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Gufic BioSciences Ltd.

BSE: 509079 Sector: Health care
NSE: GUFICBIO ISIN Code: INE742B01025
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VOLUME 13823
52-Week high 289.55
52-Week low 170.20
P/E 21.89
Mkt Cap.(Rs cr) 2,098
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 225.00
CLOSE 222.60
VOLUME 13823
52-Week high 289.55
52-Week low 170.20
P/E 21.89
Mkt Cap.(Rs cr) 2,098
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Gufic BioSciences Ltd. (GUFICBIO) - Auditors Report

Company auditors report

To

The Members of Gufic Biosciences Limited

Report on the Financial Statements

Opinion

We have audited the accompanying financial statements of GuficBiosciences Limited ("the Company") which comprise the Balance Sheet as atMarch 31st 2021 and the Statement of Profit and Loss (including OtherComprehensive Income) the Statement of Changes in Equity and the Cash flow for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid 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 Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at 31 March 2021 and its profit totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the financial statements in accordance withthe Standards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibility for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India (ICAI) together with the ethical requirements that arerelevant to our audit of the financial statements under the provisions of the Act and theRules made thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the ICAI's Code of Ethics. We believe that theaudit evidence obtained by us is sufficient and appropriate to provide a basis for ouraudit opinion on the financial statements.

Emphasis of Matter:

We draw attention to Note 53 to the financial statements regarding theScheme of Amalgamation (Scheme) of Gufic Lifesciences Private Limited ("TransferorCompany") with the Company which has been approved by National Company Law Tribunal(NCLT) Ahmedabad bench and Mumbai bench vide their orders dated 31 December 2020 and 11March 2021 and filed with the Registrar of Companies on 19 May 2021 and 21 May 2021respectively. In accordance with the Scheme approved by the NCLT the Company has giveneffect to the Scheme from the appointed date specified therein i.e. 1st January 2019instead of the effective date.

Attention is drawn to the fact that the comparative financialinformation to the extent it relates to the Transferor Company for corresponding yearended 31 March 2020 as reported in the financial statement have been certified by theManagement and were not subjected to our audit to the extent related to Ind AS transition.

Our opinion is not modified in respect of these matters.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere 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 awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters. We have determined the matters described below to be the key audit mattersto be communicated in our report.

Sr. No. Key Audit Matter How our audit addressed the key audit matter
(i) Revenue from Operations
Revenue is recognized at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods to a customer. The revenue recognition occurs at a point in time when the control of the goods is transferred to the customer. As part of our audit procedures we:
Read the Company's accounting policy for revenue recognition and assessed compliance with the requirements of Ind AS 115.
Evaluated the design tested the implementation and operating effectiveness of the Company's internal controls including general IT controls and key IT application controls over recognition of revenue and measurement of rebates discounts and returns.
We focused on this area as a key audit matter due to the amount of Revenue being regarded by Management as a key performance indicator in assessing performance. We believe there exists a risk of revenue being recognized before the control is transferred including risk of incorrect timing of estimation related to recording the discounts and rebates.
On a sample basis tested supporting documentation for sales transactions and rebates/discounts recorded during the year which included sales invoices customer contracts shipping documents and customer correspondences for rebates/discounts.
Refer note 2.11 and 27 to the financial statements.
Tested revenue samples focused on sales recorded immediately before the year-end obtained evidence as regards timing of revenue recognition based on terms and conditions of sales contracts and delivery documents.
Obtained management workings for amounts recognised towards discount schemes returns and rebates during the year and as at year end. On a sample basis tested the underlying calculations for amounts recorded as accruals and provisions towards the aforementioned obligations as per the terms of related schemes contracts and regulations and traced the underlying data to source documents;
Tested all the manual sales-related adjustments made to revenue comprising of variable consideration under Ind AS 115 to ensure the appropriateness of revenue recognition during the year;
Assessed disclosures in financial statements in respect of revenue as specified in Ind AS 115.
(ii) Inventory its valuation and provisions
• The Company holds inventory at various locations including factory various depots and third-party locations. Hence existence of inventory is of significant importance. Our audit of existence of inventory included but was not limited to the following procedures:
• Assessed the appropriateness of the inventories accounting policies and its compliances with applicable accounting standards.
• Inventory valuation involves significant assumptions and estimations made by the Management.
• Obtained an understanding of the management's process for inventory counts including the changes required thereto as a result of COVID-19 related restrictions and evaluated the design and tested the operating effectiveness of key controls with respect to physical verification of inventory;
• Management also makes an estimate for near expiry and slow-moving inventory based on the age of the inventory.
• We have identified inventory as a key audit matter because of the number of locations that inventory is held and the judgment applied in the valuation of inventory and provision for inventory.
• Inspected the instructions given by supervisory teams to the management count teams;
• Refer note 2.7 and 13 to the financial statements. • Reviewed the management's process for ensuring that there was no movement of stock during the physical verification of inventory;
• Appointed independent auditor's experts for observing inventory counts at certain locations;
• Reviewed the inventory roll back reconciliation statement prepared by the management and performed tests on sample basis by reviewing the supporting documents and records to substantiate the existence of inventory as at the reporting date;
• Tested that the differences noted in management's physical verification of inventory from book records were adequately adjusted in books of account.
• Tested on a sample basis the valuation of inventories as at the year end and the Management's assessment of provision required for near expiry and slow-moving inventories held as at the balance sheet date.
(iii) Business Combinations
• During the current year the Company completed the acquisition of Gufic Lifesciences Limited an entity under common control in India. The transaction was accounted for as a business combination. Our audit procedures among others included the following:
• We evaluated the design and tested the operating effectiveness of the controls over the Company's calculation of the of purchase consideration goodwill and capital reserve.
• The Company's accounting for the acquisition was done as per the instructions set by the Hon'ble high courts.
• In connection with the acquisition the Company has issued the equity share capital as consideration for such business combination. • We tested the arithmetical accuracy of the accounting effect of the merger.
• We also tested the completeness and accuracy of the underlying data used in the accounting.
• The Company has considered appointed date i.e. 01 January 2019 as date of merger instead of effective date.
• Assessed disclosures in financial statements in respect of business combination as specified in Ind AS 103.
• The accounting for the business combination was complex due to the adjustment of all the accounting with effect from 01 January 2019 and all the corresponding figures were updated in that respect.
• Considering the above this has been included as a Key Audit Matter

Other Matters

The comparative financial information of the Company to the extent itrelates to the Company (prior to giving effect of the above referred scheme of merger) forcorresponding year ended 31st March 2020 were audited by the predecessor auditor whoexpressed an unmodified opinion on the financial information for the year ended 31st March2020 on 31st July 2020.

Information other than the Financial Statements and Auditor's Reportthereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Annualreport but does not include the Financial Statements and our auditors' report thereon.

Our opinion on the Financial Statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Financial Statements ourresponsibility is to read the other information and in doing so consider whether suchother information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information we are required to report that fact. We have nothing to report in thisregard.

Responsibilities of Management for the 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 financial statementsthat give a true and fair view of the financial position financial performance includingother comprehensive income changes in equity and cash flows of the Company in accordancewith the Ind AS and other accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

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

Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these 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 thefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Companies Act 2013 we are also responsible for expressing ouropinion on whether the company has adequate internal financial controls system in placeand the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of the misstatements in the financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements.

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 financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

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 section143(11) of the Act we give in Annexure A a statement on the matters specified in theparagraph 3 and 4 of the order;

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

(a) we have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

(b) in our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books;

(c) the balance sheet the statement of profit and loss and thestatement of cash flows dealt with by this Report are in agreement with the books ofaccount;

(d) in our opinion the aforesaid financial statements comply with theInd AS specified under Section 133 of the Act read with relevant rule issued thereunder;

(e) on the basis of the written representations received from thedirectors as on 31 March 2021 taken on record by the Board of Directors none of thedirectors is disqualified as on 31 March 2021 from being appointed as a director in termsof Section 164 (2) of the Act;

(f) with respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate report in "Annexure B"; and

(g) with respect to the other matters to be included in the Auditor'sReport in accordance with the requirements of Section 197(16) of the Act as amended inour opinion and to the best of our information and according to the explanations given tous the remuneration paid/provided by the Company to its Directors during the year is inaccordance with the provisions of Section 197 of the Act.

(h) with respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations as on 31March 2021 on its financial position in note 43 and 44 to the financial statements.

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

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

(i) With respect to the matter to be included in the Auditors' Reportunder Section 197(16) of the Act:

In our opinion and according to the information and explanations givento us the remuneration paid by the Company to its directors during the current year is inaccordance with the provisions of Section 197 of the Act. The remuneration paid to anydirector is not in excess of the limit laid down under Section 197 of the Act. TheMinistry of Corporate Affairs has not prescribed other details under Section 197(16) whichare required to be commented upon by us.

For Mittal Agarwal & Company
Chartered Accountants
(Firm Registration No. 131025W
Place: Mumbai Piyush Agarwal
Dated: 04/06/2021 Partner
UDIN: 21135505AAAADA5265 Membership No. 135505

ANNEXURE A TO THE AUDITOR'S REPORT

(Referred to in paragraph 1 under 'Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Ia According to the information and explanations given to us thecompany has maintained its fixed assets register showing full particulars in respect ofits description original cost year of purchase useful life and residual value and isin a process of updating its records showing quantitative details and situation of thefixed assets.

Ib The company has designed a phase wise program to cover all items offixed assets over a period of five years which in our opinion is reasonable havingregard to the size of the Company and the nature of its assets. Further the Company is inthe process of this program and no material discrepancies has been noticed as on the dateof this audit report.

Ic According to information and explanations provided to us the titledeeds of immovable properties other than self constructed immovable property (factorybuildings) as disclosed in Note.5- ‘Property plant and equipment' to the financialstatements are held in the name of company. Factory building represents capitalexpenditure on construction / extension of a building on a leasehold land which willrevert to the lessor on completion of lease period. (the lease is extendable at the optionof company). In respect of immovable properties that have been taken on lease anddisclosed as right of use assets in Note 8 "Right-of-Use Assets" to thefinancial statements the lease agreements are in the name of the Company.

2 As explained to us the inventories were physically verified duringthe year by the Management at reasonable intervals and no material discrepancies werenoticed on physical verification.

3 According to the information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms limitedliability partnerships or other parties covered in the register maintained under Section189 of the Act except interest free deposit and business advances as stated in note 39 and49 to the financial statements further terms and conditions of grant of loan schedulerepayment of principal and interest and amount overdue are not applicable to the givensecurity deposit and business advances.

4 In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Sections 185 and 186 of theAct in respect of grant of loans making investments and providing guarantees andsecurities as applicable.

5 The Company has not accepted deposits during the year and does nothave any unclaimed deposits as at 31 March 2021 and therefore the provisions of clause 3(v) of the Order are not applicable to the Company.

6 The maintenance of cost records has been specified by the CentralGovernment under section 148(1) of the Companies Act 2013. However we have broadlyreviewed the books of account maintained by the Company pursuant to the rules made by theCentral Government for the maintenance of cost records under Section 148(1) of the Actrelated to the manufacturing activities and are of the opinion that prima facie thespecified accounts and records have been made and maintained. We have not however made adetailed examination of the same.

7a According to the information and explanations given to us and on thebasis of our examination of the records of the Company the Company is generally regularin depositing the undisputed statutory dues including Provident Fund Employees' StateInsurance Income Tax Goods and Services Tax Duty of Custom Cess and Other MaterialStatutory Dues applicable to it with the appropriate authorities except few delays wereobserved.

According to the information and explanations given to us and on thebasis of our examination of the records of the Company no undisputed amounts payable inrespect of Provident fund Employees' State Insurance Income Tax Goods and Service TaxDuty of Customs Cess and Other Material Statutory Dues were in arrears as at 31 March2021 for a period of more than six months from the date they became payable except certainoutstanding demand of T 35.43 lakhs in respect of Income Tax.

7b According to the information and explanations given to us there areno dues of income tax sales tax value added tax service tax goods and service taxduty of customs duty of excise which have not been deposited with the appropriateauthorities on account of any dispute except the following dues:

Name of the Statute Nature of Dues Amount (Rs. in Lakhs) Period to which it relates Forum where matter is pending
Income Tax Act 1961 Income Tax 161.85 2011 - 2012 Appeal preferred by the company before the Commissioner of Income Tax(Appeal)
10.31 2012 - 2013 Appeal preferred by the company before the Commissioner of Income Tax (Appeal)
5.43 2013 - 2014 Appeal preferred by the company before the Commissioner of Income Tax (Appeal)
248.68 2018 - 2019 Appeal preferred by the company before the Commissioner of Income Tax (Appeal)
Central Excise Act1944 Central Excise Duty 14.04 01/02/2008 to 31/07/2008 Appeal preferred by the company before the Commissioner Appeal
Madhya Pradesh Vat Act 2002 Sales Tax 2.51 2015 - 2016 Appeal preferred by the company to the Commissioner Appeal

All above outstanding is net of deposit given to appellate authorities.

8 According to the information and explanations given to us theCompany has not defaulted in the repayment of loans or borrowings to banks. The Companydid not have any outstanding loans or borrowings from financial institutions or governmentand there are no dues to debenture holders during the year.

9 The Company did not raise any moneys by way of initial public offeror further public offer (including debt instruments) during the year. In our opinion andaccording to the information and explanations given to us the term loans taken by theCompany have been applied for the purposes for which they were raised.

10 To the best of our knowledge and according to the information andexplanations given to us no material fraud by the Company or no fraud on the Company byits officers or employees has been noticed or reported during the course of our audit.

11 According to the information and explanations given to us and basedon examination of the records of the Company the Company has paid/provided managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Companies Act 2013.

12 The Company is not a Nidhi Company and therefore the provisions ofclause 3 (xii) of the Order are not applicable to the Company.

13 In our opinion and according to the information and explanationsgiven to us the Company is in compliance with Section 177 and 188 of the Act whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14 During the year the Company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures and thereforethe provisions of clause 3 (xiv) of the Order are not applicable to the Company.

15 According to the information and explanations given to us duringthe year the Company has not entered into any non-cash transactions with its Directors orpersons connected to its Directors and hence provisions of Section 192 of the Act are notapplicable.

16 The Company is not required to be registered under Section 45-I ofthe Reserve Bank of India Act 1934 and therefore the provisions of clause 3 (xvi) of theOrder are not applicable to the Company.

For Mittal Agarwal & Company
Chartered Accountants
(Firm Registration No. 131025W)
Place: Mumbai Piyush Agarwal
Dated: 04/06/2021 Partner
UDIN: 21135505AAAADA5265 Membership No. 135505

ANNEXURE: B TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2(f) under 'Report on Other Legal andRegulatory Requirements' section of our report of even date)

Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 (the Act)

We have audited the internal financial controls over financialreporting of Gufic Biosciences Limited ('the Company') as of 31 March 2021 in conjunctionwith our audit of the financial statements of the Company for the year ended and as onthat 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 over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India (the'Guidance Note'). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence toCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Standards on Auditing prescribed under Section 143(10) of the Act andthe Guidance Note to the extent applicable to an audit of internal financial controls.Those Standards and the Guidance Note require that we comply with the ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether adequateinternal financial controls over financial reporting was established and maintained and ifsuch controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditors' judgment including the assessment of therisks of material misstatement of the 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 system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrols over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to theexplanations given to us 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 31 March 2021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note.

For Mittal Agarwal & Company
Chartered Accountants
(Firm Registration No. 131025W)
Place: Mumbai Piyush Agarwal
Dated: 04/06/2021 Partner
UDIN: 21135505AAAADA5265 Membership No. 135505

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