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Sanofi India Ltd.

BSE: 500674 Sector: Health care
NSE: SANOFI ISIN Code: INE058A01010
BSE 00:00 | 27 Nov 8235.35 -17.30
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8348.00

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NSE 00:00 | 27 Nov 8267.35 10.50
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OPEN 8259.90
PREVIOUS CLOSE 8252.65
VOLUME 11436
52-Week high 8999.00
52-Week low 5900.05
P/E 36.78
Mkt Cap.(Rs cr) 18,966
Buy Price 8050.00
Buy Qty 3.00
Sell Price 8235.35
Sell Qty 3.00
OPEN 8259.90
CLOSE 8252.65
VOLUME 11436
52-Week high 8999.00
52-Week low 5900.05
P/E 36.78
Mkt Cap.(Rs cr) 18,966
Buy Price 8050.00
Buy Qty 3.00
Sell Price 8235.35
Sell Qty 3.00

Sanofi India Ltd. (SANOFI) - Auditors Report

Company auditors report

To the Members of Sanofi India Limited

Report on the audit of the Financial Statements

Opinion

1. We have audited the accompanying financial statements of Sanofi India Limited (the"Company") which comprise the Balance Sheet as at December 31 2019 theStatement of Profit and Loss (including Other Comprehensive Income) Statement of Changesin Equity and Statement of Cash Flows for the year then ended and notes to the financialstatements including a summary of significant accounting policies and other explanatoryinformation.

2. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 (the "Act") in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at December 31 2019 total comprehensive income(comprising of profit and other comprehensive income) changes in equity and its cashflows for the year then ended.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder Section 143(10) of the Act. Our responsibilities under those Standards 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 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 opinion.

Key audit matters

4. 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.

Key audit matters How are audit addressed the key audit matter
Appropriateness of classification measurement and disclosures relating to non-current assets of the manufacturing facility at Ankleshwar Our audit procedures included the following :
Refer Notes 18 and 50 to the financial statements • Understanding and evaluation of the design and testing the operating effectiveness of controls in respect of such non- recurring transactions.
During the year the Company has entered into an agreement to transfer its manufacturing facility located at Ankleshwar to Zentiva Private Limited by way of slump sale through a Business Transfer Agreement. Pending fulfilment of the conditions precedent to the transaction and approvals from regulatory authorities as at December 31 2019 the Company has classified the non-current assets relating to this facility as ‘held for sale in accordance with Ind AS 105 – ‘Non-Current Assets Held for Sale and Discontinued Operations' in the financial statements. • Reviewing the Business Transfer Agreement and minutes of the Board of Directors and shareholders meetings for approval for the transaction and the submissions made by the Company to the regulatory authorities including stock exchanges.
• Understanding the management's process of identifying the assets and liabilities which will be transferred under Business Transfer Agreement.
The application of Ind AS 105 involves significant management judgement in respect of identification of assets of the disposal group and assessment of their fair values as at the reporting date. • Verifying the completeness and accuracy of the working of impairment loss its tax impact and classification of the assets as held for sale.
During the year the Company has recognised an impairment loss of Rs. 593 million (including other incidental expenses of Rs. 14 million) on account of above transaction. • Assessing appropriateness of the Company's accounting policies in accordance with Ind AS and ensuring adequacy of disclosures made in the financial statements.
This has been considered as a key audit matter in view of the transaction being of non-routine nature and the significance of the amount involved. Based on the audit procedures performed we did not identify any material exceptions in the classification measurement and disclosures relating to the non-current assets of the manufacturing facility at Ankleshwar.
Appropriateness of provisions recognised and disclosures made in respect of certain regulatory and tax matters
Our audit procedures included the following:
Refer Notes 23 39(a) 45 and 47 to the financial statements. • Understanding and evaluation of the design and testing the operating effectiveness of controls in respect of assessment of tax and regulatory exposures their accounting and disclosures in the financial statements;
Being in the pharmaceutical industry the Company is highly regulated by various authorities like Pricing Authority and other regulators and it has outstanding regulatory cases under the Drug (Prices Control) Order 1979 (DPCO 1979) and Drug Prices Control Order 2013 (DPCO 2013) relating to prices charged for some of its formulations.
• Obtaining a complete list of litigation matters and reviewing the underlying orders and other communication received from regulatory authorities and management's responses thereto to assess status of the litigations;
The Company has received the following demands in the earlier years: • Evaluating the independence objectivity and competence of management experts involved;
(a) DPCO 1979 - demand of Rs. 861 million against which provision of Rs. 205 million was recognised. • Reviewing management's consultants' advice and opinion as applicable;
(b) DPCO 2013 – Matter remanded back to National Pharmaceutical Pricing Authority (NPPA) by the Hon'ble Delhi High Court however provision recognised in earlier years has been retained of Rs. 162 million. • Evaluating the management's assessment on the probability of outcome and the magnitude of potential outflow of economic resources in respect of (a) regulatory matters and; (b) tax matters including involvement our tax experts for assessing complex tax matters based on recent rulings and latest developments in case laws;
In respect of the above matters based on the assessment done by the Management in consultation with its legal advisors the likelihood of any additional outflow is considered as remote. • Evaluating the Company's disclosures for accuracy and adequacy regarding the significant litigations of the Company.
In addition to the above there are several cases under direct and indirect tax laws which are pending for decision at various authority levels in respect of which the Company has disclosed contingent liabilities of Rs. 2745 million. Based on the audit procedures performed we did not identify any significant exceptions relating to the provisions recognised and disclosures made in the financial statements in respect of regulatory and tax matters.
The management's assessment with regard to the tax matters is supported by advice from independent consultants.
We considered this as a key audit matter as evaluation of these matters requires significant management judgement and estimation interpretation of laws and regulations and application of relevant judicial precedents to determine the probability of outflow of economic resources for recognising provisions and making related disclosures in the financial statements. The application of accounting principles as given under Ind AS 37 Provisions Contingent Liabilities and Contingent Assets in order to determine the amount to be recognised as a liability or to be disclosed as a contingent liability is inherently subjective and needs careful evaluation and judgement to be applied by the management.

Other Information

5. 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 financial statements and our auditor's report thereon. Our opinion on the financialstatements does not cover the other information and we do not express any form ofassurance 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.

Responsibilities of management and those charged with governance for the financialstatements

6. 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 financial statements that givea true and fair view of the financial position financial performance changes in equityand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under Section 133 of theAct. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

7. In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's responsibilities for the audit of the financial statements

8. Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always 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.

9. 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 Act we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls with reference to financial statements in place andthe 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 financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

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

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

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

Report on other legal and regulatory requirements

9. As required by the Companies (Auditor's Report) Order 2016 (the "Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act we give in the Annexure B a statement on the matters specified in paragraphs 3and 4 of the Order to the extent applicable.

10. 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 Other ComprehensiveIncome) the Statement of Changes in Equity and Statement of Cashflows dealt with by thisreport are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as onDecember 31 2019 taken on record by the Board of Directors none of the directors isdisqualified as on December 31 2019 from being appointed as a director in terms ofSection 164(2) of the Act.

(f) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in Annexure A.

(g) 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 in our opinionand to the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note 23 39 45 and 47 to the financialstatements;

(ii) The Company has long-term contracts as at December 31 2019 for which there wereno material foreseeable losses. The Company did not have any long-term derivativecontracts as at December 31 2019;

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended December31 2019;

(iv) The reporting on disclosures relating to Specified Bank Notes is not applicable tothe Company for the year ended December 31 2019.

15. The Company has paid/ provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct. Also refer paragraph 11 of Annexure B.

For Price Waterhouse & Co Chartered Accountants LLP
Firm Registration Number: 304026E/E-300009
Asha Ramanathan
Partner
Membership Number: 202660
Mumbai February 25 2020 UDIN: 20202660AAAAAP7508

Annexure A to Independent Auditors' Report

Referred to in paragraph 14(f) of the Independent Auditor's Report of even date to themembers of Sanofi India Limited on the financial statements as at and for the year endedDecember 31 2019

Report on the Internal Financial Controls with reference to financial statements underClause (i) of Sub-section (3) of Section 143 of the Act

1. We have audited the internal financial controls with reference to the financialstatements of Sanofi India Limited (the "Company") as of December 31 2019 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

2. 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 (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to 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 Act.

Auditor's Responsibility

3. 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 on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") and the Standards on Auditingspecified under Section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of internal financial controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls with reference to financial statementswas established and maintained and if such controls operated effectively in all materialrespects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system with reference to financial statements and theiroperating effectiveness. Our audit of internal financial controls with reference tofinancial statements included obtaining an understanding of internal financial controlswith reference to financial statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgement including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error.

5. 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 systemwith reference to financial statements.

Meaning of Internal Financial Controls with reference to financial statements

6. 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 includes 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

7. 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 controls with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects an adequate internalfinancial controls system with reference to financial statements and such internalfinancial controls with reference to financial statements were operating effectively as atDecember 31 2019 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.

For Price Waterhouse & Co Chartered Accountants LLP
Firm Registration Number: 304026E/E-300009
Asha Ramanathan
Partner
Membership Number: 202660
Mumbai February 25 2020 UDIN: 20202660AAAAAP7508

Annexure B to Independent Auditor's Report

Referred to in paragraph 13 of the Independent Auditor's Report of even date to themembers of Sanofi India Limited on the financial statements as of and for the year endedDecember 31 2019

1. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of property plant and equipment.

(b) The fixed assets are physically verified by the management according to a phasedprogramme designed to cover all the items over a period of two years which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. Pursuant to the programme a portion of the fixed assets has been physicallyverified by the management during the year and no material discrepancies have been noticedon such verification.

(c) The title deeds of immovable properties as disclosed in Note 5(a) on PropertyPlant and Equipment and Note 18 on Assets classified as held for sale to the financialstatements are held in the name of the Company.

2. The physical verification of inventory (excluding stocks with third parties) hasbeen conducted at reasonable intervals by the management during the year. In respect ofinventory lying with third parties these have substantially been confirmed by them. Inour opinion the discrepancies noticed on physical verification of inventory as comparedto book records were not material.

3. The Company has granted secured loans to two companies covered in the registermaintained under Section 189 of the Act. There are no firms or Limited LiabilityPartnerships covered in the register maintained under Section 189 of the Act.

(a) In respect of the aforesaid loans the terms and conditions under which such loanswere granted are not prejudicial to the Company's interest.

(b) In respect of the aforesaid loans the schedule of repayment of principal andpayment of interest has been stipulated and the parties are repaying the principalamounts as stipulated and are also regular in payment of interest as applicable.

(c) In respect of the aforesaid loans there is no amount which is overdue for morethan ninety days.

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 of the Companies Act 2013 inrespect of loans granted to a director. The Company has not granted any loans or made anyinvestments or provided any guarantees or security to the parties covered under Section186 of the Act.

5. The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the Rules framed there under to the extentnotified.

6. Pursuant to the rules made by the Central Government of India the Company isrequired to maintain cost records as specified under Section 148(1) of the Act in respectof its products. We have broadly reviewed the same and are of the opinion that primafacie the prescribed accounts and records have been made and maintained. We have nothowever made a detailed examination of the records with a view to determine whether theyare accurate or complete.

7. (a) According to the information and explanations given to us and the records of theCompany examined by us in our opinion the Company is generally regular in depositingundisputed statutory dues in respect of provident fund though there has been a slightdelay in a few cases and regular in depositing the undisputed statutory dues includingemployees' state insurance income-tax duty of customs cess goods and services tax andother material statutory dues as applicable with the appropriate authorities. Also referNote 39(b) to the financial statements regarding management's assessment on certainmatters relating to provident fund.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of duty of customs value added tax service taxand goods and services tax which have not been deposited on account of any dispute. Theparticulars of dues of income-tax sales tax and duty of excise as at December 31 2019which have not been deposited on account of a dispute are as follows:

Name of the statute Nature of dues Amount Period to which the amount relates Forum where the dispute is pending
Rs in million^
The Income-tax Act 1961 Income-tax including tax deducted at source and interest as applicable 51 Assessment Years 2010-2011 and 2014-2015 Income Tax Appellate Tribunal
56 Assessment Years 2008-2009 2011-2012 to 2012-2013 2018-2019 Upto Commissioner's level
476(#) Assessment Years 2013-2014 to 2017-2018 2019-2020 Upto Commissioner's level
The Central Sales Tax Act 1956 and Local Sales Tax Acts Sales tax 2 1999-2000 Sales Tax Appellate Tribunal
13 1998-1999 2008-2009 and 2012-2013 to 2014-2015 Upto Commissioner's level
The Central Excise Act 1944 Export Obligation 4 2012-2014 Additional Director General of Foreign Trade
Disallowance of MODVAT 39 2007-2008 to 2011-2012 Appellate Tribunal
* 1994-1995 Upto Commissioner's level
Excise Duty including interest and penalty as applicable 23 2005-2007 2015-2016 Assistant Commissioner and Commissioner of Central Excise Service Tax and Customs
Medicinal and Toilet Preparation (Levy of Excise Duty) Act1955 Dispute whether Central or State Excise Duty 23 January 1990 to August 1997 Central Board of Excise and Customs
13 1996-1997 to 1998-1999 Commissioner of State Excise Duty Maharashtra

* Denotes amount less than a million. ^ Net of amounts paid under protest.

# Orders received subsequent to the year-end.

8. As the Company neither has any loans or borrowings from any financial institution orbank or Government nor has it issued any debentures as at the Balance Sheet date theprovisions of Clause 3(viii) of the Order are not applicable to the Company.

9. The Company has not raised any moneys by way of initial public offer further publicoffer (including debt instruments) and term loans. Accordingly the provisions of Clause3(ix) of the Order are not applicable to the Company.

10. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by themanagement.

11. The Company has paid/ provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct. Also refer paragraph 15 of Independent Auditor's Report.

12. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto it the provisions of Clause 3(xii) of the Order are not applicable to the Company.

13. The Company has entered into transactions with related parties in compliance withthe provisions of Sections 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the financial statements as required under IndianAccounting Standard (Ind AS) 24 Related Party Disclosures specified under Section 133 ofthe Act.

14. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Accordingly theprovisions of Clause 3(xiv) of the Order are not applicable to the Company.

15. The Company has not entered into any non-cash transactions with its directors orpersons connected with them within the meaning of Section 192 of the Act. Accordingly theprovisions of Clause 3(xv) of the Order are not applicable to the Company.

16. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For Price Waterhouse & Co Chartered Accountants LLP
Firm Registration Number: 304026E/E-300009
Asha Ramanathan
Partner
Membership Number: 202660
Mumbai February 25 2020 UDIN: 20202660AAAAAP7508

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