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Kwality Ltd.

BSE: 531882 Sector: Agri and agri inputs
NSE: KWALITY ISIN Code: INE775B01025
BSE 00:00 | 23 Feb Kwality Ltd
NSE 05:30 | 01 Jan Kwality Ltd
OPEN 2.14
PREVIOUS CLOSE 2.14
VOLUME 1223660
52-Week high 3.97
52-Week low 2.14
P/E
Mkt Cap.(Rs cr) 52
Buy Price 2.14
Buy Qty 13289.00
Sell Price 2.14
Sell Qty 26001.00
OPEN 2.14
CLOSE 2.14
VOLUME 1223660
52-Week high 3.97
52-Week low 2.14
P/E
Mkt Cap.(Rs cr) 52
Buy Price 2.14
Buy Qty 13289.00
Sell Price 2.14
Sell Qty 26001.00

Kwality Ltd. (KWALITY) - Auditors Report

Company auditors report

To the members of Kwality Limited

(A Company under Corporate Insolvency resolution process vide NCLT order)

REPORT ON AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

1. Qualified Opinion

We have audited the accompanying standalone financial statements of Kwality Limited('the Company) which comprise the Balance Sheet as at 31 March 2020 the Statement ofProfit and Loss (including Other Comprehensive Income) the Statement of Cash Flow and theStatement of Changes in Equity for the year ended 31.03.2020 notes to the financialstatements and a summary of significant accounting policies and other explanatoryinformation. (Hereinafter referred to as "the Standalone Financial Statements")

In our opinion and to the best of our information and according to explanations givento us except for the effects of the matters described in the Basis of Qualified Opinionparagraph 2 below the aforesaid financial statements give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the company as at 31 March 2020 and its loss changes in equity and its cashflows for the year ended on that date.

2. Basis for Qualified Opinion:

a. The Company has incurred a Net loss of INR 12874.40 lakhs resulting into netaccumulated losses of INR 196888.91 lakhs and erosion of its Net worth as at 31 March2020. The company has obligations towards lenders creditors and other agencies. Theprocess of filing verification and acceptance of claims has been completed by the RPpursuant to ongoing Corporate Insolvency Resolution Process (CIRP). No accounting impactin the books of accounts has been made in respect of excess short non-receipt of claimsor liabilities earlier not recorded in the books of accounts but now quantified andaccepted by RP for operational and financial Creditors hence consequential impact if anyis not ascertainable and we are unable to comment on the possible financial impacts of thesame.

b. The company has a number of pending litigations w.r.t various legal and tax matterspending with various authorities but the company has not made any provision for any futureloss arising to the company in the scenario of negative outcome of such cases. It includesincome tax demand (along with interest) of INR 897440.28 lakhs (including income taxclaim of INR 17798.69 lakhs which has already been accepted earlier & is recognizedin the books and the balance amount is under appeal) beginning from AY 2011—12 tillAY 2018-19. Income Tax authorities has belatedly filed claim in Form B dated 31.12.2019for INR 897440.28 lakhs (which also included claim of INR 17798.69 lakhs filed &admitted earlier and the amounts under appeals) on 20.01.2020 with the ResolutionProfessional. As statutory period of completion of CIRP u/s 12 of the Code has come to anend on November 5 2019 and the matter is subjudice before the Hon'ble NCLT forappropriate orders either under Section 31 or Section 33 of the Code the ResolutionProfessional has not collated and verified the additional claim submitted by income taxauthorities.

We have conducted our audit in accordance with the Standards on Auditing (SAs)specified under Section 143(10) of the Companies Act 2013. Our responsibilities underthose standards are further described in the Auditors Responsibilities for the Audit offinancial statements section of our report. We are independent of the company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountantstogether with the ethical requirements that are relevant to our audit of the financialstatements under the provisions of The Companies Act 2013 and the Rules thereunder andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our qualified opinion.

3. EMPHASIS OF MATTER

We draw attention to the following matters in the financial statements:

a. Attention is drawn to Note no. 47 of the standalone financial statements; TheCompany continues not to assess impairment of carrying value of tangible assets capitalwork in progress and intangible assets in accordance with requirements of Ind AS - 36 on"Impairment of Assets". We are unable to obtain sufficient appropriate auditevidence about the recoverable amount of the Company's tangible assets capital work inprogress and intangible assets. Consequently we are unable to determine whether anyadjustments to carrying value are necessary and consequential impacts on the standalonefinancial statements.

b. Attention is drawn to Note no. 31 of the Standalone Financial Statements regardingnon-recognition of interest on borrowing from banks and financial institutions and bankcharges on borrowing from banks and financial institutions subsequent to insolvencycommencement date i.e. 11th December 2018. The company has not recognized any interest onthese amounts. The same is not in compliance with requirements of Ind AS. Had provisionfor interest bank charges and exchange difference been recognized finance cost and totalexpenses would have been higher and loss and total comprehensive loss for year endedwould also have been higher having consequential impact on other current financialliability and other equity.

Our opinion is not modified in respect of above matters

4. Material Uncertainty Related to Going Concern

The Company has incurred cash losses its liabilities exceeded total assets and its networth has been fully eroded as on 31st March 2020. Capacity utilization of manufacturingprocessing facilities is very low and Corporate Insolvency Process against the Company isin process. Since the CIRP is currently in progress as per the Code it is required thatthe Company be managed as a going concern during the CIRP. The standalone financialstatements is continued to be prepared on going concern basis. However there existsmaterial uncertainty about the Company's ability to continue as going concern since theapplication filed by the resolution applicant seeking a direction against the CoC toapprove the resolution plan is sub-judice before the Hon'ble NCLT. Hence the applicationfor liquidation of the Company filed by

RP with NCLT is in abeyance until the said application filled by the resolutionapplicant is decided by the NCLT. The appropriateness of preparation of standalonefinancial statements on going concern basis is critically dependent upon CIRP as specifiedin the Code. Our opinion is not modified in respect of this matter.

5. Information other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors / Resolution Professional are responsible for theother information. The other information comprises the information included in the AnnualReport (but does not include the standalone financial statements and our auditor's reportthereon) which is expected to be made available to us after that date. Our opinion on thestandalone financial statements does not cover the other information and we do not andwill not express any form of assurance conclusion thereon. In connection with our audit ofthe standalone financial statements our responsibility is to read the other informationidentified above and in doing so consider whether the other information is materiallyinconsistent with the standalone financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated.

When we read the other information identified above if we conclude that there is amaterial misstatement therein we are required to communicate the matter to those chargedwith governance.

6. Responsibilities of Management/ Board of Directors/ Resolution Professional for theStandalone Financial Statements

The Company's Board of Directors/Resolution Professional / Management is responsiblefor the matters stated in section 134(5) of the Companies Act 2013 ("the Act")with respect to the preparation of these standalone financial statements that give a trueand fair view of the financial position financial performance changes in equity and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the accounting Standards specified under section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateimplementation and maintenance of accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the 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.

Those Board of Directors / Resolution Professional /Management are also responsible foroverseeing the Company's financial reporting process.

Pursuant to ongoing Corporate Insolvency Resolution Process (CIRP) powers of the Boardof Directors have been suspended and these powers are now vested with ResolutionProfessional (RP).

7. Auditor's Responsibility for the Audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatements 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 these financial statements.

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

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than one resulting from error as fraud may involve collusion forgeryintentional 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 Companies Act 2013 we are also responsible for expressing an opinion on whetherthe company has adequate internal financial control system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of the accounting policies used and thereasonableness of the accounting estimates and related disclosures made by themanagement/directors/ RP.

• Conclude on the appropriateness of the management's use of going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast a 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 auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date of our auditor'sreport. 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 financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding amongst 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 reasonable be thought to bear on ourindependence and where applicable related safeguards.

8. Report on Other Legal and Regulatory Requirements:

(1) As required by The Companies (Auditors Report) Order 2016 (The Order) issued bythe Central Government of India in terms of sub section (11) of section 143 of TheCompanies Act 2013 we give in the Annexure "A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

(2) Further to our comment in the Annexure A as required by Section 143(3) of the Actwe 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) There are no branch offices of the company having separate branch auditors.

(d) The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the Cash Flow Statement and the Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

(e) Except for the possible effects of matters described in the Basis for QualifiedOpinion paragraph above in our opinion the aforesaid financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(f) On the basis of the written representations received from the management/RP as on31 March 2020 none of the directors is disqualified as on 31 March 2020 from beingappointed as a director in terms of Section 164 (2) of the Act.

(g) The matters described in the Basis for Qualified Opinion paragraph above and thematters described in the Material uncertainty relating to Going Concern may have anadverse impact on the functioning of the company.

(h) With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

(i) The qualifications to maintenance of accounts and other matters connected therewithare as stated in the Basis for Qualified Opinion paragraph above.

(j) With respect to the other matters to be included in the Auditor's 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 a lot of pending litigations and as detailed in Note No 38 to thestandalone financial statements has disclosed the impact of pending litigations on itsfinancial position.

(ii) The company has no foreseeable losses on long-term contracts including derivativecontracts.

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For B. RATTAN & ASSOCIATES

Chartered Accountants Firm's Registration No: 011798N

Sd/-

Bishamver Kumar Karn

Membership No: 094790 Partner

UDIN: 20094790AAAAAQ5977

Place: New Delhi

Date: 29 July 2020

ANNEXURE "A" TO INDEPENDENT AUDITORS REPORT

REPORT AS PER THE COMPANIES (AUDITORS REPORT) ORDER 2016

Referred to in Point No . 1 of "Report on Other Legal and RegulatoryRequirements" of the Independent Auditors Report of even date to the financialstatements of Kwality Limited for the year ended 31 March 2020.

i. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available informationexcept assets were not tagged with any unique identification number.

(b) As explained to us the fixed assets have been physically verified by management atperiodical intervals and no material discrepancies were noticed

ii. As explained by management there is a system of physical verification of inventoryat periodic intervals which is adequate to the size of the company and the nature of itsbusiness . No material discrepancies were noticed on physical verification betweenphysical stock and books of accounts .

iii. As per the information and explanations provided to us the company has notgranted any loans secured or unsecured to companies firms limited liabilitypartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013 .

iv As per the information and explanations provided to us compliance with Section 185and 186 of the Companies Act 2013 in respect of the loans investments guarantees andsecurity are not applicable.

v. As per the information and explanations given to us the company has not accepted anydeposits under the directives issued by the Reserve Bank of India and the provisions ofsection 73 to 76 or any other relevant provisions of the Companies Act 2013 and the rulesframed thereunder

vi. As per information and explanations received from the management the company hasmaintained the cost records as prescribed by the Central Government under Section 148(1)of the Companies Act 2013.

vii. (a) The company is generally regular in depositing undisputed statutory duesincluding customs duty and any other statutory dues with the appropriate authoritiesexcept Income tax provident fund employees state insurance and Tax Deducted at Source .According to the information and explanations given to us undisputed amounts payable forabove statutory dues are outstanding as on the last day of the financial year for a periodof six months from the date they became payable .

Name of the Statue Name of the dues Net amount payable (Amount in INR lakhs) Period to which the amount relates (Financial year) Due Date Date of Payment
Income Tax act 1961 Income Tax 5444.76* 2015-16 30 Nov 2016 Not Paid
Income Tax act 1961 Income Tax 6195.96* 2016-17 30 Nov2017 Not Paid
Income Tax act 1961 Income Tax 7187.72* 2017-18 30 Nov 2018 Not Paid
Income Tax act 1961 TDS 94.95* 2017-18 Not Paid
Income Tax act 1961 TDS 377.77* 2018-19 Not Paid
Employees' Provident Fund Organisation EPF 11.21 2018-19 Not Paid
Employees' State Insurance ESIC 0.94 2018-19 Not Paid

*Amount has been claimed under the Insolvency and Bankruptcy Code 2016

(b) According to the explanations and information given to us there are disputedamounts in respect of government dues not deposited with appropriate authorities

Name of the Statue Name of the dues Net Amount payable (INR in lakhs) Period to which the amount relates (Financial year) Forum where dispute is pending
Uttar Pradesh VAT VAT 7.50 2013-14 Addl . Comm. (Appeal) Bulandshahr
Uttar Pradesh VAT VAT 33.80 2014-15 Tribunal (2nd Appeal) Aligarh
Uttar Pradesh VAT VAT 3.38 2014-15 Allahabad High Court
Uttar Pradesh VAT VAT 17.54* 2015-16 Addl . Comm. (Appeal) Bulandshahr
Uttar Pradesh VAT VAT &CST 428.61 2016-17 Addl . Comm. (Appeal) Bulandshahar
Haryana VAT VAT 3.87* 2012-13 DETC Cum Assessing Authority Palwal
Haryana VAT VAT 340.86* 2013-14 DETC (ST) Cum Assessing Authority Palwal
Haryana VAT VAT 1008.57* 2014-15 DETC (ST) Cum Assessing Authority Palwal
Haryana VAT VAT 386.90* 2015-16 ETO cum Assessing Authority HARYANA
Haryana VAT VAT 481.20* 2016-17 ETO Cum Assessing Authority HARYANA
Haryana VAT VAT 210.08* 2017-18 ETO Cum Assessing Authority HARYANA
Haryana GST Trans 1 921.64* 2017-18 ETO Cum Assessing Authority HARYANA
Haryana VAT Service Tax 6.36 2015-16 & 2016-17 Superintendent (Audit) Audit Circle-6 Faridabad
Rajasthan VAT VAT 18.46 2014-15 Appellate Authority Appeals III Jaipur
Delhi VAT VAT 10.87 2012-13 Commissioner (VAT) Appeals Delhi
Punjab VAT VAT 16.08 2012-13 DETC(Appeals) cum JD(Appeals) Patiala
Punjab VAT VAT 5.96 2012-13 DETC(Appeals) cum JD(Appeals) Patiala
Punjab VAT VAT 7.85 2016-17 AETC Mobile Wing Amritsar
Rajasthan VAT VAT 0.02* 2016-17 CTO Jaipur 1 Special III
GST Intelligence Gurugram GST 15147.63 2017-18 & 2018-19 Directorate General of GST Intelligence
Customs Excise & Service Tax EPCG 182.52* 2019-20 Commissioner of Customs Nhava Sheva
Customs Excise & Service Tax DEPB Credit 69.44 2012-13 Customs and Service Tax Appellate Mumbai
Income Tax act 1961 Income Tax 897440.27A 2010-11 to 2017-18 Commissioner of Income Tax (Appeal)

*Amount has been claimed under the Insolvency and Bankruptcy Code 2016

A Includes INR 18828.44 lakhs covered in Undisputed Statutory Dues more than six monthsas for FY 2015-16 2016-17 and 2017-18 .

(viii) Pursuant to the continuing defaults of the Company a corporate insolvencyresolution process ("CIRP") under the Insolvency and Bankruptcy Code 2016 wasinitiated against the Company vide an order of the Delhi Bench of the National Company LawTribunal ("NCLT"). Owing to the initiation of CIRP the borrowings areconsidered as currently payable . For further details refer note 19 of standalonefinancial statements .

(ix) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year

(x) During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted accounting practices in India andaccording to the information and explanations given to us we have neither come across anyinstances of material fraud by the company by its officers and employees noticed orreported during the year nor have we been informed of any such case by the management/RP.

(xi) According to the information and explanations given by the management themanagerial remuneration has been paid / provided within mandated by the provisions ofsection 197 read with Schedule V to the Companies Act 2013.

(xii) As the company is not a Nidhi company the Nidhi Rules 2014 are not applicable tothe company.

(xiii) According to the information and explanations given to us the company has madedisclosure as regards related party relationship in accordance with the notified"Indian Accounting Standard -24 Related Party Disclosure".

(xiv) The company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.Accordingly the provisions of Clause 3 of the Order are not applicable to the company.

(xv) According to the information and explanations given to us the company does notdeal with if any non-cash transactions with any of its directors or persons connectedwith him .

(xvi) According to the information and explanations given to us the company is notrequired to be registered under Section 45 IA of The Reserve Bank of India Act 1934.

For B. RATTAN & ASSOCIATES

Chartered Accountants

Firm's Registration No: 011798N

Sd/-

Bishamver Kumar Karn

Membership No: 094790

Partner

UDIN: 20094790AAAAAQ5977

Place: New Delhi

Date: 29 July 2020

ANNEXURE "B" TO INDEPENDENT AUDITORS REPORT

(REPORT ON INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING)

(Referred to paragraph 2(h) of 'Report on Other Legal and Regulatory Requirements' ofthe Independent Auditors Report of even date on the financial statements of KwalityLimited)

Report on the Internal Financial Controls under Clause(i) of Sub Section 3 of Section143 of the Companies Act 2013 (The Act).

1. We have audited the internal financial controls over financial reporting of KwalityLimited as on 31 March 2020 in conjunction with our audit of financial statements of thecompany for the year ended on that date .

2. Managements Responsibility for Internal Financial controls

The Board of Directors/Resolution Professional of the Company are responsible forestablishing and maintaining internal financial controls based on the internal controlover financial reporting criteria established by the company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls over financial reporting issued by The Institute of Chartered Accountants ofIndia (ICAI). These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to companies policiesthe safeguarding 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 Act

3. Auditors Responsibility

Our responsibility is to express an opinion on the company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith Guidance Note on Audit of Internal Financial Controls over Financial Reporting ( the" Guidance Note") and the Standards on Auditing as specified under Section 143(10) of the Act to the extent applicable to an audit of internal financial controls . both applicable to an audit of internal financial controls and both issued by ICAI. ThoseStandards and Guidance Notes require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained if such controls operatedeffectively in all material respects .

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness . Our audit of internal financial controls over financial reporting includeobtaining an understanding of internal financial controls over financial reportingassessing a risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the internal financial control system overfinancial reporting .

6. Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial controls over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles .A company's internal financial controls over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement directors and RP of the company and (3) provide reasonable assuranceregarding prevention or timely detection of unauthorised acquisition use or dispositionof the company's assets that could have a material effect on the financial statements .

7. Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to fraud or error may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlsover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

8. Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material aspects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as on 31 March 2020 based on the internal controlover financial reporting criteria established by the company considering the essentialcomponents of internal control stated in the Guidance Note issued by ICAI.

For B. RATTAN & ASSOCIATES

Chartered Accountants Firm's Registration No: 011798N

Sd/-

Bishamver Kumar Karn

Membership No: 094790 Partner

UDIN: 20094790AAAAAQ5977

Place: New Delhi Date: 29 July 2020

.