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Sanghvi Movers Ltd.

BSE: 530073 Sector: Engineering
NSE: SANGHVIMOV ISIN Code: INE989A01024
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VOLUME 10031
52-Week high 262.00
52-Week low 150.00
P/E 32.76
Mkt Cap.(Rs cr) 965
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 223.95
CLOSE 224.90
VOLUME 10031
52-Week high 262.00
52-Week low 150.00
P/E 32.76
Mkt Cap.(Rs cr) 965
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sanghvi Movers Ltd. (SANGHVIMOV) - Auditors Report

Company auditors report

To the Members of Sanghvi Movers Limited Report on the Audit of the FinancialStatements

Opinions

We have audited the financial statements of Sanghvi Movers Limited ("theCompany") which comprise the balance sheet as at 31 March 2021 and the statement ofprofit and loss (including other comprehensive income) statement of changes in equity andstatement of cash flows for the year ended and notes to the financial statementsincluding a summary of the significant accounting policies and other explanatoryinformation.

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 theCompanies Act 2013 ("Act") in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at 31 March 2021 and loss and other comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics 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 ActandtheRulesthereunderandwehavefulfilledour other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficientand appropriate to provide a basisfor our opinion on the financial statements.

Key Audit Matters

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.

The key audit matter How the matter was addressed in our audit
Going Concern Assessment
Refer Note 2.4 related to "Going Concern" and Note 2.5(b) related to In view of the significance of the matter we procedures in this area among others to obtain sufficient audit evidence:
"Estimation of uncertainties relating to the global health pandemic from COVID 19" of the financial statements. budgeting and forecasting process On 11 March 2020 the World Health Organisation declared the Novel Coronavirus (COVID-19) outbreak to be a pandemic. - Evaluated the design of relevant internal control over the Company's
The Indian Government post that has taken several measures to curtail the outbreak of COVID-19 including phased lockdown as and when required and other restrictions. The lockdown and restrictions due to COVID-19 have resulted in challenges to the business of the Company. - Evaluated the forecasted income statement and cash flows with the Company's business plan approved by the board of directors
- Obtained an understanding of key assumptions adopted by the Company in preparing the forecasted income statement and cash flow and assessed the consistency thereof with our expectations based on our understanding of the Company's business
The Company has assessed the impact of COVID-19 on the future cash flow projections used to assess going concern. This assessment of the Company's future cash flow projections is subject to significant estimates and judgements. These includes sales forecasts working capital requirements and other operating costs on the basis of future performance. - Challenged the forecasted income statement and cash flows by considering plausible changes to the key assumptions adopted by the Company
Assessment of going concern is based on estimates of future performance and is fundamental to assessing the suitability of the basis adopted for the preparation of the financial statements. - Assessed the sensitivities and performed stress testing on the forecasted cash flows
In view of this we identified it as a key audit matter. - Evaluated the Company's funding arrangements and financing terms and compliance with covenants
- Assessed the adequacy of the disclosures related to application of the going concern assumption in Note 2.4 to the financial statements
We have therefore spent significant audit effort in assessing the appropriateness of this assumption.
The key audit matter How the matter was addressed in our audit
Realisation of trade receivables and measurement of expected credit loss (ECL) on Trade Receivables In view of the significance of the matter we applied the following audit procedures in this area among others to obtain sufficientappropriate au- dit evidence:
Refer Notes 3(e)(i) and 11(c) to the financial statements. - Evaluated the accounting policy for measurement of ECL on trade receivables in terms of the relevant accounting standard;
Assessment of trade receivables for impairment by the Company requires exercise of judgement and involves consideration of various factors. Based on this assessment credit loss rate is determined in a provision matrix for trade receivables. - Evaluated the design implementation and tested operating effec - tiveness of relevant internal controls over monitoring of recoverabil- ity;
The recoverability of trade receivables and measurement of ECL of trade receivables is considered to be a Key Audit Matter due to judgement in- volved in assessing: - Performed independent balance confirmations of trade receivables balances;
• Realisation of receivables; - Tested subsequent receipts from customers post year end;
• the importance of cash collection with reference to the working cap- ital requirement of the business; - Assessed the overdue trade receivables and allowance for ECL. For this assessment factors such as past payment patterns the ongoing business relationship with the debtors involved or where relevant repayment schedule as agreed with the debtors were assessed.
• Measurement of ECL; - Challenged the assumptions used in measuring the amount of al- lowance for lifetime ECL.
• Customer's ability and willingness to pay the outstanding amounts financial and economic difficulties of customers. - Verified the ECL provision working prepared in accordance with the simplified approach as specified in the relevant accounting stan - dard;
- Performed a retrospective assessment of the assumptions used in the ECL allowance against the actual movement in receivables.

Other Information

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

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

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.

Management's and Board of Directors' Responsibility for the Financial Statements

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

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

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

Auditor's Responsibilities for the Audit of the Financial Statements

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 detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

Auditor's Responsibilities for the Audit of the Financial Statements (continued)

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 thefinancialstatements 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 our opinionon whether the Company has adequate internal financial controls with reference tofinancial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures in the financial statements made by theManagement and Board of Directors.

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

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order 2016 ("the Order")issued by the Central Government in terms of section 143 (11) of the Act we give in the"Annexure A" a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.

Report on Other Legal and Regulatory Requirements (continued)

2. (A) As required by Section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c) The balance sheet the statement of profit and loss(including other comprehensive income) the statement of changes in equity and thestatement of cash flows dealt with by this Report are in agreement with the books ofaccount. d) In our opinion the aforesaid financial statements comply with the Ind ASspecified under section 133 of the Act. e) On the basis of the written representationsreceived from the directors as on 31 March 2021 taken on record by the Board ofDirectors none of the directors is disqualified as on 31 March 2021 from being appointedas a director in terms of Section 164(2) of the Act. f) With respect to the adequacy ofthe internal financial controls with reference effectiveness of such controls refer toour separate Report in "Annexure B".

Report on Other Legal and Regulatory Requirements (continued)

(B) With respect to the other matters to be included in the Auditors' Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us: i. TheCompany has disclosed the impactofpendinglitigationsasat31March2021 financialstatements- Refer financialposition its its Note 25 to the financial statements; ii. TheCompany did not have any long-term contracts including derivative contracts for whichthere were any material foreseeable losses; iii. There has been no delay in transferringamounts required to be transferred to the Investor Education and Protection Fund by theCompany; and

(C) With respect to the matter to be included in the Auditors' Report under section197(16):

In our opinion and according to the information and explanations given to us theremuneration paid by the Company to its directors during the current year is in accordancewith the provisions of Section 197 of the Act. The remuneration paid to any director isnot in excess of the limit laid down under Section 197 of the Act. The Ministry ofCorporate Affairs has not prescribed other details under Section 197(16) which arerequired to be commented upon by us.

For B S R & Co. LLP
Chartered Accountants
(Firm's Registration No.101248W/W-100022)
Swapnil Dakshindas
Place: Pune Partner
Date: 27 May 2021 (Membership No. 113896)
UDIN: 21113896AAAADD3558

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS OF SANGHVIMOVERS LIMITED FOR THE YEAR ENDED 31 MARCH 2021

With reference to the Annexure referred to in paragraph 1 in Report on Other Legal andRegulatory Requirements of the Independent Auditor's Report to the Members of the Companyon the Ind AS financial statements for the year ended 31 March 2021 we report that:

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

(b) The Company has a regular program of physicalverification of its fixed assets bywhich its fixed assets are verified in a phased manner over a period of three years. Inaccordance with this program certain items of plant and equipment and vehicle wereverified by the management during the year. In our opinion this periodicity of physicalverification is reasonable having regard to the size of the Company and the nature of itsfixed assets. No material discrepancies were noticed on such verification.

(c) The title deeds of the immovable properties are held in the name of the Company

(ii) The inventory except goods in transit has been physically verified by managementduring the year. In our opinion the frequency of physical verification is reasonable andthere were no material discrepancies noted during the verification.

(iii) The Company has notgrantedanyloanssecuredorunsecuredtocompaniesfirmsLimitedLiability Partnerships or other parties covered in the register maintained under section189 of the Act. Accordingly paragraph 3(iii) of the Order is not applicable.

(iv) In our opinion and according to information and explanation given to us theCompany has complied with provisions of Section 186 of the Act with respect to investmentsmade loans and guarantees during the year. The Company has not given any loan guaranteeor security covered under Section 185 of the Act during the year.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits as mentioned in the directives issued by ReserveBank of India and the provisions of Section 73 to 76 or any other relevant provisions ofthe Act and the rules framed thereunder. Accordingly paragraph 3(v) of the Order is notapplicable.

(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted / accrued in the books ofaccount in respect of undisputed statutory dues including Provident Fund Employees' StateInsurance Income-tax Goods and Services Tax

Duty of Customs and any other statutory dues have generally been regularly depositedduring the year by the Company with the appropriate authorities except for Provident funddues referred to in note 25 to the financialstatements. As explained to us the Company donot have dues on account of Sales Tax Service Tax Value Added Tax Duty of Excise andCess.

According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Employees' State Insurance Income-tax Goods andServices Tax Duty of Customs and any other statutory dues were in arrears as at 31 March2021 for a period of more than six months from the date they became payable. We drawattention to note 25 to the financial statements which more fully explains the matterregarding non-payment of provident fund contribution pursuant to Supreme Court judgementdated 28 February 2019.

(b) According to the information and explanations given to us there are no dues ofIncome tax Sales-Tax Value Added Tax Duty of Excise Service tax Goods and ServicesTax Duty of Customs which have not been deposited by the Company on account of disputesexcept for the following:

Name of the statute Nature of dues Amount (INR lakhs) Amount paid under protest (INR lakhs) Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax – TDS Demands 4.03 - 2018-19 Assessing Officer of Income Tax Pune
Gujarat Value Added Tax Act 2003 Sales tax demand on crane hiring services 124.75 - June 2008 to March 2009 Gujarat Value Added Tax Tribunal
Maharashtra Value Added Tax Act 2002 Sales tax demand on crane hiring services 582.31 15.00 April 2009 to March 2010 Joint Commissioner Sales Tax Appeals Pune
Maharashtra Value Added Tax Act 2002 Sales tax demand on crane hiring services 915.97 30.79 April 2008 to March 2009 Sales Tax Tribunal Mumbai
Central Sales Tax Act 1956 Sales tax demand on crane hiring services 11110.47 373.34 April 2008 to March 2009 Sales Tax Tribunal Mumbai
Maharashtra Value Added Tax Act 2002 Sales tax demand on crane hiring services 1120.38 - April 2007 to March 2008 Sales Tax Tribunal Mumbai
Central Sales Tax Act 1956 Sales tax demand on crane hiring services 6417.80 - April 2007 to March 2008 Sales Tax Tribunal Mumbai
Central Sales Tax Act 1956 Sales tax demand on crane hiring services 7738.16 - April 2010 to March 2011 Sales Tax Tribunal Mumbai
Maharashtra Value Added Tax Act 2002 Sales tax demand on crane hiring services 1136.84 - April 2010 to March 2011 Sales Tax Tribunal Mumbai
Central Sales Tax Act 1956 Sales tax demand on crane hiring services 7752.86 - April 2012 to March 2013
Maharashtra Value Added Tax Act 2002 Sales tax demand on crane hiring services 1338.62 - April 2012 to March 2013 The Bombay High Court
Central Sales Tax Act 1956 Sales tax demand on crane hiring services 1247.67 223.95 April 2013 to March 2014 Joint Commissioner of Sales Tax Pune
Maharashtra Value Added Tax Act 2002 Sales tax demand on crane hiring services 3919.17 71.37 April 2013 to March 2014 Joint Commissioner of Sales Tax Pune
Central Sales Tax Act 1956 Sales tax demand on crane hiring services 7086.90 - April 2014 to March 2015 Joint Commissioner of Sales Tax Pune
Maharashtra Value Added Tax Act 2002 Sales tax demand on crane hiring services 2009.10 - April 2014 to March 2015 Joint Commissioner of Sales Tax Pune

(viii) According to the information and explanations given to us the Company has notdefaulted in repayment of dues to its bankers. Further the Company has not taken any loanor borrowings from any financialinstitutions or government and have not issued anydebentures during the year.

(ix) According to the information and explanations given to us the term loans taken bythe Company have been applied for the purpose for which they were taken. The Company hasnot raised money by way of further public offer (including debt instruments) during theyear.

(x) According to the information and explanations given to us no fraud by the Companyor any material fraud on the Company by its officers or employees has been noticed orreported during the course of our audit.

(xi) In our opinion and according to the information and explanations given to us themanagerial remuneration is paid or provided in accordance with the requisite approvalsmandated by the provisions of section 197 read with schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company as per the Act. Accordingly paragraph 3(xii) of the Orderis not applicable.

(xiii) In our opinion and according to the information and explanations given to usall the transactions with related parties are in compliance with sections 177 and 188 ofthe Act and the details as required by the applicable accounting standards have beendisclosed.financialstatements the

(xiv) According to the information and explanations given to us the Company has notmade any preferential allotment or private placement of shares or fully or partiallyconvertible debentures during the year. Accordingly reporting under this clause is notapplicable to the Company.

(xv) According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with themduring the year. Accordingly paragraph 3(xv) of the Order is not applicable to theCompany.

(xvi) In our opinion and according to the information and explanations given to us theCompany is not required to register under section 45-IA of the Reserve Bank of India Act1934.

For B S R & Co. LLP
Chartered Accountants
(Firm's Registration No.101248W/W-100022)
Swapnil Dakshindas
Place: Pune Partner
Date: 27 May 2021 (Membership No. 113896)
UDIN: 21113896AAAADD3558

ANNEXURE B TO THE INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS OF SANGHVIMOVERS LIMITED FOR THE YEAR ENDED 31 MARCH 2021

Report on the internal financial controls with reference to the aforesaid financialstatements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013

(Referred to in paragraph 2(A) (f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Opinion

We have audited the internal financial controls with reference to financial statementsof Sanghvi Movers Limited ("the Company") as of 31 March 2021 in conjunctionwith our audit of the financial statements of the Company for the year ended on that date.

In our opinion the Company has in all material respects adequate internal financialcontrols with reference to financialstatements and such internal financialcontrols wereoperating effectively as at 31 March 2021 based on the internal financial controls withreference to financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India (the "Guidance Note").

Management's Responsibility for Internal Financial Controls

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

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note and the Standards on Auditing prescribed undersection 143(10) of the Act to the extent applicable to an audit of internal financialcontrols with reference to financial statements. 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 with reference tofinancial statements were established and maintained and whether such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to financial statements and their operatingeffectiveness. Our audit of internal financial controls with reference to financialstatements included obtaining an understanding of such internal financial controlsassessing 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 withreference to financial statements.

Meaning of Internal Financial controls with Reference to Financial Statements

A Company's internal financial controls with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A Company's internal financial controlswith reference to financial statements include those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the Company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the Company are being made only in accordance withauthorisations of management and directors of the Company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the Company's assets that could have a material effect on the financialstatements.

Inherent Limitations of Internal Financial controls with Reference to FinancialStatements

Because of the inherent limitations of internal financial controls with reference tofinancial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to financial statements to future periods are subject to the risk that theinternal financial to financial statements may become inadequate because of changes inconditions or that the degree of compliance with the deteriorate.

For B S R & Co. LLP
Chartered Accountants
(Firm's Registration No.101248W/W-100022)
Swapnil Dakshindas
Place: Pune Partner
Date: 27 May 2021 (Membership No. 113896)
UDIN: 21113896AAAADD3558

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