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Kuantum Papers Ltd.

BSE: 532937 Sector: Industrials
NSE: KUANTUM ISIN Code: INE529I01013
BSE 00:00 | 24 Apr Kuantum Papers Ltd
NSE 05:30 | 01 Jan Kuantum Papers Ltd
OPEN 425.90
PREVIOUS CLOSE 401.00
VOLUME 50
52-Week high 585.00
52-Week low 250.10
P/E 4.16
Mkt Cap.(Rs cr) 339
Buy Price 388.20
Buy Qty 5.00
Sell Price 424.00
Sell Qty 3.00
OPEN 425.90
CLOSE 401.00
VOLUME 50
52-Week high 585.00
52-Week low 250.10
P/E 4.16
Mkt Cap.(Rs cr) 339
Buy Price 388.20
Buy Qty 5.00
Sell Price 424.00
Sell Qty 3.00

Kuantum Papers Ltd. (KUANTUM) - Auditors Report


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Company auditors report

To the Members of Kuantum Papers Limited

Report on the Audit of the Financial Statements

1. Qualified Opinion

We have audited the financial statements of Kuantum Papers Limited (the Company)which comprise the balance sheet as at 31 March 2019the statement of profit and loss (including other comprehensive income) statement of changes in equity and statement of cash flows for the year then ended and notes to the financial statements including a summary of the significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us except for the effects of the matter described in the Basis for Qualified Opinion section of our report the aforesaid financial statements give the information required by the Companies Act 2013 (Act) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31 March 2019 its profit and other comprehensive income changes in equity and its cash flows for the year ended on that date.

2. Basis for Qualified Opinion

Attention is invited to Note 6 and Note 43 to the financial statements which explains that the Company has given certain unsecured inter-corporate deposits (ICDs) during the year. The outstanding balance of ICDs as at 31 March 2019 amounted to Rs.1842.80 lakhs (balance as at 29 May 2019: Rs. 1479.87 lakhs). In relation to these ICDs we have not been provided with appropriate basis of selection of the Companies including an assessment of their credit worthiness. In view of this we are unable to comment on recoverability of these ICDs and impact if any on these financial statements including compliance with provisions of Companies Act 2013 to the extent applicable.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

3. Key Audit Matters

Key audit matters are those matters that in our professional judgment were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon and we do not provide a separate opinion on these matters.ln addition to the matter described in the Basis for Qualified Opinion section we have determined the matters described below to be the key audit matters to be communicated in our report.

Description of Key Audit Matter

(1) Procurementofrawmaterialsand valuationofinventories See note 10 and 27 to the financial statements

The key audit matterHow the matterwas addressed in ouraudit
We identified procurement of raw materials and valuation of inventories as a key audit matter because of the significance of the costs incurred during the year related inventories as at the reporting date and the significant degree of management judgment involved in verification and valuation thereof. Evaluated the design and operating effectiveness of internal controls relating to procurement and inventory. We carried out a combination of procedures involving inquiry and observation re-performance and inspection of evidence in respect of operation of these controls.
 We performed substantive testing by selecting samples of purchase transactions recorded during the year by verifying the underlying documents i.e. supplier invoices goods receipt notes etc.
 Observed inventory verification on a sample basis.
 Re-computed the closing rate of sample items of inventories to check whether the same are in line with the accounting policy of the Company.
 Obtained an understanding of the underlying data and estimates used for calculation of the yield ratio and compared the same with the previous years.
 We performed cut-off testing for samples of purchase transactions recorded before and after the financial year end date by comparing with relevant underlying documentation which included supplier invoices goods receipt notes etc. to assess whether the purchases were recognized in the correct period.
 We assessed manual journals posted to purchases to identify unusual items.

(2) Revenue recognition as per Ind AS 115 Revenue from Contracts with Customers (new revenue accounting standard) See note 2(b) and 2(k) to the financial statements

The key audit matterHow the matterwas addressed in ouraudit
The application of the new revenue accounting standard involves certain key judgements relating to identification of distinct performance obligations determination of transactionIn view of the significance of the matter we applied the following audit procedures in this area among others to obtain sufficient appropriate audit evidence:
price of the identified performance obligations the appropriateness of the basis used to measure revenue recognized over a period. We assessed the appropriateness of the revenue recognition accounting policies including those relating to rebates and discounts by comparing with applicable
Revenue from sale of goods is recognised when control of the products being sold is transferred to the customer and when there are no longer any unfulfilled obligations. The performance obligations in the contracts are fulfilled at the time of dispatch.accounting standard.  Evaluated the design of internal controls relating to implementation of the new revenue accounting standard calculation of discounts and rebates. In addition tested material contracts on samples basis in respect of revenue
Revenue is measured at fair value of the consideration received or receivable after deduction of any trade discounts or and any taxes or duties collected on behalf of the government such as goods and services tax etc. Accumulated experience is used to estimate the provision for discounts and rebates. Revenue is only recognised to the extent that it isrecorded and evaluated the operating effectiveness of the internal control relating to identification of the distinct performance obligations and determination of transaction price. We carried out a combination of procedures involving inquiry and observation re-performance and inspection of evidence in respect of operation of these controls.
highly probable a significant reversal will not occur. There is a risk of revenue being overstated due to fraud including through manipulation of rebates and discounts resulting from pressure the management may feel to achieve performance targets at the reporting period end. Selected a sample of continuing and new contracts and read the distinct performance obligations in these contracts assessing the Company's revenue recognition policies with reference to the requirements of the applicable accounting standard.
 We performed substantive testing by selecting samples of revenue transactions recorded during the year by verifying the underlying documents which included goods dispatch notes.
 We performed cut-off testing for samples of revenue transactions recorded before and after the financial year end date by comparing with relevant underlying documentation which included goods dispatch notes to assess whether the revenue was recognized in the correct period.
 We assessed manual journals posted to revenue to identify unusual items.

4. Other Information

The Company's management and Board of Directors are responsible for the other information. The other information comprises the information included in the Company's annual report but does not include the financial statements and our auditors' report thereon.

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

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

5. Management's Responsibility forthe Financial Statements

The Company's management and Board of Directors are responsible forthe matters stated in section 134(5) oftheActwith respect to the preparation of these financial statements that give a true and fair view of the state of affairs profit/loss and other comprehensive income changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safe guarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.

In preparing the financial statements management and Board of Directors are responsible for assessing the Company's ability to continue as a going concern disclosing as applicable matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations or has no realistic alternative buttodoso.

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

6. Auditor's Responsibilities for the Audit of the Financial Statements

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

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

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

 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

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

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

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

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

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

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

7. Report on Other Legal and Regulatory Requirements

i) As required by the Companies (Auditors' Report) Order 2016 (the Order) issued by the Central Government in terms of section 143 (11) of the Act we give in the Annexure A a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

ii) As required by Section 143(3) of the Act we reportthat:

a) We have sought and except for the matters described in the Basis for Qualified Opinion paragraph above obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) Except for the effects/ possible effects of the matter described in the Basis for Qualified opinion paragraph above in our opinion proper books of account as required by law have been kept by the Company sofar as it appears from our examination of those books.

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

d) Except for the effects/ possible effects of the matter described in the Basis for Qualified opinion paragraph above in ouropinion the aforesaid financial statements comply with the Ind AS specified under Section133 of the Act.

e) The matter described in the Basis for Qualified Opinion paragraph above in our opinion may have an adverse effect on the functioning of the Company.

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

g) The qualification relating to the maintenance of accounts and other matters connected therewith are as stated in the BasisforQualified Opinion paragraph above.

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

i) With respect to the other matters to be included in the Auditors' Report in accordance with Rulel 1 of the Companies (Audit and Auditors) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations as at 31 March 2019 on its financial position in its financial statements - Refer Note 37Ato the financial statements.

ii. The Company has made provision as required under the applicable law or accounting standards for material fore seeable losses if any on long-term contracts including derivative contracts- Refer Note 35 B(iv)(c) to the financial statements.

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

iv. The disclosures in the financial statements regarding holdings as well as dealings in specified bank notes during the period from 8 November 2016 to 30 December 2016 have not been made in these financial statements since they do not pertain to the financial year ended 31 March 2019.

iii) With respect to the matterto be included in the Auditors' Report under section 197(16):

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

For BSR & Co. LLP
Chartered Accountants
Firm Registration No.: 101248W/W-100022
Rajesh Arora
Place: ChandigarhPartner
Date : 29May2019Membership No: 076124

Annexure Ato the Independent Auditors' Report on the financial statements of Kuantum Papers Limited for the period ended 31 March 2019(Referred to in paragraph 7 (i) under 'Report on Other Legal and Regulatory Requirements' section of our report of even date). We report that:

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) According to the information and explanations given to us the Company has a regular programme of physical verification of its fixed assets (including investment property) by which all the fixed assets (including investment property) are verified in a phased manner over a period of three years. In accordance with this programme certain assets were verified during the year. In our opinion this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. As explained to us no discrepancies were noticed on such verification.

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

(ii) The inventories except goods-in-transithave been physically verified by the management during the year. In our opinion the frequency of such verification is reasonable having regard to the size of the Company and the nature of its business. As informed to us discrepancies noticed on such verification between the physical stocks and the book records were not material.

(iii) The Company has not granted any loans secured or unsecured to companies firms limited liability partnerships or other parties covered in the register maintained under section 189 of the Act. Thus paragraphs 3 (iii) of the Order is not applicable.

(iv) Accordingly to the information and explanation given to us and on the basis of examination of records of the Company except for the effects/possible effects of the matters described in paragraph 2 of the Basis for Qualified Opinion section on which we are unable to comment the Company has not made any loans to directors investments provided any guarantee or security as specified under Section 185 and Section 186 of the Act and has complied with the provisions of Sections 186 of the Act in respect of loans given by the Company.

(v) In our opinion and according to the information and explanations given to us the Company has complied with the provision of Sections 73 to 76 or any other relevant provisions of the Act and the rules framed thereunder where applicable the directives issued by the Reserve bank of India as applicable with regard to deposits accepted from the public. As informed to us there have been no proceedings before the Company Law Board or National Company Law Tribunal and Reserve Bank of India or any court or any other tribunal in this matter and no order has been passed by any of the aforesaid authorities in this regard.

(vi) We have broadly reviewed the books of account maintained by the Company in respect of the products covered where pursuant to the Rules made by the Central Government the maintenance of cost records has been prescribed under section 148 (1) of the Act in respect of products covered and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. However we have not made a detailed examination of the records with a view to ensuring whether they are accurate or complete.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including Provident Fund Employees' State Insurance Goods and Services Tax ('GST') Income tax Duty of customs and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities.

According to the information and explanations given to us no undisputed amounts payable in respect of Provident Fund Employees' State Insurance Income tax GST Duty of customs and other material statutory dues were in arrears as at 31 March 2019 for a period of more than six months from the date they became payable.

The Company does not have liability in respect of Service tax Duty of excise Sales tax and Value added tax since effective 1 July 2017 these statutory dues has been subsumed into GST.

Also refer to note 37B wherein it is explained that on account of the uncertainty with respect to the applicability of the Hon'ble Supreme Court judgement on Provident Fund matter management has not recognized and deposited provident fund amount if any with respect to the period upto 28 February 2019.

(b) According to the information and explanations given to us there are no dues of Income tax GST Duty of custom Duty of excise Value added tax Sales tax and Service tax which have not been deposited with the appropriate authorities on account of any dispute except as mentioned below:

Name of the statuteNature of the DuesAmount Disputed* Rs. lakhsAmount Deposited Rs. lakhsPeriod to which the amount relatesForum where the dispute is pending
Income tax Act 1961Income tax7.57-2005-2006 (Assessment year)Commissioner of Income tax (Appeals;)
Income tax Act 1961Income tax81.43-2015-2016 (Assessment year)Commissioner of Income tax (Appeals)
Central Excise Act 1944Excise duty447.36-2000-2001 to 2007-2008Punjab and Haryana High Court
Central Excise Act 1944Excise duty65.0 6-2008-2009Commissioner (Appeals) Central Excise and Service
Central Excise Act 1944Service tax54.902.05July 2008 - December 2015Commissioner (Appeals) Central Excise and Service Tax Ludhiana

*Amount are as per demand order and include interest and penalty whichever indicated in the said orders.

(viii) According to the information and explanations given to us the Company has not defaulted in repayment of loans or borrowings to its bankers or to any financial institutions and dues to debenture holders. The Company did not have any loans or borrowings from government during the year.

(ix) According to the information and explanations given to us the term loans taken by the Company have been applied for the purposes for which they were raised. As informed to us the Company has not raised any money byway of initial public offer(including debt instruments) or further public offer.

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

(xi) According to the information and explanations given to us and based on our examination of the records of the Company the managerial remuneration has been paid or provided by the Company in accordance with the provision of section 197 read with Schedule V of the Act.

(xii) According to the information and explanations given to us the Company is not a Nidhi Company and thus paragraph 3 (xii) of the Order is not applicable.

(xiii) Except for the effects / possible effects of the matters described in paragraph 2 of the Basis for Qualified Opinion section on which we are unable to comment according to the information and explanations given to us and based on our examination of the records of the Company transactions with the related parties are in compliance with section 177 and 188 of the Act where applicable and the details have been disclosed in the financial statements as required by the applicable accounting standards.

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

(xv) According to the information and explanations given to us and based on our examination of the records of the Company the Company has not entered into any non-cash transactions with the directors or persons connected with them during the year. Accordingly paragraph 3(xv) of the Order is not applicable.

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

For BSR& Co. LLP
Chartered Accountants
Firm Registration No.: 101248W/W-100022
Rajesh Arora
Place: ChandigarhPartner
Date : 29 May 2019Membership No: 076124

Annexure B to the Independent Auditors' report on the financial statements of Kuantum Papers Limited for the period ended 31 March 2019.

Report on the internal financial controls with reference to the aforesaid financial statements under Clause (i) of Subsection 3 of Section 143 of the Companies Act 2013(Referred to in paragraph? (ii)(h)under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)

Adverse Opinion

We have audited the internal financial controls with reference to financial statements of Kuantum Papers Limited (the Company) as of 31 March 2019 in conjunction with ourauditof the financial statements of the Company forthe year ended on that date.

According to the information and explanations given to us and based on our audit the following material weakness has been identified as at 31 March 2019:

a) The Company did not have an appropriate internal control system of evaluation forgiving inter-corporate deposits which could potentially result in material misstatements in the Company's loan balances and consequently the financial statements.

A'material weakness' is a deficiency ora combination of deficiencies in internal financial control over financial reporting such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

In our opinion because of the effects/possible effects of the material weakness described above on the achievement of the objectives of the control criteria the Company has not maintained adequate internal financial controls with reference to financial statements and such internal financial controls were not operating effectively as at 31 March 2019 based on the internal financial controls with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the Guidance Note).

We have considered the material weakness identified and reported above in determining the nature timing and extent of audit tests applied in our audit of the 31 March 2019 financial statements of the Company and the material weakness has affected our opinion on the financial statements of the Company and we have issued a qualified opinion on the financial statements.

Management's Responsibility for Internal Financial Controls

The Company's management and the Board of Directors are responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note. These responsibilities include the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business including adherence to company's policies the safeguarding of its assets the prevention and detection of frauds and errors the accuracy and completeness ofthe accounting records and the timely preparation of reliable financial information as required underthe Companies Act 2013 (hereinafter referred to as the Act).

Auditors' Responsibility

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

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

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

Meaning of Internal Financial controls with Reference to Financial Statements

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

Inherent Limitations of Internal Financial controls with Reference to Financial Statements

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

ForBSR&Co. LLP
Chartered Accountants
Firm Registration No.101248W/W-100022
Rajesh Arora
Place : ChandigarhPartner
Date : 29May2019Membership No.: 076124