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Metalyst Forgings Ltd.

BSE: 513335 Sector: Engineering
NSE: METALFORGE ISIN Code: INE425A01011
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VOLUME 6863
52-Week high 9.11
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OPEN 4.50
CLOSE 4.44
VOLUME 6863
52-Week high 9.11
52-Week low 4.30
P/E
Mkt Cap.(Rs cr) 20
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Metalyst Forgings Ltd. (METALFORGE) - Auditors Report

Company auditors report

To Members

METALYST FORGINGS LIMITED

Report on the Audit of the Standalone Financial statements Qualified Opinion

We have audited the accompanying standalone IND AS financial statements of METALYSTFORGINGS LIMITED ( the Company ) which comprise the balance sheet as at 31stMarch 2020 the statement of profit and loss[including other comprehensive income] thestatement of cash flows and the statement of changes in equity for the year then endedand a summary of the significant accounting policies and other explanatoryinformation(hereinafter referred to as standalone Ind AS financial statements ) In ouropinion and to the best of our information and according to the explanations given to usexcept for the effects of the matters described in Basis for Qualified Opinion section ofour report the aforesaid standalone Ind AS financial statements give the informationrequired by the Companies Act 2013 ( the Act ) in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ( Ind AS ) and other accounting principles generally accepted in india of thestate of affairs of the company as at 31 March 2020 and its Profit and Loss (includingother comprehensive income) Cash Flow Statement and its statement of changes in equityfor the year ended on the date.

Basis for Qualified Opinion

We conducted our audit of the Standalone Ind AS financial statements in accordance withthe Standards on Auditing (SAs) specified under section 143(10) of the Act (SAs). Ourresponsibility under those Standards are further described in the AuditorsResponsibilities for the Audit of Standalone Ind AS Financial Statements section of ourreport. We are independent of the entity in accordance with the code of Ethics issued byICAI together with the ethical requirements that are relevant to our audit of StandaloneInd AS financial statements under the provisions of the Act and the rules made there underand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the ICAI s Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our qualified opinion on theStandalone Ind AS financial statements.

(a) As per Indian Accounting Standard 36 which talks about impairment of asset if thecarrying amount of the asset is more than recoverable amount then asset need to beimpaired and as per Indian Accounting Standard 109 on financial instruments which alsocontains provisions of impairment of financials assets through expected credit loss methodbasis these provisions we were required to seek for any impairment obligations frommanagement but since the corporate debtors is still under the process CIRP and resolutionprofessional and committee of creditors are in the process of finalization successfulresolution applicant and the management has not determined value in use thus impairment ofFixed Assets including Capital Work In Progress (Rs. 214330.63 Lacs) Old TradeReceivables which have been standing in the books of account before initiation of CIRPprocess accordingly we are unable to ascertain the effect of the same on the Financialstatements.

As per Indian Accounting Standard 109 company was required to get the Investment (Rs.34706.71 Lacs) at fair value but the same has not been done by the company accordingly weare unbale to ascertain the effect of the same on the Financial statements.

(b) As the company has no register indicating the relevant record of fixed assets interms of its nature classification location quantity value date of capitalizationetc. Accordingly the amount of current depreciation and accumulated depreciation is notappropriate and impact of the same cannot be ascertained.

Emphasis of Matter

We draw attention to the following:

1. Note No. 1 regarding Corporate Insolvency Resolution Process (CIRP) initiated underInsolvency and Bankruptcy Code 2016 ( the Code ) and the outcome of the CIRP is subjectto decision of APEX Court

/ NCLT.

2. The Company has been continuously making losses consequently its net worth isnegative and the Company s total liabilities exceeded its total assets. This indicates theexistence of material uncertainty that may cast significant doubt on the Company s abilityto continue as a going concern. However in view of the CIRP in respect of the Companywhich is in progress the accounts have been prepared on a going concern basis [Refer Note2.1 to notes to accounts of financial statements];

3. Considering the current operating levels of the Company and the ongoing corporateinsolvency resolution process company has not made any Impairment in the value of Toolsand Dies accordingly we are unable to comment upon the effect of the same on theFinancial Statements.

4. Considering the ongoing corporate insolvency resolution process (as mentioned inNote No 1 & 2.1) the certainty as to the realization of unused tax losses and MATcredit available cannot be ascertained at this stage. Consequently adjustment to deferredtax (net) and MAT credit available have not been given effect to. (Refer Note 2.9 to notesto accounts of financial statements)

5. As per the code the RP has to receive collate and reconcile all the claimssubmitted by the creditors of the company. Such claims can be admitted to the RP duringthe CIRP till the approval of a resolution plan by the CoC. The RP has verified andadmitted the claims submitted by the creditors against the company as per the Code.Pending finalization of resolution plan the impact of such claims if any that may alsohave not been considered in the preparation of the financial statements. Further intereston the financial debt from the date of commencement of CIRP (i.e. from 15th December 2017till 31st March 2020) has not been provided in the books of accounts andcharged to the Profit and Loss account.

6. In respect of unclaimed dividend outstanding in the books pertains to financial year2011-12 to 2013-14. On expiry of the stipulated period the same will be transferred toInvestor s Education and Protection Fund.

7. Trade receivables & other receivables/payables are subject toconfirmation/reconciliation.

8. We draw attention to Note 3 of the statement which describes the uncertainties andthe impact of Covid-19 pandemic on the Company s operations and results as assessed by themanagement. Our conclusion on the Statement is not modified in respect of this matter.

9. As certified by the plant head technical team COO (Chief Operating Officer) aswell as CFO of the company the tools and dies have the perpetual life and hence notrequired for any provision for impairment.

10. As certified by the management no impairment is required in Capital work inprogress for Rs. 13.821.47 Lacs which includes uninstalled 12500 Ton Forging Press whichwas imported from SMS Group GmbH Germany.

11. We have relied upon the report of another auditor for valuation of the inventorytaken in the books of account however stock held in Nagar & Nalagarh have not beenconsidered in the report by the external auditor.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone Ind AS financial statements of the currentperiod. These matters were addressed in the context of our audit of the Standalone Ind ASfinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters.

Except for the matters described in the Basis for qualified opinion we have determinedthat there are no other key audit matters to communicate in our report

Information other than the financial statements and Auditor s Report thereon

The Company s Board of Directors are responsible for the other information. The otherinformation comprises the information included in the Director s Report includingannexure thereto Report on Corporate Governance and Management Discussion and AnalysisReport but does not include the Standalone Ind AS financial statements and our auditor sreport thereon. Our opinion on the Standalone Ind AS financial statements does not coverthe other information and we do not express any form of assurance conclusion thereon. Inconnection with our audit of the Standalone Ind AS financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the Standalone Ind AS financialstatements or our knowledge obtained during the course of our audit or otherwise appearsto be materially misstated. If based on the work we have performed we conclude thatthere is a material misstatement of this other information we are required to report thatfact. We have nothing to report in this regard.

Management and Those Charged with Governance s Responsibility for the Standalone Ind ASfinancial statements

The Management and board of directors of the company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ( the act ) with respect to thepreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Companies (Indian Accounting Standards)Rules 2015.

The company has gone into Corporate Insolvency Resolution Process ( CIRP ) vide orderof the National Company Law Tribunal Mumbai Bench ( NCLT ) dated December 15 2017 underthe provision of the Insolvency & Bankruptcy Code 2016 ( Code ). Pursuant to theOrder the powers of the Board of Directors stand suspended and such powers areexercisable by Mr. Dinkar T. Venkatasubramanium who has been appointed as ResolutionProfessional ( RP ) by NCLT vide order dated December 15 2017 and was consequentlyconfirmed as Resolution Professional (RP) by the Committee of Creditors (COC) in itsmeeting held on January 12 2018. The members of the COC (vide the meeting held 18 May2018) authorised RP to file an application to NCLT for extension of CIRP period by 90 days(i.e. from 180 days to 270 days) as per the Code.

Accordingly Mr. Dinkar T. Venkatasubramanium took control of management and operationsof the company. As the powers of the Board of Directors had been suspended the financialstatements have not been adopted by Board of Directors however the same have been signedby Mr. Dinkar T. Venkatasubramanium (Resolution Professional) Mr. Yogesh Kapur(Director) Mr. Arun Maiti (CFO) and Mr. Piyush Kumar (CS) of Company confirming accuracyand completeness of the results. These Standalone Ind AS financial statements have beensigned by the RP.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the standalonefinancial statements 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.

Auditors Responsibility

Auditor s Responsibility for the audit of standalone Ind AS financial statements

Our objectives are to obtain reasonable assurance about whether the standalone Ind ASfinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor s report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith Standards on Auditing will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these standalone Ind AS financial statements.

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

? Identify and assess the risks of material misstatement of the standalone Ind ASfinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

? Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under Section 143(3) (i) ofthe Act we are also responsible for explaining our opinion on whether the Company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

? Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

? Conclude on the appropriateness of management s 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 auditor s report to the related disclosures inthe 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 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 Standalone Ind ASfinancial statements including the disclosures and whether the Standalone Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the standalone Ind AS financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our audit work; and (ii) toevaluate the effect of any identified misstatements in the standalone Ind AS financialstatements.

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 financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor s 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor s Report) Order 2016 ( the Order ) issued bythe Central Government of India in exercise of powers conferred by sub section (11) ofsection 143 of the act we give in annexure A a statement on the matters specified inparagraph 3 & 4 of the Order to the extent applicable.

2. As required by section 143(3) of the Act we report that:

(a) Except for the matter described in Basis of Qualified opinion We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit;

(b) In our opinion except for the matter described in basis of qualified opinionproper books of account as required by law have been kept by the company so far as itappears from our examination of those books;

(c) Except for the matter described in basis of qualified opinion The balance sheetthe statement of profit and loss [including other comprehensive income]the cash flowstatement and the statement of changes in equity dealt with by this report are inagreement with the relevant books of account;

(d) Except for the matter described in basis of qualified opinion the aforesaidstandalone IND AS financial statements comply with the Indian Accounting Standardsspecified under section 133 of the Act read with the relevant rules there under;

(e) In our opinion the matters described in the basis for qualified opinion above mayhave adverse effect in the functioning of the Company.

(f) On the basis of the written representations received from the directors as on 31stMarch2020 and taken on record by the board of directors none of the directors is disqualifiedas on March 31 2020 from being appointed as a director in terms of Section 164 (2) ofthe Act; and

(g) The qualification relating to the maintenance of accounts and other mattersconnected therewith are as stated in the Basis for Qualified Opinion paragraph above; and

(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 . Our report expresses an unmodified opinion on the adequacyand the operating effectiveness of the company s internal financial controls overfinancial reporting; and internal audit has also not been taken placed by company.

(i) With respect to the other matters to be included in the Auditor s Report inaccordance with the requirements of section 197(16) of the Act as amended. We reportthat the managerial remuneration for the year ended 31st March 2020 has been paid to itsdirector in accordance with provision of section 197 and schedule V of the Act.

(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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The company has disclosed the impact of pending litigations on its financialposition in its standalone IND AS financial statements [Refer Note no. 29.5 of financialstatements].

ii. The company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amount which were required to be transferred to the InvestorEducation and Protection Fund by the company.

For Raj Gupta & Co.
Chartered Accountants
FRN: 000203N
Sd/-
Abhishek Gupta
Place : New Delhi (Partner)
Date : 11th September 2020 Membership No: 530433

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

I. In respect of fixed assets:

a) As the company has no register indicating the relevant record of fixed assets interms of its nature classification location quantity value date of capitalizationetc. Accordingly the amount of current depreciation and accumulated depreciation is notappropriate and impact of the same cannot be ascertained.

II. In respect of Inventories: -We have been informed by the management that theinventories are physically verified by external agency during the period appointed by thecompany at each quarter end and no major discrepancies have been pointed out by them. Thevaluation of inventory has been certified by the management.

III. The company during the year has not granted any loans secured or unsecured tocompanies firms Limited Liability Partnerships or other parties covered in the registermaintained under section 189 of the Companies Act 2013 ( the Act ). Accordinglyparagraph 3(iii) of the Order is not applicable to the company

IV. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans investments guarantees and security during the year.

V. In our opinion and according to the information and explanations given to us thecompany has not accepted any deposit from the public covered under Section 73 to 76 of theCompanies Act 2013.

Therefore the provisions of the clause 3 (v) of the Order are not applicable to theCompany.

VI. As informed company have maintained cost records pursuant to the rules prescribedby the central government for maintenance of cost records under sub-section (l) of section148 of the act but we have not been provided with the same . Moreover as informed costaudit is under process.

VII. According to the information and explanations given to us and based on the recordsof the company examined by us the company is regular in depositing the undisputedstatutory dues including Provident Fund Employees State Insurance Income-taxSales-tax Service Tax Custom Duty Excise Duty and other material statutory dues asapplicable with the appropriate authorities in India.

According to the information and explanation given to us and based on the records ofthe company examined by us there are no dues of Provident Fund Employees StateInsurance Income-tax Sales-tax Service Tax Custom Duty Excise Duty and other materialstatutory dues which have not been deposited on account of any disputes

VIII. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to information and explanations givenby the management A corporate insolvency resolution process ( CIRP ) has been initiatedagainst the company vide an order of Mumbai bench of the National Company Law Tribunal(NCLT) dated December 15 2017 under the provisions of the insolvency and bankruptcy code2016 (Code). Pursuant to the order the power of the Board of directors stands suspendedand are exercisable by Mr. Dinkar T. Venkatasubramanium who was appointed as interimresolution professional (IRP) by the NCLT vide order dated December 15 2017 and wasconsequently confirmed as Resolution Professional (RP) by the Committee of Creditors (CoC)in its meeting held on January 12 2018.

IX. 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. Accordinglyparagraph 3 (ix) of the Order is not applicable.

X. To the best of our knowledge and according to the information and explanations givento us no fraud by the Company or no material fraud on the Company by its officers oremployees has been noticed or reported during the year.

XI. In our opinion and according to the information and explanations given to us theCompany has paid/ provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

XII. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

XIII. In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the standalone financial statements as required by theapplicable accounting standards.

XIV. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly paid convertible debentures and hence reportingunder clause 3 (xiv) of the Order is not applicable to the Company.

XV. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsDirectors or persons connected to its directors and hence provisions of section 192 of theCompanies Act 2013 are not applicable to the Company.

XVI. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

Annexure B to Independent Auditors Report

(Referred to in our report of even date)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ( the Act )

We have audited the internal financial controls over financial reporting of METALYSTFORGINGS LIMITED as of 31st March 2020 in conjunction with our audit of the standalone IndAS financial statements of the Company for the year ended on that date.

Management s Responsibility for Internal Financial Controls

The Company s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ( ICAI ).

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

Auditors Responsibility

Our responsibility is to express an opinion on the Company s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the Guidance Note ) and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India.

Those Standards and the Guidance Note require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether adequateinternal financial controls over financial reporting was established and maintained and ifsuch controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor s judgment including the assessment of the risks ofmaterial misstatement of the standalone Ind AS financial statements whether due to fraudor 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 systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company s internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of standalone Ind AS financial statements for external purposes in accordancewith generally accepted accounting principles. A company s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of standaloneInd AS financial statements in accordance with generally accepted accounting principlesand that receipts and expenditures of the company are being made only in accordance withAuthorizations of management and directors of the company; and (3) provide reasonableAssurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company s assets that could have a material effect on the standaloneInd AS financial statements.

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 error or fraud 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 controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Qualified Opinion

In our opinion to the best of our information and according to the explanations givento us the company has except for the matters as described in basis for qualifiedopinion emphasis of matter other points reported in the Companies (Auditor s Report)order2016 and under section 143(3) in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2020 based on theinternal control over financial reporting criteria established by the company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Raj Gupta & Co.
Chartered Accountants
FRN: 000203N
Sd/-
(Abhishek Gupta)
Place : New Delhi (Partner)
Date : 11th September 2020 Membership No: 530433

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