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Shivam Autotech Ltd.

BSE: 532776 Sector: Auto
NSE: SHIVAMAUTO ISIN Code: INE637H01024
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VOLUME 10937
52-Week high 36.90
52-Week low 15.00
P/E
Mkt Cap.(Rs cr) 241
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 24.40
CLOSE 24.70
VOLUME 10937
52-Week high 36.90
52-Week low 15.00
P/E
Mkt Cap.(Rs cr) 241
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Shivam Autotech Ltd. (SHIVAMAUTO) - Auditors Report

Company auditors report

To the Members of Shivam Autotech Limited Report on the Audit of the FinancialStatements Opinion

We have audited the accompanying financial statements of Shivam Autotech Limited("the Company") which comprise the Balance Sheet as at March 312020 theStatement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year ended on that date andnotes to the financial statements including a summary of the significant accountingpolicies and other explanatory information (hereinafter referred to as "the financialstatements").

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 Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amendedthereof ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 312020 the loss and totalcomprehensive losses changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under section 143(10) of the Act (SAs). Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit ofthe financial statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules made thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI's Code of Ethics.

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

Emphasis of Matter

We draw attention to:

i. Note 50 to the financial statement which describes the uncertainties and the impactof Covid-19 pandemic on the Company's operations and results as assessed by themanagement. Further our attendance at the physical inventory verification done by themanagement was impracticable under the current lock-down restrictions imposed by theGovernment and we have therefore relied on the related alternate audit procedures toobtain comfort over the existence and condition of inventory at year end.

ii. Note 7 in the financial statements wherein management has recognized deferred taxassets on the assumption that there would be sufficient future taxable profits more fullybeen explained in the said note for reversal of such deferred tax assets.

iii. Note 43 in the financial statements regarding the booking of material consumptionand accounting impact of physical verification observations more fully been explained inthe said note.

iv. Note 51 in the financial statements regarding old trade receivables against whichlegal proceedings has been initiated by the Company and impairment provisions made of Rs.477.75 Lakhs more fully been explained in the said note.

Our opinion is not modified in respect of above matters.

Key Audit Matters

Key audit matters (KAM) are those matters that in our professional judgment were ofmost significance in our audit of the financial statements of the current year. Thesematters were addressed in the context of our audit of the financial statements as a wholeand in forming our opinion thereon and we do not provide a separate opinion on thesematters.

We have determined that there are no key audit matters to communicate in our report.

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

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management Discussion and AnalysisBoard's Report including Annexures to Board's Report and Corporate Governance but doesnot include the financial statements and 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.

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 during thecourse of our audit or otherwise appears to be materially misstated. if based on the workwe have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Management's Responsibilities for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5} of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance total comprehensivelosses changes in equity and cash flows of the Company in accordance with accountingprinciples generally accepted in India including the Indian Accounting Standard (ind AS}specified under Section 133 of the Act read with the Companies (Indian AccountingStandards} Rules 2015 as amended thereof.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

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.

The Board of Directors are responsible for overseeing the Company's financial reportingprocess.

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.

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 financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3}(i} of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such control.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by the 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 the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the Act we givein "Annexure A" a statement on the matters specified in paragraphs 3 and 4 ofthe Order

2 As required by Section 143(3) of the Act based on our audit 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 of the aforesaidfinancial statements;

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 statement of cash flow and the statement of changes in equity dealt with by thisReport are in agreement with the relevant books of account;

d) In our opinion the aforesaid financial statements comply with the Accountingstandard specified under Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended thereof;

e) On the basis of the written representations received from the directors as on March312020 and taken on record by the Board of Directors none of the directors isdisqualified as on March 312020 from being appointed as a director in terms of Section164 (2) of the Act;

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 B".

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 opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act; and

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

i The Company has disclosed the impact of pending litigations as at March 31 2020 onits financial position in its financial statements - Refer Note 31 and 32 to the financialstatements;

ii The Company has made provisions as required under the applicable law of accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts; and

iii There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company during the year ended March 312020

For NSBP & Co.
Chartered Accountants
Firm's Registration No 001075N
Sd/-
Deepak K. Aggarwal
Place: New Delhi Partner
Date: July 28 2020 Membership No: 095541
UDIN:- 20095541AAAAFA5128

Annexure A to the Independent Auditor's Report to the Members of Shivam AutotechLimited on its financial statements

dated July 28 2020.

Report on the matters specified in paragraph 3 of the Companies (Auditor's Report)Order 2016 ("the Order') issued by the

Central Government of India in terms of Section 143(11) of the Companies Act 2013("the Act") as referred to in paragraph

1 of 'Report on Other Legal and Regulatory Requirements' section

(I) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of

fixed assets.

(b) The fixed assets have been physically verified by the management according to aphased program designed to cover all the Items over a period of three years which In ouropinion Is reasonable having regard to the size of the Company and the nature of Itsassets. Pursuant to the program the fixed assets have been physically verified by themanagement during the year and no material discrepancies were noticed on suchverification discrepancies have duly been adjusted In the financials.

(c) According to the Information and explanation given to us and on the basis of ourexamination of the records of the Company the title deed of Immovable properties are heldIn the name of the company.

(II) The Inventories of the Company except for stock lying with third parties and stockIn transit have been physically verified by the management at reasonable Intervals. Inour opinion and the procedures of physical verification of Inventory followed by theManagement are reasonable In relation to the size of the Company and nature of Itsbusiness. Discrepancies noticed on such physical verification of Inventory as compared tobook records were material and have been properly dealt with In the books.

Further our attendance at Inventory physical verification was Impracticable under thecurrent lock-down restrictions Imposed by the Government and we have therefore relied onthe related alternate audit procedures to obtain comfort over the existence and conditionof Inventory at year end also refer to our report on Internal Financial Controls InAnnexure B of this report.

(III) The company has not granted any loans secured or unsecured to companies firmsor other parties covered In the register maintained under section 189 of the Act.Accordingly clauses 3(III) (a) to (c) of the Order are not applicable.

(Iv) According to the Information and explanations given to us there are no loansInvestments guarantees and securities granted In respect of which provisions of section185 and 186 of the Act are applicable. Hence clause 3(iv) of the Order Is not applicableto the Company.

(v) In our opinion and according to the Information and explanations given to us theCompany has not accepted deposits from the public within the meaning of directives Issuedby the Reserve Bank of India and provisions of sections 73 to 76 or any other relevantprovisions of the Act and the Rules framed thereunder.

(vi) According to the Information and explanation given to us The Central Governmenthas not prescribed maintenance of cost records under section 148(1) of the Act In respectof business carried out by the company. Therefore reporting under clause 3(vi) of theorder Is not applicable to the Company.

(vii) (a) According to the records of the Company examined by us and the Informationand explanations given to us the

Company Is generally regular In depositing undisputed statutory dues Including InvestorEducation and Protection Fund Income Tax Value Added Tax Wealth Tax Service TaxCustom Duty Excise duty Cess and any other material statutory dues as applicablewithin the prescribed time with the appropriate authorities during the year except forthe payment to Employees' Provident Fund Employees' State Insurance Goods and ServiceTax and Tax Deducted at Source and there are no such undisputed amounts payable which haveremained outstanding as at March 312020 for a period of more than six months from thedate they became payable.

(b) According to the Information and explanations given to us and as per the books andrecords examined by us there are no dues of Custom Duty Excise Duty Service Tax andSales Tax/ Value Added Tax/Goods & Service Tax and Cess which have not been depositedon account of any dispute except the following In respect of disputed Income Tax alongwith the forum where dispute Is pending:

S. No. Name of the Statute Nature of Dues Amount (Rs. Lakhs) Period to which the amount relates Forum where the dispute is pending
1. Income Tax Act 1961 Demand raised on assessment 426.08 2008-09 Assessing officer New Delhi
2. Income Tax Act 1961 Demand raised on assessment 13.49 2009-10 Assessing officer New Delhi
S. No. Name of the Statute Nature of Dues Amount (Rs. Lakhs) Period to which the amount relates Forum where the dispute is pending
3. Income Tax Act 1961 Demand raised on assessment 7.00 2010-11 Assessing officer New Delhi
4. Income Tax Act 1961 Demand raised on assessment 0.01 2012-13 Assessing officer New Delhi
5. Income Tax Act 1961 Demand raised on assessment 58.03 2013-14 Assessing officer New Delhi
6. Income Tax Act 1961 Demand raised on assessment 1.54 2014-15 Assessing officer New Delhi
7. Income Tax Act 1961 Demand raised on assessment 28.75 2015-16 Assessing officer New Delhi

The Income tax demand amounts have been extracted from the Income tax online portal andas confirmed by the management that appeal effect for the same has not yet been reflectedon the online portal.

(vIII) According to the Information and explanations given to us and as per the booksand records examined by us the Company has not defaulted In repayments of Its dues tobanks and financial Institution. The Company has not taken any loan from debenture holdersand Government. The company has availed the moratorium during COVID-19 period andaccordingly certain principal and Interest were not paid as per the terms of the repaymentschedule and the same Is not being treated as default.

(Ix) According to the Information and explanations given by the management the Companyhas not raised any monies by way of Initial public offer or further public offer duringthe financial year and the terms loans raised by the Company have been applied for thepurpose for which they are obtained. Where such end use has been stipulated by thelender(s).

(x) 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 we haveneither come across any Instance of fraud on or by the Company or any fraud on the Companyby Its officers or employees has been noticed or reported during the year nor have webeen Informed of such case by the management of the company.

(xi) In our opinion and according to the Information and explanations given to us themanagerial remuneration has been paid/ provided In accordance with the requisite approvalsmandated by the provisions of section 197 read with Schedule V to the Act.

(xII) The Company Is not a Nidhi Company hence clause (xII) of the Order Is notapplicable to the Company.

(xIII) In our opinion and according to the Information and explanations given to usduring the course of audit transactions with the related parties are In compliance withsection 177 and section 188 of the Act and the details have been disclosed In the notes tothe financial statements as required by the applicable accounting standards.

(xiv) According to the Information and explanations given to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence reporting requirements under clause 3(xiv) are not applicable tothe Company and not commented upon.

(xv) In our opinion and on the basis of Information and explanations given to us theCompany has not entered Into non-cash transactions with directors and persons connectedwith him. Hence the provisions of section 192 of Act are not applicable.

(xvi) In our opinion and on the basis of Information and explanations given to us theCompany Is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

For NSBP & Co.

Chartered Accountants Firm's Registration No. 001075N

Sd/-
Deepak K. Aggarwal
Place: New Delhi Partner
Date: July 28 2020 Membership No: 095541
UDIN:- 20095541AAAAFA5128

Annexure B to the Independent Auditor's Report to the members of Shivam AutotechLimited ('the Company') on its financial statement dated July 28 2020.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act") as referred to in paragraph 1(f) of'Report on Other Legal and Regulatory Requirements' section

We have audited the Internal financial controls over financial reporting of ShivamAutotech Limited ("the Company") as of March 312020 In conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The 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 OverFinancial Reporting 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 the Company's policies the safeguardingof Its 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 Act.

Auditor's Responsibility

Our responsibility Is to express an opinion on the Company's Internal financialcontrols over financial reporting of the company based on our audit.

We conducted our audit In accordance with the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting (the "Guidance Note") and theStandards on Auditing as specified under section 143(10) of the Act to the extentapplicable to an audit of Internal financial controls both applicable to an audit ofInternal Financial Controls and both Issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate Internal financial controls over financial reporting was established andmaintained and If such controls operated 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 Included obtaining anunderstanding of Internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of Internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment Including the assessment of the risks of materialmisstatement 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 Qualified audit opinion on the Company's Internal financialcontrols system over financial reporting with reference to these financial statements.

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:

a) pertain to the maintenance of records that In reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

b) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements In accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only Inaccordance with authorizations of management and directors of the company; and

c) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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.

Qualified Opinion

According to the information and explanations given to us and based on our audit thefollowing material weakness has been identified in the operating effectiveness withreference to its financial statements as at March 312020.

i. The Company's internal control system in respect of supervisory and review controlsover process of booking of material consumption booking of proper inventory andaccounting of returnable gate pass reconciliation of old stock lying with third party andallocation of fixed and variable overheads on product costing on periodical basis were notoperating effectively during the current financial year to arrive at the correct value ofstock including physical number which could potentially result in material misstatementof cost of goods sold and inventories as on March 312020.

Based on physical verification of Inventories consumption and reconciliation ofclosing stock as done by the Management subsequently necessary remedial measures havebeen taken to arrive at the correct value of inventories as on March 312020 and also toarrive at cost of goods sold for the year then ended.

ii. The Company's internal control system in respect of credit facility monitoring andproper review and follow up procedure for the realisation against the trade receivablesare not operating effectively and due to deficiency in the control the company's tradereceivables has been become doubtful. The company has initiated the legal proceedingagainst the old doubtful trade receivables and also has made the adequate provision forexpected credit loss based on assessment of these overdue trade receivables.

iii. The Company's internal control weakness has been observed in respect of approvalof expenses/reimbursement of expenses and payment to the vendors/employees were notoperating effectively.

iv. Due to issues and bugs in software the system is not able to calculate thedepreciation correctly. All variations in depreciation on account of these issues areupdated in the system manually on the basis of manual depreciation calculation. Themanagement is in continuous discussions with the software provider to fix this anomaly inthe system so that correct output can be obtained directly from the system.

A 'material weakness' is a deficiency or a combination of deficiencies in internalfinancial control over financial reporting such that there is a reasonable possibilitythat a material misstatement of the company's annual or interim financial statements willnot be prevented or detected on a timely basis.

In our opinion the Company has in all material respects maintained adequate internalfinancial controls over financial reporting with reference to these financial statementsas of March 312020 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 and except for the possibleeffects of the material weakness described above on the achievement of the objectives ofthe control criteria the Company's internal financial controls over financial reportingwith reference to these financial statements were operating effectively as of March312020.

Explanatory paragraph

We have also audited in accordance with the Standards on Auditing issued by ICAI asspecified under Section 143(10) of the Act the financial statements of the Company whichcomprise the balance sheet as at March 312020 and the statement of profit and lossstatement of changes in equity and cash flow statement for the year then ended and asummary of significant accounting policies and other explanatory information. Thismaterial weakness was considered in determining the nature timing and extent of audittests applied in our audit of the March 31 2020 financial statements of the Company andthis report does not affect our report dated July 28 2020 which expressed an unmodifiedopinion on these financial statements.

For NSBP & Co.
Chartered Accountants
Firm's Registration No. 001075N
Sd/-
Deepak K. Aggarwal
Place: New Delhi Partner
Date: July 28 2020 Membership No: 095541
UDIN:- 20095541AAAAFA5128

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