To the Members of Singer India Limited
Report on the Audit of the Standalone Financial Statements
We have audited the standalone financial statements of Singer India Limited ("theCompany") which comprise the standalone balance sheet as at 31 March 2020 and thestandalone statement of profit and loss (including other comprehensive income) thestandalone statement of changes in equity and the standalone statement of cash flows forthe year then ended and notes to the standalone financial statements including a summaryof the significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 ("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 31 March 2020 and profit and other comprehensiveloss 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 Standalone FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the standalone financial statementsunder the provisions of the Act and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion on the Standalone financial statements.
Key Audit Matters
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.
|The key audit matter ||How the matter was addressed in our audit |
|Revenue recognition (Refer note 2.b(xv) and 22 to the financial statements) ||In view of the significance of the matter we applied the following audit procedures in this area among others to obtain sufficient appropriate audit evidence: |
|Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured i . e . when the control of the underlying products have been transferred to the customer . ||- Assessing the appropriateness of the revenue recognition accounting policies by comparing with applicable accounting standards; |
|The Company focuses on revenue as a key performance measure which could create an incentive for revenue to be recognised before the control of underlying products has been transferred . There is a risk that revenue may be overstated because of fraud resulting from the pressure Management may feel to achieve performance targets at the reporting period end. ||- Testing the design and operating effectiveness of key controls established by management over the completeness accuracy and existence of revenue; |
| ||- Inspecting individual revenue transactions on sample basis selected by applying statistical sampling from the underlying documents that revenue has been booked correctly and in the correct period with reference to supporting invoices underlying orders delivery notes; |
|We have considered revenue recognition as a key audit matter on account of factors as mentioned above . ||- Testing on a sample basis the supporting documents for sales transactions recorded during the period closer to the year end to determine whether revenue was recognised in the correct period; |
| ||- Inspected post year end credit notes to ensure that revenue recognised during the year is not reversed in the subsequent period without sufficient cause; |
| ||- Performing analytical procedures and where appropriate conducting further enquiries and testing; |
| ||- as part of confirmation of the existence of revenue we also selected a sample of trade receivables and agreed to balance confirmations obtained from debtors and verified subsequent receipts and/ or to delivery notes; |
| ||- Assessing manual journals posted to revenue to identify unusual items; and |
| ||- assessed the adequacy and appropriateness of the disclosures made in accordance with the relevant accounting standard. |
Other Information (or another title if appropriate such as "Information Otherthan the Standalone Financial Statements and Auditors' Report Thereon")
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 standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon .
In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated . If based on thework we 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 this regard.
Management's and Board of Directors' Responsibility for the Standalone FinancialStatements
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 standalone financialstatements that 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 standalone financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error.
In preparing the standalone financial statements the Management and Board of Directorsare responsible 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 Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion . Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists .Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.
Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act we are also responsible for expressing 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 in the standalone financial statementsmade by the Management 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 standalone 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 standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.
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 alsoprovide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards .
From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditors' report unless law or regulation precludes public disclosure about thematter or 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
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 .
2. (A) 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 standalone balance sheet the standalone statement of profit and loss (includingother comprehensive income) the standalone statement of changes in equity and thestandalone statement of cash flows dealt with by this Report are in agreement with thebooks of account;
d) In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified under section 133 of the Act;
e) On the basis of the written representations received from the directors as on 31March 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2020 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 with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure-B";
(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. The Company has disclosed the impact of pending litigations as at 31 March 2020 onits financial position in its standalone financial statements - Refer Note 32 to thestandalone financial statements;
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company; and
iv. The disclosures in the standalone financial statements regarding holdings as wellas dealings in specified bank notes during the period from 8 November 2016 to 30 December2016 have not been made in these financial statements since they do not pertain to thefinancial year ended 31 March 2020.
(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 |
| ||ICAI Firm registration No.: 101248W/W-100022 |
| ||Kanika Kohli |
| ||Partner |
|Place: New Delhi ||Membership No . : 511565 |
|Date: 29 June 2020 ||ICAI UDIN: 20511565AAAAAQ2358 |
Annexure A to the Independent Auditor's report
The Annexure referred to in our Independent Auditor's Report to the members of theCompany on the Standalone financial statements for the year ended 31 March 2020 we reportthat:
(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets bywhich all fixed assets are verified on an annual basis. In our opinion this periodicityof physical verification by management is reasonable having regard to the size of theCompany and the nature of its assets. In accordance with this programme fixed assets werephysically verified during the year. As informed to us no material discrepancies werenoticed on such verification.
(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable propertiesincluded under the head "Property plant and equipment" and "Right of UseAssets" are held in the name of the Company as at the balance sheet date.
(ii) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company inventory except goods in transit has beenphysically verified by the management during the year. In our opinion the frequency ofsuch verification is reasonable. According to the information and explanations given tous the discrepancies noticed on physical verification of inventory as compared to bookrecords were not material and have been properly dealt with in the books of account.
(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms limited liabilitypartnerships or other parties covered in the register maintained under Section 189 of theAct. Accordingly paragraph 3 (iii) of the Order is not applicable to the Company.
(iv) According to the information and explanations given to us the Company has notgiven any loans or provided any guarantee or security as specified under section 185 and186 of the Companies Act 2013. Moreover in respect of the investments made by theCompany requirements of section 186 of the Companies Act 2013 have been complied with.
(v) According to the information and explanations given to us the Company has notaccepted any deposits as mentioned in the directives issued by the Reserve Bank of Indiaand the provisions of section 73 to 76 or any other relevant provisions of the Act and therules framed there under. Accordingly paragraph 3(v) of the Order is not applicable tothe Company.
(vi) According to the information and explanations given to us the Central Governmenthas not prescribed the maintenance of cost records under sub-section (1) of Section 148 ofthe Companies Act 2013 for any of the services rendered or goods sold by the Company.Accordingly paragraph 3(vi) of the Order is not applicable.
(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 Duty of customs Goods and Service tax Cess and other materialstatutory dues have generally been regularly deposited with the appropriate authoritiesthough there has been slight delays in few cases related to payment of Goods and Servicetax Income-tax and Provident fund . Further as explained to us the Company did not haveany dues on account of Value added tax Sales tax Duty of excise and Service tax duringthe current year.
According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Employees State Insurance Income-tax Sales taxService tax Duty of customs Duty of excise Value added tax Goods and Service tax Cessand other material statutory dues were in arrears as at 31 March 2020 for a period of morethan six months from the date they became due for payment.
(b) According to the information and explanations given to us except as stated belowthere are no dues of Income tax Sales tax Service tax Goods and Service tax Duty ofcustoms Duty of excise and Value added tax that have not been deposited with theappropriate authorities on account of any dispute:
|Name of the Statute ||Nature of the dues ||Amount (Rs. in lakhs) ||Amount paid (Rs. in lakhs) ||Period to which amount relates ||Forum where dispute is pending |
|Income tax Act 1961 ||Penalty on forfeiture of security deposits ||21 39 ||21 39 ||AY 1996-97 ||Hon'ble High court Mumbai |
|Income tax Act 1961 ||Disallowance on account of certain expenses leading to reduction in business losses by Rs . 89.23 lakhs || || ||AY 2005-06 ||Hon'ble High court Mumbai |
|Delhi Value Added Tax Act 2004 ||Interest and Penalty ||1.82 ||- ||FY 2005-06 ||Assistant Commissioner Delhi |
|Delhi Value Added Tax Act 2004 ||Value Added Tax Interest and Penalty ||2.36 ||3 86 ||FY2008-09 ||Vat officer |
|Central Sales Tax Act1956 ||Central Sales Tax ||9.00 ||- ||FY1992-93 and 2002-03 ||Tribunal Board West Bengal |
|West Bengal Value Added Tax Act 2003 ||Value Added Tax ||4.75 ||- ||FY2007-08 and 2009-10 ||Tribunal Board West Bengal |
|West Bengal Value Added Tax Act 2003 ||Value Added Tax ||3 20 ||- ||FY 2010-11 ||Joint Commissioner Commercial Taxes Kolkata |
|Central Sales Tax Act1956 ||Central Sales Tax ||1 97 ||- ||FY1992-93 and 1996-97 ||Commissioner of Commercial Tax Mumbai |
|The Maharashtra Value Added Tax Act 2002 ||Sales Tax ||27 78 ||- ||FY 2004-05 ||Joint Commissioner of Commercial Taxes Mumbai |
|Goa sales tax Act 1964 ||Sales tax and interest ||0.13 ||- ||FY 2002-03 ||Commissioner of Commercial Tax Goa |
|Central Sales Tax Act1956 ||Central Sales Tax and interest ||28.17 ||8.13 ||FY 2003-04 ||Deputy Commissioner (Appeals) Commercial Taxes Kerala |
|Central Sales Tax Act1956 ||Central Sales Tax and interest ||16 91 ||5 07 ||FY 2004-05 ||Commissioner of Commercial Taxes Kerala |
|Central Sales Tax Act1956 ||Central Sales Tax ||0.47 ||0.20 ||FY 2009-10 ||Assistant Commissioner Kerala |
|Kerala Value Added Tax Act 2004 ||Value Added Tax ||0.57 ||0.57 ||FY 2010-11 ||Assistant Commissioner Kerala |
|Kerala Value Added Tax Act 2004 ||Penalty on truck seizure ||1 49 ||1 49 ||FY 2011-12 ||Commissioner of Commercial Tax Kerala |
|Kerala Value Added Tax Act 2004 ||Value Added Tax ||3 57 || ||FY 2000-01 ||Assistant Commissioner (Appeals) Kerala |
|Central Sales Tax Act1956 ||Central Sales Tax ||20 96 ||3 93 ||FY 2011-12 and 2012-13 ||Commissioner of Commercial Tax Kerala |
|Haryana Value Added tax Act 2003 ||Penalty on Value Added Tax ||0 36 ||0 36 ||FY 2012-13 ||Joint Excise and Taxation Commissioner (Appeals) |
|Central Sales Tax Act1956 ||Central Sales Tax ||2 42 ||2 42 ||FY 2012-13 and 2013-14 ||Assistant Commissioner Annaisalai Chennai |
|Rajasthan Value Added tax Act 2003 ||Penalty on delay in filing Value Added Tax Return ||9 60 ||0 48 ||FY 2015-16 ||Appellate AuthorityCommercial Taxes Department Jaipur |
|Jharkhand Value Added Tax Act 2005 ||Value added tax ||15 29 ||15 55 ||FY 2015-16 ||Deputy commissioner of commercial taxes East Circle Ranchi |
|Bihar Sales Tax Act 1959 ||Sales Tax ||2.18 || ||FY 1999-00 ||Deputy Commissioner of Commercial Tax Patna |
|Central Sales Tax Act1956 ||Central Sales Tax ||2.10 ||- ||FY 2000-01 to FY 2002-03 ||Deputy Commissioner of Commercial Tax Patna |
|Central Sales Tax Act1956 ||Central Sales Tax ||9.91 ||- ||FY 2004-05 and FY 2005-06 ||Tribunal Board Patna |
(viii) In our opinion and according to the information and explanations given to usthe Company has availed the moratorium as prescribed by Reserve Bank of India andaccordingly has not defaulted in repayment of dues to banks. Further the Company did nothave any loans or borrowings from financial institutions or government or any dues todebenture holders during the year
(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments). Further in our opinion and according to theinformation and explanations given to us the term loans taken by the company have beenapplied for the purpose for which they were raised .
(x) According to the information and explanations given to us no material fraud by thecompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.
(xi) According to the information and explanations given to us and based on ourexamination of the records the Company has paid/provided for managerial remuneration inaccordance with 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.
(xiii) According to information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable. The details of suchrelated party transactions have been disclosed in the standalone financial statements asrequired by applicable accounting standards.
(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.
(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with directors. Accordingly paragraph3(xv) of the Order is not applicable.
(xvi) In our opinion and according to the 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 B S R & Co. LLP |
| ||Chartered Accountants |
| ||ICAI Firm registration No.: 101248W/W-100022 |
| ||Kanika Kohli |
| ||Partner |
|Place: New Delhi ||Membership No . : 511565 |
|Date: 29 June 2020 ||ICAI UDIN: 20511565AAAAAQ2358 |
Annexure B to the Independent Auditors' report on the standalone financial statementsof Singer India Limited for the year ended 31 March 2020.
Report on the internal financial controls with reference to the aforesaid standalonefinancial statements under Clause (i) of Sub-section 3 of Section 143 of the CompaniesAct 2013
(Referred to in paragraph (f) under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)
We have audited the internal financial controls with reference to standalone financialstatements of Singer India Limited("the Company") as of 31 March 2020 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date .
In our opinion the Company has in all material respects adequate internal financialcontrols with reference to standalone financial statements and such internal financialcontrols were operating effectively as at 31 March 2020 based on the internal financialcontrols with reference to standalone financial statements criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants 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 standalone financial statements criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note.These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013 (hereinafterreferred to as "the Act").
Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to standalone financial statements based on our audit . Weconducted our audit in accordance with the Guidance Note and the Standards on Auditingprescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls with reference to standalone financial statements. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls with reference to standalone financial statements were established andmaintained and whether such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to standalone financial statements andtheir operating effectiveness. Our audit of internal financial controls with reference tostandalone financial statements included obtaining an understanding of such internalfinancial controls assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk . The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the standalone financial statementswhether 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 standalone financial statements.
Meaning of Internal Financial controls with Reference to Standalone FinancialStatements
A company's internal financial controls with reference to standalone financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of standalone financial statements for externalpurposes in accordance with generally accepted accounting principles. A company's internalfinancial controls with reference to standalone financial statements include thosepolicies and procedures that (1) pertain to the maintenance of records that in reasonabledetail accurately and fairly reflect the transactions and dispositions of the assets ofthe company; (2) provide reasonable assurance that transactions are recorded as necessaryto permit preparation of standalone financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the standalone financial statements.
Inherent Limitations of Internal Financial controls with Reference to StandaloneFinancial Statements
Because of the inherent limitations of internal financial controls with reference tostandalone financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to standalone financial statements to future periods are subjectto the risk that the internal financial controls with reference to standalone financialstatements may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate .
| ||For BSR & Co. LLP |
| ||Chartered Accountants |
| ||ICAI Firm registration number: 101248W / W-100022 |
| ||Kanika Kohli |
|Place: New Delhi ||Partner |
|Date: 29 June 2020 ||Membership No . : 511565 |
| ||ICAI UDIN: 20511565AAAAAQ2358 |