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Punjab & Sind Bank.

BSE: 533295 Sector: Financials
NSE: PSB ISIN Code: INE608A01012
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VOLUME 14233
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P/E 9.31
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OPEN 14.08
CLOSE 14.15
VOLUME 14233
52-Week high 22.15
52-Week low 12.50
P/E 9.31
Mkt Cap.(Rs cr) 9,658
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Punjab & Sind Bank. (PSB) - Auditors Report

Company auditors report

To

The Members of Punjab & Sind Bank

Report on Audit of the Financial Statements OPINION

1. We have audited the financial statements of Punjab & Sind Bank ('the Bank')which comprise the Balance Sheet as at 31st March 2022 Profit and Loss Account and CashFlow Statement for the year then ended and notes to financial statements including asummary of significant accounting policies and other explanatory information in which areincluded returns forthe year ended on that date of 20 branches and treasury divisionaudited by us and 780 branches and 26 Offices/ Processing Centers audited by statutorybranch auditors. The branches audited by us and those audited by other auditors have beenselected by the Bank in accordance with the guidelines issued to the Bank by the ReserveBank of India. Also included in financial statements are the returns from 730 branches ofthe bank which have not been subjected to audit. These unaudited branches account for 9.82percent of advances 26.78 percent of deposits 6.88 percent of interest income and 25.15percent of interest expenses.

2. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theBanking Regulation Act 1949 (the 'Act') in the manner so required for bank andareinconformity with accountingprinciplesgenerallyaccepted in Indiaand:

a) The Balance Sheet read with the notesthereonisafullandfairBalanceSheetcontainingallthe necessary particulars is properlydrawn upsoasto exhibit a trueand fairview of the state ofaffairs ofthe Bank as at 31st March 2022;

b) the Profitand LossAccount read with the notesthereon shows a true balance ofProfit; and

c) theCash FlowStatement gives a trueand fairview of thecash flows for the year endedonthatdate.

BASISFOROPINION

3. We conducted our audit in accordance with the Standards on Auditing (SAs) issued bythe ICAI. Our responsibilities under those Standards are further described in theAuditor's Responsibilities for the Audit ofthe standalone Financial Statements section ofour report. We are independent of the Bank in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India together with ethical requirements thatare relevant to our audit of the financial statements prepared in accordance with theaccounting principles generally accepted in India including the Accounting Standardsissued bythe ICAI and provisions of section 29 ofthe Banking Regulation Act 1949 andcirculars andguidelines issued by the Reserve Bank of India ('RBI") from time to timeand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriateto providea basisforouropinion.

EMPHASIS OF MATTER

4. Wedrawyourattentionto:

a) Schedule No.18 (Note 20) to the accompanying financial statements which describesthe uncertainties due to outbreakof Corona Virus (Covid-19) and the management'sassessment of its impact on the business operations of the bank.

b) We draw your attention to Schedule No. 18 (Note. No.14 (i)) to the accompanyingfinancial statements regarding amortization of estimated additional liability on accountof revision in family pension amounting to Rs. 236.84 crore. As stated there in the bankhas charged an amount of Rs. 47.37 crore to the Profit & Loss account for the currentfinancial year ended 31st March 2022 and the balance unamortzed expense of Rs. 189.47crore has been carried forward in the Balance Sheet.

Our opinion is not modified in respect of the matters stated above.

KEYAUDITMATTERS

5. Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined the matters described below to bethe key audit matters to be communicatedin ourreport:

Key AuditMatters Howthematterwasaddressedinouraudit
Classification of Advances Income Recognition Identification of and provisioning for non-performing Advances We obtained an understanding of the Bank's Software circulars guidelines and direct ves of the RBI and the Bank's internal instructions and procedures in respect of
(Refer Schedule 9 to the financial statements) the asset's classification and it's provisioning. Our audit approach consisted of testing the design of system for
The advances are classified as performing and nonperforming advances (NPA) which are governed by income recognition asset classification and provisioning (IRAC) norms and other circulars and directives issued by the identification of Non-Performing assets to ensure conformity with theguidelinesof the RBI in the matterand test checking identification and valuation of Nonperforming assets.
Reserve Bank of India (RBI) from time to time. The classification and provisioning are carried out by the Bank's We have reviewed the documentations operations /
IT Software integrated with its Core Banking Solution (CBS). performance and monitoring of the advance accounts on test check basis of the large and stressed advances to ascertain any overdue unsatisfactory conduct or weakness in any advance account to ensure that its
The provisioning for identified NPAsis based on ageing and classification of NPAs recovery estimates value of security and is subject to the provisioning norms specified by RBI. classification is in accordance with the prudential norms of RBI in respect of the branches audited by us. In respect of the branches audited by the other branch statutory auditors we have placed reliance on their reports and ensured that changes suggested by the Branch auditors were duly carried outwherever necessary.
In the event of any improper application of the prudential norms/regulatory requirements or consideration of the incorrect value of the security the carrying value of the advances could be materially misstated either individually orcollectively and in view of the significance of the amount of advances in the financial statements the classification of the advances and provisioning thereon has been considered as Key Audit Matterin ouraudit. We have reviewed on test check basis the reports of the credit audit inspection audit internal audit concurrent audit regulatory audit to ascertain the advances having any adverse features / comments and reviewed the reports generated from the bank's system. We reviewed advances including stressed advances on a sample basis with respect to compliance with the RBI Master Circulars / Guidelines/ Judicial pronouncements. Necessary changes were carried out wherever required during the course of audit and the effect of same was duly accounted for in the Financial statements for the year ended 31st March 2022.
Classification and valuation of Investments identification and provisioning for Non-Performing Investments. Our Audit approach towards Investments with reference to the RBI circulars/directives included the review and
(ReferSchedule 8tothe financialstatements) testing of the design operating effectiveness of internal controls and substantive audit procedures in relation to
Investment portfolio of the bank comprises of Investments in Government Securities Bonds Debentures Shares Security Receipts and other Approved Securities which are classified under three categories Held to Maturity AvailableforSaleand Held for trade. valuation classification identification of Non-Performing Investments provisioning / depreciation related to Investments.
We evaluated and understood the system and internal control as laid down by the Bank to comply with relevant RBI guidelines.
Valuation ofinvestments identification of Non-Performing Investments (NPI) and the corresponding non-recognition of income and provision thereon is carried out in accordance with the relevant circulars / guidelines / directions ofRBI. We assessed and evaluated the process of identification of NPI's and corresponding reversal of unrealized income and creation of provision.
We carried out substantive audit procedures to recompute independently the provision to be maintained and depreciation to be provided in accordance with the circulars and directives of the RBI. Accordingly we selected samples from the investments of each category and tested for NPIs as per the RBI guidelines and recomputed the provision to be maintained in accordance with the RBI Circular for those selected sample of NPIs;
Considering judgement involved in the valuation volume of transactions investments on hand regulatory requirements and significance of the amount of investments in the Financial statement we have identified thisasa key auditmatterforthecurrentyearaudit. Necessary changes were carried out wherever required during the course of audit and the effect of same was duly accounted for in the Financial statements for the year ended 31st March 2022.
Assessmentof Information Technology (IT) We evaluated and understood the CBS system adopted by the Bank.
The IT environment of the bank is complex and involves a large number of independent and inter-dependent IT systems used in the operations of the Bank for processing and recording a large volume of transactions at various locations.
We assessed the operative effectiveness of key automated controls within various business processes. This includes testing the integrity of system interfaces the completeness and accuracy of data system reconciliation controlsand automated calculations.
As a result there is high degree of reliance and dependency on such IT systems for the financial reporting process of the bank. Appropriate IT general controls and application controls are required to ensure that such IT systems are able to process the data as required completely accurately and consistently for reliable financial reporting. We assessed the feeding of the data in the system and going through the extraction of the financial information and statements from the IT system existing inthe bank.
Reviewed the output and reports generated by the system on sample basis.
IT controls with respect to recording of transactions generating various reports in compliance with RBI guidelines/directions is dependent on working of Core Banking System in the Bank. Therefore any validation failures incorrect input data and wrong extraction of data may result in wrong reporting of data to the management and regulators. Where deficiencies were identified we tested compensating controls or performed alternate procedures.
The Bank accounts for all the transactions related to Advances in its Information Technology System (IT System) viz. Core Banking Solution (CBS) which identifies whether the advances are performing or non-performing andcalculation of provisionsthereon. The system needs to be further strengthened for its efficacy to control deficiencies of input/output data from thesystem.
Due to the importance of the impact of the IT systems and related control environment on the Bank's financial reporting process we have identified testing of such IT systems and related control environment as a key matter forthecurrentyearaudit.
Contingent Liabilities and Claims Contingent Liability is a possible obligation outcome of which is contingent upon occurrence or non-occurrence of one or more uncertain future events. In the judgement of the management such claims and litigations including tax demands against the bank would not eventually lead to a liability. We have relied upon the management note and legal opinions obtained by the bank regarding the claims and tax litigations and involved our internal team to review the nature of such litigations and claims their current status sustainability examining recent orders and/or communication received from various tax authorities/ judicial forums and follow up actions thereon and likelihood of claims/litigations materializing into eventual liability upon final resolution from the available records and developments to date.
However unexpected adverse outcomes may significantly impact the Bank's reported financial results which is uncertain/unascertainable atthis stage.
Considering the uncertainty relating to the outcome of these matters which requires application of judgment in interpretation of law this has been determined as a key Audit Matter.

6. Information Other than the Financial Statements and Auditor's Report thereon

The Bank's Board of Directors is responsible for the other information. The otherinformation comprises the Corporate Governance Report (but does not include the financialstatements and our auditor's report thereon) which we obtained prior to the date of thisAuditor's Report and Directors' Report Business Responsibility Report includingannexures if any thereon which is expected to be made available to us afterthat date.

Our opinion on the financial statements does not cover the other information and Pillar3 disclosure under Basel III and we do not express anyform of assurance conclusionthereon.

In connection with our audit of the financial statements our responsibility is to readthe other information identified above and in doing so consider whether the otherinformation is materially inconsistent with the financial statements or our knowledgeobtained inthe audit or otherwiseappearsto be materially misstated.

If based on the work we have performed on the other information that we obtained priorto the date of this auditor's report we conclude that there is a material misstatement ofthis other information we are required to report that fact. We have nothing to reportinthis regard.

When we read the Business Responsibility Report and Directors' Report includingannexure if any thereon if we conclude that there is a material misstatement thereinwe are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the FinancialStatements

7. The Bank's Board ofDirectorsisresponsiblewith respect tothe preparation ofthesefinancial statementsthatgivea true and fair view of the financial position financialperformance and cash flows of the Bank in accordance with the accounting principlesgenerally accepted in India including the applicable Accounting Standards issued by ICAIand provisions of Section 29 of the Banking Regulation Act 1949 and circulars andguidelines issued by the Reserve Bank of India ('RBI') from time to time. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Bank and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statementsthatgiveatrue and fair view and are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theBank's ability to continue as a going concern disclosing as applicable matters relatedto going concern and using the going concern basis of accounting unless management eitherintends to liquidate the Bank or to cease operations or has no realistic alternative butto do so.

Auditor's Responsibilities forthe Auditofthe Financial Statements

8. Our objectives are to obtain reasonable assurance about whether the financialstatements 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 detecta material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if

individually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on

the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism

throughoutthe 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 for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations orthe override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate inthe circumstances.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the auditevidence obtained whether a material uncertaintyexists related to eventsorconditions that may cast significant doubt on the bank's abilityto continue as a going concern. If we conclude that a material uncertainty exists we arerequired to draw attention in our auditor's report to the related disclosures in thefinancial 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 bank to cease to continue as agoing 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.

Materiality is the magnitude of the misstatement in the financial statement thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statement may be influenced. We considerquantitative materiality and qualitative factors in: (i) planning the scope of our auditwork and evaluating the results of our work: and (ii) to evaluate the effects of anyidentified misstatements in the financial statement.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit andsignificant audit findings including anysignificant deficiencies in internal control that weidentify 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 whereapplicable 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 determinethata matter should notbe communicatedin our reportbecausetheadverseconsequences of doingsowould reasonably be expected tooutweigh the public interest benefits ofsuch communication.

Other Matters

9. We did not audit the financial statements / information of 780 branches and 26offices / Processing Centers included in the financial statements of the Bank whosefinancial statements/financial information reflect total asset of Rs. 27606.82 Crore asat 31st March 2022 and total revenue of Rs. 1093.18 Crores for the yearendedon that dateas considered in the financial statements. The financial statements / information of thesebranches has been audited by the statutory branch auditors whose reports have beenfurnished to us and in our opinion in so far as it relates to the amounts and disclosuresincluded in respect of branches is based solely on the report ofsuch branch auditors.

Our opinion is not modified in respect ofthis matter.

Report on Other Legal and Regulatory Requirements

10. The Balance Sheet and the Profit and Loss Account have been drawn up in accordancewith Section 29 of the Banking Regulation Act 1949;

11. Subject to the limitations of the audit indicated in paragraphs 6 to 9 above and asrequired by the Banking Companies (Acquisition and Transfer of Undertakings) Act1970/1980 and subject also to the limitations of disclosure required therein wereportthat:

a) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit and have found them tobe satisfactory;

b) The transactions of the Bank which have come to our notice have been within thepowers of the Bank; and

c) The returns received from the offices and branches of the Bank have been foundadequate for the purposes of our audit.

12. As required by letter No. DOS.ARG.No.6270/08.91.001/2019- 20 dated March 17 2020on "Appointment of Statutory Central Auditors (SCAs) in Public Sector Banks -Reporting obligations for SCAs from FY 2019-20" read with subsequent communicationdated May 19 2020 issued by the RBI we further report on the matters specified inparagraph 2 of the aforesaid letteras under:

(a) Our audit report on the adequacy and operating effectiveness of the Bank's internalfinancial controls over financial reporting is given in "Annexure A" to thisreport. Our report expresses an unmodified opinion on the Bank's internal financialcontrols over financial reporting as at 31st March 2022.

(b) On the basis of the written representation received from the directors as on 31stMarch 2022 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2022 from being appointed as a director intermofsub-section (2) ofsection 164oftheCompaniesAct2013

(c) There are no observations or comments on financial transactions or matters whichhave any adverse effect on the functioning of the bank.

(d) There are no qualifications reservations or adverse remarks relating to themaintenance of accounts and other matters connected therewith.

13. We further report that:

a) in our opinion proper books of account as required by law have been kept by theBank so far as it appears from our examination of those books and proper returns adequatefor the purposes of our audit have been received from branches notvisited by us.

b) the Balance Sheet the Profit and Loss Account and Cash Flows Statement dealt withby this report are in agreement with the books of account and with the returns receivedfrom the branches not visited by us;

c) the reports on the accounts of the branch offices audited by statutory branchauditors of the Bank under section 29 of the Banking Regulation Act 1949 have been sentto usand have been properly dealt with by us in preparing this report; and

d) In our opinion the Balance Sheet Profit and Loss Account and Cash Flows Statementcomply with the applicable accounting standards to the extent they are notinconsistentwith the accounting policies prescribed by RBI.

For M/S Ghiya & Co For M/s Shiv & Associates
Chartered Accountants Chartered Accountants
FRN:001088C FRN: 009989N
CA Ashish Ghiya CA Manish Gupta
Partner Partner
M.No. 427062 M. No. 095518
UDIN: UDIN:
Place: New Delhi Place: New Delhi
For M/S Chaturvedi & CO. For M/s Manohar Chowdhry & Associates
Chartered Accountants Chartered Accountants
FRN:302137E FRN: 001997S
CA R.K. Nanda CA Sandeep Mogalapalli
Partner Partner
M.No. 510574 M. No. 221848
UDIN: UDIN:
Place: New Delhi Place: New Delhi
Dated : 19th May 2022.

ANNEXURE"A"TO THE INDEPENDENT AUDITOR'S REPORT

(Referredtoin paragraph 12(a) under'ReportonOther Legal and RegulatoryRequirements'sectionofour report of even date)

Report on the Internal Financial Controls Over Financial Reporting as required by theReserve Bank of India (the "RBI") Letter DOS.ARG.No.6270/08.91.001/2019-20datedMarch 172020 (as amended) (the"RBI communication")

We have audited the internal financial controls over financial reporting of Punjab& Sind Bank ("the Bank") as of 31st March 2022 in conjunction with ouraudit of the financial statements of the Bank for the year ended on that date whichincludes internal financial controls over financial reporting ofthe selected bankbranches.

Management'sResponsibility for Internal FinancialControls

The Bank's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Bank considering the essential components of internal control stated inthe Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issuedby the Institute of Chartered Accountants of India. These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Bank's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Banking Regulation Act1949 and the circulars andguidelines issued bythe Reserve Bankof India.

Auditor's Responsibility

Our responsibility is to express an opinion on the Bank's internal financial controlsover financial reporting based on our audit. We conducted our audit in accordance with theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") issued bythe Institute of Chartered Accountants of India (the"ICAI") and the Standards on Auditing (SAs) issued by the ICAI to the extentapplicable to an audit of internal financial controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting were established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls 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 financial controls based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financialstatements whether duetofraudorerror.

We believe that the audit evidence we have obtained and the audit evidence obtained bythe branch auditors in terms of their reports referred to in the Other Matters paragraphbelow is sufficient and appropriate to provide a basis for our audit opinion on theBank's internal financial controls over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Bank's internal financial controls over financial reporting is a process designed toprovide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Bank'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 Bank; (2) provide reasonable assurance that transactionsare recorded as necessary to permit preparation of financial statements in accordance withgenerally accepted accounting principles and that receipts and expenditures ofthe Bankare being made only in accordance with authorizations of management and directors oftheBank; and (3) provide

reasonable assurance regarding prevention or timely detection of unauthorizedacquisition use or disposition of the Bank's assets that could have a material effect onthe 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 controlsover financial reporting may become inadequate because of changes in conditions or thatthe degree ofcompliance with the policies or procedures may deteriorate.

Opinion

In our opinion and tothe best of our information and according to the explanationsgiven to us and based on the consideration of the reports of the branch auditors referredto in the Other Matters paragraph below the Bank has generally in all material respectsadequate internal financial controls over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31st March2022 basedon the criteria for internal control over financial reporting established by the Bankconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the InstituteofChartered Accountants of India.

OtherMatters

Our aforesaid report in so far as it relates to the operating effectiveness of internalfinancial controls over financial reporting of 37 branches is based on the correspondingreports of the respective branch auditors of those branches.

Our opinion is not modified in respect ofthis matter.

For M/S Ghiya & Co For M/s Shiv & Associates
Chartered Accountants Chartered Accountants
FRN:001088C FRN: 009989N
CA Ashish Ghiya CA Manish Gupta
Partner Partner
M.No. 427062 M. No. 095518
UDIN: 22427062AJGVJF1516 UDIN: 22095518AJGVQU7465
Place: New Delhi Place: New Delhi
For M/S Chaturvedi & CO. For M/s Manohar Chowdhry & Associates
Chartered Accountants Chartered Accountants
FRN:302137E FRN: 001997S
CA R.K. Nanda CA Sandeep Mogalapalli
Partner Partner
M.No. 510574 M. No.221848
UDIN: 22510574AJGVVT3539 UDIN: 22221848AJGVWD9697
Place: New Delhi Place: New Delhi

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