To the Members of S Chand & Company Limited
Report on the Audit of the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statements of S Chand& Company Limited ("the Company") which comprise the Balance sheet as atMarch 31 2019 the Statement of Profit and Loss including the statement of OtherComprehensive Income the Cash Flow Statement and the Statement of Changes in Equity forthe year then ended and notes to the financial statements including a summary ofsignificant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Companies Act_2013 as amended ("the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March_31_2019its loss including other comprehensive income its cash flows and the changes in equityfor the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing (SAs) as specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Ind AS Financial Statements' section ofour report. We are independent of the Company in accordance with the Code of Ethics'issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the standalone Ind AS financial statements.
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 for the financialyear ended March 31 2019. These matters were addressed in the context of our audit of thestandalone Ind AS financial statements as a whole and in forming our opinion thereon andwe do not provide a separate opinion on these matters. For each matter below ourdescription of how our audit addressed the matter is provided in that context. We havedetermined the matters described below to be the key audit matters to be communicated inour report. We have fulfilled the responsibilities described in the Auditor'sresponsibilities for the audit of the standalone Ind AS financial statements section ofour report including in relation to these matters. Accordingly our audit included theperformance of procedures designed to respond to our assessment of the risks of materialmisstatement of the standalone Ind AS financial statements. The results of our auditprocedures including the procedures performed to address the matters below provide thebasis for our audit opinion on the accompanying standalone Ind AS financial statements.
|Key audit matters ||How our audit addressed the key audit matter |
|Impairment of loans and investments in subsidiaries (as described in note 51 of the financial statements) || |
|As at March 31 2019 the carrying values of the Company's interests in subsidiaries namely D S Digital Private Limited ("DS Digital") and Safari Digital Education Initiative Private Limited ("Safari Digital") amounted to INR 413.40 million and INR 442.68 million respectively. Management reviewed regularly whether there are any indicators of impairment of the investments. Impairment indicators were observed on the loans and investments in DS Digital and Safari Digital. As a result an impairment assessment was required to be performed by comparing the carrying value of these subsidiaries to their recoverable amount to determine whether an impairment was required to be recognized. ||Our audit procedures performed included the following: |
| || Assessment of the report produced by the third-party specialists as well as the assessment of their competence and objectivity; we also assessed the Company's valuation methodology applied in determining the recoverable amount the assumptions around the key drivers of the cash flow forecasts with reference to expected growth rates. |
|For loans the Company adopted an individual impairment assessment approach for each individual loan. In assessing the recoverability management exercised judgements to evaluate the collectability considering whether DS Digital and Safari Digital have financial difficulties in repaying the loans. || Assessment of the accuracy of actual results against previous forecasts; |
| || Assessment of the long-term growth rates and discount rates. |
| || We reviewed the amalgamation scheme filed with SEBI. |
|For investments where impairment indicators exist management estimated the recoverable amounts of the investments being higher of fair value less costs of disposal and value in use. The value in use of the underlying businesses is determined based on the discounted cash flow projections. The recoverable amount was determined in accordance with Ind AS 36 Impairment of Assets to be the higher of the fair value less cost of disposal and the value in use determined by discounting future cash flows. || We analyzed whether accumulated losses pertaining to education business which is to be merged are available for utilization by the Company. |
|The processes and methodologies for assessing and determining the recoverable amount are based on management' judgment with reference to the identification of impairment indicators to forecast of future cash flows the normalized cash flows assumed as a basis for the terminal value as well as the long-term growth rates and discount rates applied to such cash flows forecasts. || We assessed the adequacy of the disclosures made in the financial statements. |
|Apart from regularly assessing the impairment indicators as mentioned above during the year ended Mar'18 the Company had filed a scheme with SEBI for merger of education business of both Safari Digital and DS Digital. As per management this merger was initiated in view of better synergy of operations of education business of both subsidiaries. In view of this the Company has assessed for impairment in these subsidiaries for the remaining business operations (i.e. non-education business). Based on the recoverable value the Company has recognized impairment loss of INR 50 million pertaining to non-education business of DS Digital. || |
|In consideration of the judgment required and assumptions used in the estimate of the recoverable amount we have considered that this area represents a key audit matter. || |
|Provisions for doubtful debts (As described in 2.1 of the financial statements) || |
|The Company is required to regularly assess the recoverability of its trade receivables. The recoverability of trade receivables was significant to our audit due to the value of amounts aged greater than the credit terms extended to customers. ||In obtaining sufficient audit evidence over the carrying value of trade receivables we: |
|The provisions for doubtful debts are determined through expected credit loss model under Ind AS 109 Financial Instruments. This involves judgement as the expected credit losses must reflect information about past events current conditions and forecasts of future conditions as well as the time value of money. || Tested the ageing of trade receivables for a sample of customer transactions; |
| || Tested subsequent receipts after year-end on sample basis; |
| || Considered the customers' historical payment trends. |
|The Company's disclosures are included in Note 5C and Note 2.1 to the financial statements which outlines the accounting policy for determining the allowance for doubtful debts and details of the period on period movement in gross and net trade receivables. || We assessed the Company's provisioning policy which included assessing the calculation required under Ind AS 109. |
| || We assessed whether the time value of money was considered in the expected credit loss impairment model and checked the mathematical accuracy of the calculations. |
| || We assessed the adequacy of the Company's disclosures in relation to trade receivables included in the financial statements. |
|Provision for Sales return (as described in note 50 of the financial statements) || |
|The company is involved in publishing and distribution of educational books. Due to the nature of business significant amount of returns are received in the years subsequent to the year when books are sold. Provision for such sales returns are estimated deducted from gross sales and recorded as a deduction from accounts receivable. ||Our audit procedures included the following: |
| || We obtained management's calculations for provision for sales returns recalculated the amounts for mathematical accuracy and tested controls related to approval of sales return as per authority matrix i.e. budget evaluated the assumptions used by reference to internal sources (i.e. management budgets) historical sales returns levels. |
|Estimates of expected future sales returns are required to be made at the time of sale. When determining the appropriate allowance management considers historical trends as a basis for the estimate as well as all other known factors which could significantly influence the level of future sales returns. Significant judgement is required in assessing the appropriate level of the provision for sales return. || We considered the accuracy of management's estimates in previous years by comparing historical provisions to the actual amounts to assess the management ability to accurately estimate their sales return allowance. |
|Such judgements include management's expectations of forecast sales return and historical estimates of sales return vis a vis the sales made during the year. || We considered the adequacy of the Company's revenue recognition accounting policies including the recognition and measurement of deductions to gross sales relating to sales returns and related disclosures. |
|During the year ended March 31 2019 the Company also experienced significant sales returns in relation to sales made during year-ended March 31 2018 primarily due to unknown business facts which were either not anticipated by the management or was outside the ordinary course of business. || We tested the sales return after the balance sheet date to determine whether the revenue has been recognized in the appropriate period or not. |
The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual report but does not includethe standalone Ind AS financial statements and our auditor's report thereon. Our opinionon the standalone Ind AS financial statements does not cover the other information and wedo not express any form of assurance conclusion thereon. In connection with our audit ofthe standalone Ind AS financial statements our responsibility is to read the otherinformation and in doing so consider whether such other information is materiallyinconsistent with the financial statements or our knowledge obtained in the audit orotherwise appears to be materially misstated. The Annual report is not made available tous as at the date of this auditor's report. We have nothing to report in this regard.
Responsibilities of Management for the Standalone Ind AS Financial Statements
The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone Ind AS financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) specified under section 133 of the Act read with [theCompanies (Indian Accounting Standards) Rules 2015 as amended. 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 the designimplementation 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 standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
In preparing the standalone Ind AS financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company's financialreporting process.
Auditor's Responsibilities for the Audit of the 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 SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone Ind AS financial statements.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain 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 todesign audit procedures that are appropriate in the circumstances.
Under section 143(3)(i) of the Act we are also responsible for expressing ouropinion on whether the Company has adequate internal financial controls system in placeand the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basisof accounting 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 IndAS financial statements including the disclosures and whether the standalone Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation. We communicate with those charged with governance regardingamong other matters the planned scope and timing of the audit and significant auditfindings including any significant deficiencies in internal control that we identifyduring 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 Ind AS financialstatements for the financial year ended March 31 2019 and are therefore the key auditmatters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.
Report on Other Legal and Regulatory Requirements
(1). As required by the Companies (Auditor's Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure_1" a statement on the mattersspecified in paragraphs 3 and 4 of the Order.
(2). As required by Section 143(3) of the Act we report that:
(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;
(c) The Balance Sheet the Statement of Profit and Loss including the Statement ofOther Comprehensive Income the Cash Flow Statement and Statement of Changes in Equitydealt with by this Report are in agreement with the books of account;
(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Companies(Indian Accounting Standards) Rules 2015 as amended;
(e) On the basis of the written representations received from the directors as on March31 2019 taken on record by the Board of Directors none of the directors is disqualifiedas on March_31_2019 from being appointed as a director in terms of Section 164 (2) of theAct;
(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company with reference to these standalone Ind AS financial statementsand the operating effectiveness of such controls refer to our separate Report in"Annexure 2" to this report;
(g) In our opinion the managerial remuneration for the year ended March 31 2019 hasbeen paid / provided by the Company to its directors in accordance with the provisions ofsection 197 read with Schedule V to the Act;
(i) 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 49 to thestandalone Ind AS financial statements;
(ii). The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses;
(iii). There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
Annexure 1 referred to in paragraph 1 of report on other legal and regulatoryrequirements Re: S Chand and Company Limited (the Company')
(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. (b) All fixed assets have not beenphysically verified by the management during the year but there is a regular programme ofverification which in our opinion is reasonable having regard to the size of the Companyand the nature of its assets. No material discrepancies were noticed on such verification.
(c) According to the information and explanations given by the management the titledeeds of immovable properties included in property plant and equipment are held in thename of the company.
(ii) The management has conducted physical verification of inventory at reasonableinterval during the year and no material discrepancies noted on such verification.
(iii) (a) The Company has granted loans to five companies covered in the registermaintained under section 189 of the Companies Act 2013. In our opinion and according tothe information and explanations given to us the terms and conditions of the grant ofsuch loans are not prejudicial to the company's interest.
(b) The Company has granted loans to a firm covered in the register maintained undersection 189 of the Companies Act 2013. The schedule of repayment of principal and paymentof interest has been stipulated for the loans granted and the repayment/receipts areregular.
(c ) There are no amounts of loans granted to companies firms or other parties listedin the register maintained under section 189 of the Companies Act 2013 which are overduefor more than ninety days.
(iv) In our opinion and according to the information and explanations given to usprovisions of section 185 and 186 of the Companies Act 2013 in respect of loans todirectors including entities in which they are interested and in respect of loans andadvances given investments made and guarantees and securities given have been compliedwith by the company.
(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly the provisions of clause 3(v) of the Order are not applicable.
(vi) To the best of our knowledge and as explained the Central Government has notspecified the maintenance of cost records under clause 148(1) of the Companies Act 2013for the product/services of the Company.
(vii) (a) Undisputed statutory dues including provident fund employees' stateinsurance income-tax sales-tax service tax duty of custom duty of excise value addedtax goods and service tax cess and other statutory dues have generally been regularlydeposited with the appropriate authorities though there has been slight delay in fewcases.
(b) According to the information and explanations given to us undisputed dues inrespect of provident fund employees' state insurance income-tax service tax sales-taxduty of custom duty of excise value added tax goods and service tax cess and otherstatutory dues which were outstanding at the year end for a period of more than sixmonths from the date they became payable are as follows:
|Name of the Statute ||Nature of the Dues ||Amount (Rs.) ||Period to which the amount relates ||Due Date ||Date of Payment |
|Payment of Bonus Act'1965 ||Bonus ||INR 3.6 million ||FY 14-15- and FY 15-16 ||Within 8 months from the date the close of accounting year ||Not yet paid |
(c) According to the information and explanation given to us dues of income taxsales-tax service tax/goods and service tax custom duty excise duty value added taxand cess which have not been deposited on account of any dispute are as follows:
|Name of the Statute ||Nature of dues ||Amount (Rs.) ||Amount Paid (Rs.) ||Period to which the amount relates ||Forum where dispute is pending |
| || ||30297622 ||- ||A.Y 2004-05 ||Delhi High Court |
| || ||4459354 ||- ||A.Y 2005-06 ||Delhi High Court |
| || ||1456060 ||1456060 ||A.Y 2006-07 ||Delhi High Court |
|Income Tax Act 1961 || ||3424588 ||- ||A.Y 2007-08 ||Delhi High Court |
|Income Tax || ||6988592 ||- ||A.Y 2007-08 ||Delhi High Court |
| || ||4163128 ||- ||A.Y 2008-09 ||Delhi High Court |
| || ||5338597 ||- ||AY 2009-10 ||Delhi High Court |
| || ||6628820 ||4059842 ||AY 2010-11 ||ITAT |
| || ||8184960 ||- ||AY 2011-12 ||ITAT |
| || ||9997850 ||- ||AY 2012-13 ||ITAT |
| || ||3339530 ||- ||AY 2013-14 ||CIT (A) |
| || ||3093320 ||- ||AY 2014-15 ||CIT (A) |
| || ||4443190 ||- ||AY 2015-16 ||CIT (A) |
(i) In our opinion and according to the information and explanations given by themanagement the Company has not defaulted in repayment of loans or borrowings to afinancial institution or bank. The Company does not have any dues to in respect ofdebenture holders or government.
(ii) In our opinion and according to the information and explanations given by themanagement the Company has utilized the monies raised by way of initial public offer andterm loans for the purposes for which they were raised.
(iii) Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to the information andexplanations given by the management we report that no material fraud by the company orno material fraud on the company by the officers and employees of the Company has beennoticed or reported during the year.
(iv) According to the information and explanation given by the management themanagerial remuneration has been paid/ provided for in accordance with the requisiteapproval mandated by the provisions of Section 197 read with Schedule V to the CompaniesAct 2013. (v) In our opinion the Company is not a nidhi company. Therefore theprovisions of clause 3(xii) of the order are not applicable to the Company and hence notcommented upon.
(vi) According to the information and explanations given by the managementtransactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the notes tothe financial statements as required by the applicable accounting standards.
(vii) According to the information and explanations given to us and on an overallexamination of the balance sheet the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence reporting requirements under clause 3(xiv) are not applicable tothe company and not commented upon.
(viii) According to the information and explanations given by the management theCompany has not entered into any non-cash transactions with directors or persons connectedwith him as referred to in section 192 of Companies Act 2013.
(ix) According to the information and explanations given to us the provisions ofsection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.
ANNEXURE 2 TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTSOF S CHAND AND COMPANY LIMITED
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 S Chand andCompany Limited ("the Company") as of March_31_2019 in conjunction with ouraudit of the 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.
Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting with reference to these financial statements based onour audit. We conducted our audit in accordance with the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting (the "Guidance Note") andthe Standards on Auditing as specified under section 143(10) of the Companies Act_2013to the extent applicable to an audit of internal financial controls and both issued bythe Institute of Chartered Accountants of India. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting with reference to these financial statements was established and maintained andif such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls over financial reporting with reference to these financialstatements and their operating effectiveness. Our audit of internal financial controlsover financial reporting included obtaining an understanding of internal financialcontrols over financial reporting with reference to these financial statements assessingthe risk that a material weakness exists and testing and evaluating the design andoperating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the internal financial controls over financial reportingwith reference to these financial statements.
Meaning of Internal Financial Controls Over Financial Reporting With Reference to theseFinancial Statements
A company's internal financial control over financial reporting with reference to thesefinancial statements is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles. A company'sinternal financial control over financial reporting with reference to these financialstatements includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting WithReference to these Financial Statements
Because of the inherent limitations of internal financial controls over financialreporting with reference to these financial statements including the possibility ofcollusion or improper management override of controls material misstatements due to erroror fraud may occur and not be detected. Also projections of any evaluation of theinternal financial controls over financial reporting with reference to these financialstatements to future periods are subject to the risk that the internal financial controlover financial reporting with reference to these financial statements may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.
In our opinion the Company has in all material respects adequate internal financialcontrols over financial reporting with reference to these financial statements and suchinternal financial controls over financial reporting with reference to these financialstatements were operating effectively as at March_31_2019 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.
For S.R. Batliboi & Associates LLP
ICAI Firm Registration Number: 101049W/E300004
per Yogesh Midha
Membership Number: 94941
Place: New Delhi
Date: May 28 2019