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Golden Tobacco Ltd.

BSE: 500151 Sector: Consumer
NSE: GOLDENTOBC ISIN Code: INE973A01010
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VOLUME 3272
52-Week high 189.85
52-Week low 35.05
P/E 32.60
Mkt Cap.(Rs cr) 208
Buy Price 118.00
Buy Qty 147.00
Sell Price 118.30
Sell Qty 2.00
OPEN 115.45
CLOSE 118.65
VOLUME 3272
52-Week high 189.85
52-Week low 35.05
P/E 32.60
Mkt Cap.(Rs cr) 208
Buy Price 118.00
Buy Qty 147.00
Sell Price 118.30
Sell Qty 2.00

Golden Tobacco Ltd. (GOLDENTOBC) - Auditors Report

Company auditors report

To

The Members of

GOLDEN TOBACCO LIMITED

Opinion

Report on the Audit of Standalone Financial Statements

We have audited the accompanying standalone financial statements of Golden TobaccoLimited ("the Company") which comprises of Balance Sheet as at March 312021 the Statement of Profit and Loss Other Comprehensive Income the Statement ofChanges in Equity and the Statement of Cash Flow for the year then ended and notes to thefinancial statements including a summary of significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 (the Act) in the manner so required and give a true and fairview in conformity with the Indian Accounting Standards prescribed under Section 133 ofthe Act read with 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 312021 its profit 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 the Standards on Auditing (SAs) specifiedunder Section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India (ICAI) together with theethical requirements that are relevant to our audit of the standalone financial statementsunder the provisions of the Act and the Rules made thereunder and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the Code ofEthics.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Material uncertainty related to Going Concern

Without qualifying we draw attention to note 40 regarding the standalone financialstatements of the Company having been prepared on a going concern basis which contemplatesthe realization of assets and satisfaction of liabilities in the normal course ofbusiness. The Company has been incurring losses for the past few years and has accumulatedloss of Rs.22692.95 lakhs as on March 31 2021 and also liabilities exceed assets. Asexplained by the management that the Company's business performance will improveespecially in the Realty Business segment in view of very valuable land bank/developmentrights held. Accordingly these standalone financial statements have been prepared on agoing concern basis.

Emphasis of Matter :

We draw attention to note no 32(F) of the standalone financial statements with regardsto Management assessment inter-alia realisability of Inventories of Rs.1074.94 lakhstrade receivable of Rs.30.11 lakhs and Financial Investments of Rs.72.67 lakhs due torecent re-surge in COVID-19 pandemic outbreak. The management apart from considering theinternal and external information upto the date of approval of these standalone financialstatements the management has also performed sensitivity analysis on the assumptions usedand based on current indicators of future economic conditions the management expects torecover the carrying amount of these assets.

The impact of the global health pandemic may be different from that estimated as at thedate of approval of these standalone financial statements. Considering the continuinguncertainties the management is closely monitoring the material changes if any tofuture economic conditions.

Our Opinion is not modified in respect of this matter

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 and we do notprovide a separate opinion on these matters.

Key Audit Matters How our audit addressed the key audit matter
Advances given for Development Rights (as described in note no. 5.2 and 36(b) of the standalone financial statements)
Advances given aggregating to Rs.16001.73 Lakhs towards development rights in respect of the land situated on which construction activity is yet to start on the land situated at Chhatarpur New Delhi. Our audit focused on this area because the assessment of recoverable/realisable value of the aforesaid asset requires management to make a number of key judgements and estimates with respect to the future performance and profitability of the realty project which involves judgements and estimates on future growth rates discount rates etc. Accordingly Impairment assessment of the Company's realty project has been considered as a key audit matter We assessed and tested the design and the operating effectiveness of the key controls that management has established to support the review and approval of the model design key model inputs and valuation.
We relied on the appropriateness of the valuations as verified by the expert and relied upon by the auditors being a technical matter.
Legal disputes pertaining to various Company's properties and other disputed claims (as described in note no. 36 of the standalone financial statements and clause 1(c) of Annexure A of the Independent Auditors Report)
The Company is involved in certain legal proceedings from the various Government and other authorities. Management judgement is involved in assessing the accounting for claims and in particular in considering the probability of a claim being successful and we have accordingly designated this as a focus area of the audit. The risk related to the claims is mainly associated with the completeness of the disclosure and the completeness of the provisions in the standalone financial statements. In response to the risk of completeness of the disclosures and the completeness of the provisions in the standalone financial statements we obtained external confirmations from Company's legal advisors. We discussed the cases with management and reviewed correspondence and other documents exchanged between Company and the other parties involved in the disputes.
We read the minutes of the board meetings and inspected the company's legal expenses in order to ensure all cases have been identified. We tested provisions recorded in the accounting records and reviewed the disclosures for completeness based on our procedures detailed above.

Information Other than the Standalone Financial Statements and Auditor's report thereon

The Company's Board of Directors is responsible for the preparation of otherinformation. The Other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexure to the Board report CorporateGovernance report and Shareholder's information but does not include the standalonefinancial statement and our auditor's report thereon.

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

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we required to report that fact. We have nothingto report in this regard.

Responsibilities of Management and those charged with Governance for the StandaloneFinancial 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 financial statementsthat give a true and fair view of the financial position financial performance (includingother comprehensive income) changes in equity and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the accountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Account) Rules 2014.

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 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 statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements the 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.

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

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

Our objectives are to obtain reasonable assurance about whether the financialstatements are free from material misstatement whether due to fraud or error and toissue an auditor's report that includes our opinion. Reasonable assurance is a high levelof assurance but is not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

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

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order 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 the Company hasadequate internal financial control system in place and the operating effectiveness ofsuch controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by the 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 entity'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 entity to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the 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 financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen 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. Pursuant to the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act we give in the Annexure "A" a statement on the matters specified inparagraphs 3 and 4 of the Order.

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 and records.

(c) The Balance sheet the Statement of Profit & Loss Other Comprehensive IncomeStatement of Changes in Equity and the Cash Flow Statement dealt with by this Report arein agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Account) Rules 2014.

(e) On the basis of the written representation received from the directors as on March31 2021 taken on records by the Board of Directors none of the directors aredisqualified as on March 31 2021 from being appointed as a Director in terms of Section164(2) of the Act.

(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 "B".

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of 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 matters to be included in the Auditor's report in accordancewith the Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and tothe 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 financial statements. [Refer Note No.34 of the standalonefinancial statements]

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

iii. There were no amounts including unpaid dividend declared in the year 1994-95 ofRs.71.15 Lakhs (based on the expert opinion obtained in this regard) which were requiredto be transferred to the Investor Education and Protection Fund by the Company during theyear ended March 31 2021.

For Bagaria & Co. LLP
Chartered Accountants
Firm Regn No: 113447W/W-100019
Vinay Somani
Place : Mumbai Partner
Date : June 29 2021 Membership No: 143503
UDIN : 21143503AAAAKH3128

"Annexure A"

(Referred to in paragraph 1 under "Report on Other Legal and RegulatoryRequirements" section of our report to the Members of Golden Tobacco Limited of evendate)

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we state that:

1.a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment.

b) During the year the Company has carried out physical verification of its PropertyPlant and Equipment. The verification was in accordance with a phased programme which inour opinion is considered reasonable having regard to the size of the Company and natureof its assets. No material discrepancies were noticed on such verification except certainPlant and Equipment having original cost of Rs. 1765.70 Lakhs and no carrying amount(fully depreciated) as at March 31 2021 lying with third party which could neither bephysically verified nor confirmed in view of dispute with the said party.

c) Based on the verification and examination of records title deeds of the immovableproperties are in the name of the Company. However there are certain disputes on theCompany's immovable properties which have been summarised below:

Location of the Property Nature Carrying Value as at March 31 2021 'in Lakhs Remarks Reference to Note no. in the accompanying financial statements
Vile Parle- Mumbai Stock in Trade - Immovable Property 12.43 Title deeds is lying in Escrow account/ restraining order by Gujarat High Court/ Hon'ble Bombay High Court 36(a) (i) & (ii)
Vadodara Property Plant and Equipment- Land and Building 426.99 (a) Filing of form in respect of satisfaction of charge is pending 2(f) and 39(b)
(b) Besides dispute with Gujarat Government regarding unutilised land having carrying value of Rs.215.65 lakhs
Dhanot-Mahsana (Gujarat) Property Plant and Equipment- Land and Building 1.61 Filing of form in respect of satisfaction of charge is pending 39(b)
Guntur Stock in Trade - Immovable Property 0.03 Land claimed by WAQF Board 36(c)
Flat at Mumbai Property Plant and Equipment- Land and Building 27.63 In the wrongful possession of the family member of an ex- employee for a long time. The Company is pursuing litigation so that the flat can be vacated at the earliest and original sale agreement is lying with the Magistrate Court- Andheri Mumbai. 2(d)

2. The inventories of the Company have been physically verified by the management atreasonable intervals during the year. No material discrepancies were noticed on suchphysical verification.

3. During the year the Company has not granted any loans secured or unsecured tocompanies firms Limited Liability Partnership or other parties covered in the registermaintained under Section 189 of the Act. Therefore Para 3 (iii) of the Order is notapplicable to the Company.

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Act with respect tothe loans given and investments made and security provided.

5. According to the information and explanations given to us and based on the expertopinion obtained no deposits within the meaning of directives issued by RBI (Reserve Bankof India) and Sections 73 to 76 or any other relevant provisions of the Act and rulesframed thereunder have been accepted by the Company.

6. According to the information and explanations given to us the maintenance of costrecords has not been prescribed by the Central Government under Section 148(1) of the Actfor any of the products manufactured by the Company. Therefore Para 3 (vi) of the Orderis not applicable to the Company.

7. a) The Company is generally regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income tax sales-tax service taxgoods and service tax (GST) duty of customs duty of excise value added tax cess andany other material statutory dues applicable to the Company with the appropriateauthorities except the following :

Nature of Dues Amount Involved- Rs.in lakhs Delays in Days
Provident Fund 43.33 16 to 132
Tax Deducted at Source other than Salary 12.45 13 to 82
GST 66.23 21 to 23
Employees' State Insurance (ESIC) 6.31 16 to 167

No undisputed amounts payable in respect of the aforesaid statutory dues wereoutstanding as at the last day of the financial year for more than six months from thedate they became payable except Entry Tax of various states including interest thereonaggregating to Rs.6402.52 Lakhs Excise Duty and interest thereon aggregating to Rs.441.06Lakhs Interest on GST Rs.302.92 Lakhs Interest on Excise Rs.2.51 Lakhs and Surcharge onVAT Rs.2.73 Lakhs.

b) According to the records of the Company there are no dues of income tax or salestax or service tax or duty of customs or duty of excise goods and service tax or valueadded tax which have not been deposited on account of any dispute except the following:

Name of the Statute Nature of Dues Period to which it relates Disputed amount (Gross) Rs. in Lakhs Amount Deposited Rs. in Lakhs Forum where Dispute is pending
The Jammu & Kashmir Value Added Tax Act 2005 Value Added Tax 2009-10 3.82 3.82 Assessing Officer
The Uttar Pradesh Value Added Tax Act 2008 2007-08 35.82 35.82 Commissioner Sales Tax
The Central Sales Tax Act1956 Central Sales Tax 2015-16 39.61 0.95 Dy. Commissioner of Commercial Tax- Appeal Vadodara
2016-17 74.59 -
2017-18 163.68 -
Income Tax Act 1961 Income Tax A.Y.1996-97 A.Y. 2018-19 142.44 814.31 - Assessing Officer Writ Petition filed before Hon'ble Bombay High Court
Name of the Statute Nature of Dues Period to which it relates Disputed amount (Gross) Rs.in Lakhs Amount Deposited 'in Lakhs Forum where Dispute is pending
The Central Excise Act 1944 Excise Duty and Service Tax 1979 1997 and 1998 308.33 308.40 Supreme Court of India
20002003 and 2004 15135.10 - Various High Courts
1983 1994 1995 1999 2002 2003 2007 and 2011 220.55 33.41 The Customs Excise Service Tax Appellate Tribunal
1979 to 2011 1317.21 26.10 Commissioner of Central Excise-Appeal

8. During the year or in the recent past the Company has not taken any loan frombanks financial institution and government or debenture holders.

9. During the year the Company has not raised any money by way of initial public offeror further public offer and term loan. Therefore Para 3 (ix) of the Order is notapplicable to the Company.

10. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing standards in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud by officers or employees of the Company noticed or reported during theyear nor have we been informed of such case by the management.

11. In our opinion and to the best of our information and according to the explanationsgiven to us the Company has paid/provided for managerial remuneration in accordance withthe requisite approvals mandated by the provisions of Section 197 read with Schedule V tothe Act.

12. In our opinion the Company is not Nidhi Company. Therefore Para 3 (xii) of theOrder is not applicable to the Company.

13. All transactions with the related parties are in compliance with Section 177 and188 of Act and the details have been disclosed in the Financial Statements (Refer note no.37) as required by the applicable accounting standards.

14. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures or in the recent past.

15. The Company has not entered into any non-cash transactions with directors orpersons connected with him under Section 192 of the Act. Therefore Para 3 (xv) of theOrder is not applicable to the Company.

16. The Company is not required to be registered under Section 45 IA of the ReserveBank of India Act 1934. Therefore Para 3 (xvi) of the Order is not applicable to theCompany.

For Bagaria & Co. LLP
Chartered Accountants
Firm Regn No: 113447W/W-100019
Vinay Somani
Place : Mumbai Partner
Date : June 29 2021 Membership No: 143503
UDIN : 21143503AAAAKH3128

‘Annexure B'

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

We have audited the internal financial controls over financial reporting of GoldenTobacco Limited ("the Company") as of March 31 2021 in conjunction with ouraudit of 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 (ICAI). 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 Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing deemed to be prescribedunder Section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued 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 over financial reporting was established andmaintained 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 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 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;

(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 and

(4) also provide us reasonable assurance by the internal auditors through theirinternal audit reports given to the Company from time to time.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols 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 the Company has broadly in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2021 based on theinternal control over financial reporting criteria 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 Bagaria & Co. LLP
Chartered Accountants
Firm Regn No: 113447W/W-100019
Vinay Somani
Place : Mumbai Partner
Date : June 29 2021 Membership No: 143503
UDIN : 21143503AAAAKH3128

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