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New Delhi Television Ltd.

BSE: 532529 Sector: Media
NSE: NDTV ISIN Code: INE155G01029
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OPEN 83.80
PREVIOUS CLOSE 82.60
VOLUME 8260
52-Week high 106.20
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P/E 11.22
Mkt Cap.(Rs cr) 532
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OPEN 83.80
CLOSE 82.60
VOLUME 8260
52-Week high 106.20
52-Week low 27.20
P/E 11.22
Mkt Cap.(Rs cr) 532
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

New Delhi Television Ltd. (NDTV) - Auditors Report

Company auditors report

To the Members of New Delhi Television Limited

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the standalone financial statements of New Delhi Television Limited("the Company") which comprise the Standalone Balance Sheet as at 31 March2020 and the Standalone Statement of Profit and loss (including other comprehensiveloss) Standalone Statement of Changes in Equity and Standalone Statement of Cash Flowsfor the year then ended and Notes to the standalone financial statements including asummary of the significant accounting policies and other explanatory information. In ouropinion and to the best of our information and according to the explanations given to usthe aforesaid standalone financial statements give the information required by("Act") in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31 March 2020 and profit other comprehensive loss changes in equity andits cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the Auditor's Responsibilities for the Audit of the Standalone 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 together with theethical requirements that are relevant to our audit of the standalone financial statementsunder the provisions of the Act and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion on the Standalone financial statements.

Material Uncertainty Related to Going Concern

We draw attention to Note 1a to the standalone financial statements wherein it isexplained that Company which runs television business has earned a net profit of Rs7.52crores (Rs 752 Lakhs) and Rs 13.03 crores (Rs. 1303 Lakhs) during the quarter andyear ended 31 March 2020 and as of that date the Company's current liabilities exceedits current assets by Rs 82.74 crores (Rs 8274 Lakhs). These conditions along with othermatters described in the note indicate that a material uncertainty exists that may castsignificant doubt on the ability of the Company to continue as a going concern. Managementhas stated that the Company has initiated certain strategic and operational measuresincluded in the note to mitigate the uncertainty. Accordingly they have prepared thestandalone financial statements on a going concern basis. Our conclusion is not modifiedin respect of this matter.

Key Audit Matter

Key audit matters are those matters that in our professional judgment were of mostsignificance audit of the standalone financial statements of the current period. Thesematters were addressed in the context of our audit of the standalone financial statementsas a whole and in forming our opinion thereon and we do not provide a separate opinionon these matters. In addition to the matter described in the Material Uncertainty Relatedto Going Concern section we have determined the matters described below to be the keyaudit matters to be communicated in our report.

Sr. No The key audit matter How the matter was addressed in our
1. Litigation with Enforcement Directorate In view of the significance of the matter we applied the following audit procedures in this area among others to obtain sufficient appropriate audit evidence:
See note 37 to the standalone financial statements During the year ended 31 March 2016 the Company and its certain executive directors had received a show cause notice from Directorate of Enforcement (‘ED') on account of certain contraventions under the Foreign Exchange Management Act 1999 ("FEMA") and regulations made thereunder in respect of investments in Indian subsidiaries made by overseas subsidiaries of the Company. Based on the legal advice obtained from an external firm of lawyers the Obtaining and inspecting the board minutes correspondence with regulators and confirmations from the Company's legal counsel and enquiring with the Company's legal team to understand the status and potential updates on these matters.
advice obtained from an external firm of lawyers the Company had filed a compounding application with Reserve Bank of India (‘RBI') in respect of alleged contraventions and a provision for INR 7.4 crore (Rs. 740 lakh) was recognised on account of compounding fee during the year ended 31 March 2017. Involving our specialists for assessing the possible outcome of the matters and challenging the assumptions used in estimation of the provision for compounding fee based on their knowledge and experience of the application of local legislation by the relevant authorities and courts.
During the year ended 31 March 2019 the Company and its certain executive directors had received another show cause notice from Directorate of Enforcement (‘ED') on additional matters in respect of the above investments in Indian subsidiaries made by overseas subsidiaries of the Company. Assessing the adequacy of the provision recognised for these litigations.
Based on the legal advice obtained from an external firm of lawyers the Company is in the process of filing a compounding application with Reserve Bank of India (‘RBI') in respect of additional alleged contraventions and a provision for INR 4 crore (Rs. 400 lakh) was recognised on account of estimated compounding fee during the previous year. Assessing the adequacy of the disclosures for provision recognised and contingent liability in the financial statements as per the relevant accounting standards in particular the disclosure of the estimation of uncertainty.
We have identified the above as key audit matter because of the significance of the amounts and estimation significantinvolved in assessing the outcome of the matter and the related amount of outflow required for settlement as at 31 March 2020.
2. Assessment of the provision arising from ongoing tax litigations In view of the significance of the matter we applied the following audit procedures in this area among others to obtain sufficient appropriate audit evidence:
See note 37 to the standalone financial statements The Company is subject to a number of on going litigations with direct tax authorities involving significant amounts. These direct tax litigations are at various stages ranging from preliminary discussions with tax authorities through to tax tribunal or court proceedings and resolution of these matters can take extended time. There is inherent uncertainty and significant judgment involved in assessing the outcome and consequentially whether or not any provision and / or disclosures are required for these tax matters. In view of the above we have identified ongoing tax litigations as a key audit matter. understanding judgments and estimates made by the Company with respect to direct tax litigation.
involving our tax specialists for evaluating the Company's assessment of the possible outcome of the matters and analysing and challenging the assumptions used in estimation of tax provisions based on their knowledge and experiences of the application of local legislation by the relevant authorities and courts.
assessing the adequacy of provision for ongoing direct tax litigations where required.
Assessing the adequacy of the Company's disclosures in respect of ongoing direct tax litigations as per the relevant accounting standards.

Information Other than the Standalone Financial Statements and Auditors' Report Thereon

The Company's management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sannual report but does not include the financial statements and our auditors' reportthereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated. If based on thework we have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Management's Responsibility for the Standalone Financial Statements

The Company's management and Board of Directors are responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these standalone financialstatements that give a true and fair view of the state of affairs profit/loss and othercomprehensive income changes in equity and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the standalone financial statements that give atrue and fair view and are free from material misstatement whether due to fraud or error.

In preparing the standalone financial statements the Management and Board of Directorsare responsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless the Board of Directors either intends to liquidate the Companyor to cease operations or has no realistic alternative but to do so. The Board ofDirectors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's 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 standalone financial statements. As part of an audit in accordance withSAs we exercise professional judgment and maintain professional skepticism throughout theaudit. We also:

Identify and assess the risks of material misstatement of the standalone financialwhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for 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 to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theAct we are also responsible for expressing our opinion on whether the Company hasadequate internal financial reference to financial statements in place and the operatingeffectiveness

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures in the standalone financial statements madeby the Management and Board of Directors.

Conclude on the appropriateness of the Management and Board of Directors use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions thatmaycastsignificantdoubt onthe Company's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern.

Evaluate the overall presentation structure and content of the standalone financialincluding the disclosures and whether the standalone financial transactions and events ina manner that achieves fair presentation.

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 standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditors'report unless law or regulation precludes public disclosure about thematter or when 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 (Auditors' Report) Order 2016 ("the Order")issued by the Central Government in terms of section 143 (11) of the Act we give in the"Annexure A" a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.

2. (A) As required by Section 143(3) of the Act we report that: a) 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 proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books; c) The Standalone Balance Sheet the Standalone Statement ofProfit and Loss (including other comprehensive loss) the Standalone Statement of Changesin Equity and the Standalone Statement of Cash Flows dealt with by this Report are inagreement with the books of account; d) In our opinion the aforesaid standalone financialunder section 133 of the Act; e) On the basis of the written representations received fromthe directors as on 31 March 2020 taken on record by the Board of Directors none of thedirectors is disqualified as on 31 March 2020 from being appointed as a director in termsof Section 164(2) of the Act; f) With respect to the adequacy of the internal financialcontrols with reference to financial statements of the Company and the operatingeffectiveness of such controls refer to our separate Report in "Annexure B".

(B) 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. TheCompany has disclosed the impact of pending litigations as at 31 March 2020 on itsfinancial position in its standalone financial ii. The Company did not have any long-termcontracts including derivative contracts for which there were any material foreseeablelosses; iii. There has been no delay in transferring amounts required to be transferredto the Investor Education and Protection Fund by the Company; and iv. The disclosures inthe standalone financial statements regarding holdings as well as dealings in specifiedbank notes during the period from 8 November 2016 to 30 December 2016 have not been madein these standalone financial statements since they do not pertain to the financial yearended 31 March 2020. (C) With respect to the matter to be included in the Auditors' Reportunder section 197(16): In our opinion and according to the information and explanationsgiven to us the remuneration paid by the Company to its directors during the current yearis in accordance with the provisions of Section 197 of the Act. The remuneration paid toany director is not in excess of the limit laid down under Section 197 of the Act. TheMinistry of Corporate Affairs has not prescribed other details under Section 197(16) whichare required to be commented upon by us.

For B S R & Associates LLP

Chartered Accountants

ICAI Firm Registration Number:116231W/W-100024

Rakesh Dewan

Partner

Membership No. 092212 UDIN: 20092212AAAACM8540

Place: Gurugram Date: 22 June 2020

Annexure A referred to in our Independent Auditor's Report of even date to the membersof New

Delhi Television Limited on the standalone financial statements for the year ended 31March 2020.

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has a regular program of physical verification of its fixed assets byassets are verified in a phased manner over a period of three years. In accordance withthis program certainfixed verifiedduring the year. As informed to us the discrepanciesassetswere noticed on such verification were not material and have been properly dealtwith in the books of accounts. In our opinion this periodicity of physical verificationis reasonable having regard to the size of the Company and the nature of its assets.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of the immovable properties areheld in the name of the Company.

(ii) The inventories have been physically verified by the management during the year.According to the information and explanations given to us the procedures for physicalverification of inventories followed by the management during the year are reasonable andadequate in relation to the size of the Company and the nature of its business. Asinformed to us the discrepancies noticed on verification between the physical stocks andthe book records were not material and have been properly adjusted in the books ofaccount.

(iii) According to the information and explanations given 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. Accordingly the provisions of paragraph 3 (iii) of the Order are notapplicable to the Company.

(iv) According to the information and explanations given to us the Company has notgiven any loans to any parties specified under section 185 of the Companies Act 2013.Further guarantees security provided and the investments made by the Company are incompliance with section 185 and 186 of the Companies Act 2013.

(v) As per the information and explanations given to us the Company has not acceptedany deposits as mentioned in the directives issued by the Reserve Bank of India and theprovisions of section 73 to 76 or any other relevant provisions of the Companies Act 2013and the rules framed there under. Accordingly paragraph 3(v) of the Order is notapplicable.

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the Rules made by the Central Government for the maintenance of cost records undersection 148 of the Act and are of the opinion that prima facie the prescribed accountsand records have been made and maintained. However we have not made a detailedexamination of the records with a view to determine whether they are accurate or complete.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employees' stateinsurance income-tax goods and services tax duty of customs cess and other statutorydues have been regularly deposited by the Company with the appropriate authorities.According to the information and explanations given to us no undisputed amounts payablein respect of provident fund employees' state insurance income-tax goods and servicestax duty of customs cess and other statutory dues were in arrears as at 31 March 2020for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us except as stated belowthere are no dues of income tax goods and services tax and duty of customs which have notbeen deposited with the appropriate authorities on account of any dispute:

Name of the statue Nature of the dues Amount Year to which Forum where dispute is pending
Income-tax Act 1961 Income tax 0.04* AY 2007-08 Commissioner of Income Tax (Appeals)
Income-tax Act 1961 Income tax 599.82* AY 2007-08 Commissioner of Income Tax (Appeals)
Income-tax Act 1961 Income tax 101** AY 2008-09 Income Tax Appellate Tribunal
Income-tax Act 1961 Income tax 93.74** AY 2008-09 Commissioner of Income Tax (Appeals)
Income-tax Act 1961 Income tax 4289*** AY 2009-10 Hon'ble High Court of Delhi
Income-tax Act 1961 Income tax 4368 AY 2009-10 Hon'ble High Court of Delhi
Income-tax Act 1961 Income tax 2.18**** AY 2009-10 Income Tax Appellate Tribunal
Income-tax Act 1961 Income tax 2.90***** AY 2012-13 Commissioner of Income Tax (Appeals)
Income-tax Act 1961 Income tax 0.1 AY 2014-15 Commissioner of Income Tax (Appeals)
Income-tax Act 1961 Income tax 6.99 AY 2014-15 Commissioner of Income Tax (Appeals)
Income-tax Act 1961 Income tax 6.32 AY 2015-16 Commissioner of Income Tax (Appeals)
Income-tax Act 1961 Income tax 1.3 AY 2017-18 Income Tax Appellate Tribunal

* Rs. 374.49 million including interest has been paid/adjusted under protest againstthe demand.

** Rs. 211.46 million including interest has been paid/adjusted under protest againstthe demand.

*** Rs.347.37 million including interest has been paid/adjusted under protest againstthe demand & Rs. 50 million paid under protest.

**** Demands pertaining to NDTV Studios Limited which has been merged with the Companyin the financial year 2010-11. Rs. 1 million has been paid under protest against the saiddemand.

***** Tax deducted at source including interest amounting to Rs. 3.10 million for theAssessment year 2003-2004 has been adjusted against the demand.

(viii) According to the information and explanations given to us the Company has notdefaulted in repayment of loans or borrowings to banks and financial institutions. TheCompany did not have any outstanding dues to government or debenture holders during theyear.

(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) According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during thecourse of our audit. (xi) According to information and explanations given to us and on thebasis of our examination of the records of the Company the managerial remuneration hasbeen provided/ paid by the Company in accordance with the provisions of section 197 readwith Schedule V to the Companies Act 2013. (xii) According to the information andexplanations given to us the Company is not a nidhi company. Accordingly paragraph3(xii) of the Order is not applicable.

(xiii) According to the information and explanations given to us and on the basis ofour examination of the records of the Company transactions with the related parties arein compliance with Section 177 and 188 of the Act where applicable and the details ofsuch transactions have been disclosed in the standalone financial statements as requiredby the applicable accounting standards.

(xiv) According to the information and explanation given to us and on the basis of ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. (xv) According to the information and explanations given to us the Company hasnot entered into any non-cash transactions with directors or persons connected with himcovered by Section 192 of the Act. Accordingly paragraph 3(xv) of the Order is notapplicable.

(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 S R & Associates LLP

Chartered Accountants

ICAI Firm Registration Number:116231W/W-100024

Rakesh Dewan

Partner

Membership No. 092212 UDIN: 20092212AAAACM8540

Place: Gurugram Date: 22 June 2020

Annexure B to the Independent Auditors' report on the standalone financial statementsof New Delhi Television Limited for the Year ended 31 March 2020. Report on the internalfinancial controls with reference to the aforesaid standalone financial statements underClause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 (Referred to inparagraph 2(A)(f) under ‘Report on Other Legal and Regulatory Requirements' sectionof our report of even date)

Opinion

We have audited the internal financial controls with reference to financial statementsof New Delhi Television Limited("the Company") as of 31 March 2020 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

In our opinion the Company has in all material respects adequate internal financialcontrols with reference to financial statements and such internal financial controls wereoperating effectively as at 31 March 2020 based on the internal financial controls withreference to financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India (the "Guidance Note").

Management's Responsibility for Internal Financial Controls

The Company's management and the Board of Directors are responsible for establishingand maintaining internal financial controls based on the internal financial controls withreference to financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013 (hereinafter referred to as"the Act").

Auditors' Responsibility

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 prescribed undersection 143(10) of the Act to the extent applicable to an audit ofinternalfinancial tofinancial statements. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurancecontrols with reference to financial statements were established andaboutwhetheradequateinternalfinancial maintained and whether such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial statements and their operating effectiveness. Our audit offinancial internal to financial statements included obtaining an understanding financialassessing the risk that a material weakness exists and testing andofsuchinternalfinancial evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgement including the assessment of the risks of material misstatement of thestandalone financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficientand 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 controls to provide reasonable assurance regarding thereliability of financial financial statements for external purposes A company's internalfinancial controls with reference to financial statements include those policies andprocedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton 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 the maybecome inadequate because of internal financial changes in conditions or that the degreeof compliance with the policies or procedures may deteriorate.

For B S R & Associates LLP

Chartered Accountants

ICAI Firm Registration Number:116231W/W-100024

Rakesh Dewan

Partner

Membership No. 092212 UDIN:20092212AAAACM8540

Place: Gurugram Date: 22 June 2020

.