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Jullundur Motor Agency (Delhi) Ltd.

BSE: 532420 Sector: Auto
NSE: JMA ISIN Code: INE412C01023
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Jullundur Motor Agency (Delhi) Ltd. (JMA) - Auditors Report

Company auditors report

To the Members of

Jullundur Motor Agency (Delhi) Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of Jullundur MotorAgency (Delhi) Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2021 and the Statement of Profit and Loss (including Other ComprehensiveIncome) Statement of Changes in Equity and the Statement of Cash Flow for the year thenended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information (hereinafter referred to 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 Companies (Indian Accounting Standards)Rules 2015 as amended ("Ind AS") and other accounting principles generallyaccepted in India of the state of affairs of the Company as at 31 March 2021 the profitand total comprehensive income its 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 specified under section 143(10) of the Act(SAs). Our responsibilities under those Standards are further described in theAuditor'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 theindependence requirements that are relevant to our audit of the standalone financialstatements under the provisions of the Act and the Rules made thereunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and theICAI's Code of Ethics. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial 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 Matter Auditor's Response
1 Revenue recognition – Accruals for turnover discounts
Generally in the markets products are often sold with sales related turnover discounts. Sales are recorded based on the price specified in the sales contract/arrangement with the customers net of discounts returns and taxes. However simultaneously estimated amount of turnover discounts would need to be incurred are also estimated and netted off from sales. Judgment is required to be exercised in determining the level of provisions that would need to be accrued. We have performed the test controls as per the following procedures to the accuracy of revenue recognized and accrual for turnover discounts to the customers:
(Refer Note No. 2(G) for the accounting policies on Revenue Recognition) (a) Obtaining an understanding of the Management processes and control with regard to contractual arrangements for turnover discount to the customers.
(b) Obtained an understanding of key contractual arrangements with customer and Management's process for collecting the relevant information to be able to reasonably estimate the Company's obligation in this regard.
(c) Conducted review of contracts/arrangement where such turnover discount existed and tested Management's basis for estimating the invoices to which such turnover discount will apply.
(d) Tested the application of the appropriate rates of discount and re-performed the test of arithmetic accuracy of the spreadsheet/ credit notes issued.
(e) Performed insight analysis over changes to prior period turnover discount & assessing the estimates considering the evidence in this regard.
2 Net Realizable Value of Finished Goods
Finished goods inventory are valued at lower of cost and estimated net realizable value (estimated selling price less estimated cost necessary to make the sale). Considering that there is always a volatility in the selling price of the finished goods inventory i.e. automobile parts & accessories specially slow moving damaged unsalable inventories items which is dependent upon various market conditions/ demand of the such items determination of the net realizable value for these items involves significant management judgement and therefore has been considered as a key audit matter. We have performed the following procedure on test check basis to verify the accuracy of the inventory held and valuation of stock- in-trade including slow moving damaged unsalable or obsolete inventory:
(Refer Note No. 2(F) for the accounting policies on Inventories) (a) Obtaining an understanding of the Management processes and control with regard to inventory held at close of the year and valuation of stock- in -trade including slow moving damaged unsalable or obsolete inventory.
(b) Obtained an understanding of the determination of the cost or net realizable values of the stock-in- trade items i.e. automobile parts & accessories including slow moving damaged unsalable or obsolete items assessed and tested the reasonableness of the significant judgements applied by the management.
(c) Evaluated the design of internal controls relating to the stock- in-trade held and valuation of inventories including slow moving damaged unsalable or obsolete items and also tested the operating effectiveness of the aforesaid controls.
(d) Compared the cost of the stock-in-trade items with the estimated net realizable value and checked if such items were recorded at net realizable value where the cost was higher than the net realizable value.
(e) Assessed the appropriateness of the disclosure in the financial statements in accordance with the applicable financial reporting framework.
3 Modified Audit Procedures carried out in light of COVID-19 outbreak:
Due to the outbreak of COVID-19 pandemic that caused countrywide lockdown and other travel restrictions imposed by the Central and State Governments/local administration during the period of our audit we could not travel to the branches/ offices of the company to carry out the audit processes physically at the respective branches/ offices. Our ability to perform regular audit procedures has been impacted due to travel restrictions on account of countrywide lockdown which has required us in certain cases to perform alternative audit procedures as under:
As we could not gather audit evidence in person/ physically/ through discussions and personal interactions with the officials at the respective branches/offices therefore we have identified such modified audit procedures as a Key Audit Matter. Wherever physical access was not possible necessary records/ reports/ documents were made available to us by the management through digital medium emails and remote access to ERP. To this extent the audit process was carried out on the basis of such documents reports and records made available to us which were relied upon as audit evidence for conducting the audit and reporting for the current period further making enquiries and gathering necessary audit evidence through discussions over phone calls emails etc. with the concerned official of the company.

Emphasis of Matter

We draw attention to Note 38 to the standalone financial statementsregarding the uncertainties arising out of the outbreak of COVID-19 pandemic andmanagement's evaluation of the impact on the standalone financial statements of thecompany as at the balance sheet date. As mentioned therein the assessment of the Companydoes not indicate any material impact on the carrying value of its assets and liabilitiesof the Company as on the reporting date. The Company will continue to closely monitor anymaterial changes to future economic conditions.

Our opinion is not modified in respect of this matter.

Information Other than the Financial Statements and Auditor'sReport Thereon

The Company's Board of Directors is responsible for thepreparation of the other information. The other information comprises the informationincluded in the Management Discussion and Analysis Board's Report includingAnnexures to Board's Report Corporate Governance and Shareholder's Informationbut does not include the consolidated financial statements standalone financialstatements 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 for the Standalone Financial Statements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these standalone financial statements that give a true and fair view ofthe financial position financial performance total comprehensive income changes inequity and cash flows of the Company in accordance with the Ind AS and other accountingprinciples generally accepted in India. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error. Inpreparing the standalone financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

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

Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements

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 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 thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the standalone financial statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor's report. However future events orconditions may cause 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.

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in

(i) planning the scope of our audit work and in evaluating the resultsof our work; and

(ii) to evaluate the effect of any identified misstatements in thefinancial statements. 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 precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so 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 in terms of Section 143(11) ofthe Act we give in "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 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 Statement of Changes in Equity and the Statement of Cash Flow dealtwith by this Report are in agreement with the relevant books of account.

d) In our opinion the aforesaid standalone financial statements complywith the Ind AS specified under Section 133 of the Act read with Companies (IndiaAccounting 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 controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure B". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the company's internalFinancial controls over Financial reporting.

g) With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of section 197(16) of the Actas amended : In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 as amended in our opinion and to the best of our information and according tothe explanations given to us :

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements.( Refer Note 25 of StandaloneFinancial Statements)

ii. The Company has made provision as required under the applicablelaw or accounting standards for material foreseeable losses if any on long-termcontracts including derivative contracts.

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

(Referred to in paragraph 1 under ‘Report on Other Legal andRegulatory Requirements' section of our report to the Members of Jullundur MotorAgency (Delhi) Limited of even date)

With reference to the Annexure A referred to in the IndependentAuditor's Report to the members of the Company on the standalone financial statementsfor the year ended 31 March 2021 we report the following:

i. In respect of the Company's fixed assets:

a. The Company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

b. The Company has a regular programme of physical verification of itsfixed assets by which all fixed assets are verified in a phased manner. In our opinionthis periodicity of physical verification is reasonable having regard to the size of theCompany and the nature of its assets. Further as per the information provided to us nomaterial discrepancies were noticed on such verifications.

c. According to the information and explanations given to us and on thebasis of our examination of the records of the Company the title deeds of immovableproperties included in property plant and equipment and investment property are held inthe name of the Company as on 31st March 2021.

In respect of immovable properties been taken on lease and disclosed asOther Assets in the standalone financial statements the lease agreements are in the nameof the Company.

ii. The inventory has been physically verified by the management duringthe year. In our opinion the frequency of such verification is reasonable having regardto the size of the company and nature of its business. In our opinion and according to theinformation and explanations given to us the Company has maintained proper records ofinventory in relation to the size of the company and nature of its business. Thediscrepancies noticed on verification between the physical stock and the book records werenot material.

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 Company Act 2013. Accordingly the provisions of clause 3(iii) (a) (b) and(c) of the Order are not applicable to the Company.

iv. In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Section 186 of the CompaniesAct 2013 with respect to the loans given investments made guarantees and securitiesgiven. There is no transaction under Section 185 of the Companies Act 2013.

v. The Company has not accepted any deposits from the public within themeaning of the directives issued by the Reserve Bank of India provisions of Section 73 to76 of the Companies Act 2013 any other relevant provisions of the Act and the relevantrules framed there under. Accordingly the provisions of clause (v) of the Order are notapplicable to the company.

vi. The Central Government has not prescribed the maintenance of costrecords under Section 148 of the Companies Act 2013 for any of the services rendered bythe Company. Accordingly the provisions of clause (vi) of the Order are not applicable tothe company.

vii. a) According to the information and explanations given to us andon the basis of our examination of the records of the Company amounts deducted/ accruedin the books of account in respect of undisputed statutory dues including Provident fundEmployees' State Insurance Income-tax Goods and Services tax duty of Customs dutyof Excise Value added tax / Sales tax Cess and other material statutory dues havegenerally been regularly deposited during the year by the Company with the appropriateauthorities.

According to the information and explanations given to us noundisputed amounts payable in respect of Provident fund Employees' State InsuranceIncome-tax Service tax Goods and Service tax duty of Customs duty of Excise Valueadded tax / Sales tax Cess and other material statutory dues were in arrears as at 31March 2021 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us there areno dues of Income tax Value added tax / Sales tax Goods and Services tax duty ofcustoms duty of excise which have not been deposited with the appropriate authorities onaccount of any dispute other than those mentioned below.

Name of Statue Nature of Dues Amount Period (F.Y.) Forum where dispute is pending
Income Tax Act Income Tax 48639380 2011-2012 2012-2013 2016-2017 2017-2018 Tribunal/CIT(Appeals) New Delhi
Sales Tax Kerala Value added tax / Sales tax 1372323 2005-2006 2013-2014 DCST(Appeals)/ Ernakulam Kerela
Sales Tax Haryana Value added tax / Sales tax 681657 2015-2016 2016-2017 Assessing Officer Haryana
Sales Tax Jharkhand Value added tax / Sales tax 211683 2014-2015 Appeal Jamshedpur Jharkhand
Sales Tax UP Value added tax / Sales tax 25194 2013-2014 Tribunal Kanpur Uttar Pradesh
Total 50930237

viii. In our opinion and according to the information and explanationsgiven to us the Company has not defaulted in the repayment of loans or borrowings tobanks. The Company did not have any outstanding loans or borrowings from financialinstitutions or government and there are no dues to debenture holders during the year.

ix. In our opinion and according to the information and explanationsgiven to us the Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year.

Accordingly paragraph 3(ix) of the Order is not applicable to theCompany.

x. To the best of our knowledge and according to the information andexplanations given to us no material fraud by the Company or on the Company by itsofficers or employees has been noticed or reported during the course of our audit.

xi. In our opinion and according to the information and explanationsgiven to us and based on examination of the records of the Company the Company has paidor provided managerial remuneration in accordance with the requisite approvals mandated bythe provisions of Section 197 read with Schedule V to the Act.

xii. According to the information and explanations given to us in ouropinion the Company is not a Nidhi Company as prescribed under Section 406 of the Act.Accordingly paragraph 3(xii) of the Order is not applicable to the Company.

xiii. According to the information and explanations given to us andbased on our examination of the records of the Company all transactions with the relatedparties are in compliance with Sections 177 and 188 of the Act where applicable anddetails of such transactions have been disclosed in the standalone financial statements asrequired by the applicable accounting standards.

xiv. According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year. Accordingly paragraph 3(xiv) of the Order is not applicableto the Company.

xv. According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with him.

Accordingly paragraph 3(xv) of the Order is not applicable to theCompany. xvi. According to the information and explanations given to us the Company isnot required to be registered under section 45-IA of the Reserve Bank of India Act 1934.

Annexure ‘B' to the Independent Auditor's Report

(Referred to in paragraph 2(f) under ‘Report on Other Legal andRegulatory Requirements' section of our report to the Members of Jullundur MotorAgency (Delhi) Limited of even date)

Report on the Internal Financial Controls over Financial Reportingunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct") Opinion

We have audited the internal financial controls over financialreporting of Jullundur Motor Agency (Delhi) Limited ("the Company") as of March31 2021 in conjunction with our audit of the standalone financial statements of theCompany for the year ended on that date.

In our opinion to the best of our information and according to theexplanations given to us the Company has in all material respects an adequate internalfinancial controls over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31 2021 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishingand maintaining 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 andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence torespective company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financialcontrols over financial reporting of the Company based on our audit.

We conducted our audit in accordance with the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting (the "Guidance Note")issued by the Institute of Chartered Accountants of India and the Standards on Auditingprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence 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 judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

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

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial controlover 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 financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the company's assetsthat could have a material effect on the 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.

For Aiyar & Co.
Chartered Accountants
Firm's Registration No.: 001174N
Sd/-
Charanjit Chuttani
Place: Gurugram (Partner)
Date: 25 June 2021 Membership No. 090723
ICAI UDIN: 21090723AAAAAT8034

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