KNR Constructions Ltd Directors Report.

to the Members of

KnR constRUctions liMited

RePoRt on tHe standalone Financial stateMents opinion

We have audited the accompanying standalone Financial Statements of KnR constRUctions liMited ("the Company"), which comprise the Balance Sheet as at 31 March, 2020, the Statement of Profit and Loss (including Other Comprehensive

Income), the Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and a summary of explanatory the significant information. (Hereinafter referred to as the "Standalone Financial Statements"). In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of reports of other auditors on separate financial statements of in respect jointoperations and management certified of four joint operations referred to in the Other Matters paragraph below, the aforesaid Financial Statements give the information required by the Companies Act 2013 ("the 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 March 31, 2020, and its profit

(including other comprehensive income), changes in equity and its cash flows for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the Standards on

Auditing (SAs) specified under section 143(10) of the Companies

Act, 2013. Our responsibilities under those Standards are further described in the Auditors 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 Companies Act, 2013 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 opinion on the standalone Financial Statements. emphasis of Matter

We draw attention to Note No. 54 of the standalone financial statements, which describes the uncertainties and the possible effects of Covid-19 on the operations of the Company. Our opinion is not modified in respect of this matter.

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.

We have determined the matters described below to be the key audit matters to be communicated in our report.

Key audit Matter How our audit addressed the Key audit Matter
a) Revenue Recognition of long term contracts
The Company has significant revenue from construction contracts and long-term operating and maintenance agreements. These long-term contracts are often complex customised solutions and meet the definition of a contract as per Ind AS 115. Our revenue testing included both testing of the Companys controls, as well as substantive audit procedures targeted at selected major long-term projects. Our substantive testing focused on estimates applied by management in the accounting.
Revenue related to these construction contracts is recognised using the percentage of completion method, where progress is determined by comparing actual costs incurred to date, with the total estimated costs of the project. Revenue recognition for construction contracts includes management judgment in the form of estimates, which are subject to management experience and expectations of future events. The most important judgment relates to the estimated total costs of the project. Our procedures included, among others things, the following:
Revenue recognition of long-term contracts is a key audit matter in the audit due to the high level of management judgement involved in the project estimates. Ensured that the revenue recognition method applied was appropriate based on the terms of the arrangement; Agreed the total project revenue estimates to sales agreements, including amendments as appropriate;
We obtained an understanding of the processes and tested relevant controls, which impact the revenue recognition;
We assessed the reliability of managements estimates by comparing the actual results of delivered projects to previous estimates;
B) litigation and claims
Considering the nature of the Companys operations, it can be exposed to a number of litigations and claims. The recognition and measurement of provisions, contingent liabilities and contingent assets as well as making the necessary disclosures in respect of litigation and claims requires significant judgment by the management in assessing the outcome of each legal case which is based on managements discussion with legal advisors. Our audit procedures included the following: evaluating the Companys policies, procedures and controls in relation to litigation, claims and provision assessments; independent enquiries to understand the background of each case, legal position and the material risks that may impact the
Due to the significance of the litigations and claims and the difficulty in assessing and measuring the resulting outcome, this is considered as a key audit matter. Companys standalone financial statements; and assessing reasonableness of judgment made by management, determining the adequacy of the level of provisioning or disclosure in the standalone financial statements.

nformation other than the standalone Financial statements and auditors Report thereon

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management

Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility Report, Corporate Governance and Shareholders Information, but does not include the standalone financial statements and our auditors report thereon.

Our opinion on the standalone 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 standalone 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 during the course of our 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.

Managements Responsibility for the standalone Financial statements

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these Standalone Financial

Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards prescribed under section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone financial statements, management doubt on the Companys ability to is responsible for assessing the Companys 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 but to do so. Those Board of Directors are also responsible for overseeing the

Companys financial reporting process.

auditors Responsibility

Our objectives are to obtain reasonable assurance about whether the standalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors 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 audit material findings, if, individually including anyor in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone 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 Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system 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 managements 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 as significant a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the standalone 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 auditors 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 standalone 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 significant audit and significant deficiencies in internal control

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 standalone 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.

other Matters

1. We did not audit the financial information of 10 joint operations included in the Statement whose financial information reflect total assets (before consolidation adjustments) of Rs. 28,138.28 Lakhs as at March 31, 2020, total revenue (before consolidation adjustments) of Rs. 49,241.11 Lakhsandtotalnetprofitafter tax (net) (before consolidation adjustments) of Rs. 1,117.89 Lakhs for the year ended March 31, 2020, as considered in the Statement. The financial information of these joint operations have been audited by the other auditors whose reports has been furnished to us by the management, and our opinion in so far as it relates to the amounts and disclosures included in respect of these joint operations, is based solely on the report of such other auditors.

Our opinion on the Statement is not modified in respect of this matter with respect to our reliance on the work done and reports of such other auditors.

2. The Statement also includes the financial information of 4 joint operations which have not been audited, whose financial information reflect total assets (before consolidation adjustments) of Rs. 2,577.19 Lakhs as at

31 March 2020, total revenue (before consolidation adjustments) of Rs. 1,413.72 Lakhs and total net profit after tax (net) (before consolidation adjustments) of Rs. 71.53 Lakhs for the year ended March 31, 2020.

The financial information of these joint operations has been unaudited and has been furnished to us by the Management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these joint operations, is based solely on such unaudited financial information which is certified by management. In our opinion and according to the information and explanation given to us by the Management, the financial information of these joint operations are not material to the Company.

Our opinion on the Statement is not modified in respect of this matter with respect to our reliance on the financial information certified by the Management.

Report on other legal and Regulatory Requirements

A. As required by the Companies (Auditors Report) Order, 2016, (‘the Order), issued by the Central Government of India in terms of Sub-section 11 of Section 143 of the Act, we give in the "annexure 1" a statement on the matters specified in paragraphs 3 and 4 of the said order. B. 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 best of 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 the Company so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income) the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India.

e) On the basis of the written representations received from the directors as on March 31,2020taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2020 from being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial control over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "annexure 2". Our Report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys financial controls over financial reporting.

g) With respect to the other matters to be included in the Auditors Report in accordance 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 explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act, read with Schedule V to the Act.

h) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact if any, of pending litigations as at March 31, 2020 on its financial position in its Standalone Financial

Statements – Refer Note No. 37.

ii. The Company did not have any long term contracts, including derivative contracts, for which there were any material foreseeable losses.

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

For K.P.Rao & co.,

Chartered Accountants Firms Registration No. 003135S

K. Viswanath

Partner Membership No. 022812

UDIN: 20022812AAAAAV2927

Place: Bengaluru Date: June 11, 2020

We RePoRt tHat;

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

b) A major portion of fixed assets have been physically verified programme of verification, which, in our opinion, assets provides for physical verification at reasonable interval having regard to the size of the Company and nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification of fixed assets and have been properly dealt with in the books of account.

c) According to the information and explanations given to us, the title deeds of the immovable properties disclosed in the Note no. 3 & 3.1 to Standalone Financial Statements held by the Company are in the name of the Company except following assets.

Total No. of cases (lands) Whether leasehold/ freehold Gross block and net block as on 31-03-2020 Remarks
(Rs. in Lakhs)
54

Freehold

870.48

Lands are registered in the name of directors, relatives of directors for and on behalf of the company due to restrictions in registration of lands in the name of the Company, by the land laws of respective states in which the land is situated.*

*The Company has taken undertaking from respective parties for having no interest in the lands.

2. According to the information and explanations given to us, inventories have been physically verifiedat regular intervals by the Management during the year. In our opinion, the frequency of such verification is reasonable. No material discrepancies were noticed on such physical verification.

3. According to the information and explanations given to us, the company has granted unsecured loans to Subsidiary

Companies during the year and maximum amount involved during the period and the balance of said loans were aggregating to Rs. 1,855.24 Lakhs and Rs. 1,037.11 Lakhs respectively covered in the register maintained under section 189 of the Companies Act, 2013.

These loans have been given on "On Account" basis. In the absence of agreements for these loans, the terms and conditions and their impact on the interest of the Company cannot be ascertained. Hence the question of regularity of payment of principal and interest does not arise.

4. In our opinion and according to the information and explanations given to us, the Company has not advanced any loan to any director, given any guarantee, provided any security in connection with any loan taken by any director or made investment through more than two layers of investment companies as per the provisions of section 185 and 186 of the Act. Accordingly, reporting under clause (iv) of paragraph 3 of the Order is not applicable.

5. In our opinion and according to the information and explanation given to us, the Company has not accepted deposits to which directions issued by the Reserve Bank of India and the provisions of section 73 to 76 or any other relevant provisions of the Companies Act, 2013 were applicable. Accordingly, reporting under clause (v) of paragraph 3 of the Order is not applicable.

6. The maintenance of cost records has been specified by the Central Government under section 148(1) (d). We have broadly reviewed the books of account maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 148 of the Act, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate and complete.

7. According to the information and explanations given to us, in respect of records of statutory dues: a) The Company is regular in depositing undisputed statutory dues including Provident Fund, Employees

State Insurance, Income Tax, Sales Tax, Service Tax/ Goods and Services Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other statutory dues applicable to it with the appropriate authorities.

Annexure 1 to the Independent Auditors Report of even date on the Standalone Ind AS Financial Statements of KNR Constructions Limited (Contd.)

b) There were no undisputed amounts payable in respect of Provident Fund, Employees State Insurance, Income Tax, Wealth Tax, Service Tax, Duty of Customs, Duty of Excise, Cess and other statutory dues in arrears as at Mach 31, 2020 for a period of more than six months from the date they became payable. c) Disputed statutory dues that have not been deposited on account of matters pending before appropriate authorities are as under :

name of the statue nature of the dues amount (Rs. in lakhs) Period to which the amount relates Forum where dispute is pending
Income Tax Act, 1961 Income Tax Paid under protest FY 2006-07 Income Tax Appellate Tribunal, Hyderabad
Income Tax Act, 1961 Income Tax Paid under protest FY 2002-03 Income Tax Appellate Tribunal, Hyderabad
Income Tax Act, 1961 Income Tax 4.60 FY 2000-01 Income Tax Appellate Tribunal, Hyderabad
Income Tax Act, 1961 Income Tax Paid under protest FY 2012-13 Income Tax Appellate Tribunal, Hyderabad
Income Tax Act, 1961 Income Tax Paid under protest FY 2013-14 Income Tax Appellate Tribunal, Hyderabad
Income Tax Act, 1961 Tax Deducted at Source 9.86 FY 2009-10 Deputy Commissioner of Income Tax (TDS), Hyderabad
Income Tax Act, 1961 Income Tax 36.57 FY 2015-16 Deputy Commissioner of Income Tax, Hyderabad
Income Tax Act, 1961 Income Tax 171.91 FY 2016-17 Deputy Commissioner of Income Tax, Hyderabad
Income Tax Act, 1961 Income Tax 22.99 FY 2010-11 Commissioner of Income Tax (Appeals) Hyderabad
Income Tax Act, 1961 Income Tax 45.73 FY 2014-15 Deputy Commissioner of Income Tax, Hyderabad
Income Tax Act, 1961 Income Tax 281.38 FY 2017-18 Deputy Commissioner of Income Tax, Hyderabad
Andhra Pradesh Value Added Tax Act, 2005 Value Added Tax Paid under protest FY 2010-11 Telangana Value Added Tax Appellate Tribunal
Andhra Pradesh Value Central Sales 193.10 FY 2015-16 Additional Commissioner (Appeals) Hyderabad
Added Tax Act, 2005 Tax
Madhya Pradesh Value Entry Tax 41.13 FY 2010-11 Commissioner (Appeals) Gwalior
Added Tax Act, 2002 Entry Tax 40.68 FY 2013-14 Additional Commissioner (Appeals) Gwalior
Entry Tax 41.06 FY 2016-17 Additional Commissioner (Appeals) Gwalior
Odisha Sales Tax and VAT Laws Entry Tax 28.87 FY 2009-10 to 11-12 Odisha High Court
Entry tax 22.00 FY 2012-13 Joint Commissioner Appeals, Bhubaneswar
to 14-15
Value Added 171.81 FY 2012-13
Tax to 14-15
Central Sales 6.03 FY 2012-13
Tax to 14-15
Finance Act 1994 Service Tax 303.53 FY 2016- Assistant Commissioner (Audit), Central Tax
17 to June GST
2017

8. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of its dues to Banks & Financial Institutions. The Company has not issued debentures.

9. The Company has not raised any monies, during the reporting period, by way of initial public offer (including debt instruments) or further public offer. The Company has not raised any monies, by way of term loans during the year.

10. According to the information and explanations given to us, no fraud by, or by its officersor employees on the Company has been noticed or reported during the year.

11. According to the information and explanations given to us and based on our examination of the records of the Company, managerial remuneration has been paid/ provided during the year in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Companies Act 2013.

12. In our opinion and according to the information given to us, the Company is not a Nidhi Company. Accordingly, reporting under clause (xii) of paragraph 3 of the Order is not applicable.

13. In our opinion and according to the information and explanations given to us and based on our examination of the records, all transactions with the related parties are in compliance with Section 177 and Section 188 of the Act where applicable, and the details have been disclosed in the Standalone Financial Statements, as required by the applicable accounting standards.

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

15. In our opinion and according to the information and explanations given to us and based on our examination of the records, the Company has not entered into any non-cash transactions with any directors or persons connected with him. Accordingly, reporting under clause (xv) of paragraph 3 of the Order is not applicable.

16. The Company is not required to be registered under Section

45-IA of the Reserve Bank of India Act, 1934.

For K.P.Rao & co.,

Chartered Accountants Firms Registration No. 003135S

K. Viswanath

Partner Membership No. 022812

UDIN: 20022812AAAAAV2927

Place: Bengaluru Date: June 11, 2020

Annexure 2

to the Independent Auditors Report of even date on the Standalone Financial Statements of KNR Constructions Limited

Report On The Internal Financial Controls Under Clause (I) Of Sub-Section 3 Of Section 143 Of The Companies Act, 2013 ("The Act")

We have audited the internal financial controls over financial reporting of KnR constRUctions liMited("the Company") as of March 31, 2020 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

Managements Responsibility for internal Financial controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting 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". 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 companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance

Note on Audit of Internal Financial Controls Over Financial

Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section

143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. 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 over financial reporting was established and maintained and if 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 system over financial reporting and their operating

Our audit of internal financial controls overfinancialreporting included obtaining an understanding of internal financial controls overfinancialreporting, 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 auditors judgement, including the assessment of the risks of material misstatement of the Standalone 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 audit opinion on the

Companys internalfinancialcontrols system over financial reporting.

Meaning of internal Financial controls over Financial Reporting

A companys internalfinancialcontrol over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Standalone Financial Statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes 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 Standalone 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 Companys assets that could have a material effect on the Standalone Financial Statements.

inherent limitations of internal Financial controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be effectiveness. detected.

Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internalfinancialcontrol over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2020, based on theInternal control over financial reporting 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".

For K.P.Rao & co.,

Chartered Accountants Firms Registration No. 003135S

K. Viswanath

Partner Membership No. 022812

UDIN: 20022812AAAAAV2927

Place: Bengaluru Date: June 11, 2020