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Strides Pharma Science Ltd.

BSE: 532531 Sector: Health care
NSE: STAR ISIN Code: INE939A01011
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OPEN 728.90
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VOLUME 103894
52-Week high 754.80
52-Week low 271.00
P/E 70.80
Mkt Cap.(Rs cr) 6,453
Buy Price 717.55
Buy Qty 22.00
Sell Price 726.00
Sell Qty 3.00
OPEN 728.90
CLOSE 726.60
VOLUME 103894
52-Week high 754.80
52-Week low 271.00
P/E 70.80
Mkt Cap.(Rs cr) 6,453
Buy Price 717.55
Buy Qty 22.00
Sell Price 726.00
Sell Qty 3.00

Strides Pharma Science Ltd. (STAR) - Auditors Report

Company auditors report

To the Members of

Strides Pharma Science Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of Strides Pharma Science Limited (the Company) which comprise the standalone balance sheet as at 31 March 2020 and the standalone statement of profit and loss (including other comprehensive income) standalone statement of changes in equity and standalone statement of cash flows for the year then ended and notes to the standalone financial statements including a summary of the significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us the aforesaid standalone financial statements give the information required by the Companies Act 2013 (Act) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31 March 2020 and profit and other comprehensive income 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) specified under section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a 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 most significance 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 financial statements as a whole and in forming our opinion thereon and we do not provide a separate opinion on these matters.

Going concern assessment

[Refer Significant Accounting Policies to the standalone financial statements!

The key audit matterHow the matter was addressed in our audit
As at 31 March 2020 the Company had net current asset position. However the Group on a consolidated basis had net current liabilities (excess of current liabilities over current assets) of Rs  1727 million and total borrowings of Rs   19617 million.Our audit procedures to assess the appropriateness of going concern assumption and whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern included the following:
Note 2.1 to the standalone financial statements explains that the management has concluded that the going concern basis is appropriate in preparing the standalone financial statements of the Company. The Company evaluated its ability to continue as a going concern based upon an assessment of the Group's cash position future cash flow forecasts considering its existing debt repayment obligations and other commitments and availability of financing facilities. This required the exercise of significant judgment particularly in forecasting the Group's future revenue profitability and cash flows in assessing its ability to renew / obtain additional banking facilities and considering the impact of COVID-19 on all these assumptions if any Gaining an understanding of the Group's business planning process and assessing the design implementation and operating effectiveness of management's key internal controls over preparation of cash flow forecasts to assess its liquidity;
 Evaluating the key assumptions in the cash flow forecasts (including future revenue profitability and cash flows) with reference to historical information current performance uncommitted funding needs and market and other external available information;
 Performing a retrospective analysis to assess the reasonableness of Group's projections by comparing historical forecast to actual results.
Based on their assessment the Company concluded that there are no material uncertainties related to events or conditions as described in Note 2.1 to the standalone financial statements which individually or collectively may cast significant doubt on the company's ability to continue as a going concern. Assessing the availability of undrawn banking and other financing facilities and history of actual rollover of facilities by inspecting underlying documentation;
Considering the significance of the area to the overall financial statements this was an area of focus for our audit. Assessing the impact of any existing covenants and other restrictive terms therein which may impact Group's ability to raise further debt and considering the impact of COVID-19 on all these assumptions.

Key Audit Matters (Contd.)

Impairment testing of investments in subsidiaries and associates:

[Refer Significant Accounting Policies and note 8(i)to the Standalone Financial Statements]

The key audit matterHow the matter was addressed in our audit
The carrying amount of investments in subsidiaries and associates (aggregates to Rs  21705.70 million) accounts for 46% of the total assets of the Company as at 31 March 2020.In view of the significance of the matter following audit procedures were applied among others to obtain sufficient audit evidence:
Company's assessment of impairment contains a number of parameters which involve significant judgements and estimates including revenue growth cashflow forecasting and weighted average cost of capital. Changes in these assumption including on account of COVID-19 if any could lead to an impact over fair value of investment and accordingly impairment provision.a Tested the design of key internal financial controls and operating effectiveness of the relevant key controls around the review of the assessment of impairment of investment in subsidiaries and associates.
a Performed a retrospective review to assess the reasonableness of Company's projections by comparing historical forecast to actual results.
The annual impairment testing was significant to our audit because of the financial quantum of the assets as well as the fact that the testing relies on critical judgements estimates and assumptions.a Tested reasonability of projections used by the Company relating to the sales growth operating costs cashflow forecast.
a Engaged our valuation specialists to assist us in providing overall reasonableness of the valuation by evaluating the assumptions approaches and methodologies used by the Company in particular those relating to the weighted average cost of capital (WACC) terminal growth rate etc.
a Tested whether the management analysis about the sensitivity of the outcome of the impairment assessment to reasonably possibly changes in key assumptions reflect the risks inherent in the valuation including possible impact of COVID-19 pandemic if any.

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

The Company's management and Board of Directors are responsible for the other information. The other information comprises of Management Reports such as Board's Report Management Discussion and Analysis Corporate Governance Report and Business Responsibility Report but does not include the financial statements and our auditor's report thereon which we obtained prior to the date of this Auditor's Report and the remaining sections of Annual Report which are expected to be made available to us after that date.

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

In connection with our audit of the standalone financial statements our responsibility is to read the other information and in doing so consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If based on the work we have performed on the other information that we obtained prior to the date of this Auditor's Report we conclude that there is a material misstatement of this other

information we are required to report that fact. We have nothing to report in this regard.

When we read the other sections of Annual Report (other than those mentioned above) if we conclude that there is a material misstatement therein we are required to communicate the matter to those charged with governance and take necessary actions as applicable under the applicable laws and regulations.

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

The Company's Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs profit/loss and other comprehensive income changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds

and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring accuracy and completeness of the accounting records relevant to the preparation and presentation of the standalone financial statements that give a true and 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 Directors are responsible for assessing the Company's ability to continue as a going concern disclosing as applicable matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so.

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

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

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

 Identify and assess the risks of material misstatement of the standalone financial statements whether due to fraud or error design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions misrepresentations or the override of internal controls.

 Obtain an understanding of internal controls relevant to the audit in order to design 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 has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone financial statements made by the Management and Board of Directors.

 Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists we are required to draw attention in our auditor's report to the related disclosures in the standalone 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's report. However future events or conditions may cause the Company to cease to continue as a going concern.

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

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

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

From the matters communicated with those charged with governance we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these

matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when in extremely rare circumstances we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be 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 the Order 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 best of 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 the Company so far as it appears from our examination of those books.

c) The standalone balance sheet the standalone statement of profit and loss (including other comprehensive income) the standalone statement of changes in equity and the standalone statement of cash flows dealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with the Ind AS specified under section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31 March 2020 taken on record by the Board of Directors none of the directors is disqualified as on 31 March 2020 from being appointed as a director in terms of Section 164(2) of the Act.

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

(B) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and 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 on its financial position in its standalone financial statements - Refer Note 41 to the standalone financial statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses - Refer Note 52 to the standalone financial statements;

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

iv. The disclosures in the standalone financial statements regarding holdings as well as dealings in specified bank notes during the period from 8 November 2016 to 30 December 2016 have not been made in these financial statements since they do not pertain to the financial year ended 31 March 2020.

(C) With respect to the matter to be included in the Auditor's Report under section 197(16):

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

Annexure A to the Independent Auditor's Report

The Annexure referred to in Independent Auditor's Report to the members of the Company on the standalone financial statements of Strides Pharma Science Limited for the year ended 31 March 2020. We report that:

(i) (a) The Company has maintained proper records showing full particulars including quantitative details

and situation of fixed assets.

(b) The Company has a regular programme of physical verification of its fixed assets by which all fixed assets are verified in a phased manner over a period of three years. In our opinion this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. In accordance with this programme certain fixed assets were verified during the year and subsequent to year end till the date of this report. No material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and basis our examination of the records of the Company the title deeds of immovable properties are held in the name of the Company except the following:

Particulars

Gross block (' in million as at 31 March 2020)

Net Block (' in million as at 31 March 2020)

Remarks

Freehold land admeasuring 4.69 Acres

174.30

174.30

The title deeds are under dispute.

Freehold land and building admeasuring 21.41 acres

702.60

501.00

The title deeds are not in the name of the Company.

Building (Apartment) admeasuring 750 sq. ft.

3.55

1.21

The title deeds are not in the name of the Company.

Refer note 50 to the standalone financial statements.

In respect of immovable properties of land and buildings that have been taken on lease and disclosed as property plant and equipment in the financial statements the lease agreements are in the name of the Company where the Company is the lessee in the agreement.

(ii) Inventories apart from goods in transit have been physically verified by the Management during the year and the discrepancies noticed on such verification between the physical stock and book records were not material. In our opinion the frequency of such verification is reasonable.

(iii) The Company has granted unsecured loans to Companies covered in the register maintained under Section 189 of the Companies Act 2013 (`the Act').

(vi) (a) During the year the Company has not granted loans to parties covered in the register maintained under section 189 of the Companies Act 2013 (the Act). Accordingly the provisions of clause 3(iii) (a) of the Order is not applicable to the Company.

(b) In the case of the loans granted in earlier years to companies covered in the Register maintained under Section 189 of the Act the borrowers have been regular in the repayment of the principal and payment of interest wherever stipulated.

(c) There are no amounts of loans granted to companies listed in the register maintained under section 189 of the Act which are overdue for more than ninety days.

(iv) In our opinion and according to the information and explanations given to us the Company has complied with the provisions of Section 185 and 186 of the Act with respect to the loans given investments made and guarantees and securities given.

(v) According to information and explanations given to us the Company has not accepted any deposits. Accordingly paragraph 3(v) of the Order is not applicable to the Company.

(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules 2014 as amended prescribed by the Central Government under Section 148 of the Act and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. However we have not made a detailed examination of such records.

(vii) (a) According to the information and explanations

given to us and on the basis of our examination of the records of the Company amounts deducted / accrued in the books of account in respect of undisputed statutory dues including provident fund employees' state insurance income-tax goods and services tax duty of customs cess and other material statutory dues have been generally regularly deposited during the year with the appropriate authorities. Also refer note 41 to the standalone financial statements.

According to the information and explanations given to us no undisputed amounts payable in respect of provident fund employees' state insurance income-tax goods and services tax duty of customs cess and other material statutory dues were in arrears as at 31 March 2020 for a period of more than six months from the date they became payable.

Annexure A to the Independent Auditor's Report

The Annexure referred to in Independent Auditor's Report to the members of the Company on the standalone financial statements of Strides Pharma Science Limited for the year ended 31 March 2020. We report that:

(b According to the information and explanations given to us there are no dues of income tax sales tax service tax duty of customs duty of excise value added tax and goods and services tax which have not been deposited with the appropriate authorities on account of any disputes other than those set out below:

Name of statuteNature of duesForum where dispute is pendingPeriod to which the amount relatesAmount (' in million)
The Income- Tax Act 1961Income taxIncome Tax Appellate TribunalAY 2008-09190.42 (net of tax paid under protest of 223.14)
The Income- Tax Act 1961Income taxIncome Tax Appellate TribunalAY 2009-10262.21 (net of tax paid under protest of 307.56)
The Income- Tax Act 1961Income taxIncome Tax Appellate TribunalAY 2011-1275.14 (net of tax paid under protest of 59.98)
The Income- Tax Act 1961Income taxIncome Tax Appellate TribunalAY 2012-13155.86 (net of tax paid under protest of 1.62)
The Income- Tax Act 1961Income taxIncome Tax Appellate TribunalAY 2015-16307.86
Central Excise Act 1944Central ExciseCustoms Excise and Service Tax Appellate TribunalVarious dates14.04
Central Excise Act 1944Central exciseCommission of Central ExciseVarious dates5.20
Central Excise Act 1944Central ExciseCustoms Excise and Service Tax Appellate TribunalVarious dates481.20 (net of tax paid under protest of 24.51)
Central Excise Act 1944Central ExciseCommissioner of Central TaxVarious dates63.06
Central Goods and Services Tax Act 2017Goods and Services TaxCommissioner of Central taxJuly 201818.11

(viii) In our opinion and according to the information and explanations given to us the Company has not defaulted in repayment of dues to banks and financial institutions. The Company did not have any borrowings during the year by way of debentures or from government.

(ix) According to the information and explanations given to us the Company has not raised any money by way of public issue or further public offer (including debt instruments) or term loans during the year.

(x) According to the information and explanations given to us no fraud by the Company or any material fraud on the Company by its officers or employees has been noticed or reported during the year.

(xi) According to the information and explanations given to us and based on examination of the records of the Company the Company has paid/provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us the Company is not a nidhi company. Accordingly paragraph 3(xii) of the Order is not applicable.

(xiii) According to the information and explanations given to us and based on our examination of the records of the Company transactions with the related parties are in compliance with Sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the

standalone financial statements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and based on our examination of the records of the Company the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly para 3 (xiv) of the Order is not applicable.

(xv) According to the information and explanations given to us and based on our examination of the records of the Company the Company has not entered into non-cash transactions with directors or persons connected with him.

(xvi) According to the information and explanations given to us the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act 1934.

Annexure B to the Independent Auditor's report on the standalone financial statements of Strides Pharma Science Limited (the Company) for the year ended 31 March 2020.

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

(Referred to in paragraph 1 (f) under `Report on Other Legal and Regulatory Requirements' section of our report of even date)

Opinion

We have audited the internal financial controls with reference to financial statements of Strides Pharma Science Limited (the Company) as of 31 March 2020 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

In our opinion the Company has in all material respects adequate internal financial controls with reference to financial statements and such internal financial controls were operating effectively as at 31 March 2020 based on the internal financial controls with reference to financial statements criteria established by the Company considering the essential components of internal controls stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute 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 establishing and maintaining internal financial controls based on the internal financial controls with reference to financial statements criteria established by the Company considering the essential components of internal controls stated in the Guidance Note. These responsibilities include the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business including adherence to company's policies the safeguarding of its assets the prevention and detection of frauds and errors the accuracy and completeness of the accounting records and the timely preparation of reliable financial information as required under the Companies Act 2013 (hereinafter referred to as the Act).

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing prescribed under section 143(10) of the Act to the extent applicable to an audit of internal financial controls with reference to financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements were established and maintained and whether such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of such internal financial controls assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal controls based on the assessed risk. The procedures selected depend on the auditor's judgement including the assessment of the risks of material misstatement of the standalone financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls with reference to financial statements.

Meaning of Internal Financial controls with Reference to Financial Statements

A company's internal financial controls with reference to financial statements is a process designed to provide

Annexure B to the Independent Auditor's report on the standalone financial statements of Strides Pharma Science Limited (the Company) for the year ended 31 March 2020.

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

(Referred to in paragraph 1 (f) under `Report on Other Legal and Regulatory Requirements' section of our report of even date)

reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial controls with reference to financial statements include those policies and procedures that (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition use or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial controls with Reference to Financial Statements

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

For B S R & Co. LLP

Chartered Accountants

Firm's Registration No: 101248W/W-100022

Sampad Guha Thakurta

Partner

Place: Bengaluru

Membership Number: 060573

Date: 20 May 2020

UDIN: 20060573AAAABW9209