary goods and services or procuring goods of lower quality orprocure goods and services at higher prices.

b) The Company's internal financial controls in respect of obtaining periodic balanceconfirmations and preparation of reconciliations of receivables / payables were notoperating effectively during the year which may result in unwarranted disputes and over/understatement of party balances.

A ‘material weakness' is a deficiency or a combination of deficiencies ininternal financial controls with reference to financial statements such that there is areasonable possibility that a material misstatement of the company's annual or interimfinancial statements will not be prevented or detected on a timely basis.

In our opinion except for the possible effects of the material weaknesses describedabove on the achievement of the objectives of the control criteria the Company hasmaintained in all material respects adequate internal financial controls with referenceto financial statements and such internal financial controls with reference to financialstatements were operating effectively as of March 31 2019 based on the internal controlwith reference to financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note issued by the ICAI.

We have considered the material weaknesses identified and reported above in determiningthe nature timing and extent of audit tests applied in our audit of the March 31 2019standalone Ind AS financial statements of the Company and these material weaknesses donot affect our opinion on the standalone Ind AS financial statements of the Company.

For Haribhakti & Co. LLP
Chartered Accountants
ICAI Firm Registration No.:103523W/W100048
sd/-
Raj Kumar Agarwal
Partner
Membership No.:074715
Place: New Delhi
Date : May 29 2019

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