You are here » Home » Companies » Company Overview » Happiest Minds Technologies Ltd

Happiest Minds Technologies Ltd.

BSE: 543227 Sector: IT
NSE: HAPPSTMNDS ISIN Code: INE419U01012
BSE 00:00 | 02 Dec 1217.65 5.50
(0.45%)
OPEN

1215.00

HIGH

1230.00

LOW

1196.00

NSE 00:00 | 02 Dec 1219.45 9.10
(0.75%)
OPEN

1230.00

HIGH

1230.00

LOW

1210.00

OPEN 1215.00
PREVIOUS CLOSE 1212.15
VOLUME 22254
52-Week high 1580.80
52-Week low 310.20
P/E 109.80
Mkt Cap.(Rs cr) 17,881
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1215.00
CLOSE 1212.15
VOLUME 22254
52-Week high 1580.80
52-Week low 310.20
P/E 109.80
Mkt Cap.(Rs cr) 17,881
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Happiest Minds Technologies Ltd. (HAPPSTMNDS) - Auditors Report

Company auditors report

To the Members of

Happiest Minds Technologies Limited

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying Standalone Ind AS Financial Statementsof Happiest Minds Technologies Limited ("the Company") which comprise theBalance Sheet as at March 31 2021 the Statement of Profit and Loss including theStatement of Other Comprehensive Income the Cash Flow Statement and the Statement ofChanges in Equity for the year then ended and notes to the Standalone Ind AS FinancialStatements including a summary of significant accounting policies and other explanatoryinformation.

In our opinion and to the best of our information and according to theexplanations given to us and based on the consideration of reports of other auditor onseparate Ind AS Financial Statements and on the other financial information of theHappiest Minds Technologies Share Ownership Plans Trust (the "ESOP Trust") theaforesaid Standalone Ind AS Financial Statements give the information required by theCompanies Act 2013 as amended ("the Act") in the manner so required and give atrue and fair view in conformity with the accounting principles generally accepted inIndia of the state of affairs of the Company as at March 31 2021 its profit includingother comprehensive income its cash flows and the changes in equity for the year ended onthat date.

Basis for Opinion

We conducted our audit of the Standalone Ind AS Financial Statements inaccordance with the Standards on Auditing (SAs) as specified under section 143(10) of theAct. Our responsibilities under those Standards are further described in the 'Auditor'sResponsibilities for the Audit of the Standalone Ind AS Financial Statements' section ofour report. We are independent of the Company in accordance with the 'Code of Ethics'issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the Standalone Ind AS Financial Statements.

Key audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the Standalone Ind AS Financial Statements forthe financial year ended March 31 2021. These matters were addressed in the context ofour audit of the Standalone Ind AS Financial Statements as a whole and in forming ouropinion thereon and we do not provide a separate opinion on these matters. For eachmatter below our description of how our audit addressed the matter is provided in thatcontext.

We have determined the matters described below to be the key auditmatters to be communicated in our report. We have fulfilled the responsibilities describedin the Auditor's responsibilities for the audit of the Standalone Ind AS FinancialStatements section of our report including in relation to these matters. Accordingly ouraudit included the performance of procedures designed to respond to our assessment of therisks of material misstatement of the Standalone Ind AS Financial Statements. The resultsof our audit procedures including the procedures performed to address the matters belowprovide the basis for our audit opinion on the accompanying Standalone Ind AS FinancialStatements.

Key audit matters How our audit addressed the key audit matter
Revenue recognition (as described in Note 2(a) and 26 of the Standalone Ind AS Financial Statements)
The Company earns revenue from time-and-material and fixed price contracts. Fixed price revenue contracts with customers have defined delivery milestones with agreed scope of work and pricing for each milestone depending on the nature of service/ industry served. Revenue from these contracts is recognized over a period of time in accordance with the requirements of Ind-AS 115 "Revenue from Contracts with Customers". Our audit procedures comprised as under:
• We evaluated Company's accounting policy pertaining to revenue recognition and assessed its compliance with Ind-AS 115 - Revenue from Contracts with Customers;
• We assessed the internal control environment relating to revenue recognition from fixed price contracts. We tested the effectiveness of the key controls in particular those relating to the costs or efforts incurred on contract and those relating to the costs or efforts to complete;
Revenue from fixed price contracts where the performance obligation is satisfied over time is recognised using percentage- of-completion method. Use of percentage-of-completion method requires the Company to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred.
• For contracts in progress:
- we tested costs incurred with data from timesheet application system;
The estimate of total efforts or remaining efforts to complete fixed price contracts measured using the percentage-of-completion method involves significant judgement throughout the period of the contract and is subject to revision as the contract progresses based on the latest available information. Also Identification of performance obligations involves significant judgement and assessment of contractual terms. - progress towards completion of performance obligation for computing revenue was verified based on actual cost or efforts relative to estimated cost or efforts from management analysis and systems or external evidences of progress;
- we reviewed cost or efforts incurred with estimated cost or efforts to identify significant variations and reasons for those variations if any. Further we verified whether those variations have been considered in estimating the remaining cost or efforts to complete the contract;
Since recognition of revenue from these contracts involves significant estimates and judgments we regard this as a key audit matter.
• We inspected sample of contracts from unbilled revenues to identify any possible delays in achieving milestones which may require change in estimated costs or efforts to complete the remaining performance obligations;
• We performed analytical procedures for reasonableness of incurred and estimated efforts.
• We evaluated management's identification of onerous contracts if any based on estimates tested as above.
• We assessed the adequacy of disclosures made in the financial statements with respect to revenue recognized during the year as required by applicable Indian Accounting Standards.

We have determined that there are no other key audit matters tocommunicate in our report.

Information Other than the Financial Statements and Auditor's ReportThereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Board Reportbut does not include the Standalone Ind AS Financial Statements and our auditor's reportthereon.

Our opinion on the Standalone Ind AS Financial Statements does notcover the other information and we do not express any form of assurance conclusionthereon.

In connection with our audit of the Standalone Ind AS FinancialStatements our responsibility is to read the other information and in doing so considerwhether such other information is materially inconsistent with the financial statements orour knowledge obtained in the audit or otherwise appears to be materially misstated. Ifbased on the work we have performed we conclude that there is a material misstatement ofthis other information we are required to report that fact. We have nothing to report inthis regard.

Responsibilities of Management for the Standalone Ind AS FinancialStatements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these Standalone Ind ASFinancial Statements that give a true and fair view of the financial position financialperformance including other comprehensive income cash flows and changes in equity of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (Ind AS) specified under section 133 of the Actread with the Companies (Indian Accounting Standards) Rules 2015 as amended. 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; andthe design implementation and maintenance of adequate internal financial controls thatwere operating 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 isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Ind ASFinancial Statements

Our objectives are to obtain reasonable assurance about whether theStandalone Ind AS Financial Statements as a whole are free from material misstatementwhether due to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. 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 Ind AS FinancialStatements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of theStandalone Ind AS Financial Statements whether due to fraud or error design and performaudit procedures responsive to those risks and obtain audit evidence that is sufficientand appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls with reference to financialstatements in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany'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.

• Evaluate the overall presentation structure and content of theStandalone Ind AS Financial Statements including the disclosures and whether theStandalone Ind AS Financial Statements represent the underlying transactions and events ina manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding thefinancial information of the entity within the Company of which we are the independentauditors to express an opinion on the Standalone Ind AS Financial Statements. We areresponsible for the direction supervision and performance of the audit of the financialstatements of such entity included in the Standalone Ind AS Financial Statements of whichwe are the independent auditors. For the other entity included in the Standalone Ind ASFinancial Statements which have been audited by other auditors such other auditor remainresponsible for the direction supervision and performance of the audits carried out bythem. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the Standalone IndAS Financial Statements for the financial year ended March 31 2021 and are therefore thekey audit matters. We describe these matters in our auditor's report unless law orregulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of such communication.

Other Matter

We did not audit the financial statements and other financialinformation in respect of the ESOP Trust whose Ind AS financial statements include totalassets of ' 721 lakhs as at March 31 2021 and total revenues of ' Nil and net cashoutflows of ' 64 lakhs for the year ended on that date. These Ind AS Financial Statementsand other financial information have been audited by other auditor whose financialstatements other financial information and auditor's report has been furnished to us bythe management. The Standalone Ind AS Financials Statements also include the ESOP Trust'sshare of net loss of ' 16 lakhs for the year ended March 31 2021 as considered in theStandalone Ind AS Financial Statements in respect of the ESOP Trust whose financialstatements other financial information have been audited by other auditors and whosereports have been furnished to us by the Management. our opinion on the Standalone Ind ASFinancial Statements in so far as it relates to the amounts and disclosures included inrespect of this ESOP Trust and our report in terms of sub-sections (3) of Section 143 ofthe Act in so far as it relates to the aforesaid ESOP Trust is based solely on thereport of such other auditor.

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 sub-section(11) of section 143 of the Act we give in the "Annexure 1" a statement on thematters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act based on our audit and onthe consideration of report of the other auditor on separate financial statements and theother financial information of ESOP Trust as noted in the 'other matter' paragraph wereport to the extent applicable that we report that:

(a) We/the other auditor whose report we have relied upon have soughtand obtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit;

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books andreports of the other auditors;

(c) The Balance Sheet the Statement of Profit and Loss including theStatement of Other Comprehensive Income the Cash Flow Statement and Statement of Changesin Equity dealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid Standalone Ind AS FinancialStatements comply with the Accounting Standards specified under Section 133 of the Actread with Companies (Indian Accounting Standards) Rules 2015 as amended;

(e) on the basis of the written representations received from thedirectors as on March 31 2021 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2021 from being appointed as a director in termsof Section 164 (2) of the Act;

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company with reference to these Standalone Ind ASFinancial Statements and the operating effectiveness of such controls refer to ourseparate Report in "Annexure 2" to this report;

(g) In our opinion the managerial remuneration for the year endedMarch 31 2021 has been paid / provided by the Company to its directors in accordance withthe provisions of section 197 read with Schedule V to the Act;

(h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us and based on the consideration of the report of the otherauditors on separate Financial Statements as also the other financial information of thesubsidiaries as noted in the 'Other matter' paragraph:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its Standalone Ind AS Financial Statements - Refer Note 41 to theStandalone Ind AS Financial Statements;

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses;

iii. There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Sumit Mehra
partner
Membership Number: 096547
UDIN: 21096547AAAABT8956
Place of Signature: Bengaluru
Date: May 12 2021

Annexure 1 referred to in paragraph 1 under the heading "Report onOther Legal and Regulatory Requirements" of our report of even date

Re: Happiest Minds Technologies Limited ('the Company')

We report that:

(i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) All fixed assets have not been physically verified by themanagement during the year but there is a regular programme of verification which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. No material discrepancies were noticed on such verification.

(c) According to the information and explanations given by themanagement there are no immovable properties included in property plant and equipmentof the Company and accordingly the requirements under paragraph 3(i)(c) of the order arenot applicable to the Company.

(ii) The Company's business does not involve inventories andaccordingly the requirements under paragraph 3(ii) of the Order are not applicable to theCompany.

(iii) According to the information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under section189 of the Companies Act 2013. Accordingly the provisions of clause 3(iii)(a) (b) and(c) of the order are not applicable to the Company and hence not commented upon.

(iv) In our opinion and according to the information and explanationsgiven to us there are no loans investments guarantees and securities given in respectof which provisions of section 185 and 186 of the Companies Act 2013 are applicable andhence not commented upon.

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

(vi) To the best of our knowledge and as explained the Company is notin the business of sale of any goods. therefore in our opinion the provisions of clause3(vi) of the order are not applicable to the Company.

(vii) (a) Undisputed statutory dues including provident fundemployees' state insurance income-tax sales-tax service tax duty of custom duty ofexcise value added tax goods and service tax cess and other statutory dues havegenerally been regularly deposited with the appropriate authorities though there has beena slight delay in a few cases.

(b) According to the information and explanations given to us noundisputed amounts payable in respect of provident fund employees' state insuranceincome-tax duty of custom goods and service tax cess and other statutory dues wereoutstanding at the year end for a period of more than six months from the date theybecame payable.

(c) According to the information and explanations given to us thereare no dues of income tax goods and service tax customs duty and cess which have notbeen deposited on account of any dispute.

(viii) In our opinion and according to the information and explanationsgiven by the management the Company has not defaulted in repayment of loans or borrowingto a financial institution bank or government or dues to debenture holders.

(ix) In our opinion and according to information and explanations givenby the management and audit procedures performed by us monies raised by the Company byway of initial public offer and term loans were applied for the purpose for which theywere raised though idle/surplus funds which were not required for immediate utilizationhave been gainfully invested in liquid investments payable on demand. The maximum amountof idle/surplus funds invested during the year was ' 9500 lakhs of which ' Nil wasoutstanding at the end of the year.

(x) Based upon the audit procedures performed for the purpose ofreporting the true and /fair view of the financial statements and according to theinformation and explanations given by the management we report that no fraud by theCompany or no fraud / material fraud on the Company by the officers and employees of theCompany has been noticed or reported during the year.

(xi) According to the information and explanations given by themanagement and audit procedures performed by us the managerial remuneration has been paid/ provided in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Companies Act 2013.

(xii) In our opinion the Company is not a nidhi company. thereforethe provisions of clause 3(xii) of the order are not applicable to the Company and hencenot commented upon.

(xiii) According to the information and explanations given by themanagement transactions with the related parties are in compliance with section 177 and188 of the Act where applicable and the details have been disclosed in the notes to thefinancial statements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and onan overall examination of the balance sheet the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review and hence reporting requirements under clause 3(xiv) are notapplicable to the Company and not commented upon.

(xv) According to the information and explanations given by themanagement the Company has not entered into any non-cash transactions with directors orpersons connected with him as referred to in section 192 of Companies Act 2013.

(xvi) According to the information and explanations given to us theprovisions of section 45-IA of the Reserve Bank of India Act 1934 are not applicable tothe Company.

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Sumit Mehra
partner
Membership Number: 096547
UDIN: 21096547AAAABT8956
place of Signature: Bengaluru
Date: May 12 2021

ANNEXURE 2 TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THESTANDALONE FINANCIAL STATEMENTS OF HAPPIEST MINDS TECHNOLOGIES LIMITED

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

We have audited the internal financial controls over financialreporting of Happiest Minds Technologies Limited ("the Company") as of March 312021 in conjunction with our audit of the Standalone Ind AS Financial Statements of theCompany for the year ended on that date.

Management's Responsibility for internal Financial Controls

The Company's Management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the Company's policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting with reference to these Standalone Ind ASFinancial Statements based on our audit. We conducted our audit in accordance with theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") and the Standards on Auditing as specified under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting with reference to these Standalone Ind ASFinancial Statements was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls over financial reporting with reference tothese Standalone Ind AS Financial Statements and their operating effectiveness. Our auditof internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting with reference tothese Standalone Ind AS Financial Statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgement including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the internal financial controlsover financial reporting with reference to these Standalone Ind AS Financial Statements.

Meaning of internal Financial Controls Over Financial Reporting WithReference to these Financial Statements

A Company's internal financial control over financial reporting withreference to these Standalone Ind AS Financial Statements is a process designed to providereasonable assurance regarding the reliability of financial reporting and the preparationof financial statements for external purposes in accordance with generally acceptedaccounting principles. A Company's internal financial control over financial reportingwith reference to these Standalone Ind AS Financial Statements includes those policies andprocedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of theCompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the Company are being madeonly in accordance with authorisations of management and directors of the Company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the Company's assets that could have a material effecton the financial statements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting With Reference to these Standalone Financial Statements

Because of the inherent limitations of internal financial controls overfinancial reporting with reference to these Standalone Ind AS Financial Statementsincluding the possibility of collusion or improper management override of controlsmaterial misstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingwith reference to these Standalone Ind AS Financial Statements to future periods aresubject to the risk that the internal financial control over financial reporting withreference to these Standalone Ind AS Financial Statements may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

In our opinion the Company has in all material respects adequateinternal financial controls over financial reporting with reference to these StandaloneInd AS Financial Statements and such internal financial controls over financial reportingwith reference to these Standalone Ind AS Financial Statements were operating effectivelyas at March 31 2021 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.

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Sumit Mehra
partner
Membership Number: 096547
UDIN: 21096547AAAABT8956
place of Signature: Bengaluru
Date: May 12 2021

.