To the Members of
Kesar Enterprises Limited
Report on the Audit of the Ind AS Financial Statements
We have audited the accompanying Ind AS financial statements of Kesar EnterprisesLimited ("the Company") which comprise the Balance Sheet as at March 312020 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year then endedand notes to the Ind AS financial statements including a summary of significant accountingpolicies and other explanatory information (hereinafter referred to as Ind AS financialstatements").
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards ("Ind AS") prescribed under section133 of the Act of the state of affairs of the Company as at March 312020 its loss(including other comprehensive income) changes in equity and its cash flows for the yearended on that date.
Basis for Opinion
We conducted our audit in accordance with Standards on Auditing (SAs) specified undersection 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditors Responsibilities for the Audit of the Ind AS FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India("ICAI") together with the ethical requirements that are relevant to our auditof the Ind AS financial statements under the provisions of the Act and Rules thereunderand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion on the Ind AS financialstatements.
Material Uncertainty Related to Going Concern
We draw attention to Note 50 in the Ind AS financial statements. For the reason statedin the said note the management has a reasonable expectation that the Company hasadequate resources to continue its operational existence for the foreseeable future theInd AS financial statements has been prepared on going concern basis despite accumulatedlosses resulting in erosion of its net worth.
Our opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Ind AS financial statements of the current year. Thesematters were addressed in the context of our audit of the Ind AS financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters. In addition to the matter described in the Material Uncertainty Related toGoing Concern section above we have determined the matter described below to be the keyaudit matter to be communicated in our report.
|Key Audit Matter ||How our audit addressed the key audit matter |
|Valuation of Inventory || |
|(refer note 8 to the Ind AS financial statements) ||Our audit procedures included the following among others: |
|The Company has an inventory of sugar with the carrying value of Rs. 6850.20 lakhs as on March 31 2020. The inventory of sugar is valued at the lower of cost and net realizable value (NRV). ||We understood the inventory process and tested the design and operating effectiveness of controls as established by the management for valuation of inventory and determination of NRV of inventory of sugar. |
|We have identified valuation of inventory as a key audit matter considering the materiality of the amount involved and significant management judgment involved in the consideration of factors such as minimum sale price monthly quota fluctuation in selling prices and the related notifications of the Government authorities in determination of NRV. ||We performed NRV testing by comparing subsequent sale/order value. We also evaluated the reasonableness of managementRs.s judgment involved in consideration of various factors including the actual selling price prevailing prior and subsequent to the year end minimum selling price & monthly quota and other notifications of the Government of India initiatives taken by the Government with respect to sugar industry as a whole; for the purpose of determining the NRV of the inventory. |
Emphasis of Matter
We draw attention to
a) Note No 24 to the accompanying Ind AS financial statements. For the reason stated inthe said note the Company has not made provision for finance cost for the financial yearamounting to Rs. 2147.67 Lakhs on borrowings from one of its lender bank pursuant to aone time settlement (OTS) with the lender.
b) Note 52 to the accompanying Ind AS financial statements which describes theuncertainties and the managements assessment of the financial impact on the Company due toCOVID-19 pandemic situation for which a definitive assessment of the impact is highlydependent upon the circumstances as they evolve in the subsequent period.
Our opinion is not modified in respect of these matter.
The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the DirectorRs.s Report ManagementDiscussion & Analysis and Corporate Governance Report but does not include the Ind ASfinancial statements and our Auditors report thereon.
Our opinion on the Ind AS financial statements does not cover the other information andwe do not express any form of assurance conclusion thereon.
In connection with our audit of the Ind AS financial statements our responsibility isto read the other information and in doing so consider whether the other information ismaterially inconsistent with the Ind AS financial statements or our knowledge obtained inthe audit or otherwise appears to be materially misstated.
If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Ind ASFinancial Statements
The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these Ind AS financial statementsthat give a true and fair view of the financial position financial performance (includingother comprehensive income) changes in equity and cash flows of the Company in accordancewith the accounting principles generally accepted in India including Ind AS prescribedunder section 133 of the Act read with the Companies (Indian Accounting Standards) Rules2015 as amended. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
In preparing the Ind AS financial statements management is responsible for assessingthe Company'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.
Those Board of Directors are also responsible for overseeing the Company's financialreporting process.
Auditors Responsibilities for the Audit of the Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Ind AS financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an Auditors report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of this Ind AS financial statements. As part of an audit in accordance with SAs weexercise professional judgment and maintain professional skepticism throughout the audit.We also:
Identify and assess the risks of material misstatement of the Ind AS financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.
Conclude on the appropriateness of managements use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our Auditors report to the related disclosures in theInd AS financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our Auditorsreport. However future events or conditions may cause the Company to cease to continue asa going concern.
Evaluate the overall presentation structure and content of the Ind AS financialstatements including the disclosures and whether the Ind AS financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.
We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Ind AS financial statements ofthe current year and are therefore the key audit matters. We describe these matters in ourAuditors report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.
On account of the COVID-19 related lockdown restrictions imposed by the governmentmanagement was able to perform year end physical verification of inventories at theirplant subsequent to the year end. However we were unable to physically observe theinventory verification carried out by the management. Consequently we have performedalternate audit procedures to obtain comfort over the existence and condition of inventoryat year end as per the guidance provided in SA-501 "Audit Evidence - Specificconsiderations for selected items" and have obtained sufficient appropriate auditevidence to issue our unmodified opinion on this Ind AS financial statements.
Our opinion is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
(1) As required by the Companies (Auditors Report) Order 2016 ("the Order")issued by the Central Government of India in terms of section 143(11) of the Act we givein "Annexure 1" a statement on the matters specified in paragraphs 3 and 4 ofthe Order to the extent applicable.
(2) As required by section 143(3) of the Act we report that:
a. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit;
b. In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;
c. The Balance Sheet the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Changes in Equity and the Statement of Cash Flows dealt with bythis report are in agreement with the books of account;
d. In our opinion the aforesaid Ind AS financial statements comply with the Ind ASprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended;
e. The matter described under the Material Uncertainty Related to Going Concern andEmphasis of Matter section above in our opinion may have an adverse effect on thefunctioning of the Company;
f. On the basis of the written representations received from the directors as on March31 2020 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2020 from being appointed as a director in terms of section164(2) of the Act;
g. With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate report in "Annexure 2";
h. With respect to the other matter to be included in the Auditors Report in accordancewith the requirements of section 197(16) of the Act:
In our opinion and to the best of our information and according to the explanationsgiven to us the Company has not paid/provided for any managerial remuneration to itsdirectors during the year. Accordingly the provisions of section 197 of the Act are notapplicable to the Company.
i. With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its financialposition in its Ind AS financial statements - Refer Note 35 on Contingent Liabilities tothe Ind AS financial statements;
(ii) The Company did not have any long-term contracts including derivative contracts.Hence the question of any material foreseeable losses does not arise;
(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.
TO THE INDEPENDENT AUDITOR REPORT
[Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirementssection in the Independent Auditors Report of even date to the members of KesarEnterprises Limited on the Ind AS financial statements for the year ended March312020]
Based on the audit procedures performed for the purpose of reporting a true and fairview on the Ind AS financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit we report that:
(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) During the year the fixed assets of the Company have been physically verified bythe management and no material discrepancies were noticed on such verification. In ouropinion the frequency of verification is reasonable having regard to the size of theCompany and the nature of its assets.
(c) The title deeds of immovable properties recorded as fixed assets in the books ofaccount of the Company are held in the name of the Company except for the details givenbelow:
(Rs. in Lakhs)
|Land/ Building ||Total number of cases ||Leasehold/ Freehold ||Gross Block as on March 31 2020 ||Net Block as on March 31 2020 ||Remarks |
|Land ||6 ||Freehold ||351.69 ||351.69 ||Mutation pending with Local Authority |
(ii) The physical verification of inventory have been conducted by the managementduring the year. Also physical verification of inventory has been carried out by themanagement subsequent to the year-end due to lockdown restrictions imposed by thegovernment of India for which roll back procedures have been performed to determine theexistence and condition of the inventory as at the year-end. No material discrepancieswere noticed on physical verification carried out by the management.
(iii) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Act. Accordingly clause 3(iii) of the Order is not applicable to theCompany.
(iv) The Company has not granted any loans or provided any guarantees or security tothe parties covered under section 185 of the Act. Further the Company has complied withthe provisions of section 186 of the Act.
(v) In our opinion the Company has not accepted any deposits from the public withinthe provisions of sections 73 to 76 of the Act and the rules framed there under.Accordingly the provisions of clause 3(v) of the Order are not applicable.
(vi) The maintenance of cost records has been specified by the Central Government undersub-section (1) of section 148 of the Act and rules thereunder. We have broadly reviewedsuch records and are of the opinion that prima facie the prescribed accounts and recordshave been made and maintained. We have not however made a detailed examination of therecords with a view to determine whether they are accurate or complete.
(vii) (a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employees state insurance income tax goods andservices tax (GST) customs duty cess and any other material statutory dues applicable toit except that there have been slight delay in few cases.
No undisputed amounts payable in respect of provident fund employees state insuranceincome tax GST customs duty cess and any other material statutory dues applicable toit were outstanding at the year end for a period of more than six months from the datethey became payable.
(b) There are no dues with respect to income tax sales tax service tax value addedtax GST customs duty excise duty which have not been deposited on account of anydispute except for details given below:
|Name of the statute ||Nature of dues ||Amount (Rs. in Lakhs) ||Period to which the amount relates ||Forum where dispute is pending |
|Central Sales Tax Act 1956 ||Central Sales Tax ||59.93 ||1989-90 and 1996-97 to 1997-98 and 2002-03 to 2004-05 ||HIGH COURT ALLAHABAD |
|U.P. Tax on Entry of Goods into Local Area Act 2007 ||Entry Tax ||1333.96 ||2001-02 to 2010-11 and 2013-14 to 2014-15 and 2016-17 ||D.C. (A) - Bareilly |
|Central Excise Act 1944 ||Excise Duty - Spirits ||1.08 ||2005-06 ||Supreme Court |
|Central Excise Act 1944 ||Arrears of Overtime of Excise Personnel ||15.72 ||2006-072007-08 & 2008-09 ||High Court Allahabad |
|Central Excise Act 1944 ||License Fee Payable ||0.48 ||2007-08 ||A.E.C. (U.P.) |
|U.P.Trade Tax Act 1948 ||Trade Tax ||41.31 ||1987-88 to 1989-90 and 1991-92 to 1997-98 2008-09 ||HIGH COURT ALLAHABAD |
|Central Excise Act 1944 ||Cenvat Credit of Steel Materials ||1.44 ||2012-2013 ||AC AEX Bareilly |
|Central Excise Act 1944 ||Cenvat Credit on Molasses Received ||3286.21 ||2012-2013 ||Commissioner CEX Meerut |
|Central Excise Act 1944 ||Cenvat Credit on Steel Materials ||3.35 ||2014-15 ||AC AEX Bareilly |
|Central Excise Act 1944 ||Cenvat Credit on Steel Materials ||6.67 ||2011-12 ||Add Commissioner CEX Meerut |
|Central Excise Act 1944 ||Cenvat Credit on Steel Materials ||10.46 ||2012-2013 ||Joint Commissioner CEX Meerut |
|Central Excise Act 1944 ||Cenvat Credit on Steel Materials Received ||5.13 ||2012-2013 ||AC AEX Hapur |
|Central Excise Act 1944 ||Demand of reversal of Cenvat Credit Steel materials ||3.48 ||2008-2009 ||Dy Comm CEX Bareilly |
|Central Excise Act 1944 ||Demand on Service Tax on Commission ||148.15 ||2014-15 ||AC AEX Hapur |
|Central Excise Act 1944 ||Denial of Cenvat on MOLASSES Received ||273.85 ||2015-2016 ||AC AEX Bareilly |
|Central Excise Act 1944 ||Excise Duty - Sale of Bagasse & Press Mud ||17.04 ||2007-08 ||A.E.C. (U.P.) |
|Central Excise Act 1944 ||Shortage of Sugar/Molasses/ Scrap ||308.62 ||2011-12 & 2012-13 ||A.E.C. (U.P.) |
|Central Excise Act 1944 ||Wrong Reversal Of CENVAT Credit ||240.30 ||2007-08 to 2016-2017 ||A.E.C. (U.P.) |
|Central Excise Act 1944 ||Wrong Reversal Of CENVAT Credit ||24.14 ||2004-2005 ||CESTAT New Delhi |
|Central Excise Act 1944 ||Wrong Reversal Of CENVAT Credit- Iron & Steel Welding Electrodes ||5.49 ||2005-2006 ||Supreme Court SLP No. 24645 |
|Central Excise Act 1944 ||Service Tax on Selling Commission to Agents etc. ||32.12 ||2011 to 2015 ||Joint Commissioner CEX Meerut |
|Central Excise Act 1944 ||Service Tax on Sugar Export Quota ||43.89 ||2011-12 ||Addl. Commissioner CEX Meerut |
|Central Excise Act 1944 ||Cenvat Credit on Sale of Bagasses ||2.79 ||2015-16 ||AC AEX Bareilly |
|Central Excise Act 1944 ||CENVAT Credit availed on Molasses ||634.45 ||2012-2013 ||AC AEX Bareilly |
|Central Excise Act 1944 & Central Excise Rules 2002 ||Demand of reversal of Cenvat Credit Steel materials/Welding Electrode ||19.94 ||2005-2006 to 2008-2009 and 2011-2012 ||CESTAT Allahabad. |
(viii) During the year the Company has not defaulted in repayment of loans orborrowings to financial institution bank government or dues to debenture holder exceptfor details given below:
(Rs. in Lakhs)
|Particulars ||Amount of default as at March 31 2020 (Less than 12 months) (Excluding Interest) ||Amount of default as at March 312020 (more than 12 months) (Excluding Interest) |
|Banks ||- ||10528.72 |
|Government- (Sugar Development Fund) ||249.24 ||2795.25 |
*During the year the Company has deposited Rs. 3800.00 lakhs towards One Timesettlement (OTS) scheme with Bank.
(ix) The Company did not raise moneys by way of initial public offer or further publicoffer (including debt instruments). During the year the Company's one cash credit accounthas been converted into term loan via scheme of restructuring from the bank and for saidconverted terms loan the funds already applied by the company in the past for thepurposes for which the loan were obtained.
(x) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud by the Company or any fraud on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such instance by themanagement.
(xi) The Company has not paid / provided managerial remuneration to its directorsduring the year. Therefore the provisions of clause 3(xi) of the Order are not applicableto the Company.
(xii) In our opinion the Company is not a Nidhi Company. Therefore clause 3(xii) ofthe Order is not applicable to the Company.
(xiii) All transactions entered into by the Company with the related parties are incompliance with sections 177 and 188 of Act where applicable and the details have beendisclosed in the Ind AS financial statements as required by the applicable accountingstandards.
(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year. Therefore clause 3(xiv)of the Order is not applicable to the Company.
(xv) The Company has not entered into any non-cash transactions with its directors orpersons connected with him during the year and hence provisions of section 192 of the Actare not applicable.
(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.
TO THE INDEPENDENT AUDITORS REPORT
[Referred to in paragraph 2(g) under Report on Other Legal and Regulatory Requirementssection in our Independent Auditors Report of even date to the members of KesarEnterprises Limited on the Ind AS financial statements for the year ended March312020]
Report on the Internal Financial Controls with reference to Financial Statements underclause (i) of sub-section 3 of section 143 of the Companies Act 2013 ("theAct")
We have audited the internal financial controls with reference to financial statementsof Kesar Enterprises Limited ("the Company") as of March 31 2020 inconjunction with our audit of the Ind AS financial statements of the Company for the yearended on that date.
Managements Responsibility for Internal Financial Controls
The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control with reference to financial statementscriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India ("ICAI"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence toCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.
Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note and the Standards on Auditing specified under section143(10) of the Act to the extent applicable to an audit of internal financial controlsboth issued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls with reference to financial statements wasestablished and maintained and if such controls operated effectively in all materialrespects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to financial statements and their operatingeffectiveness.
Our audit of internal financial controls with reference to financial statementsincluded obtaining an understanding of internal financial controls with reference tofinancial statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal controls based on theassessed risk. The procedures selected depend on the Auditors judgement including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls withreference to financial statements.
Meaning of Internal Financial Controls with reference to Financial Statements
A Company's internal financial control with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A Company's internal financial control withreference to financial statements includes those policies and procedures that (1) pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthe transactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls with reference to FinancialStatements
Because of the inherent limitations of internal financial controls with reference tofinancial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to financial statements to future periods are subject to the risk that theinternal financial controls with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.
In our opinion the Company has in all material respects adequate internal financialcontrols with reference to financial statements and such internal financial controls withreference to financial statements were operating effectively as at March 31 2020 basedon the internal control with reference to financial statements criteria established by theCompany considering the essential components of internal controls stated in the GuidanceNote issued by the ICAI.
| ||For Haribhakti & Co. LLP |
| ||Chartered Accountants |
| ||ICAI Firm Registration No.103523W/W100048 |
| ||Sumant Sakhardande |
| ||Partner |
|Place: Mumbai ||Membership No.: 034828 |
|Date: August 07 2020 ||UDIN: 20034828AAAAEQ1374 |