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Sundaram Finance Ltd.

BSE: 590071 Sector: Financials
NSE: SUNDARMFIN ISIN Code: INE660A01013
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VOLUME 536
52-Week high 1780.90
52-Week low 1019.75
P/E 17.63
Mkt Cap.(Rs cr) 14,111
Buy Price 1267.00
Buy Qty 25.00
Sell Price 1311.00
Sell Qty 1.00
OPEN 1266.00
CLOSE 1246.65
VOLUME 536
52-Week high 1780.90
52-Week low 1019.75
P/E 17.63
Mkt Cap.(Rs cr) 14,111
Buy Price 1267.00
Buy Qty 25.00
Sell Price 1311.00
Sell Qty 1.00

Sundaram Finance Ltd. (SUNDARMFIN) - Auditors Report

Company auditors report

To the members of Sundaram Finance Limited Chennai for the year ended31st March 2019

To the members of Sundaram Finance Limited Chennai

Report on Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements ofSundaram Finance Limited ("the Company") which comprise the Balance Sheet as at31st March 2019 the Statement of Profit and Loss (including other comprehensive income)the Statement of Changes in Equity and Statement of Cash Flows for the year then ended andnotes to the financial statements including a summary of significant accounting policiesand other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("The Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at 31st March 2019and its profit and total comprehensive income changes in equity and its cash flows forthe year ended on that date.

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 underthose Standards are further described in the Auditor's Responsibilities for the Auditof the financial statements section of our report.

We are independent of the Company in accordance with the Code of Ethicsissued by the Institute of Chartered Accountants of India (ICAI) together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules made there under and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professionaljudgement were of most significance in our audit of the financial statements of thecurrent period. These matters were addressed in the context of our audit of the financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

Key Audit Matter How our audit addressed the key audit matter
Adoption of New Accounting framework (Ind AS)
Effective 1st April 2018 the Company adopted the Indian Accounting Standards ('Ind AS") notified by the Ministry of Corporate Affairs with the transition date of 1st April 2017. We confirmed the approvals of Audit Committee for the choices and exemptions made by the Company for compliance/acceptability under IND AS 101.
The following are the major impact areas for the Company upon transition: - Classification and measurement of Financial Assets and Financial Liabilities - Measurement of Loan losses (expected credit losses) - Accounting for Securitization and Assignment Evaluated management's transition date choices and exemptions for compliance/ acceptability under Ind AS 101.
- Accounting for Loan Fees and Costs Understood the methodology implemented by management to give impact on the transition and assessed the accuracy of the computations.
- Accounting for Employee stock options
- Accounting for Derivative instruments
The migration to the new accounting framework (Ind AS) is a process involving multiple decision points upon transition. Ind AS 101 First Time Adoption prescribes choices and exemptions for first time application of Ind AS principles at the transition date. We identified transition date accounting as a Key Audit Matter because of significant degree of management judgment and application on the areas noted above. We confirm the accuracy of accounting and adequacy of disclosures in the Financial statements.
Impairment Loss Allowance
Management's judgements in the calculation of impairment allowances have significant impact on the financial statements. The estimates regarding impairment allowances are complex and require a significant degree of judgement which increased with implementation of Expected Credit Loss ("ECL") approach starting from 1st April 2017 as required by Ind AS 109 relating to "Financial instruments." 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 obtained an understanding of management's assessment of impairment of loans and advances including the Ind AS 109 implementation process internal rating model impairment allowance policy and ECL modelling methodology.
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
The key areas of judgement include:
1. Categorisation of loans in Stage 1 2 and 3 based on identification of:
(a) exposures with significant increase in credit risk since their origination and
(b) Individually impaired / default exposures. We also assessed the approach of the Company for categorisation of the loans in various stages reflecting the inherent risk in the respective loans.
2. Techniques used to determine Loss Given Default (‘LGD') and Probability of Default (‘PD') to calculate an ECL based on past experience.
3. The impact of different future macroeconomic conditions in the determination of ECL.
These judgements required new models to be built and implemented to measure the expected credit losses on certain financial assets measured at amortised cost. Management has made a number of interpretations and assumptions when designing and implementing models that are compliant with the new standard. 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. For a sample of financial assets we tested the correctness of Staging reasonableness of PD accuracy of LGD and ECL computation. As a result of the above audit procedures no material differences were noted.
We confirm the adequacy of disclosures made in the Financial statements.
Divestment of shares
During the year the Company has divested 25.90% of its share in Royal Sundaram General Insurance Company Limited. 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 We verified the Profit on disposal by reconciling the consideration to the Share Purchase Agreement (SPA) bank accounts and by verifying the investments disposed to underlying accounting records.
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.
Fair Value of Unquoted Equity Investments (Other than Investments in Subsidiaries and Joint Ventures)
Investment in Unquoted equity 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. We confirm the adequacy of the disclosures made in the Financial statements.
The Fair value of these financial assets involved management's judgement because these securities are not traded in an active market. 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:
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. 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.
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 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 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 focused on user access management change management segregation of duties system reconciliation controls and system application controls over key financial accounting and reporting systems. 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.
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'sReport Thereon

The Company's Board of Directors is responsible for otherinformation. The other information comprises the information included in the financialhighlights board's report corporate governance report but does not include thefinancial statements and our auditor's report thereon.

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

In connection with our audit of the financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If basedon the work we performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Responsibilities of Management and Those Charged with Governance forthe Standalone Financial Statements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance including other comprehensive income changes in equity and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the accounting Standards specified under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; 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 forassessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless the Board of Directors either intends to liquidate the Company or tocease operations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the FinancialStatements

Our objectives are to obtain reasonable assurance about whether thefinancial 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 financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain 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 theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

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

Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause theCompany to cease to continue as a going concern.

Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

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

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

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 of the Act we give in "Annexure A" to this Report astatement on the matters specified in paragraphs 3 and 4 of the said Order to the extentapplicable.

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

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss the Statementof Changes in Equity and the Statement of Cash Flow dealt with by this Report are inagreement with the books of account.

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

(e) On the basis of the written representations received from thedirectors as on 31st March 2019 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2019 from being appointed as a director interms of Section 164(2) of the Act.

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B".

(g) As regards Managerial Remuneration paid to Directors refer to noteno. xi of "Annexure A" to this Report.

(h) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and

Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us:

i. the Company has disclosed the impact of pending litigations on itsfinancial position in its financial statements – refer note no. 39.04 to thefinancial statements.

ii. based on the current assessment of the long term contracts in theordinary course of business the company has made adequate provision for losses whererequired as explained in note no. 39.11 of the Notes to Accounts. The derivativecontracts being in the nature of the hedge contracts the company does not anticipate anymaterial losses from the same.

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

For Sundaram & Srinivasan
Chartered Accountants
Firm Registration. No. 004207S
K.Srinivasan
Place: Chennai Partner
Date : 30th May 2019 Membership Number : 005809

ANNEXURE - A TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ONTHE STANDALONE FINANCIAL STATEMENTS OF SUNDARAM FINANCE LIMITED CHENNAI

Annexure A referred to in our report under "Report on Other Legaland Regulatory Requirements Para 1" of even date on the accounts for the year ended31st March 2019

i. (a) The Company is maintaining proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) Fixed assets have been physically verified by the Management duringthe year in accordance with an annual plan of verification which in our opinion isreasonable having regard to the size of the Company and nature of the fixed assets. Thediscrepancies noticed on such verification were not material and have been properly dealtwith in the books of account.

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

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

iii. The Company has granted secured loans to two parties and unsecuredloan to one party covered in the register maintained under section 189 of the Act.

(a) The terms and conditions of the grant of the loan are notprejudicial to the Company's interest;

(b) The repayment of principal and payment of interest has beenstipulated and the repayment and receipts are regular;

(c) The amounts are not overdue.

iv. In our opinion and according to the information and explanationsgiven to us the company has complied with the provisions of section 185 and 186 inrespect of loans granted investments made guarantees given and securities providedwherever applicable.

v. In our opinion and according to the information and explanationsgiven to us the company has complied with the directions issued by the Reserve Bank ofIndia and the provisions of section 73 to 76 of the Act and any other relevant provisionsof the Act and the rules framed thereunder with regard to deposits accepted from thepublic.

vi. The Central Government has not prescribed the maintenance of costrecords for the Company u/s. 148(1) of the Companies Act 2013.

vii. (a) In our opinion and according to the information andexplanation given to us undisputed statutory dues including Provident FundEmployees' State Insurance Income Tax Goods and Service Tax Duty of Customs Cessand other material statutory dues have been regularly deposited during the year withappropriate authorities. According to the information and explanations given to us thereare no arrears of statutory dues which are outstanding as at 31st March 2019 for a periodof more than six months from the date they become payable.

(b) According to records of the Company and the information andexplanation given to us the details of disputed Value Added Tax Service Tax and IncomeTax not deposited are as follows:

Nature of dues Amount in ` lakhs Period to which the amount relates Forum where the dispute is pending
Value Added Tax 130.09 1993-94 to 2013-14 Assistant / Deputy / Joint Commissioner (Appeals)
32.02 1995-96 to 2011-12 Tribunal
642.29 1998-99 to 2004-05 High Court
Service Tax 3196.37 2014-15 to June 2017 CESTAT
1677.00 2005-06 to 2013-14 Supreme Court
Income Tax 4543.20 2016-2017 Commissioner of Income Tax (Appeals)

viii. The Company has not defaulted in the repayment of dues tofinancial institution banks Government or debenture holders.

ix. (a) The Company has not raised any money by the way of initialpublic offer or further public offer (including debt instruments) during the year. Hencereporting on utilization of such money does not arise; and

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

x. To the best of our knowledge and belief and according to theinformation and explanations given to us during the year no fraud by the Company ormaterial fraud on the Company by its employees or officers were noticed during the courseof our audit.

xi. The Company has paid / provided for managerial remuneration withinlimits of section 197 read with schedule V to the Companies Act 2013.

xii. The Company is not a Nidhi Company and hence reporting underclause 3(xii) of the Order is not applicable.

xiii. According to the information and explanations furnished to us andbased on our examination of the records of the Company all transactions with the relatedparties are in compliance with sections 177 and 188 of the Companies Act 2013.

The details of such transactions have been disclosed in the financialstatements as required by the applicable accounting standards.

xiv. During the year the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures undersection 42 of the Companies Act 2013.

xv. In our opinion and according to the information and explanationsgiven to us and based on our examination of the records of the Company the Company hasnot entered into any non-cash transactions with Directors or persons connected with them.

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

For Sundaram & Srinivasan
Chartered Accountants
Firm Registration. No. 004207S
K.Srinivasan
Place: Chennai Partner
Date : 30th May 2019 Membership Number : 005809

ANNEXURE - B TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ONTHE STANDALONE FINANCIAL STATEMENTS OF SUNDARAM FINANCE LIMITED CHENNAI

Report on the Internal Financial Controls with reference to FinancialStatements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013("the Act")

We have audited the internal financial controls over financialreporting of Sundaram Finance Limited Chennai ("the Company") as at 31st March2019 in conjunction with our audit of the standalone financial statements of the Companyfor the period ended on that date.

Management's Responsibility for Internal Financial Controls withreference to Financial Statements

The Company's Management is responsible for establishing andmaintaining internal financial controls with reference to financial statements based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India (ICAI). These responsibilities include the designimplementation and maintenance of adequate internal financial controls with reference tofinancial statements that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to the respective Company'spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting with reference to financial statements basedon our audit. We conducted our audit in accordance with the Guidance Note on Audit ofInternal Financial Controls Over

Financial Reporting (the "Guidance Note") and the Standardson Auditing issued by ICAI and deemed to be prescribed under section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controlsboth issued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting with reference to financial statements were established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system with reference to financialstatements over financial reporting and their operating effectiveness. Our audit ofinternal financial controls over financial reporting with reference to financialstatements included obtaining an understanding of internal financial controls overfinancial reporting with reference to financial statements assessing the risk that amaterial weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system with reference to financial statements over financial reportingwith reference to financial statements.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control with reference to financialstatements over financial reporting is a process designed to provide reasonable assuranceregarding the reliability of financial reporting and the preparation of financialstatements for external purposes in accordance with generally accepted accountingprinciples. A Company's internal financial control with reference to financial statementsover financial reporting includes those policies and procedures that;

(i) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of theCompany;

(ii) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of 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

(iii) provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the Company's assets thatcould have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting with reference to Financial Statements

Because of the inherent limitations of internal financial controls overfinancial reporting with reference to financial statements including the possibility ofcollusion or improper management override of controls material misstatements due to erroror fraud may occur and not be detected. Also projections of any evaluation of theinternal financial controls over financial reporting to future periods are subject to therisk that the internal financial control with reference to financial statements overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system with reference to financial statements over financialreporting and such internal financial controls over financial reporting were operatingeffectively as at 31st March 2019 based on the internal control over financial reportingwith reference 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 Institute of CharteredAccountants of India.

For Sundaram & Srinivasan
Chartered Accountants
Firm Registration. No. 004207S
K.Srinivasan
Place: Chennai Partner
Date : 30.05.2019 Membership Number : 005809