The Members of
Voltamp Transformers Limited.
Report on the audit of the Financial Statements
We have audited the accompanying financial statements of Voltamp TransformersLimited ("the Company") which comprise the Balance Sheet as at March312019 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year then ended andnotes to the financial statements including a summary of significant accounting policiesand other explanatory information. (hereinafter referred to as "the financialstatements").
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 (the "Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amendedand other accounting principles generally accepted in India of the state of affairs ofthe Company as at March 31 2019 the profit and total comprehensive income changes inequity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards onAuditing (SAs) specified under section 143(10) of the Companies Act 2013. Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities 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 together with the independence requirements that arerelevant to our audit of the financial statements under the provisions of the CompaniesAct 2013 and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion on the financial statements.
Key Audit Matters
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined the matters described below to be the key audit matters to be communicatedin our report.
|Sr No ||Key Audit Matter ||Auditor's Response |
|1 ||Accuracy of recognition measurement presentation and disclosures of revenues and other related balances in view of adoption of Ind AS 115 "Revenue from Contracts with Customers" (new revenue accounting standard) ||Principal Audit Procedures |
| || ||Our audit approach consisted testing of design and effectiveness of internal controls and substantive testing as follows:- |
| ||The application of the new revenue accounting standard involves certain key judgments relating to identification of distinct performance obligations determination of transaction price of the identified performance obligations the appropriateness of the basis used to measure revenue recognized over a period. ||- We evaluated the design of internal controls relating to implementation of new revenue accounting standard. |
| ||Additionally new revenue accounting standard contains disclosures which involve collation of information in respect of disaggregated revenue and periods over which the remaining performance obligations will be satisfied subsequent to the balance sheet date. ||- We evaluated the effectiveness of key control over measurement of revenue transactions. |
| || ||- Examined the process and controls for assessment of timing of revenue recognition as well as performed testing of sample of revenue to supporting evidence. |
| || ||- Selected a sample of continuing and new contracts and tested the operating effectiveness of the internal control relating to identification of the distinct performance obligations and determination of transaction price. We carried out a combination of procedures involving enquiry and observation re-performance and inspection of evidence in respect of operation of these controls. |
| ||Refer note no. 1 and 2 significant accounting policy and note no. 26 of financial statement. || |
| || ||- Our procedures include data analysis of the expected flows of revenue transactions and performing testing over transactions that deviated from our expectation. |
| || ||- Relied on management judgements key assumptions and estimations regarding revenue recognition on contracts that are not completed for the year ended. |
|2 ||Litigations Provisions and contingent liabilities ||Principal Audit Procedures |
| ||The Company has several litigations for direct tax as well as indirect tax which include matters under dispute which involves significant management judgement and estimates on the possible outcome of the litigations and consequent provisioning thereof or disclosure as contingent liabilities. ||As part of the audit process we obtained from the management details of matters under disputes including ongoing and completed tax assessments demands and other litigations. |
| || ||Our audit approach for the above consists of the following audit procedures: |
| ||Refer note no. 41 of financial statement. ||- Evaluation and testing of the design of internal controls followed by the company relating to litigations and open tax positions for direct and indirect taxes and process followed to decide provisioning or disclosure as Contingent Liabilities; |
| || ||- Discussed with company's legal team and taxation team for sufficient understanding of ongoing and potential legal matters impacting the company. |
| || ||- We involved our internal expert to evaluate the management's underlying judgements in making their estimates with regard to such matters. |
Information other than the Financial Statement and Auditor's Report thereon
The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management discussion and analysisboard's report including Annexure to Board's Report Corporate Governance andShareholder's information but does not include thefinancial statements and our auditor'sreport thereon.
Our opinion on the financial statements does not cover the other information and wewill not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements our responsibility is to readthe other information identified above when it becomes available and in doing soconsider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated.
If based on the work we have performed we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.
Responsibilities of Management and those Charged with Governance for the FinancialStatements
The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance total comprehensive income changes in equity and cash flows of theCompany in accordance with the Ind AS and other accounting principles generally acceptedin India including the Accounting Standards specified 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 judgments 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 management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.
Those Board of Directors are also responsible for overseeing the company's financialreporting process.
Auditor's Responsibilities for the Audit of 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 of 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 fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.
- Conclude on the appropriateness of management's use of the going concern basis ofaccounting 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 our 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 financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decision of a reasonablyknowledgeable user of the financial statements may be influenced. We consider quantitativemateriality and qualitative factors in (i) planning the scope of our audit work and inevaluating the results of our works; and (ii) to evaluate the effect of any identifiedmisstatements in the financial statements.
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 charges with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen 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 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 bestof 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 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 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 financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.
(e) On the basis of the written representations received from the Directors as on 31stMarch 2019 taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2019 from being appointed as a Director in termsof Section 164(2) of the Act.
(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 B".
(g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended:
In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act; and
(h) 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 financial statements-Refer Note 41 to the 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 includingderivative contracts.
iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended March312019.
| ||For C N K & Associates LLP |
| ||Chartered Accountants |
| ||FRN: 101961W/W-100036 |
| ||Alok Shah |
|Place : Vadodara ||Partner |
|Date : 9th May 2019 ||Membership Number: 42005 |
Annexure 'A' to the Independent Auditors' Report
Referred to in Para 1 Report on Other Legal and Regulatory Requirements' in ourIndependent Auditor's Report to the members of the Company on the Ind AS FinancialStatements for the year ended March 31 2019.
1 (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;
(b) As informed to us the Company has a regular programme of physical verification ofits fixed assets over a period of three years by which fixed assets are verified in aphased manner during the year. In accordance with this programme certain fixed assetswere verified during the year and no material discrepancies were noticed on suchverification. In our opinion this periodicity of physical verification is reasonablehaving regard to the size of the Company and the nature of its assets;
(c) According to the information and explanations given to us the records examined byus and based on the examination of the conveyance deeds provided to us we report thatthe title deeds comprising all the immovable properties of land and buildings which arefreehold are held in the name of the Company as at the balance sheet date. In respect ofimmovable properties of land and building that have been taken on lease and disclosed asproperty plant and equipment in the financial statements the lease agreements are in thename of the Company;
2 The management has conducted physical verification of inventory at reasonableintervals during the year and no material discrepancies were noticed on such physicalverification;
3 According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to Companies Firms Limited Liability Partnershipor any other parties covered in the register maintained under section 189 of the Act.Hence clause 3(a) 3(b) and 3(c) are not applicable for the year;
4 In our opinion and according to the information provided to us there are no loan toDirectors including entities in which they are interested in respect of which provision ofsection 185 are applicable and hence not commented upon. Further in our opinion andaccording to information and explanation given to us provision of section 186 in respectof loans and advances given and investment made have been complied with by the Company.There are no guarantees and securities given in respect of which provision of section 186of the Act are applicable and hence not commented upon;
5 The Company has not accepted any deposits within the meaning of sec 73 to 76 of theAct and the Companies (Acceptance of Deposit) Rules 2014 (as amended). Accordingly theprovisions of this clause of the order are not applicable;
6 We have broadly reviewed the books of account maintained by the Company pursuant tothe rules made by the Central Government for the maintenance of cost records under subsection (1) of section 148 of the Act 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.
7 (a) According to the information and explanations given to us and the recordsexamined by us the Company is regular in depositing with appropriate authoritiesundisputed statutory dues including Provident Fund Employees' State InsuranceIncome-tax Goods and Services tax (GST) Custom DutyCess and other statutory dues andthere are no undisputed statutory dues outstanding as at 31st March 2019 fora period of more than six months from the date they became payable;
(b) According to the information and explanations give to us and based on ourexamination of the records of the Company there are following disputed dues of sales taxincome tax service tax excise duty that have not been deposited on account of dispute;
|Name of the Statute ||Nature of Dues ||Amount* (र in Lakhs) ||Period to which the amount relates ||Forum where dispute is pending |
|Central Excise Act 1994 ||Excise Duty ||130.57 ||April 2004 to May 2009 ||Appeal filed at CESTAT Delhi |
| ||Penalty ||130.57 || || |
|Central Excise Act 1994 ||Excise Duty Penalty ||2.76 2.76 ||April to December 2009 ||Appeal filed at CESTAT Ahmedabad |
|Central Excise Act 1994 ||Excise Duty Penalty ||5.26 5.26 ||January to June 2010 ||Appeal filed at CESTAT Ahmedabad |
|Central Excise Act 1994 ||Excise Duty Penalty ||4.39 4.39 ||July to November 2010 ||Appeal filed at CESTAT Ahmedabad |
|Central Excise Act 1994 ||Excise Duty Penalty ||4.94 4.94 ||December to May 2011 ||Appeal filed at CESTAT Ahmedabad |
|Central Excise Act 1994 ||Excise Duty ||9.59 ||April to December 2015 ||Appeal filed at CESTAT Ahmedabad |
|Central Excise Act 1994 ||Excise Duty Penalty ||4.19 4.19 ||July to September 2011 ||Appeal filed at CESTAT Ahmedabad |
|Central Excise Act 1994 ||Excise Duty Penalty ||28.47 3.45 ||July 2015 to June 2017 ||Appeal filed at CESTAT Ahmedabad |
|Central Excise Act 1994 ||Excise Duty ||0.11 ||April 2011 to March 2012 ||Appeal filed at CESTAT Ahmedabad |
|Central Excise Act 1994 ||Excise Duty Interest Penalty ||13.58 1.81 13.58 ||July 2005 to August 2008 ||Appeal filed at CESTAT Ahmedabad |
|Central Excise Act 1994 ||Excise Duty Penalty ||0.11 0.11 ||Oct-2010 to March 2011 ||Appeal filed at CESTAT Ahmedabad |
|Central Excise Act 1994 ||Excise Duty Penalty ||0.38 0.38 ||January to September 2010 ||Appeal filed at CESTAT Ahmedabad |
|Central Excise Act 1994 ||Excise Duty ||124.18 ||April 2011 to March 2015 ||Appeal filed at CESTAT Ahmedabad |
|Central Excise Act 1994 ||Excise Duty ||2.66 ||April 2015 to June 2015 ||Appeal filed at CESTAT Ahmedabad |
|Central Excise Act 1994 ||Excise Duty Penalty ||71.44 8.66 ||July 2015 to June 2017 ||Appeal filed at CESTAT Ahmedabad |
|Central Sales Tax Act ||Central Sales Tax ||16.33 ||April 2006 to March 2007 ||Appeal filled at Sales Tax Tribunal Ahmedabad |
|Gujarat VAT Act ||Gujarat VAT ||7.60 ||April 2006 to March 2007 ||Appeal filled at Sales Tax Tribunal Ahmedabad |
|Gujarat VAT Act ||Gujarat VAT ||6.31 ||April 2007 to March 2008 ||Appeal filled at Sales Tax Tribunal Ahmedabad |
|Income Tax Act 1961 ||Income Tax ||76.06 ||2008-09 ||Appeal to HC by the Revenue Department |
|Income Tax Act 1961 ||Income Tax ||146.42 ||2009-10 ||Appeal to HC by the Revenue Department |
|Income Tax Act 1961 ||Income Tax ||269.92 ||2010-11 ||Appeal to HC by the Revenue Department |
|Income Tax Act 1961 ||Income Tax ||56.87 ||2010-11 ||Appeal to ITAT by Assessee |
|Income Tax Act 1961 ||Income Tax ||174.17 ||2011-12 ||Appeal to ITAT by the Revenue Department |
|Income Tax Act 1961 ||Income Tax ||251.08 ||2012-13 ||Appeal to ITAT by the Revenue Department |
|Income Tax Act 1961 ||Income Tax ||0.64 ||2012-13 ||Appeal to CIT (A) by Assessee |
|Income Tax Act 1961 ||Income Tax ||179.41 ||2013-14 ||Appeal to CIT (A) by Assessee |
|Income Tax Act 1961 ||Income Tax ||2.43 ||2009-10 ||Appeal to CIT (A) by Assessee |
|Income Tax Act 1961 ||Income Tax ||18.74 ||2010-11 ||Appeal to CIT (A) by Assessee |
*Net of amount paid under protest
8. In our opinion and according to the information and explanations given to us theCompany has not taken any borrowing from any financial institution bank or Government andthere are no dues to debenture holders during the year;
9 According to the information and explanations given to us no moneys were raised byway of initial public offer or further public offer (including debt instruments) duringthe year and also there are no term loans availed by the Company hence reporting underthis clause is not applicable to Company;
10 During the course of our examination of the books of account and records of thecompany carried out in accordance with generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyincidence of fraud by the Company or any fraud on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by themanagement;
11 According to the information and explanations given to us and based on ourexamination of the records of the Company the managerial remuneration has been paid orprovided in accordance with the requisite approvals mandated by the provisions of Section197 read with Schedule V of the Act;
12 In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Accordingly this clause of the Order is not applicable;
13 According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards;
14 According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly paid convertible debenturesand hence reporting under this clause is not applicable to the Company;
15 According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with Directors or persons connected with him as referred to in section 192 ofthe Act;
16 The company is not required to be registered under section 45-IAof the Reserve BankIndia Act 1934.
| ||For C N K & Associates LLP |
| ||Chartered Accountants |
| ||FRN: 101961W/W-100036 |
| ||Alok Shah |
|Place : Vadodara ||Partner |
|Date :29th May 2019 ||Membership Number: 42005 |
Annexure B'to the Independent Auditors Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of VOLTAMPTRANSFORMERS LIMITED ("the Company") as of March 312019 in conjunction withour audit of the Ind AS financial statements of the Company for the year ended on thatdate.
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'). Theseresponsibilities include the design implementation and maintenance of internal financialcontrols with reference to financial statements of the Company that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to Company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies Act 2013.
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 prescribed under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether internal financial controls with reference to financial statements of the companywere established and maintained and if such controls operated effectively in all materialrespects.
Our audit involves performing procedures to obtain audit evidence about the internalfinancial controls with reference to financial statements of the company 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 auditor's 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 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 statementsfor 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and Directors of the Company; and
(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the Company's assets that could have amaterial effect on the financial statements.
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.
In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an internal financial controls withreference to financial statements of the company and such internal financial controls overfinancial reporting were operating effectively as at March 312019 based on the internalcontrol over financial reporting 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.
| ||For C N K & Associates LLP |
| ||Chartered Accountants |
| ||FRN: 101961W/W-100036 |
| ||Alok Shah |
|Place : Vadodara ||Partner |
|Date : 29th May 2019 ||Membership Number: 42005 |