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Sanco Trans Ltd.

BSE: 523116 Sector: Others
NSE: N.A. ISIN Code: INE391G01012
BSE 00:00 | 22 Apr 199.00 -6.00
(-2.93%)
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209.10

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209.10

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NSE 05:30 | 01 Jan Sanco Trans Ltd
OPEN 209.10
PREVIOUS CLOSE 205.00
VOLUME 90
52-Week high 248.90
52-Week low 104.50
P/E 20.14
Mkt Cap.(Rs cr) 36
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 209.10
CLOSE 205.00
VOLUME 90
52-Week high 248.90
52-Week low 104.50
P/E 20.14
Mkt Cap.(Rs cr) 36
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sanco Trans Ltd. (SANCOTRANS) - Auditors Report

Company auditors report

TO THE MEMBERS OF SANCO TRANS LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements of SANCO TRANS LIMITED("the Company") which comprise the Balance Sheet as at March 31 2020 theStatement of Profit and Loss (including Other Comprehensive Income) Statement of Changesin Equity and Statement of Cash flows for the year then ended and a summary of thesignificant 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 Financial Statements give the information requiredby the Companies Act 2013 ('the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under Section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended('IND AS") and other Accounting principles generally accepted in India of the stateof affairs of the Company as at March 31 2020 the profit and total comprehensive incomechanges in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone financial statements in accordance with theStandards on Auditing (SAs) specified under section 143(10) of the Companies Act 2013.Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the ethicalrequirements that are relevant to our audit of the Standalone financial statements underthe provisions of the Act and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our opinion on the financial statements.

Emphasis of Matter

We draw your attention to Note.51 of the Standalone Financial Statements which explainsthe uncertainties and the management's assessment of the potential impact due tolock-downs and other restrictions and conditions related to the COVID-19 pandemicsituation and consequently the Company's Standalone financial statements are highlydependent upon future developments which are highly uncertain.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Standalone financial statements of the current period.These matters were addressed in the context of our audit of the Standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

A. Revenue Recognition

Reference may be made to Note 3(1) of significant accounting policies and Note 45 tothe financial statements of the Company.

Revenue recognition is inherently an area of audit risk which we have substantiallyfocused on mainly covering the aspects of cut off.

Considering the impact of Ind AS 115 and cut-off are key audit matters.

Response to Key Audit Matter

Principal Audit Procedures

Our audit procedures relating to revenue comprised of test of controls and substantiveprocedures including the following:

i. We performed procedures to assess the design and internal controls established bythe management and tested the operating effectiveness of relevant controls related to therecognition of revenue.

ii. Selected a sample of continuing and new contracts and tested the operatingeffectiveness of the internal control relating to identification of the distinctperformance obligations and determination of transaction price. We carried out acombination of procedures involving enquiry and observation reperformance and inspectionof evidence in respect of operation of these controls.

iii. We have tested on a sample basis whether specific revenue transactions aroundthe reporting date has been recognised in the appropriate period by comparing thetransactions selected with relevant underlying documentation including goods deliverynotes customer acknowledgement/proof of acceptance and the terms of service.

iv. We have also validated subsequent credit notes up to the date of this Report toensure the appropriateness and accuracy of the revenue recognition.

v. We tested journal entries on a sample basis to identify any unusual or irregularitems.

vi. We also considered the adequacy of the disclosures in Company's financialstatements in relation to Ind AS 115 and were satisfied they meet the disclosurerequirements.

Conclusion

Based on the procedures performed above we did not find any material exceptions withregards to timing of revenue recognition and disclosure requirement of Ind AS 115 in thefinancial statements.

B. Actuarial valuation

Reference may be made to Note 3(4) of significant accounting policies and Note 49 tothe financial statements of the Company.

Key assumptions applied to the valuation of the liabilities being the discount rateinflation rate and mortality /life expectancy used to value Company's pension obligation (before deducting scheme assets ) would have a significant impact on the net pensiondeficit. The risk is that these assumptions are inappropriate resulting in aninappropriate valuation of scheme liability.

Response to Key Audit Matter

Principal Audit Procedures

Our audit procedures comprised of the following:

• We determined whether the key assumptions are reasonable.

• The amount of gratuity provisions were determined by expert external actuaries.

• We assessed the objectivity of the external experts gained an understanding oftheir work and the suitability of the results as audit evidence for the relevantassertions.

• We examined the data made available to the experts for completeness and accuracyand gained an understanding of the process to determine the calculation and inputs used.

Conclusion

Based on the procedures performed above we did not find any material exceptions withregards to the use of assumptions and actuarial valuation.

C. Impairment in Trade Receivables

Reference may be made to Note 8 and Note 28 to the financial statements of the Company.

The Company is exposed to potential risk of financial loss when there is the risk ofdefault on receivables from the customers for which the Management would make specificprovision against individual balances with reference to the recoverable amount. Suchprovision/allowance for credit losses is based on historical experience adjusted toreflect current and estimated future economic conditions.

For the purpose of impairment assessment significant judgements and assumptionsincluding the credit risks of customers the timing and amount of realization of thesereceivables are required for the identification of impairment events and thedetermination of the impairment charge.

Also during the year the company had to consider credit reports and other relatedcredit information of its customers on the possible effect of the pandemic relating toCOVID-19.

In view of the above we identified allowance for credit losses as a key audit matterssince significant judgement is exercised in calculating the expected creditlosses/impairment charge.

Response to Key Audit Matter Principal Audit Procedures

We have performed the following procedures in relation to the recoverability of tradereceivables and computing allowance for credit losses:

• Tested the effectiveness of the control over the methodology for computing theallowance for credit losses including consideration of the economic conditions andcompleteness and accuracy of information used in the estimation of probability of default.

• Tested the accuracy of aging of trade receivables at year end on a sample basis.

• Obtained a list of outstanding receivables and identified any debtors withfinancial difficulty through discussion with management.

• Assessed the recoverability of the unsettled receivables on a sample basisthrough our evaluation of management's assessment with reference to the credit profile ofthe customers historical payment pattern of customers publicly available information andlatest correspondence with customers and to consider if any additional provision should bemade;

• Tested subsequent settlement of trade receivables after the balance sheet dateon a sample basis.

Conclusion

Based on the above procedures we found the key judgements and assumptions used bymanagement in the recoverability assessment of trade receivables to be supportable basedon the available evidence and consequently are satisfied on the sufficiency ofprovisions/allowance for credit losses.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of otherinformation in their Report to members etc. The other information comprises theinformation included in the Annual report but does not include the financial statementsand our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

Management's Responsibility for the Standalone Financial Statements.

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese Standalone financial statements that give a true and fair view of the financialposition financial performance total comprehensive income changes in equity and cashflows of the Company in accordance with the IND AS and other accounting principlesgenerally accepted in India. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the Standalone 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.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

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

Our objectives are to obtain reasonable assurance about whether the Standalonefinancial 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 financial statements.

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

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness 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 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 misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143 (3) of the Companies Act 2013 based on our audit wereport 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 other Comprehensiveincome the Statement of Cash Flows and the Statement of Changes in Equity dealt with bythis report are in agreement with the books of account.

d. In our opinion the aforesaid Standalone Financial Statements comply with the IndianAccounting Standards prescribed under Section 133 of the Act read with the relevant rulesissued thereunder.

e. On the basis of the written representations received from the directors as on March31 2020 taken on record by the Board of Directors none of the directors is disqualifiedas on March 312020 from being appointed as a director in terms of Section164(2) of theCompanies Act 2013.

f. With respect to the adequacy of the Internal Financial Controls Over FinancialReporting of the Company and the operating effectiveness of such controls refer to ourseparate report in Annexure "A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the company's internal financial controls overfinancial reporting.

g. With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of Section 197(16) of the Act as amended in our opinionand to the best of our information and according to the explanations given to usremuneration paid by the company to it's directors during the year is in compliance withthe provisions of Section 197 of the Act.

h. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditor's) Rules 2014 as amended inour opinion and to the best of our information and according to the explanation given tous:

• The Company has disclosed the impact of pending litigations on its financialposition in its Standalone Financial Statements. (Refer Note 40)

• The company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses as at March 312020.

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

2. As required by the Companies (Auditor's Report) Order2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

For R. Sundararajan Associates
Chartered Accountants
Firm's Registration No. 008282S
July 29 2020 S. Krishnan - Partner
Chennai Membership No. 26452
UDIN: 20026452AAAADG591

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date to the members of Sanco Trans Limited)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the Internal Financial Controls Over Financial Reporting of SANCO TRANSLIMITED ("the Company") as of March 31 2020 in conjunction with our audit ofthe Standalone Financial Statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India. 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.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013to the extent applicable to an audit of internal financial controls. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects.

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

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of Financial Statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (i) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddisposition of the assets of the company; (ii) 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 authorizations ofmanagement and directors of the company; and (iii) provide reasonable assurance regardingprevention or timely detection of unauthorized 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

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

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 312020 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 R. Sundararajan Associates
Chartered Accountants
Firm's Registration No. 008282S
July 292020 S. Krishnan - Partner
Chennai Membership No. 26452
UDIN: 20026452AAAADG591

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date to the members of SANCO TRANS LIMITED("the Company") for the year ended March 312020)

1. In respect of the Company's fixed assets:

a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets

b) The Company has a programme of verification to cover all the items of fixed assetsin a phased manner which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. Pursuant to the programme certain fixed assets werephysically verified by the management during the year. According to the information andexplanation given to us no material discrepancies were noticed during the year on suchverification.

c) According to the information and explanations given to us and the records examinedby us we report that title deeds of all immovable property belonging to the Company areheld in the name of the Company as at the end of the year. In respect of immovableproperty that has been taken on lease and disclosed as Property Plant and Equipment inthe Standalone financial statements the lease arrangements are in the name of theCompany.

2. As explained to us the inventories were physically verified during the year by theManagement at reasonable intervals and no material discrepancies were noticed on physicalverification.

3. The Company has granted loan to its Subsidiary Company covered in the registermaintained under Section 189 of the Companies Act 2013. In our opinion and based on theinformation and explanations furnished to us we report that

(a) The terms and conditions of grant of such loans are not prejudicial to theCompany's interest.

(b) The Schedule of repayment of principal and payment of interest has been stipulatedand the repayments or receipts of principal amounts and interest have been regular as perstipulations.

(c) There are no amounts overdue for more than 90 days.

4. According to information and explanation given to us the Company has not grantedany loans secured or unsecured to firms Limited Liability Partnerships or other partiescovered in the register maintained under section 189 of the Companies Act 2013 other thanthat stated in clause(3) above.

5. According to information and explanation given to us the Company has not grantedany loans secured or unsecured furnished guarantees or provided security to any partycovered by provisions of sections 185 and 186 of the Companies Act 2013.Hence reportingon whether there is a compliance with the said provisions does not arise.

6. According to information and explanations given to us the Company has not acceptedany deposits during the year and there are no unclaimed deposits as at March 312020 towhich the provisions of section 73 to 76 or any other relevant provisions of the CompaniesAct are applicable. Accordingly the provisions of clause (v) of paragraph 3 of the Orderis not applicable to the Company.

7. As per the information and explanation given to us the maintenance of the costrecords has not been specified by the Central Government under Section 148 of theCompanies Act 2013.

8. According to the information and explanations given to us and the books of accountexamined by us in respect of statutory dues:

a) The company is regular in depositing undisputed statutory dues including providentfund employees' state insurance income-tax Goods and Service tax Customs duty cessand other material statutory dues as applicable to it with the appropriate authoritiesduring the year. There were no material undisputed amounts payable in respect of theaforesaid statutory dues outstanding as at March 31 2020 for a period of more than sixmonths from the date they became payable.

b) There are no dues of Excise Duty Goods and Services tax VAT Sales tax or CustomsDuty which has not been deposited on account of any dispute with the relevantauthorities. Details of dues (including interest penalty etc.) of Income tax Servicetax and Customs duty which have not been deposited as at March 31 2020 on account ofdisputes are as stated below:

Sl No Name of the Statute Nature of Dues Amount (In Rs. Lakhs) of Disputed dues Period to which the amount relates Forum where dispute is pending
1 Income Tax Act 1961 Tax Deducted at Source 23.81 Financial Year 2007-08 CIT(A)
2 Income Tax Act 1961 Tax Deducted at Source 5.25 Financial Year 2008-09 CIT(A)
3 Income Tax Act 1961 Tax Deducted at Source 1.70 Financial Year 2009-10 CIT(A)
4 Income Tax Act 1961 Tax Deducted at Source 0.29 Financial Year 2010-11 CIT(A)
5 Income Tax Act 1961 Tax Deducted at Source 0.17 Financial Year 2011-12 CIT(A)
6 Finance Act 1994 Service Tax 8.71 Financial Year 2008-09 CESTAT
7 Finance Act 1994 Service Tax 8.12 Financial Year 2016-17 CESTAT
8 Customs Act 1962 Duty Drawback Claims 18.32 Financial Years 2008-09.2009-10 2010-11 CESTAT

9. In our opinion and according to information and explanation given to us the Companyhas not defaulted in repayment of dues to any financial institution or bank. The Companydoes not have any borrowings from Government or by way of Debentures.

10. As per the information and explanation given to us the Company has not raised anymoney by way of initial public offer or further public offers (including debt instruments)during the year. Hence reporting on utilization of such money under clause 3(ix) of theorder does not arise.

11. During the course of our examination of the books of account and records of thecompany carried out in accordance with the generally accepted auditing practices in Indiaand according to the information and explanations given to us we have neither come acrossany instance of fraud by the Company or material fraud on the Company by its officers oremployees during the year. -We have been informed by the Management that a fraudaggregating Rs.588499.14 has been committed by an employee of the Company (sincedismissed) by way of payment for services not received by the Company.

12. The Managerial Remuneration paid/provided by the Company is in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V of theCompanies Act 2013.

13. The Company is not a Nidhi Company and accordingly the provisions of Clause 3(xii)of the Order are not applicable to the Company.

14. In our opinion and according to the information and explanations given to us alltransactions with the related parties are in compliance with sections 177 and 188 of theCompanies Act 2013 where applicable. The details of the transactions during the yearhave been disclosed in the Financial Statements as required by the applicable AccountingStandards. (Refer Note 37 to Financial Statements).

15. During the year the Company has not made any preferential allotment or privateplacement of shares (covered by section 42 of the Companies Act 2013) or in fully orpartly convertible debentures. Hence reporting under clause 3(xiv) of the Order is notapplicable.

16. In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions during the year with directors orpersons connected with them. Hence reporting on whether there is compliance withprovisions of section 192 of the Companies Act 2013 does not arise.

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

For R. Sundararajan Associates
Chartered Accountants
Firm's Registration No. 008282S
July 29 2020 S. Krishnan - Partner
Chennai Membership No. 26452
UDIN: 20026452AAAADG591

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