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Sundaram Finance Ltd.

BSE: 590071 Sector: Financials
NSE: SUNDARMFIN ISIN Code: INE660A01013
BSE 00:00 | 07 May 2470.70 17.90
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NSE 00:00 | 07 May 2473.90 22.20
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OPEN 2489.45
PREVIOUS CLOSE 2452.80
VOLUME 290
52-Week high 2883.95
52-Week low 1165.00
P/E 37.57
Mkt Cap.(Rs cr) 27,449
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2489.45
CLOSE 2452.80
VOLUME 290
52-Week high 2883.95
52-Week low 1165.00
P/E 37.57
Mkt Cap.(Rs cr) 27,449
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sundaram Finance Ltd. (SUNDARMFIN) - Auditors Report

Company auditors report

To The Members of Sundaram Finance Limited Chennai for The Year Ended 31st March 2020

To the members of Sundaram Finance Limited Chennai

Report on Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Sundaram FinanceLimited ("the Company") which comprise the Balance Sheet as at 31st March 2020the Statement of Profit and Loss (including other comprehensive income) the Statement ofChanges in Equity and Statement of Cash Flows for the year then ended and notes to thefinancial statements including a summary of significant accounting policies and otherexplanatory 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 ("The Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at 31st March 2020 and its profit and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SA")specified under section 143(10) of the Act. Our responsibilities under those Standards arefurther described in the Auditor's Responsibilities for the Audit of the 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 (ICAI) togetherwith the ethical requirements that are relevant to our audit of the financial statementsunder the provisions of the Act and the Rules made there under and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the ICAI's Codeof Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note no: 38.1 relating to impact of COVID 19 Pandemic in thefinancial statements in which the management has described the probable impact on thecompany and the environment in which it operates. This note also indicates thatuncertainties exist and it is currently not possible to reasonably estimate the futureimpact. The measures taken to deal with these circumstances were explained by themanagement. Our opinion is not modified in this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

Key Audit Matter How our audit addressed the key audit matter
Impairment Loss Allowance
Management's judgements in the calculation of impairment allowances have significant impact on the financial statements. • We obtained an understanding of management's assessment of impairment of loans and advances including the Ind AS109 implementation process internal rating model impairment allowance policy and ECL modelling methodology.
The estimates regarding impairment allowances are complex and require a significant degree of judgement which increased with implementation of Expected Credit Loss ("ECL") approach as required by Ind AS 109 relating to "Financial instruments." • We assessed the design and implementation and tested the operating effectiveness of controls over the modelling process including governance over monitoring of the model and approval of key assumptions.
Management is required to determine the expected credit loss that may occur over either a 12-month period or the remaining life of an asset depending on the categorisation of the individual asset. • We also verified the key judgements and assumptions relating to the macro-economic scenarios including the impact of Covid 19 Pandemic and the associated probability weights.
The key areas of judgement include:
1. Categorisation of loans in Stage 1 2 and 3 based on identification of: • We also assessed the approach of the Company for categorisation the loans in various stages reflecting the inherent risk in the respective loans.
(a) exposures with significant increase in credit risk since their origination and • For a sample of financial assets we tested the correctness of Staging reasonableness of PD accuracy of LGD and ECL computation.
(b) Individually impaired / default exposures.
2. Techniques used to determine Loss Given Default (‘LGD') and Probability of Default (‘PD') to calculate an ECL based on past experience. • We have also verified the compliance of circulars issued by Reserve Bank of India from time to time during the year on this subject. As a result of the above audit procedures no material differences were noted.
3. The impact of different future macroeconomic conditions in the determination of ECL.
These judgements required the models to be reassessed including the impact of Covid -19 Pandemic to measure the ECL. Management has made a number of interpretations and assumptions when designing and implementing models that are compliant with the standard. We confirm the adequacy of disclosures made in the Financial statements.
The accuracy of data flows and the implementation of related controls is critical for the integrity of the estimated impairment provisions. Given the significance of judgements and the high complexity related particularly to the calculation of ECL we considered this area as a Key Audit Matter.
Acquisition of Equity Shares
During the year the company has purchased 49.9% of Sundaram Home Finance Limited's share from BNP Paribas Personal Finance S.A. France. Consequently Sundaram Home Finance Limited became Company's wholly owned subsidiary with effect from 30th September 2019. We verified the Consideration paid on acquisition by reconciling the consideration to the Share Purchase Agreement (SPA) verifying the bank accounts for consideration paid and by verifying the investments to underlying accounting records.
We confirm the accuracy of accounting and adequacy of disclosures in the Financial statements.
We consider the accounting treatment in the financial statements of this even as a key audit matter because of its size and the complexity in accounting for acquisition of shares.
Divestment of shares
During the year the Company has divested in the following We verified the Profit on disposal by reconciling the consideration to the Share Purchase Agreement (SPA) Communication to Stock exchanges bank accounts and by verifying the investments disposed to underlying accounting records.
a) entire holding of its share in Equifax Credit Information Services Private Limited and
b) 4.86 % of its holdings in Sundaram Finance Holdings Limited. In addition we verified whether the Profit on disposal was calculated in accordance with the relevant clauses of the SPA. We confirm the accuracy of accounting and adequacy of disclosures in the Financial statements.
We considered the accounting treatment in the financial statements of this event as a Key Audit Matter because of its size and the judgment required in calculating some of the amounts included in the profit on divestment of shares
Fair Value of Unquoted Equity Instruments and Preference Shares (Other than Investments in Subsidiaries and Joint Ventures)
Investment in Unquoted equity and preference shares are measured at Fair value. We discussed with management the basis used in determining the fair value and evaluated the appropriateness of the valuation methodologies used by management and compared it to industry norms and the requirements in Ind AS.
The Fair value of these financial assets involved managements judgement because these securities are not traded in an active market .
We confirm the adequacy of the disclosures made in the Financial statements.
As per Ind AS 109 Cost has been considered as the best estimate of Fair value by the Management.
Since this valuation is a Level 3 type of valuation in accordance with Ind AS 113 Fair Value Measurement where one or more significant inputs to the fair value measurement is unobservable . Accordingly this item is considered to be a Key Audit Matter due to significant judgments associated with estimating the fair value of investment.
Impairment testing of investments in Subsidiaries /Joint Ventures: We compared the book value of the investments in the year under review with their prorata share of the respective company's equity based on their financials evaluated the internal sources and external sources of information to identify impairment indications if any.
Impairment testing of investments in Subsidiaries/Joint venture is considered as a Key Audit Matter since impairment of these investments may have an impact on the equity of the Company.
Testing for impairment depends on the future results of the companies concerned. In addition there is significant scope for judgement in determining the assumptions underlying forecast results of the entities. Where indicators of impairment have been identified assessing the reasonableness of the recoverable amount of each of the relevant subsidiaries and joint ventures obtained an understanding from management of their financial position and future prospects.
The same has been evaluated and appropriately dealt in the books of accounts.
Based on the audit procedures performed we found the key judgements and assumptions used in the impairment identification and assessments were duly supported by the available evidence.
IT Systems and Controls
The Company's key financial accounting and reporting processes are highly dependent on the automated controls in information systems We tested a sample of key controls operating over the information technology in relation to financial accounting and reporting systems including system access and system change management program development and computer operations.
We have considered this as Key Audit Matter as any control lapses Validation failures incorrect input data and wrong extraction of data may result in the financial accounting and reporting records being misstated.
We tested the design and operating effectiveness of key controls over user access management which includes granting access right new user creation removal of user rights and preventative controls designed to enforce segregation of duties.
We have focused on user access management change management segregation of duties system reconciliation controls and system application controls over key financial accounting and reporting systems. Reliance was also placed on the System Audit report of the Company.
Based on our review no weakness was found in the IT Systems and Controls.

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

The Company's Board of Directors is responsible for other information. The otherinformation comprises the information included in the financial highlights board'sreport corporate governance report but does not include the financial statements and ourauditor'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 in theaudit or otherwise appears to be materially misstated. If based on the work we performedwe conclude that there is a material misstatement of this other information we arerequired to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial 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 standalone financial statementsthat give a true and fair view of the financial position financial performance includingother comprehensive income changes in equity and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the accountingStandards specified under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due 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 the Boardof Directors either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

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

Auditor's Responsibilities for the Audit of the Financial Statements

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

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 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 controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion. Ourconclusions 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.

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 them allrelationships and other matters that may reasonably be thought to bear on our independenceand 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 sub-section (11) of section 143 ofthe Act we give in "Annexure A" to this Report a statement on the mattersspecified in paragraphs 3 and 4 of the said Order to the extent applicable.

2. As required by Section 143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss the Statement of Changes inEquity and the Statement of Cash Flow dealt with by this Report are in agreement with thebooks of account.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015.

(e) On the basis of the written representations received from the directors as on 31stMarch 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31st 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 over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

(g) As regards Managerial Remuneration paid to Directors refer to note no. xi of"Annexure A" to this Report.

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

i. the Company has disclosed the impact of pending litigations on its financialposition in its financial statements – refer note no. 43.06 to the financialstatements.

ii. based on the current assessment of the long term contracts in the ordinary courseof business the company has made adequate provision for losses where required asexplained in note no. 43.14 of the Notes to Accounts. The derivate contracts being in thenature of the hedge contracts the company does not anticipate any material losses fromthe same.

iii. During the year there has been no delay in transferring the amounts required tobe transferred to the Investor Education and Protection Fund.

For Sundaram & Srinivasan
Chartered Accountants
Firm Registration. No. 004207S
K.Srinivasan
Place: Chennai Partner
Date : 29.05.2020 Membership Number : 005809
UDIN

ANNEXURE - A TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONEFINANCIAL STATEMENTS OF SUNDARAM FINANCE LIMITED CHENNAI

Annexure A referred to in our report under "Report on Other Legal and RegulatoryRequirements Para 1" of even date on the accounts for the year ended 31st March 2020

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

(b) Fixed assets have been physically verified by the Management during the year inaccordance with an annual plan of verification which in our opinion is reasonable havingregard to the size of the Company and nature of the fixed assets. The discrepanciesnoticed on such verification were not material and have been properly dealt with in thebooks of account.

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

ii. The Company does not have any inventory and hence reporting under this clause 3(ii)is not applicable.

iii. The Company has granted secured loan to one party and unsecured loan to one partycovered in the register maintained under section 189 of Companies Act 2013 ("theAct").

(a) The terms and conditions of the grant of the loan are not prejudicial to theCompany's interest;

(b) The repayment of principal and payment of interest has been stipulated and therepayment and receipts are regular;

(c) The amounts are not overdue.

iv. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Act in respect ofloans granted investments made guarantees given and securities provided whereverapplicable.

v. In our opinion and according to the information and explanations given to us thecompany has complied with the directions issued by the Reserve Bank of India and theprovisions of section 73 to 76 of the Act and any other relevant provisions of the Actand the rules framed thereunder with regard to deposits accepted from the public.

vi. The Central Government has not prescribed the maintenance of cost records for theCompany u/s. 148(1) of the Act.

vii. (a) In our opinion and according to the information and explanation given to usundisputed statutory dues including Provident Fund Employees' State Insurance IncomeTax Goods and Service Tax Duty of Customs Cess and other material statutory dues havebeen regularly deposited during the year with appropriate authorities. According to theinformation and explanations given to us there are no arrears of statutory dues which areoutstanding as at 31st March 2020 for a period of more than six months from the date theybecome payable.

(b) According to records of the Company and the information and explanation given tous the details of disputed value added tax and income tax not deposited are as follows:

Nature of dues Amount in Rs lakhs Period to which the amount relates Forum where the dispute is pending
Value added tax 96.18 1993-94 to 2013-14 Assistant / Deputy / Joint Commissioner
32.02 1995-96 to 2011-12 Tribunal
642.29 1998-99 to 2004-05 High Court
Income Tax 2575.22 2016-17 Commissioner of Income Tax (Appeals)
26589.62 2017-18 Commissioner of Income tax (Appeal)

viii. The Company has not defaulted in the repayment of dues to financial institutionbanks Government or debenture holders.

ix. (a) The Company has not raised any money by the way of initial public offer orfurther public offer (including debt instruments) during the year. Hence reporting onutilization of such money does not arise; and

(b) The term loans were applied for the purposes for which the loans were obtained.

x. To the best of our knowledge and belief and according to the information andexplanations given to us during the year no fraud by the Company or material fraud onthe Company by its employees or officers were noticed during the course of our audit.

xi. The Company has paid / provided for managerial remuneration within limits ofsection 197 read with schedule V to the Act.

xii. The Company is not a Nidhi Company and hence reporting under clause 3(xii) of theOrder is not applicable.

xiii. According to the information and explanations furnished to us and based on ourexamination of the records of the Company all transactions with the related parties arein compliance with sections 177 and 188 of the Act.

The details of such transactions have been disclosed in the financial statements asrequired by the applicable accounting standards.

xiv. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures under section 42 of the Act.

xv. In our opinion and according to the information and explanations given to us andbased on our examination of the records of the Company the Company has not entered intoany non-cash transactions with Directors or persons connected with them.

xvi. The Company is required to be registered under section 45-IA of the Reserve Bankof India Act 1934 and has obtained registration.

For Sundaram & Srinivasan
Chartered Accountants
Firm Registration. No. 004207S
K.Srinivasan
Place: Chennai Partner
Date : 29.05.2020 Membership Number : 005809
UDIN

ANNEXURE - B TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONEFINANCIAL STATEMENTS OF SUNDARAM FINANCE LIMITED CHENNAI

Report on the Internal Financial Controls with reference to Financial Statements underClause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financial reporting of SundaramFinance Limited Chennai ("the Company") as at 31st March 2020 in conjunctionwith our audit of the standalone financial statements of the Company for the period endedon that date.

Management's Responsibility for Internal Financial Controls with reference to FinancialStatements

The Company's Management is responsible for establishing and maintaining internalfinancial controls with reference to financial statements based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia (ICAI). These responsibilities include the design implementation and maintenance ofadequate internal financial controls with reference to financial statements that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the respective Company's policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting with reference to financial statements based on ouraudit. 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 issued by ICAI and deemed to be prescribed under section 143(10) ofthe Act to the extent applicable to an audit of internal financial controls both issuedby the ICAI. 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 with reference to financialstatements were established and maintained and if such controls operated effectively inall material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system with reference to financial statements overfinancial reporting and their operating effectiveness. Our audit of internal financialcontrols over financial reporting with reference to financial statements includedobtaining an understanding of internal financial controls over financial reporting withreference to financial statements assessing the risk that a material weakness exists andtesting and evaluating the design and operating effectiveness of internal control based onthe assessed risk. The procedures selected depend on the auditor's judgement includingthe assessment of the risks of material misstatement of the financial statements whetherdue 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 systemwith reference to financial statements over financial reporting with reference tofinancial statements.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control with reference to financial statements overfinancial reporting is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles. A Company'sinternal financial control with reference to financial statements over financial reportingincludes those policies and procedures that;

(i) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(ii) 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 authorisations of management and directors of the Company; and

(iii) 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 financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting withreference to Financial Statements

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

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system with reference to financial statements over financial reportingand such internal financial controls over financial reporting were operating effectivelyas at 31st March 2020 based on the internal control over financial reporting withreference to financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting issued by the ICAI

For Sundaram & Srinivasan
Chartered Accountants
Firm Registration. No. 004207S
K.Srinivasan
Place: Chennai Partner
Date : 29.05.2020 Membership Number : 005809
UDIN

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