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GKB Ophthalmics Ltd.

BSE: 533212 Sector: Consumer
NSE: GKB ISIN Code: INE265D01015
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NSE 05:30 | 01 Jan GKB Ophthalmics Ltd
OPEN 75.50
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VOLUME 2638
52-Week high 124.25
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Mkt Cap.(Rs cr) 38
Buy Price 0.00
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Sell Price 0.00
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OPEN 75.50
CLOSE 78.05
VOLUME 2638
52-Week high 124.25
52-Week low 48.85
P/E
Mkt Cap.(Rs cr) 38
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

GKB Ophthalmics Ltd. (GKB) - Auditors Report

Company auditors report

To the Members of GKB Ophthalmics Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of GKBOphthalmics Limited ("the Company")which comprise the Standalone BalanceSheet as at March 31 2020 and the Standalone Statement of Profit and Loss(includingOther Comprehensive Income)the Standalone Statement of Changes in Equity and theStandalone Statement of Cash Flows for the year then ended and notes tothe standalonefinancial statements including a summary of significant accounting policies and otherexplanatory information

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013("the Act') in the manner so requiredand give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with Companies (Indian Accounting Standards)Rules 2015 as amended and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2020 and its loss(financial performanceincluding other comprehensive income) changes in equity and its cash flows for the yearended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section143(10) of the Act. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thestandalone financial statements under the provisions of the Act and the Rules there underand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

As mentioned in Note 44 to the standalone financial statements themanagement has made an assessment of the impact of COVID-19 on the Company's operationsfinancial performance and position as at and for the year ended March 31 2020 and hasconcluded that there is no impact which is required to be recognised in the standalonefinancial statements. Accordingly no adjustments have been made to the standalonefinancial statements. However in view of the highly uncertain economic environment adefinitive assessment of the impact on the subsequent periods is highly dependent uponcircumstances as they evolve.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in

our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

1. Revenue Recognition

Refer note 25 to the standalone financial statements.

The Company's revenue is derived from the sale of unfinished ophthalmiclenses. The Company recognises revenue when performance obligations as per the underlyingcontracts are satisfied in accordance with Ind AS 115 - Revenue from Contract withCustomers. The terms set out in the Company's sales contracts are varied which affect thetiming of revenue recognition.

We have focused on this area because revenue is one of the keyperformance indicators and timing of revenue recognition involves significant managementjudgement.

Our audit procedures in respect of this matter included the following:

a. Obtained an understanding and assessed the design implementation and operating effectiveness of internal controls over the existence accuracy and timing of revenue recognition;
b. Verified the contracts on test check basis to identify performance obligations under the contract and to assess whether revenue is recognised and recorded in the period in which the performance obligation is satisfied;
c. Performed substantive transactional testing on test check basis and applied analytical procedures to validate the recognition of revenue.
d. Verified the completeness and accuracy of disclosures which are included in note 25 of the standalone financial statements

2. Contingent Liabilities & Provisions

Refer note 36 to the standalone financial statements

The Company has received certain claims from the governmentauthorities which are disputed with respect to demands and penalty for Excise dutySales Tax Entry Tax and Income tax.These involve a high degree of judgement to determinethe possible outcomes and estimates relating to the timing and the amount of outflow ofresources embodying economic benefits.

The possible outcomes of the claims will have a material effect on thefinancial position results of operations and cash flows.

Our audit procedures in respect of this matter included the following:

a. Obtaining a detailed understanding of the processes and controls of the Management with respect to claims or disputes.
b. Making corroborative inquiries with appropriate level of the management personnel including status update expectation of outcomes with the basis and the future course of action contemplated by the Company and perusing legal opinions if any obtained by the Management.
c. Understanding the matters by reading the correspondences communications minutes of the Audit Committee and/or the Board meetings and discussions with the appropriate Management personnel.
d. Evaluating the evidence supporting the judgement of the management about possible outcomes and the reasonableness of the estimates.
e. Evaluating appropriateness of disclosures in note 36 to the standalone financial statements.

Information Other than the Standalone Financial Statements andAuditor's Report Thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Directors'Report including Annexures but does not include the financial statements and ourauditor's report thereon.

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

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

Responsibilities of Management and Those Charged with Governance forthe Standalone Financial Statements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these standalone financialstatements that give a true and fair view of the financial position financialperformance changes in equity and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

In preparing the standalone financial statements the Board ofDirectors is responsible for assessing the Company's ability to continue as a goingconcern disclosing as applicable matters related to going concern and using the goingconcern basis of accounting unless the Board of Directors either intends to liquidate theCompany or to cease operations or has no realistic alternative but to do so. Those Boardof Directors are also responsible for overseeing the Company's financial reportingprocess.

Auditor's Responsibilities for the Audit of the Standalone FinancialStatements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a wholeare free from material misstatement whether dueto fraud or error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these Standalone Financial Statements. We give in"Annexure A" a detailed description of Auditor's responsibilities for Audit ofthe Standalone Financial Statements.

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 of the Act we givein "Annexure B" a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

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

(a) We have sought and obtained all the information and explanations which to the 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 Standalone Balance Sheet the Standalone Statement of Profit and Loss(including Other Comprehensive Income) the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flow 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 Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 and the Companies (Indian Accounting Standards) Rules 2015 as amended.
(e) On the basis of the written representations received from the directors as on March 312020taken on record by the Board of Directors none of the directors is disqualified as on March 312020 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 controls with reference to standalone financial statements of the Company and the operating effectiveness of such controls refer to our separate Report in "Annexure C".
(g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule11 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 of pending litigations on itsfinancial position in its standalone financial statements - Refer Note 36 to thestandalone financial statement;

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

iii. Unpaid Dividend of Rs. 12822/- pertaining to financial year2010-11 has not been transferred to the Investor Education and Protection Fund by theCompany as on March 31 2020 in accordance with the provisions of the Companies Act 2013and rules made thereunder.

3. As required by The Companies (Amendment) Act 2017 in our opinionaccording to information explanations given to us the remuneration paid by the Companyto its directors is within the limits laid prescribed under Section 197 of the Act and therules thereunder.

For MSKA & Associates Chartered Accountants ICAI Firm Registration No. 105047W
Place: Pune Date: July 07 2020 Anup Mundhra Partner Membership No.:061083 UDIN: 20061083AAAADA6115

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT ON EVEN DATE ON THESTANDALONE FINANCIAL STATEMENTS OF GKB OPHTHALMICS LIMITED

Auditor's Responsibilities for the Audit of the Financial Statements

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

Identify and assess the risks of material misstatement of the standalone 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 internal financial controls with reference to standalone 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 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 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 standalone 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 amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

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

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters.

We describe these matters in our auditor's report unless law orregulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of such communication.

For MSKA & Associates Chartered Accountants ICAI Firm Registration No. 105047W
Place: Pune Date: July 07 2020 Anup Mundhra Partner Membership No.:061083 UDIN: 20061083AAAADA6115

ANNEXURE B TO INDEPENDENT AUDITORS' REPORT OF EVEN DATE ON THESTANDALONE FINANCIAL STATEMENTS OF GKB OPHTHALMICS LIMITED FOR THE YEAR ENDED MARCH 312020

[Referred to in paragraph 1 under 'Report on Other Legal and RegulatoryRequirements' in the Independent Auditors' Report of even date to the Members of GKBOphthalmics Limited on the Standalone Financial Statements for the year ended March 312020]

i. (a) The company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets (Property Plantand Equipment).

(b) All the fixed assets (Property Plant and Equipment) have beenphysically verified by the management during the year in accordance with a plannedprogramme of verifying them in a phased manner which in our opinion is reasonable havingregard to the size of the Company and the nature of its assets. No material discrepancieswere noticed on such verification.

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

ii. The inventory has been physically verified during the year by themanagement. In our opinion the frequency of verification is reasonable. No materialdiscrepancies were noticed on verification between the physical stock and the bookrecords.

iii. The Company has not granted any loans secured or unsecured toCompanies Firms Limited Liability Partnerships (LLP) or other parties covered in theregister maintained under section 189 of the Companies Act 2013 ('the Act'). Accordinglythe provisions stated in paragraph 3 (iii) (a) to (c) of the Order are not applicable tothe Company.

iv. In our opinion and according to the information and explanationsgiven to us the Company has not either directly or indirectly granted any loan to any ofits directors or to any person in whom the director is interested in accordance with theprovisions of section 185 of the Act and the Company has not made investments through morethan two layers of investment companies in accordance with the provision of section 186 ofthe Act. Accordingly provisions stated in paragraph 3(iv) of the Order are not applicableto the Company.

v. In our opinion and according to the information and explanationsgiven to us the Company has not accepted deposits in accordance with the provisions of 73to 76 of the Act and the rules framed thereunder.

vi. The provisions of sub-section (1) of section 148 of the Act are notapplicable to the Company as the Central Government of India has not specified themaintenance of cost records for any of the products of the Company. Accordingly theprovisions stated in paragraph 3 (vi) of the Order are not applicable to the Company.

vii. (a) According to the information and explanations given to us andrecords examined by us the company has been generally regular in depositing undisputedstatutory dues in respect of provident fund employees' state insurance income-tax dutyof custom goods and service tax cess and other statutory dues as applicable with theappropriate authorities though there has been delays in few cases with regards to incometax (Tax Deducted at Source) provident fund and employees' state insurance.

(b) According to the information and explanation given to us theoutstanding statutory dues as at the last day of the financial year for a period of morethan six months from the date they became payable is as follows.

Name of the statute Nature of the dues Amount Rs. Financial Year Due Date Date of Payment
Companies Act 2013 Unpaid Dividend 12822 2010-11 November 01 2017 Not Paid till June 07 2020
12822

(c) According to the information and explanation given to us andexamination of records of the Company the outstanding dues of income-tax goods andservice tax customs duty cess and any other statutory dues on account of any disputeare as follows:

Name of the statute Nature of dues Amount (in Rs. lakhs) Period to which the amount relates Forum where the dispute is pending
Income Tax Act 1961 Income Tax Interest and Penalty 41.37 2012-13 Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Income Tax Interest and Penalty 39.25 2013-14 Commissioner of Income Tax (Appeals)
The Central Excise Act 1944 Duty Interest and Penalty 17.82 2005-06 Central Excise and Service Tax Appellate Tribunal(CESTAT)
The Central Excise Act 1944 Duty Interest and Penalty 17.07 2006-07 Joint Commissioner/ Commissioner of Customs and Central Excise (Appeals)
The Central Excise Act 1944 Duty Interest and Penalty 1155.59 2007-08 to Sep' 2015 Commissioner of Central Excise and Service Tax Goa
The Central Sales Tax Act 1956 Sales Tax Interest and Penalty 111.71 2008-09 Additional Commissioner of Commercial Tax Panaji
The Central Sales Tax Act 1956 Sales Tax Interest and Penalty 54.94 2014-15 Additional Commissioner of Commercial Tax Panaji
The Central Sales Tax Act 1956 Sales Tax Interest and Penalty 18.42 2014-15 Additional Commissioner of Commercial Tax Panaji
Goa Tax on Entry of Goods Act 2000 Entry Tax and Interest 51.20 2015-16 Additional Commissioner of Commercial Tax Panaji
Goa Tax on Entry of Goods Act 2000 Entry Tax and Interest 28.61 2013-14 Additional Commissioner of Commercial Tax Panaji
1535.98

(Amount paid in protest against the above dues is Rs. 3664750/-)

viii. In our opinion and according to the information and explanationsgiven to us the Company has not defaulted in repayment of dues to the banks. The Companydoes not have dues to financial institutions and has not issued any debentures andtherefore repayment to financial institutions and debenture holders is not applicable.

ix. The Company did not raise any money by way of initial public offeror further public offer (including debt instruments) and term loans during the year.Accordingly the provisions stated in paragraph 3 (ix) of the Order are not applicable tothe Company.

x. During the course of our audit examination of the books and recordsof the Company carried out in accordance with the generally accepted auditing practicesin India and according to the information and explanations given to us we have neithercome across any instance of material fraud by the Company or on the Company by itsofficers or employees.

xi. According to the information and explanations given to us and basedon our examination of the records of the Company the Company has paid/ provided formanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanationsgiven to us the Company is not a Nidhi Company. Accordingly the provisions stated inparagraph 3(xii) of the Order are not applicable to the Company.

xii. According to the information and explanations given to us andbased on our examination of the records of the Company transactions with the relatedparties are in compliance with sections 177 and 188 of the Act where applicable anddetails of such transactions have been disclosed in the financial statements as requiredby the applicable accounting standards (Ind AS 24) "Related Party Disclosures"specified under Section 133 of the Act read with the relevant rules issued thereunder.

xiv. During the financial year ended March 31 2019 the Company hasmade a preferential issue of 750000 equity convertible share warrants. During the yearthe Company allotted 400000 equity shares to warrant holders who exercised the option ofconversion. According to the information and explanations given to us and based on ourexamination of the records of the Company the requirements of Section 42 of the CompaniesAct 2013 have been complied with regards to the allotment of 400000 equity shares.Further as per the information explanation provided to us and based on the examination ofrecords produced before us the amount raised has been utilized for the purpose for whichfunds were raised.

xv. According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with him. Accordinglyprovisions stated in paragraph 3(xv) of the Order are not applicable to the Company.

xvi. In our opinion the Company is not required to be registered undersection 45 IA of the Reserve Bank of India Act 1934 and accordingly the provisionsstated in paragraph clause 3 (xvi) of the Order are not applicable to the Company.

For MSKA & Associates Chartered Accountants ICAI Firm Registration No.105047W
Place: Pune Date: July 07 2020 Anup Mundhra Partner Membership No.:061083 UDIN: 20061083AAAADA6115

ANNEXURE C TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THESTANDALONE FINANCIAL STATEMENTS OF GKB OPHTHALIMICS LIMITED

[Referred to in paragraph 2(f) under 'Report on Other Legal andRegulatory Requirements' in the Independent Auditors' Report of even date to the Membersof GKB Ophthalmics Limited on the Standalone Financial Statements for the year ended March31 2020]

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls with reference tostandalone financial statements of GKB Ophthalmics Limited ("the Company") as ofMarch 31 2020 in conjunction with our audit of the standalone financial statements of theCompany for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing andmaintaining internal financial controls based on the internal control with reference tostandalone financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India (ICAI) (the "Guidance Note"). 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 Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls with reference to standalone financial statements based on our audit.We conducted our audit in accordance with the Guidance Note and the Standards on Auditingissued by ICAI and deemed to be prescribed under section 143(10) of the Act to the extentapplicable to an audit of internal financial controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether internal financial controls with reference tostandalone financial statements was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe internal financial controls with reference to standalone financial statements andtheir operating effectiveness. Our audit of internal financial controls with reference tostandalone financial statements included obtaining an understanding of internal financialcontrols with reference to standalone financial statements assessing the risk that amaterial weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the standalone financial statements whether due to fraud or error.

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

Meaning of Internal Financial Controls With Reference to StandaloneFinancial Statements

A Company's internal financial control with reference to standalonefinancial statements is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of standalone financial statementsfor external purposes in accordance with generally accepted accounting principles. ACompany's internal financial control with reference to standalone financial statementsincludes those policies and procedures that (1) pertain to the maintenance of recordsthat 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 financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the standalone financial statements.

Inherent Limitations of Internal Financial Controls With Reference toStandalone Financial Statements

Because of the inherent limitations of internal financial controls withreference to standalone financial statements including the possibility of collusion orimproper management override of controls material misstatements due to error or fraud mayoccur and not be detected. Also projections of any evaluation of the internal financialcontrols with reference to standalone financial statements to future periods are subjectto the risk that the internal financial control with reference to standalone financialstatements may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects internalfinancial controls with reference to standalone financial statements and such internalfinancial controls with reference to standalone financial statements were operatingeffectively as at March 31 2020 based on the internal control with reference tostandalone financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note.

For MSKA & Associates Chartered Accountants ICAI Firm Registration No. 105047W
Place: Pune Date: July 07 2020 Anup Mundhra Partner Membership No.:061083 UDIN: 20061083AAAADA6115

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