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Cochin Shipyard Ltd.

BSE: 540678 Sector: Others
NSE: COCHINSHIP ISIN Code: INE704P01017
BSE 00:00 | 28 Sep 332.50 14.85
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NSE 00:00 | 28 Sep 332.40 14.65
(4.61%)
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324.00

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OPEN 327.90
PREVIOUS CLOSE 317.65
VOLUME 13616
52-Week high 491.15
52-Week low 209.00
P/E 7.81
Mkt Cap.(Rs cr) 4,374
Buy Price 332.50
Buy Qty 271.00
Sell Price 334.50
Sell Qty 100.00
OPEN 327.90
CLOSE 317.65
VOLUME 13616
52-Week high 491.15
52-Week low 209.00
P/E 7.81
Mkt Cap.(Rs cr) 4,374
Buy Price 332.50
Buy Qty 271.00
Sell Price 334.50
Sell Qty 100.00

Cochin Shipyard Ltd. (COCHINSHIP) - Auditors Report

Company auditors report

To

The Members of Cochin Shipyard Limited

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements of Cochin ShipyardLimited ("the Company") which comprise the Balance Sheet as at 31st March 2019the Statement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year then ended and notes tothe financial statements including a summary of significant accounting policies and otherexplanatory information (hereinafter referred to as "the Standalone financialstatements".

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Ind AS prescribed under section 133 of the Act readwith the Companies (Ind AS) Rules 2015 as amended ("Ind AS") and otheraccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2019 and its profit (including other comprehensive income) changes inequity 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) specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India (ICAI) together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit of the

financial statements of the current period. These matters were addressed in the contextof our audit of the financial statements as a whole and in forming our opinion thereonand we do not provide a separate opinion on these matters. We have determined the mattersdescribed below to be the key audit matters to be communicated in our report.

1. Measurement of Physical Completion of Ship Building

and Ship Repair activities.

The company recognises revenue from ship building and ship repair activities based onpercentage of completion method. The percentage of completion is arrived at based onestimated percentage of physical completion as assessed by the management of the companywhich involves exercise of significant judgements. Refer Note 2.4 (Critical AccountingEstimates & Judgements-Revenue Recognition) & 2.19 (Revenue Recognition) to theStandalone Financial Statements. The physical completion is ascertained as per an in-houseprocedure manual developed by the management of the company. The procedure and theassumptions therein are based on certain judgements made by the management based on inputsreceived from the planning design and technical departments of the company. Further theascertainment of the actual physical completion of each sub-activity on reporting datealso involves management estimation. Our audit approach consisted of understanding thebasis and assumptions made in adopting such procedure understanding the system forcapturing data and monitoring the progress of completion of various works for internalreporting to the management evaluating the internal controls in such system selectingsamples and performing substantive checking and analytical procedures. However we haveplaced substantial reliance on the technical assessment and activity based cost estimatedefined by the management for the purpose of recognition of income.

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 Director's Report Management Discussion and Analysis BusinessResponsibility Report Report on Corporate Governance but does not include the standalonefinancial statements and our auditor's report thereon. The annual report is expected to bemade available to us after the date of this auditor's report.

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

In connection with our audit of the standalone financial statements our responsibilityis to read the other information identified above when it becomes available and in doingso consider whether the other information is materially inconsistent with the standalonefinancial statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated.

When we read the Annual Report if we conclude that there is a material misstatementtherein we are required to communicate the matter to those charged with governance andtake necessary actions as per applicable laws and regulations.

Responsibilities of Management and Those Charged With Governance for the StandaloneFinancial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companied Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance (including Other Comprehensive Income) changes in equityand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards specified in the Companies(Indian Accounting Standards) Rules 2015 (as amended) under section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgements and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the financial statements the Board of Directors is responsible forassessing the Company's ability to continue as going concern disclosing as applicablematters relating to going concern and using the going concern basis of accounting unlessthe Board of Directors either intends to liquidate the Company or to cease operations orhas no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material ifindividually or in aggregate they could reasonably be expected to influence the economicdecisions of users taken on the basis of these financial statements.

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

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

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)

(i) of the Companies Act 2013 we are responsible for expressing our opinion onwhether the company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and 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 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 financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

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 financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

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

2. Based on the verification of records of the Company and based on information andexplanation given to us we give in "Annexure B" report on the Directions andSub-Directions issued by the Comptroller and Auditor General of India in terms ofsub-section (5) of Section 143 of the Companies Act 2013.

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

(a) We have sought and obtained all information and explanations which to the best ofour knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Changes in Equity and the Cash Flow Statement dealt with by thisReport are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act.

(e) In view of the exemption given vide notification no. G.S.R 463(E) dated June 52015 issued by Ministry of Corporate Affairs provisions of Section 164(2) of the Actregarding disqualification of Directors are not applicable to the Company.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure C".

(g) With respect to the other matters to be included in 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. The Company has disclosed the impact of pending litigations on its financialposition in its Standalone Ind AS financial statements - Refer Note 41434445 to theStandalone Ind AS financial statements;

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts. Further thecompany did not have any long term derivative contracts for which there were any materialforeseeable losses. Refer Note 55 to the Stand Alone Ind AS financial statements;

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Elias George & Co.
Chartered Accountants
Firm Regn.No. 000801S
Thomson Thomas
Kochi Partner
May 21 2019 Membership No. 25567

Annexure A to the Independent Auditors' Report

The Annexure referred to in our Independent Auditors'

Report to the members of the Company on the audit of standalone financial statementsfor the year ended 31st March 2019.

We report that:

(i) (a) The company has maintained proper records showing

full particulars including quantitative details and situation of fixed assets.

(b) As explained to us there is a regular program of physical verification of fixedassets which in our opinion is reasonable having regard to the size of the company andthe nature of assets. During the year as informed to us no material discrepancies havebeen noticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) As explained to us the inventories were physically verified during the year inaccordance with the inventory verification procedure adopted by the Management. In ouropinion the frequency of such physical verification needs to be increased. Based oninformation provided to us the discrepancies noticed on such physical verification werenot material.

(iii) According to the information and explanation given to us Company has not grantedany loans secured or unsecured to companies firms limited liability partnerships orother parties covered in register maintained under Section 189 of the Companies Act 2013.Accordingly the provisions of clause (iii) (a) (b) (c) of the Order are not applicableto the Company.

(iv) In our opinion and according to the information and explanation provided to usthe company has complied with the provisions of Sections 185 and 186 of the Companies Act2013 in respect of loans investments guarantees and securities.

(v) According to the information and explanation given to us the company has notaccepted any deposits from public and hence the directives issued by the Reserve Bank ofIndia and the provisions of Section 73 to 76 or any other relevant provisions of theCompanies Act 2013 and the rules framed thereunder are not applicable.

(vi) We have broadly reviewed the books of accounts maintained by the company pursuantto the Rules made by the Central Government for the maintenance of cost records underSection 148 of the Act and are of the opinion that prima facie the prescribed accountsand records have been made and maintained. We have not however made detailed examinationof the records with a view to determine whether they are accurate and complete.

(vii) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company in respect of statutory dues:

(a) The company has been generally regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income-tax sales tax service taxgoods and service tax duty of customs duty of excise value added tax cess and otherstatutory dues with the appropriate authorities. According to the information andexplanation given to us no undisputed amounts payable in respect of the above were inarrears as at 31st March 2019 for a period of more than six months from the date theybecome payable.

(b) There are no dues of income tax sales tax service tax goods and service taxduty of customs duty of excise and value added tax which have not been deposited with theappropriate authorities on account of disputes except the following:

Name of the Statute Nature of Dues Amount Amount paid/ adjusted Amount unpaid Financial year to which the amount relates Forum where dispute is pending
Income Tax Act Income Tax 2988.44 2267.95* 720.49 AY 2008-09 Commissioner of Income Tax
1961 AY 2009-10 (Appeals)
AY 2010-11
AY 2011-12
AY 2012-13
AY 2013-14
AY 2014-15

 

Name of the Statute Nature of Dues Amount Amount paid/ adjusted Amount unpaid Financial year to which the amount relates Forum where dispute is pending
Kerala General Sales Tax 1963 Sales Tax 266.88 20.38 246.50 1996-97 2000-01 2001-02 Assessing Officer Commercial Taxes
Sales Tax 58.03 58.03 1999-00 Assessing Officer Commercial Taxes (Remanded back to Assessing Officer by Kerala Sales Tax Appellate Tribunal)
Sales Tax 202.22 6.55 195.67 2004-05 Hon'ble Kerala Sales Tax Appellate Tribunal
Kerala Value Added Tax Act 2004 Value Added Tax 1008.71 130.00 878.71 2005-06 2007-08 Hon'ble Kerala Sales Tax Appellate Tribunal
Finance Act 1994

Service Tax

7735.01 927.62 6807.38 2003-04 to 2014-15 Customs Excise & Service Tax Appellate Tribunal Bangalore
24.08 - 24.08 2003-04 to 2014-15 Hon'ble High Court of Kerala
101.89 3.45 98.45 Jul 2012-Mar 2013 Commissioner of Central Excise (Appeals)
71.67 71.67 2015-16 Assistant Commissioner of Central Tax & Central Excise Bangalore
323.04 - 323.04 2009-10 Commissioner of Central Excise
97.41 2.73 94.68 2015-16 Deputy Commissioner of Central Tax & Central Excise Ernakulam
Customs Act 1962

Duty of Customs

27.46 - 27.46 1984-1990 Chief Commissioner of Customs Bangalore
301.03 261.22 39.81 2003-2004 Customs Excise & Service Tax
2013-2014 Appellate Tribunal Bangalore
25.80 - 25.80 2004-2005 Commissioner of Customs Kochi
2017-2018
14891.39 - 14891.39 2010-2015 Hon'ble High Court of Kerala
Employees' State Insurance Act 1948 Employees' State Insurance 10.59 1.00 9.59 2010-2013 Hon'ble Insurance Court Alappuzha

‘Adjusted against the refund due for the subsequent years.

(viii) According to the information and explanation given to us the Company does nothave any loans or borrowings from any public financial institutions banks or governmentduring the year. In respect of bonds issued the Company has not defaulted in payment ofany dues.

(ix) In our opinion and according to the information and explanation given to us moneyraised by way of initial public offer have been applied by the Company during the year forthe purposes for which they are raised. The Company has not raised any term loan duringthe year.

(x) To the best of our knowledge and according to the information and explanationsprovided to us we report that no fraud by the Company or on the Company by its officersand employees was noticed or reported during the year.

(xi) In view of exemption given vide notification no. G.S.R. 463(E) dated June 5 2015issued by the Ministry of Corporate Affairs provisions of Section 197 read with ScheduleV of the Companies Act 2013 regarding managerial remuneration are not applicable to thecompany.

(xii) In our opinion the Company is not a Nidhi company as prescribed under Section406 of the Companies Act 2013 and therefore the reporting under Clause 3(xii) of theOrder is not applicable.

(xiii) In our opinion and based on the information and explanation provided to us alltransactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the FinancialStatements as required by the applicable Accounting Standards.

(xiv) According to the information and explanations given to us and based on ourexamination of records of the Company the Company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the yearand therefore provisions of Section 42 of the Companies Act 2013 are not applicable tothe Company.

(xv) According to the information and explanations provided to us the Company has notentered into any non-cash transaction with directors or persons connected with them asreferred to in Section 192 of Companies Act 2013.

(xvi) In our opinion the company is not required to be registered under Section 45-IAof the Reserve Bank of India Act 1934.

For Elias George & Co.
Chartered Accountants
Firm Regn.No. 000801S
Thomson Thomas
Kochi Partner
May 21 2019 Membership No. 25567

Annexure B to the Independent Auditors' Report With reference to the Annexure Breferred to in the

Independent Auditor's Report to the members of the Company on the audit of Standalonefinancial statements for the year ended March 31 2019 we report the following:

A. Directions

1. Whether the company has system in place to process all the accounting transactionsthrough IT system? If yes the implications of processing of accounting transactionsoutside IT system on the integrity of the accounts along with the financial implicationsif any may be stated.

In our opinion the company has a system in place to process all the accountingtransactions through IT system. Based on the information and explanations given to us andbased on procedures performed by us we are of the opinion that the company has anadequate internal control system to prevent and detect processing of accountingtransactions outside the IT system. As per information provided to us there has been nosuch instance reported during the year.

2. Whether there is any restructuring of any existing loan or cases of waiver write offof debts/loans/ interest etc. made by a lender to the company due to the company'sinability to repay the loan? If yes the financial impact may be stated.

According to the information and explanation given to us and based on our examinationof the records of the company there has not been any restructuring of any existing loanor cases of waiver/write off of debts/ loans/interest etc. made by a lender to thecompany.

3. Whether funds received/receivable for specific schemes from Central/ State agencieswere properly accounted for/utilized as per its term and conditions? List the cases ofdeviation.

According to the information and explanation given to usand based on our examination ofthe records of the company the company has not received any funds for specific schemesfrom Central/ State agencies.

B. Sub Directions

Whether financial commitments and revenue-share of Joint Ventures have been properlyaccounted?

M/s Hooghly Cochin Shipyard Limited (HCSL) was incorporated on October 23 2017 as anarrangement between M/s Cochin Shipyard Limited (CSL) and M/s Hooghly Dock & PortEngineers Ltd (HDPEL). CSL holds 74% of the paid-up share capital of HCSL. Hence HCSL is asubsidiary of CSL. Both companies have prepared their stand alone financial statements asper Ind AS.

In its standalone statement CSL has accounted for and disclosed its investment inequity shares of HCSL as per Ind AS 27 "Separate Financial Statements".

CSL has prepared and reported Consolidated Financial Statements (HCSL being asubsidiary) as per Ind AS 110 "Consolidated Financial Statements" where-in inour opinion the financial commitments and revenue- share of subsidiary company have beenproperly incorporated and disclosed as per the applicable Ind AS.

For Elias George & Co.
Chartered Accountants
Firm Regn.No. 000801S
Thomson Thomas
Kochi Partner
May 21 2019 Membership No. 25567

Annexure C to the Independent Auditors' Report

The Annexure referred to in our Independent Auditors' Report to the members of CochinShipyard Limited on the audit of standalone financial statements for the year ended 31stMarch 2019.

Report on the Internal Financial Controls under clause (i) of Subsection 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of CochinShipyard Limited ("the Company") as of March 31 2019 in conjunction with ouraudit of the standalone Ind AS financial statements of the Company for the year ended onthat date.

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 ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to 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 Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

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

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of Standalone Ind ASfinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations 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

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

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2019 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Elias George & Co.
Chartered Accountants
Firm Regn.No. 000801S
Thomson Thomas
Kochi Partner
May 21 2019 Membership No. 25567