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Avenue Supermarts Ltd.

BSE: 540376 Sector: Others
NSE: DMART ISIN Code: INE192R01011
BSE 00:00 | 24 Apr 2020 Avenue Supermarts Ltd
NSE 05:30 | 01 Jan 1970 Avenue Supermarts Ltd

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OPEN 2319.00
PREVIOUS CLOSE 2296.45
VOLUME 6704
52-Week high 2559.00
52-Week low 1225.95
P/E 118.29
Mkt Cap.(Rs cr) 149,726
Buy Price 2311.40
Buy Qty 10.00
Sell Price 2316.00
Sell Qty 48.00
OPEN 2319.00
CLOSE 2296.45
VOLUME 6704
52-Week high 2559.00
52-Week low 1225.95
P/E 118.29
Mkt Cap.(Rs cr) 149,726
Buy Price 2311.40
Buy Qty 10.00
Sell Price 2316.00
Sell Qty 48.00

Avenue Supermarts Ltd. (DMART) - Auditors Report


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Company auditors report

To the Members of Avenue Supermarts Limited

Report on the Audit of Standalone Ind AS Financial Statements Opinion

We have audited the accompanying standalone Ind AS financial statements of AvenueSupermarts Limited ("the Company") which comprise the Balance Sheet as at March31 2019 the Statement of Profit and Loss including the statement of Other ComprehensiveIncome the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Companies Act 2013 as amended ("the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2019its profit including other comprehensive income its cash flows and the changes in equityfor the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing (SAs) as specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the ‘Auditor'sResponsibilities for the Audit of the Standalone Ind AS Financial Statements' section ofour report. We are independent of the Company in accordance with the ‘Code of Ethics'issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the standalone Ind AS financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit of the standalone Ind AS financial statements for the financialyear ended March 31 2019. These matters were addressed in the context of our audit of thestandalone Ind AS financial statements and in forming our opinion thereon and we do notprovide a separate opinion on these matters. For each matter below our description of howour audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to becommunicated in our report. We have fulfilled the responsibilities described in theAuditor's responsibilities for the audit of the standalone Ind AS financial statementssection of our report including in relation to these matters. Accordingly our auditincluded the performance of procedures designed to respond to our assessment of the risksof material misstatement of the standalone Ind AS financial statements. The results of ouraudit procedures including the procedures performed to address the matters below providethe basis for our audit opinion on the accompanying standalone Ind AS financialstatements.

Key audit matters How our audit addressed the key audit matter
Assessment of impairment of investment in subsidiary: Avenue E-Commerce Limited ("AEL") (as described in note 1.f of the standalone Ind AS financial statements)
The Company has an investment amounting to Rs 177.46 crore as at Our audit procedures in respect of assessment impairment of Investment in Avenue Ecommerce Limited included the following:
March 31 2019 in its subsidiary Avenue E-Commerce Limited.
This subsidiary commenced business three years back and has had continued losses which provides an indicator for impairment in the investment. W e assessed the Company's valuation methodology applied in determining the fair market value of equity share s. In making this assessment we evaluated the objectivity and independence of Company's specialists involved in the process;
Management has used external specialist to support the recoverable amounts of its investment based on fair market value of equity shares of AEL.
W e involved valuation expert to assist in evaluating the key inputs such as revenue financial liabilities cash and cash equivalent of the Company number of shares outstanding along with comparable transaction multiples of peers of the Company available in the public domain and discount rate on multiple considered for valuation purpose;
We determined this areas as a key audit matter because of the judgemental factors involved in testing for impairment and the significant carrying value of the investment.
W e obtained and read the audited financial statements of the subsidiary to determine the net worth cash flows and other financial indicators;

 

W e also assessed the Company's disclosures concerning this in
Note 1.f on significant accounting estimates and judgements and
Note 5 of Investment in Subsidiaries to the financial statements.
Allowance for inventory obsolescence and shrinkage (as described in note 1.j and 1.w of the standalone Ind AS financial statements)
As at March 31 2019 the carrying amount of inventories amounted to `1576.22 crore after considering allowances for Inventory obsolescence and shrinkage. These inventories are held at the stores and distribution centres of the Company. Our procedures over allowance for inventory obsolescence and shrinkage included the following:
• W e obtained an understanding evaluated the design and tested the operating effectiveness of controls that the Company has in relation to allowance for inventory obsolescence and shrinkage;
Allowance for Inventory shrinkage was an audit focus area since inventory cycle counts were carried out at periodical intervals during the year and further significant judgement is involved in identifying the amount of provision for shrinkages. • W e performed testing on the Company's controls over the inventory cycle count process. In testing these controls we observed the inventory cycle count process at selected store and distribution centres on a sample basis inspected the results of the inventory cycle count and confirmed variances were accounted for and approved by management.
• Assessed the stock shrinkage provision by assessing the level of inventory write downs during the period and applying the shrinkage rate as determined location wise to the year end stock.
We tested on a sample basis the shrinkage rate used to calculate the provision for each store and distribution centre.
• W e assessed the Company's disclosures concerning this in Note 1.j and 1.w on significant accounting estimates and judgements and Note 8 Inventories to the financial statements.

We have determined that there are no other key audit matters to communicate in ourreport.

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

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in Annual report but does not include thestandalone Ind AS financial statements and our auditor's report thereon.

Our opinion on the standalone Ind AS 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 standalone Ind AS financial statements ourresponsibility is to read the other information and in doing so consider whether suchother information is materially inconsistent with the standalone Ind AS financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated. If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Responsibilities of Management for the Standalone Ind AS Financial Statements

The Holding Company's Board of Directors is responsible for The Company's Board ofDirectors is responsible for the matters stated in section 134(5) of the Act with respectto the preparation of these standalone Ind AS financial statements that give a true andfair view of the financial position financial performance including other comprehensiveincome cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)specified under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended. 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; makingjudgements and estimates that are reasonable and prudent; and the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone Ind AS financial statements that give atrue and fair view and are free from material misstatement whether due to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

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

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

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

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

• Identify and assess the risks of material misstatement of the standalone Ind ASfinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls system in place and the operating effectiveness ofsuch 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.Our conclusions 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 standalone IndAS financial statements including the disclosures and whether the standalone Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves 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 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 standalone Ind AS financialstatements for the financial year ended March 31 2019 and are therefore the key auditmatters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As r equired by the Companies (Auditor's report) Order ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure 1" a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. As r equired by section 143 (3) of the Act we report (a) W e have sought andobtained all the information explanations which to the best of our knowledge and beliefwere necessary for the purpose of our audit; (b) In our opinion proper books of accountas required by law have been kept by the Company so far as it appears from our examinationof those books;

(c) The Balance Sheet Statement of Profit and Loss including the Statement of OtherComprehensive Income the Cash Flow Statement and Statement of Changes in Equity dealtwith by this Report are in agreement with the books of account; (d) In our opinion theaforesaid standalone Ind AS financial statements comply with the Accounting Standardsspecified under section 133 of the Act read with Companies (Indian Accounting Standards)Rules 2015 as amended; (e) On the basis of the written representations received from thedirectors as on March 31 2019 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2019 from being appointed as a director interms of section 164 (2) of the Act; (f) W ith respect to the adequacy of the internalcontrols over financial reporting of the Company with reference to these standalone Ind ASfinancial statements and the operating effectiveness of such controls refer to ourseparate Report in "Annexure 2" to this report; (g) In our opinion themanagerial remuneration for the year ended March 31 2019 has been paid / provided by theCompany to its directors in accordance with the provisions of section 197 read withSchedule V to the Act;

(h) W ith respect to the other matters to be included 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) TheCompany has disclosed the impact of pending litigation on its financial position in itsstandalone Ind AS financial statement – Refer Note 37 to the standalone Ind ASfinancial statement; ii) The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses iii) Ther e wereno amounts which were to be transferred to the Investor Education and Protection Fund bythe Company.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003

per Vijay Maniar

Partner

Membership Number: 36738

Place of Signature: Mumbai

Date: May 11 2019

Annexure 1

To the Independent Auditor's Report of even date on the Ind AS Financial Statements ofAvenue Supermart Limited (‘the Company')

(i) (a) The Company has maintained proper records showing full including quantitativedetails and situation of fixed assets. (b) All fixed assets have been physically verifiedby the management during the year and there is a regular programme of verification whichin our opinion is reasonable having regard to the size of the Company and the nature ofits assets. No material discrepancies were noticed on such verification. (c) According tothe information and explanation given by the management the title deeds of immovableproperty included in property plant and equipment are held in the name of the Company outof which for land properties aggregating 133.73 crore as at March 31 2019 mutation ofland is in progress.

Total number of cases Asset category Gross Block as on March 31 2019 Net Block as on March 31 2019
10 Freehold land 133.73 133.73

(ii) The management has conducted physical verification of inventory at reasonableintervals during the year and no material discrepancies were noticed on such physicalverification.

(iii) (a) According to the information and explanations given to us the Company hasnot granted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013. Accordingly the provisions of clause 3(iii) (a) (b) and (c) of theOrder are not applicable to the Company and hence not commented upon.

(iv) In our opinion and according to the information and explanations given to usprovisions of section 185 and 186 of the Companies Act 2013 in respect of loans todirectors including entities in which they are interested and in respect of loans andadvances given investments made and guarantees and securities given have been compliedwith by the Company.

(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) T o the best of our knowledge and as explained the Central Government has notspecified the maintenance of cost records under Section 148(1) of the Companies Act 2013for the products of the Company.

(vii) (a) According to the information and as explanation given to us and the recordsof the Company examined by us in our opinion the Company is generally regular indepositing with appropriate authorities undisputed statutory dues including providentfund employees' state insurance labour welfare fund profession tax income-tax goodsand service tax customs duty cess and other material statutory dues applicable to it.(b) According to the information and explanations given to us there are no undisputedstatutory dues including provident fund employees' state insurance labour welfare fundprofession tax income-tax goods and service tax customs duty cess and other materialstatutory dues which were outstanding at the year-end for a period of more than sixmonths.

(c) According to the records of the Company the dues outstanding of income-taxsales-tax service tax on account of any dispute are as follows:

Name of the Statute Nature of Dues Unpaid amount involved Period to which the amount relates Forum where dispute is pending
Rs (in crore) *
Finance Act 1994 Service tax 0.52 2008-2013 Commissioner of Service tax
Gujarat Value Added Tax Act 2003 Value added tax 0.46 2011-2012 Joint Commercial Tax Commissioner
Gujarat Value Added Tax Act 2003 Value added tax 0.07 2008-2009 Deputy Commissioner of Commercial Tax
Gujarat Value Added Tax Act 2003 Value added tax 0.14 2009-2010 Deputy Commissioner of Commercial Tax
Gujarat Value Added Tax Act 2003 Value added tax 0.41 2010-2011 Joint Commercial Tax Commissioner
Gujarat Value Added Tax Act 2003 Value added tax 0.29 2012-2013 Joint Commercial Tax Commissioner
Gujarat Value Added Tax Act 2003 Value added tax 0.20 2013-2014 Joint Commercial Tax Commissioner
Maharashtra Value Added Tax Act 2002 Value added tax 0.09 2008-2009 Deputy Commissioner of Commercial Tax
Maharashtra Value Added Tax Act 2002 Value added tax 0.19 2011-2012 Deputy Commissioner of Commercial Tax
Madhya Pradesh Value Added Tax Act 2002 Value added tax 0.18 2015-2016 Deputy Commissioner of Commercial Tax
Madhya Pradesh Value Added Tax Act 2002 Entry tax 0.34 2015-2016 Deputy Commissioner of Commercial Tax
Income Tax Act 1961 Interest on Income tax 0.42 2013-2014 Asst. Commissioner of Income tax
Income Tax Act 1961 Income tax 0.03 2010-2011 Deputy Commissioner of Income tax
Income Tax Act 1961 Income tax 0.0005 2016-2017 Deputy Commissioner of Income tax
Income Tax Act 1961 Short Deduction/Late 0.12 2007-2008 to Assessing Officer
Deduction of TDS 2014-2015

* The unpaid amount mentioned above is net of Rs 1.45 crore paid under protest

(viii) In our opinion and according to the information and explanations given by themanagement the Company has not defaulted in repayment of loans or borrowing to a bank ordues to debenture holders. There are no dues payable to any financial institution andgovernment.

(ix) In our opinion and according to information and explanations given by themanagement monies raised by the Company by way of initial public offer and term loanswere applied for the purpose for which they were raised though idle/surplus funds whichwere not required for immediate utilisation have been gainfully invested in fixeddeposits. The maximum amount of idle/surplus funds invested during the year was

Rs fi491.72 crore of which Rs 92.58 crore was outstanding at the end of the year.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud by the Company or no material fraud onthe Company by the officers and employees of the Company has been noticed or reportedduring the year.

(xi) Accor ding to the information and explanations the management the managerialremuneration has been paid / provided in accordance with the requisite approvals mandatedby the provisions of section 197 read with Schedule V to the Companies Act 2013.

(xii) In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the order are not applicable to the Company and hence not commented upon.

(xiii) Accor ding to the information and explanations given management transactionswith the related parties are in compliance with section 177 and 188 of Companies Act 2013where applicable and the details have been disclosed in the notes to the financialstatements as required by the applicable accounting standards.

(xiv) Accor ding to the information and explanations given on an overall examination ofthe balance sheet the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year under reviewand hence reporting requirements under clause 3(xiv) are not applicable to the Companyand not commented upon.

(xv) Accor ding to the information and explanations management the Company has notentered into any non-cash transactions with directors or persons connected with him asreferred to in section 192 of Companies Act 2013.

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

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003

by the

per Vijay Maniar

Partner

Membership Number: 36738

Place of Signature: Mumbai

Date: May 11 2019

Annexure 2

To the Independent Auditor's Report of even date on the Standalone Financial Statementsof Avenue Supermarts Limted

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 controls over financial reporting of AvenueSupermarts Limited ("the Company") as of March 31 2019 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention 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 these standalone financial statementsbased on our audit. We conducted our audit in accordance with the Guidance Note on Auditof Internal Financial Controls Over Financial Reporting (the "Guidance Note")and the Standards on Auditing as specified under section 143(10) of the Act to the extentapplicable to an audit of internal financial controls and both issued by the Institute ofChartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting withreference to these standalone financial statements was established and maintained and ifsuch controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls over financial reporting with reference to thesestandalone financial statements and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting with reference to these standalonefinancial statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the financial statements whether dueto 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 internal financial controls over financialreporting with reference to these standalone financial statements.

Meaning of Internal Financial Controls Over Financial Reporting With Reference to theseFinancial Statements

A company's internal financial control over financial reporting with reference to thesestandalone financial statements 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 over financial reporting with referenceto these standalone financial statements includes those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the Company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the Company are being made only in accordance withauthorisations of management and directors of the Company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the Company's assets that could have a material effect on the financialstatements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting WithReference to these Standalone Financial Statements

Because of the inherent limitations of internal financial controls over financialreporting with reference to these standalone financial statements including thepossibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the internal financial controls over financial reporting with referenceto these standalone financial statements to future periods are subject to the risk thatthe internal financial control over financial reporting with reference to these standalonefinancial statements 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 adequate internal financialcontrols over financial reporting with reference to these standalone financial statementsand such internal financial controls over financial reporting with reference to thesestandalone financial statements were operating effectively as at March 31 2019 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.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003

per Vijay Maniar

Partner

Membership Number: 36738

Place of Signature: Mumbai

Date: May 11 2019


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