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Welspun Specialty Solutions Ltd.

BSE: 500365 Sector: Metals & Mining
NSE: REMIMETAL ISIN Code: INE731F01037
BSE 00:00 | 09 Apr 16.18 0.02
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NSE 05:30 | 01 Jan Welspun Specialty Solutions Ltd
OPEN 16.49
PREVIOUS CLOSE 16.16
VOLUME 471227
52-Week high 17.25
52-Week low 5.50
P/E
Mkt Cap.(Rs cr) 857
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 16.49
CLOSE 16.16
VOLUME 471227
52-Week high 17.25
52-Week low 5.50
P/E
Mkt Cap.(Rs cr) 857
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Welspun Specialty Solutions Ltd. (REMIMETAL) - Auditors Report

Company auditors report

TO THE MEMBERS OF RMG ALLOY STEEL LIMITED

Opinion

We have audited the accompanying Ind AS financial statements of RMG ALLOY STEELLIMITED ("the Company") which comprise the Balance Sheet as at March 312019 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Cash Flows and the Statement of changes in Equity for the year then endedand a summary of significant accounting policies and other explanatory information(hereinafter referred to as "the Ind AS financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe 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 March 31 2019; and its profit and totalComprehensive Income Change in Equity and its cash flows for the year ended on that date.

Emphasis of Matter

We draw attention to Note 30 of the accompanying statement; Company's net worth iseroded and the company has continued incurring losses for the current year indicating theexistence of uncertainty that may cast doubt about the company's ability to continue as agoing concern. Considering the matters set out in the said note this statement isprepared on a going concern basis.

Our opinion is not modified in respect of matter described in Emphasis of Matterparagraph.

Basis for opinion

We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Ind AS Financial Statements section of our report. We are independent of theCompany in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India together with the ethical requirements that are relevant to our auditof the Ind AS financial statements under the provisions of the Act and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Ind AS financial statements of the current period. Thesematters were addressed in the context of our audit of the Ind AS financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

Key Audit Matter How our audit addressed the key audit matter
Expected credit loss ("ECL") provision in respect of financial assets carried at amortized cost (refer Note 1 for accounting policy and Note 40 for ECL provision) We carried out following procedures in respect to ECL provision:
As detailed in Note 8 the Company has financial assets carried at amortized cost amounting to Rs 7832 lacs (gross) as at March 31 2019. The Company holds ECL provision of Rs. 696 lacs against such assets. As discussed in the said note ECL provision has been determined in accordance with Ind AS 109 – Financial Instruments. - held discussions with management and obtained understanding of ECL model its development process and relevant controls.
- evaluated the design and tested operating effectiveness of controls in respect of ECL model which included data used to determine the provision appropriate approvals and mathematical accuracy.
We focused on this area as determining ECL provision requires significant judgements by the management. Key areas of judgement included: - with the involvement of our experts we assessed the assumptions and judgement made by management used to calculate ECL provision.
- Assumptions used in the expected credit loss model such as the financial condition of the counterparty probability of default expected future cash flows. - Traced key inputs to the ECL model on a sample basis to assess their accuracy and completeness. Ensured mathematical accuracy of the ECL provision by performing recalculations.
- The identification of exposures with a significant deterioration in credit quality. We evaluated ECL provision taking into account the requirements of of Ind AS 109 – Financial Instruments.
Provisions and contingent liabilities in relation to tax positions We have involved our tax experts to gain an understanding of the current status of the tax cases and monitored changes in the disputes by reading external opinions received by the Company if any where relevant to establish that the tax provisions had been appropriately adjusted to reflect the latest external developments.
Refer note no. 35 of the Ind AS financial statement.
The company has received various demands and show cause notices from the service tax and sales tax department in respect of various matters. For legal regulatory and tax matters our procedures included the following:
The management have made judgments relating to the likelihood of an obligation arising and whether there is a need to recognize a provision or disclose a contingent liability. We therefore focused on this area as a result of uncertainty and potential material impact. * testing key controls surrounding litigation regulatory and tax procedures;
* performing substantive procedures on the underlying calculations supporting the provisions recorded;
* where relevant reading external legal opinions obtained by management;
* discussing open matters with the litigation regulatory general counsel and tax teams;
* assessing management's conclusions through understanding precedents set in similar cases; Based on the evidence obtained while noting the inherent uncertainty with such legal regulatory and tax matters we determined the level of provisioning and disclosure of contingent liabilities as at 31 March 2019 to be appropriate.
Inventories
As of 31st March 2019 the Company total inventory balance amounted to RS. 11758 lakh representing 53% of the total current assets of the Ind AS Financial Statement. Refer note no. 6 of the Ind AS financial statement. As such we determined that this is a key audit matter.
The Company is exposed to risk of slow-moving and/or obsolete inventory as a result of volatility demand for steel and its steel price. Significant judgement is required for the estimation of the net realisable value and allowance for slow-moving and obsolete inventories. Such estimation is made after taking into consideration factors such as movement in steel price current and expected future market demand and pricing competition. As part of our audit we attended inventory counts at selected inventory locations to observe the condition of the inventories on sample basis. We evaluated the appropriateness of the basis and processes used by management in determining the net realisable value of inventories. We also evaluated the assumptions and estimates used by management in determining the write down amount through testing of the accuracy of inventories aging report analysing the aging profile of inventories to identify slow and obsolete inventories as well as reviewing historical and subsequent to financial year end sales patterns. In addition we reviewed the adequacy of the disclosures on inventories in Note 6 of the financial statements.
Capital Work in progress To address this key audit matter we have:
At 31 March 2019 the carrying value of assets under construction was Rs. 8515 Lakh. • Considered the stage of completion of ongoing projects specifically in relation to ascertaining when the assets will be available for use as intended by management.
Refer note no. 2 of the Ind AS financial statement.
Accounting for assets under construction has been identified as a key audit matter due to: • Assessed project timelines by tracking project progress against forecast spend and management budgets.
• the significant judgement involved in assessing when an asset is available for use as intended by management. • Assessed the accounting treatment of testing costs during the testing phase where applicable.
At this point revenue and operating costs associated to the asset cease to be capitalised to the statement of financial position and depreciation should commence. • Ensured costs associated with assets which came into production in the year cease to be capitalised and depreciation charges commenced.
Additionally we considered recent impairment charges recognised in respect of assets under construction which resulted from changes in project plans. Based on our evaluation of the asset under construction projects and other procedures performed we are satisfied that projects overall assets under construction are recoverable.

Other Information

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the "Director's Report"including Annexures to Director's Report but does not include the Ind AS financialstatements and our auditor's report thereon.

Our opinion on the Ind AS financial statements does not cover the other information andwe do not express any form of assurance conclusion thereon.

In connection with our audit of the Ind AS financial statements our responsibility isto read the other information and in doing so consider whether the other information ismaterially inconsistent with the Ind AS financial statements or our knowledge obtained inthe audit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information; weare required to report that fact.

We have nothing to report in this regard.

Responsibilities of management for the Ind AS financial statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Act with respect to the preparation of these Ind AS financial statementsthat give a true and fair view of the financial position financial performance change inequity and cash flows of the company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) specifiedunder section 133 of the Act read with the Companies (Indian Accounting standards) Rules2015 as amended. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provision of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of the appropriate accounting policies; making judgements and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the Ind AS financial statements management is responsible for assessingthe Company's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's responsibilities for the audit of the Ind AS financial statements

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Ind AS 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 control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances.

• 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 Ind AS financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the Ind AS financialstatements including the disclosures and whether the Ind AS financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the Ind AS financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the Ind AS financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work; and (ii) to evaluate the effect ofany identified misstatements in the Ind AS financial statements.

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

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

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Ind AS financial statements ofthe current period and are therefore the key audit matters. We describe these matters inour auditor's report unless law or regulation precludes public disclosure about the matteror when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the 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 appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss (Including Other ComprehensiveIncome) the Cash Flow Statement and the statement of change in equity dealt with by thisreport are in agreement with the books of account.

d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards specified under section 133 of the Act read with the Companies(Indian Accounting standards) Rules 2015 as amended.

e) On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in terms ofsection 164(2) of the Act.

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

g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended:

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

h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rules 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 Ind AS financial statements in note 35 to the Ind AS financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company for the year ended March 31 2019.

iv. During the year the disclosure related to Specified Bank Notes as defined in theNotification S.O. 3407(E) dated 8th November 2016 of the Ministry of Finance is notapplicable to the Company.

For Pathak H D & Associates
Chartered Accountants
(Firm's Registration No: 107783W)
Vishal D. Shah
Place: Mumbai Partner
Dated: 15th May 2019 Membership No. 119303

ANNEXURE ‘A' TO THE INDEPENDENT AUDITORS' REPORT OF EVEN DATE ON THE IND ASFINANCIAL STATEMENTS OF RMG ALLOY STEEL LIMITED

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our Report of even date)

i) In respect of Fixed Assets

a) The Company is in the process of updating its fixed assets register showing fullparticulars including quantitative details and situation of fixed assets.

b) We have been informed that the fixed assets of the Company are physically verifiedby the Management during the year in a phased periodical manner which in our opinion isreasonable having regard to the size of the Company and the nature of its assets. Nomaterial discrepancies were noticed on such physical verification.

c) As per the information and explanations provided to us title deeds of immovableproperties are in the name of the Company.

ii) In our opinion the inventories have been physically verified during the year by theManagement at reasonable intervals and the discrepancies between physical stocks and thebook stocks noticed on physical verification were not material.

iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties cover in the register maintained under Section 189 of theAct. Hence Clauses (iii) (a) to Clauses (iii) (c) of Paragraph 3 of the Order are notapplicable.

iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 186 of the Companies Act 2013 inrespect of grant of loans making investments and providing guarantees and securities. TheCompany has not granted any loans to any director or any person in whom director isinterested as specified under Section 185 of the Companies Act 2013 and hence clause (iv)of paragraph of the Order is not applicable to the Company to that extent.

v) The Company has not accepted any deposits under the provisions of section 73 to 76of the Act or any other relevant provisions of the Act and the rules framed there under.

vi) On the basis of records produced to us we are of the opinion that prima faciethe cost records prescribed by the Central Government of India under section 148(1) of theAct have been maintained. However we are not required to and have not carried out anydetailed examination of such accounts and records.

vii) a) According to the books and records as produced and examined by us in accordancewith the generally accepted auditing practices in India and also based on Managementrepresentations undisputed statutory dues in respect of Provident Fund Custom DutyGoods and Service Tax (GST) Cess and other material statutory dues have generally beenregularly deposited by the Company during the year with the appropriate authorities inIndia except in few cases with respect to professional tax and Income Tax (Tax deducted atsource) where the delay ranged from 1 days to 40 days. According to the information andexplanation given to us no undisputed amounts payable in respect of the aforesaid dueswere outstanding as at 31st March 2019 for a period of more than six months from the dateof becoming payable.

b) According to the information and explanation given to us and the records of thecompany examined by us the particulars of dues of Service Tax as at 31st March 2019which have not been deposited on account of disputes are as follows:

Name of Statute Nature of the dues Period to which amount relates Forum where dispute is pending Amount
(Rs. in Lac)
Finance Act1994 Service Tax 2005-06 to 2011-12 Customs Excise & Service Tax Appellate Tribunal 103
Finance Act1994 Service Tax 2012-13 to 2013-14 Assistant Commissioner Central Excise & Customs 5

According to the information and explanation given to us and the records of the companyexamined by us there are no dues of Income Tax Sales Tax including Value Added TaxGoods and Service Tax (GST) duty of Customs duty of Excise and Wealth Tax which have notbeen deposited on account of any dispute.

viii) Based on our audit procedures and according to the information and explanationsgiven to us the Company has not defaulted in repayment of loans or borrowings to banksand the company has not taken loan or borrowing from financial institution and Government.There were no debentures issued during the year or outstanding at the beginning of theyear.

ix) The Company has not raised money by way of initial public offer or further publicoffer (including debt instruments) during the year. In our opinion and according to theinformation and explanation given to us the term loans taken by the Company have beenapplied for the purpose for which they were raised.

x) In our opinion and according to the information and explanations given to us nomaterial fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the year.

xi) In our opinion and according to the information and explanations given to us theCompany has paid / provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

xii) In our opinion company is not a Nidhi Company. Therefore the provisions of clause(xii) of paragraph 3 of the Order are not applicable to the Company.

xiii) In our opinion and according to the information and explanations given to us theCompany's transactions with its related party are in compliance with Sections 177 and 188of the Companies Act 2013 wherever applicable and details of related party transactionshave been disclosed in the Ind AS financial statements as required by the applicableaccounting standards.

xiv) In our opinion and according to the information and explanations given to us theCompany has made preferential allotment of Equity Shares and Preference shares during theyear in accordance with requirement of section 42 of the Companies Act 2013 ("theAct"). The Company has not made private placement of shares or fully or partlyconvertible debenture during the year.

xv) In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsdirectors or persons connected with him and hence reporting under clause (xv) of Paragraph3 of the Order is not applicable to the Company

xvi) In our opinion and according to information and explanations provided to us theCompany is not required to be registered under Section 45-IA of the Reserve Bank of IndiaAct 1934.

For Pathak H D & Associates
Chartered Accountants
(Firm's Registration No: 107783W)
Vishal D. Shah
Place: Mumbai Partner
Dated: 15th May 2019 Membership No. 119303

ANNEXURE ‘B' TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE IND ASFINANCIAL STATEMENTS OF RMG ALLOY STEEL LIMITED

(Referred to in paragraph 2 (g) under ‘Report on Other Legal and RegulatoryRequirements' of our report of even date)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the Internal Financial Control with reference to financial statementsof RMG ALLOY STEEL LIMITED ("the Company") as of 31st March 2019 in conjunctionwith our audit of the Ind AS financial statements of the Company for the year ended onthat date.

Management Responsibility for the Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control with reference to financial statementscriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls with referenceto financial statements (the "Guidance Note") issued by the Institute ofChartered Accountants of India ("ICAI"). These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to Company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note and the Standards on Auditing prescribed undersection 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls both issued by ICAI. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls with reference tofinancial statements was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system with reference to financial statements and theiroperating effectiveness. Our audit of internal financial controls with reference tofinancial statements included obtaining an understanding of internal financial controlswith reference to financial statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the Ind ASfinancial statements whether due to fraud or error.

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

Meaning of Internal Financial Controls with reference to financial statements

A Company's internal financial control with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control withreference to financial statements includes those policies and procedures that (1) pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthe transactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to financialstatements

Because of the inherent limitations of internal financial controls with reference tofinancial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to financial statements to future periods are subject to the risk that theinternal financial control with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem with reference to financial statements and such internal financial controls withreference to financial statements were operating effectively as at 31st March 2019 basedon the internal control with reference to financial statements criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote.

For Pathak H D & Associates
Chartered Accountants
(Firm's Registration No: 107783W)
Vishal D. Shah
Place: Mumbai Partner
Dated: 15th May 2019 Membership No. 119303

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