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JBM Auto Ltd.

BSE: 532605 Sector: Auto
NSE: JBMA ISIN Code: INE927D01044
BSE 00:00 | 24 Jun 422.85 20.10
(4.99%)
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409.05

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422.85

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406.00

NSE 00:00 | 24 Jun 423.75 20.15
(4.99%)
OPEN

408.90

HIGH

423.75

LOW

405.20

OPEN 409.05
PREVIOUS CLOSE 402.75
VOLUME 5538
52-Week high 675.98
52-Week low 164.00
P/E 31.87
Mkt Cap.(Rs cr) 5,000
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 409.05
CLOSE 402.75
VOLUME 5538
52-Week high 675.98
52-Week low 164.00
P/E 31.87
Mkt Cap.(Rs cr) 5,000
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

JBM Auto Ltd. (JBMA) - Auditors Report

Company auditors report

TO THE MEMBERS OF JBM AUTO LIMITED

Report on the Audit of Standalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements of JBMAUTO LIMITED ("the Company") which comprise the Balance Sheet as at March 312021 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year ended on thatdate and the notes to the Standalone Financial Statements including a summary of thesignificant accounting policies and other explanatory information (here in after referredto as the "Standalone Financial Statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone Financial Statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended (the Ind AS) and other accounting principles generallyaccepted in India of the state of affairs of the Company as at March 31 2021 and itsprofit and total comprehensive income changes in equity and its cash flows for the yearended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements inaccordance with the Standards on Auditing (SAs) specified under section 143(10) of theCompanies Act 2013. Our responsibilities under those Standards are further described inthe Auditor's Responsibilities for the Audit of the Standalone 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 thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the Standalone 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 Financial Statements of thecurrent period. These matters were addressed in the context of our audit of the StandaloneFinancial 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 Matters Auditor's Response
Revenue Our procedure included:
Revenue from sale of goods is recognised when control of the products being sold is transferred to the customer. The performance obligations in the contracts are fulfilled at the time of dispatch delivery or upon formal customer acceptance depending on customer terms and conditions. Revenue is measured at fair value of the consideration received or receivable after deduction of any discounts/ rebates and any taxes or duties collected on behalf of the government such as goods and services tax etc. Revenue is only recognised to the extent that is highly probable a significant reversal will not occur. The timing of revenue recognition is relevant to the reported performance of the Company. The management considers revenue as a key measure for evaluation of performance. - Assessed the appropriateness of the accounting policy for revenue recognition as per the Ind AS 115 "Revenue from Contracts with Customers"
Refer Note No. 2.4 and 27 of the Standalone Financial Statements. - Performed reconciliation of revenue with GST returns filed with the Government.
- Performed cut off testing for sales made near the reporting date and tested whether the revenue was recognised in the appropriate period by testing sales invoices and customer acknowledgement for sample transactions.
- Performed analytical procedures to identify any unusual trends and identify unusual items.
- Tested internal controls in the revenue over the accuracy and timing of revenue accounted in the Standalone Financial Statements.
- Tested the related disclosures made in notes to the Standalone Financial
Statements in respect of the revenue from operations.

Information Other than the Standalone Financial Statements andAuditor's Report Thereon

The Company's Board of Directors is responsible for the preparation ofthe other information. The other information comprises the information included in theManagement Discussion and Analysis Board's Report including Annexures to Board's ReportBusiness Responsibility Report and Corporate Governance Report but does not include theStandalone Financial Statements and our Auditor's Report thereon.

Our opinion on the Standalone Financial Statements does not cover theother information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the Standalone Financial Statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated.

If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance forthe Standalone Financial Statements

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 FinancialStatements that give a true and fair view of the financial position financialperformance total comprehensive income changes in equity and cash flows of the Companyin accordance with the accounting principles generally accepted in India including theIndian Accounting Standards specified under section 133 of the Act. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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 FinancialStatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the Standalone Financial Statements the Board ofDirectors is responsible for assessing the Company's ability to continue as a goingconcern disclosing as applicable matters related to going concern and using the goingconcern basis of accounting unless the Board of Directors either intends to liquidate theCompany or to cease operations or has no realistic alternative but to do so.

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

Auditor's Responsibilities for the Audit of the Standalone FinancialStatements

Our objectives are to obtain reasonable assurance about whether theStandalone Financial Statements as a whole are free from material misstatement whetherdue 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 Financial Statements.

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 Financial Statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate 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 financial controls relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Companies Act 2013 we are also responsiblefor expressing our opinion on whether the Company has adequate internal financial controlssystem over financial reporting 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 Standalone Financial Statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of theStandalone Financial Statements including the disclosures and whether the StandaloneFinancial Statements represent the underlying transactions and events in a manner thatachieves fair presentation.

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 StandaloneFinancial Statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would 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 Sub Section(11) of Section 143 of the Companies Act 2013 and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanation given to us we give in "Annexure-A" a statement onthe matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143 (3) of the Act based on our audit wereport that:

a. We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b. In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.

c. The Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income the Statement of Changes in Equity and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d. In our opinion the aforesaid Standalone Financial Statements complywith the Indian Accounting Standards ("Ind AS") prescribed under Section 133 ofthe Act.

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 controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate report in "Annexure-B".

g. With respect to the other matters to be included in the Auditor'sReport in accordance with the requirements of section 197(16) of the Act as amended:

In our opinion and according to the information and explanations givento us the remuneration paid by the Company to its directors during the year is inaccordance with the provision of section 197 of 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:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its Standalone Financial Statements- Refer Note No. 36 of theStandalone Financial Statements.

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

iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

ANNEXURE-A TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ONSTANDALONE FINANCIAL STATEMENTS OF JBM AUTO LIMITED

(This is the annexure referred to in Para 1 of 'Report on Other Legaland Regulatory Requirements' section of our Report of even ate)

(i) In respect of the Fixed Assets:

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

(b) The fixed assets covering significant value were physicallyverified during the year by the management at such intervals which in our opinionprovides for the physical verification of all the Fixed Assets at reasonable intervalhaving regard to the size of the Company and nature of its business. In our opinion andaccording to the information and explanations given to us by the management no materialdiscrepancies have been noticed on such verification.

(c) According to the information and explanations given to us and onthe basis of examination of records of the Company the title deeds of immovableproperties are held in the name of the Company except as given below:

ALIGN=RIGHT>1711.49
S.No. Nature Gross Block (Rs. in Lakhs) Net Block (Rs. in Lakhs) Land situated at:
1 Leasehold land 10.18 5.76 Sector 24 Faridabad Haryana
2 Leasehold land* 828.96 728.41 No. 1 Ford Suppliers Park S. P. Koil Post Chengalpattu - 603204 - Tamilnadu
3 Leasehold land* 1880.34 1799.09 Plot No RNS-1 Renault Nissan Supplier's Park SIPCOT Industrial Growth Centre Sinnakuppam Village Sriperumbudur Taluk Oragadam Kanchipuram District - 605102 - Tamilnadu
4 Leasehold land* 1621.49 Plot No. AV-13 Sanand-II GIDC Industrial Estate BOL Goan Sanand Ahmedabad Gujarat- 382170.
5 Leasehold land# 2794.52 2663.94 C1/2 Chakan MIDC Plant Pune

* These leasehold lands have been acquired in Business Combinationwhich are in the name of Acquiree Company JBM Auto System Private Limited

# The leasehold land has been acquired in Business Combination whichare in the name of Acquiree Company JBM MA Automotive Private Limited

(ii) Inventories except goods-in-transit and stock lying with thethird parties have been physically verified by the management during the year. In ouropinion the frequency of such verification is reasonable. There were no materialdiscrepancies noticed on physical verification of inventories as compared to the bookrecords.

(iii) In respect of loans secured or unsecured granted by the Companyto the companies firms limited liability partnerships or other parties covered in theregister maintained under section 189 of the Companies Act 2013 ("the Act"):

(a) In our opinion and according to the information and explanationsgiven to us the terms and conditions of grant of such loans are not prejudicial to theCompany's interest.

(b) The schedule for repayment of principal and payment of interest hasbeen stipulated and repayments of principal amounts and/or receipts of interest have beenregular as per stipulations.

(c) There is no overdue amount remaining outstanding as at theyear-end.

(iv) In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Sections 185 and 186 of theCompanies Act 2013 in respect of grant of loans making investments and providingguarantees and securities as applicable.

(v) In our opinion and according to the information and explanationsgiven to us the Company has not accepted any deposits as defined under the provisions ofSections 73 to 76 or any other relevant provisions of the Companies Act 2013 and therules framed thereunder. Accordingly the provisions of clause 3(v) of the Order are notapplicable to the Company.

(vi) In our opinion and according to the information and explanationsgiven to us maintenance of the cost records has been specified by the Central Governmentunder section 148(1) of the Companies Act 2013. We have broadly reviewed the books ofaccount relating to materials labour and other items of costs maintained by the Companypursuant to the Companies

(Cost Records and Audit) Rules 2014 made by the Central Governmentfor the maintenance of the cost records to the extent applicable and we are of theopinion that prima facie the prescribed accounts and records have been made andmaintained.

(vii) In respect of the statutory and other dues:

(a) In our opinion and according to the information and explanationsgiven to us the Company has generally been regular in depositing undisputed statutorydues including Provident Fund Employees' State Insurance Income Tax Sales Tax ServiceTax Duty of Customs Duty of Excise Value Added Tax Goods and Services Tax Cess andany other material statutory dues as applicable with the appropriate authorities. In ouropinion and according to the information and explanations given to us no undisputedamounts payable in respect of the aforesaid dues were in arrears as at March 31 2021 fora period of more than six months from the date they became payable.

(b) In our opinion and according to the information and explanationsgiven to us disputed demand for Income Tax Sales Tax Service Tax Duty of Customs Dutyof Excise Value Added Tax Goods and Services Tax which have not been deposited withrelevant authorities as on March 31 2021 are given as under:

Name of Statue Nature of Dues Net Amount in Lakhs * Year to which demand pertains Forum where dispute is pending
1 The Income Tax Act 1961 Income Tax 1.42 AY 2008-09 Income Tax Appellate Tribunal
Income Tax 3.48 AY 2009-10 Income Tax Appellate Tribunal
Income Tax 202.85 AY 2013-14 Income Tax Appellate Tribunal
Income Tax 176.29 AY 2014-15 Income Tax Appellate Tribunal
Income Tax 69.92 AY 2015-16 CIT (Appeals)
Income Tax 94.76 AY 2008-09 to AY 2018-19 Income Tax Appellate Tribunal
2 The Central Excise Act 1944 and The Finance Act 1994 (Service Tax) Service Tax Penalty/Interest 8.30 2001-02 CCE- Delhi-IV Faridabad
Excise duty demand 28.60 2015-16 AC CE D-111 Bhiwadi
Excise duty & Penalty 66.08 2011-12 Addl. Comm. C.E Ahmedabad
Excise Duty 531.97 2008-10 CESTAT
Excise duty On Industrial Promotion Subsidy 9.64 2015-19 DC Pune
Excise Duty Transitional Credit availed in Trans-1 of Cess balances 48.80 2017-18 DC Pune
3 Gujarat Value Added Tax Act 2003 VAT-Demand 10.55 2015-16 Deputy Commissioner State Tax Ahmedabad
VAT-Demand 5.67 2014-15 Joint Commissioner State Tax Ahmedabad
4 Maharashtra Value Added Tax Act 2005 Sales Tax 104.20 2016-17 Maharashtra VAT- Assessing Officer
5 GST GST Demand # - 2019-20 Joint Com.(A) Haldwani
GST Demand # - 2020-21 Add. Comm.(A) Agra
GST Demand 11.38 2017-18 Superintendent Pithampur
GST Demand # - 2019-20 Add. Comm.(A) Mathura
6 Custom Act 1962 Custom Demand 1.15 2017-18 Assistant Commissioner of Customs Chennai Branch
Custom Demand 7.37 2011-12 Commissioner of custom-Mumbai
7 Employees' Provident Funds and Miscellaneous Provisions Act 1952 PF-Demand 140.33 2011-13 Provident Fund Tribunal

*Total amount deposited in respect of disputed demands is Rs. 137.69Lakhs. # These demands have been fully paid.

(viii) In our opinion and according to the information and explanationsgiven to us the Company has availed moratorium for some of its loans but the Company hasnot defaulted in the repayment of dues to financial institutions & banks. The Companyhas not borrowed from Government or by way of debentures.

(ix) According to the information and explanations given to us and tothe best of our knowledge and belief the Company has

not raised any money by way of initial public offer or further publicoffer (including debt instruments) during the year. The

term loans have been applied for the purpose for which those areraised.

(x) According to the information and explanations given to us and tothe best of our knowledge and belief no fraud by the

Company or any fraud on the Company by its officers and employees hasbeen noticed or reported by the Company during the year.

(xi) According to the information and explanations given to us and tothe best of our knowledge and belief the Company has paid /provided managerialremuneration during the year in accordance with the requisite approvals mandated by theprovisions of Section 197 read with Schedule V of the Act.

(xii) According to the information and explanations given to us and tothe best of our knowledge and belief the Company is not a Nidhi Company. Accordingly theprovisions of clause 3(xii) of the Order are not applicable to the Company.

(xiii) In our opinion and according to the information and explanationsgiven to us all transactions entered into with the Related Parties are in compliance withsection 177 and 188 of the Companies Act 2013 wherever applicable and details have beendisclosed in the Standalone Financial Statements as required by the applicable accountingstandards.

(xiv) According to the information and explanations given to us and tothe best of our knowledge and belief the Company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the year.Accordingly the provisions of clause 3(xiv) of the Order are not applicable to theCompany.

(xv) According to the information and explanations given to us and tothe best of our knowledge and belief the Company has not entered into any non-cashtransactions with directors or persons connected with them. Accordingly the provisions ofclause 3(xv) of the Order are not applicable to the Company.

(xvi) According to the information and explanations given to us and tothe best of our knowledge and belief the Company is not required to be registered underSection 45-IA of the Reserve Bank of India Act 1934. Accordingly the provisions ofclause 3(xvi) of the Order are not applicable to the Company.

ANNEXURE-B TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ONSTANDALONE FINANCIAL STATEMENTS OF JBM AUTO LIMITED

(This is the annexure referred to in Para 2(f) under 'Report on OtherLegal and Regulatory Requirements' section of our Report of even date)

Report on the Internal Financial Control Over Financial Reporting underClause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financialreporting of JBM AUTO LIMITED ("the Company") as of March 31 2021 inconjunction with our audit of the Standalone Financial Statements of the Company for theyear ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's Board of Directors 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 (ICAI).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate 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 aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the Standalone Financial Statements whether due tofraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of Standalone Financial Statements for external purposes inaccordance with generally accepted accounting principles. A company's internal financialcontrol over financial reporting includes those policies and procedures 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 asnecessary to permit preparation of Standalone Financial Statements in accordance withgenerally accepted accounting principles and that receipts and expenditures of thecompany are being made only in accordance with authorizations of management and directorsof the company; and

3. provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the company's assets thatcould have a material effect on the Standalone Financial Statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting 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 overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion and according to the best of our information andaccording to explanations given to us the Company has in all material respects anadequate internal financial controls system over financial reporting and such internalfinancial controls over financial reporting were operating effectively as at March 312021 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For Sahni Natarajan and Bahl
Chartered Accountants
Firm Registration No. : 002816N
Sudhir Chhabra
Partner
Membership No. 083762
UDIN: 21083762AAAACJ8034
Place: New Delhi
Dated : May 18 2021

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