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EID Parry (India) Ltd.

BSE: 500125 Sector: Agri and agri inputs
NSE: EIDPARRY ISIN Code: INE126A01031
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OPEN 444.55
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VOLUME 78326
52-Week high 470.35
52-Week low 259.60
P/E 29.93
Mkt Cap.(Rs cr) 7,685
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 444.55
CLOSE 444.55
VOLUME 78326
52-Week high 470.35
52-Week low 259.60
P/E 29.93
Mkt Cap.(Rs cr) 7,685
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

EID Parry (India) Ltd. (EIDPARRY) - Auditors Report

Company auditors report

To The Members of E.I.D.- Parry (India) Limited

Report on the audit of the Standalone Indian Accounting

Standards (Ind AS) Financial Statements

Opinion

1. We have audited the accompanying standalone Ind AS financialstatements of E.I.D. - Parry (India) Limited (“the Company”) which comprise thebalance sheet as at March 31 2020 and the statement of profit and loss (including othercomprehensive loss) statement of changes in equity and statement of cash flows for theyear then ended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information.

2. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid standalone Ind AS financial statements givethe information required by the Companies Act 2013 (“the Act”) in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 312020and total comprehensive income (comprising of profit and other comprehensive loss)changes in equity and its cash flows for the year then ended.

Basis for opinion

3. We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Act. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit ofthe Standalone Ind AS Financial Statements section of our report. We are independent ofthe Company in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India together with the ethical requirements that are relevant to our auditof the standalone Ind AS financial statements under the provisions of the Act and theRules thereunder and we have fulfilled our other ethical responsibilities in accordancewith these requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

4. We draw your attention to Note 40 to the standalone Ind AS financialstatements which explains the management's assessment of the financial impact due tothe lock-downs and other restrictions and conditions related to the Covid-19 pandemicsituation for which definitive assessment of the impact in the subsequent period ishighly dependent upon the circumstances as they evolve. Further our attendance at thephysical verification of inventories done by the management was impracticable under thelockdown restriction imposed by the government and we have therefore relied on relatedalternate audit procedures to obtain comfort over the existence and condition of theinventory at the year end. Our opinion is not modified in respect of this matter.

Key audit matters

5. Key audit matters are those matters that in our professionaljudgment were of most significance in our audit of the standalone Ind AS financialstatements of the current period. These matters were addressed in the context of our auditof the standalone Ind AS financial statements as a whole and in forming our opinionthereon and we do not provide a separate opinion on these matters.

Key audit matters How our audit addressed the key audit matters
Impairment assessment of carrying value of Investment in Parry Sugars Refinery India Private Limited (PSRIPL) and carrying value of Property Plant and Equipment goodwill and intangible assets of certain factories located at various location of the Company: Our audit procedures includes the following:
• Understanding and evaluating the design and testing the operating effectiveness of key controls in relation to the impairment testing Model.
• Assessing the Model and evaluating the independence competence capabilities and objectivity of the management's valuer.
(Refer Note 2 Note 3A Note 4 and Note 5A to the standalone Ind AS financial statements)
• Assessing the historical accuracy of the Company's forecasts by comparing the forecasts used in the prior year models with the actual performance in the current year.
a) The Company's investment in PSRIPL a wholly owned subsidiary of the Company aggregates to Rs 58371 Lakhs as at March 312020.
• Testing the mathematical accuracy of the underlying calculations and agreeing the forecasts for the ensuing year with the latest Board approved budgets.
PSRIPL is engaged in the business of manufacture and sale of refined sugar. The carrying value of investment is greater than the net worth of the subsidiary as at March 31 2020 which is an indicator of potential impairment of this investment and accordingly an impairment assessment has been performed by the Management.
• Evaluating along with the auditor's experts the key assumptions such as discount rate and growth rate used in the Model.
• Performing sensitivity tests on the Model for a range of certain assumptions such as discount rate and growth rate.
• Evaluating adequacy of the disclosures made in the financial statements.
b) Certain factories of the company involved in the manufacture of sugar have been incurring losses in the past. This factor is an indicator of potential impairment of the assets of the Sugar Divisions and accordingly the Management has performed an impairment assessment for those factories that have an impairment indicator.
Based on the procedure performed we did not identify any material exceptions in the impairment assessment carried out by the management in respect of the carrying value of its investment in Parry Sugars Refinery India Private Limited and carrying value of Property Plant and Equipment goodwill and intangible assets of certain factories located at various location of the Company.
The assessment for impairment involves significant Management judgement including identification of the Cash Generating Units impairment indicators etc.
Management considers each sugar factory to be a cash generating unit (‘CGU') and has calculated its recoverable amount in accordance with Ind AS-36.
This is a key audit matter as the investment in PSRIPL and carrying value of assets of each CGU is significant to the financial statements and management/management expert judgement is required in certain key areas such as discount and growth rates in estimating future cash flows prepared by the Company (the Model) to support the carrying value of the assets.
Business application system migration to the SAP S/4 Hana System. We performed the following procedures:
• Evaluated the project governance and the management oversight of the new system implementation;
(Refer Note 54 to the standalone Ind AS financial statements)
• Evaluated the design and tested the operating effectiveness of the IT General Controls (ITGCs) business process controls (both automated and manual) and tested the completeness and accuracy of key reports in SAP ECC 6.0 for the periods between April 012019 and October 03 2019.
The company's financial reporting process is reliant on the design and operating effectiveness of its IT systems. The company used SAP ECC 6.0 as the key financial application system for the periods between April 01 2019 and October 03 2019; and migrated to SAP S/4 Hana an advanced version on October 03 2019. The company used SAP S/4 Hana as the key financial application system for the periods between October 03 2019 and March 312020.
• Evaluated the design and tested the operating effectiveness of key controls over the new system implementation which includes the overall project implementation plan; project roles and responsibilities; approval for new system requirements; testing documentation and test results; and inspection of formal sign-offs for each phase of the migration including authorization for go-live.
This is a key audit matter because migration to SAP S/4 Hana involved significant program and configuration changes; and migration of financially significant data from SAP ECC 6.0 to SAP S/4 Hana.
• Evaluated the design and tested the operating effectiveness of the ITGCs business process controls (both automated and manual) and tested the completeness and accuracy of key reports in SAP S/4 Hana for the period October 03 2019 to March 312020.
• Tested a sample of the general ledger balances balances of the modules within the financial systems from old system to the new system.
The results of the procedures performed as above supported our ability to place reliance on ITGCs business process controls (both automated and manual) and key reports in SAP ECC 6.0 and SAP S/4 Hana for the whole audit period.

Other Information

6. The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Board'sReport together with the annexure thereto Report on Corporate Governance and BusinessResponsibility Report but does not include the standalone Ind AS financial statements andour auditor's report thereon.

Our opinion on the standalone Ind AS financial statements does notcover the other information and we do not express any form of assurance conclusionthereon.

In connection with our audit of the standalone Ind AS financialstatements our responsibility is to read the other information and in doing so considerwhether the other information is materially inconsistent with the standalone Ind ASfinancial statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated. If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact.

We have nothing to report in this regard.

Responsibilities of management and those chargedwith governance for the Standalone Ind AS financial statements

7. The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation

of these standalone Ind AS financial statements that give a true andfair view of the financial position financial performance changes in equity and cashflows of the Company in accordance with the accounting principles generally accepted inIndia 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 standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

8. In preparing the standalone Ind AS financial statements managementis responsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so. The Board of Directors are alsoresponsible for overseeing the Company's financial reporting process.

Auditor's responsibilities for the audit ofthe Standalone Ind AS financial statements

9. Our objectives are to obtain reasonable assurance about whether thestandalone Ind AS financial statements as a whole are free from material misstatementwhether due to fraud or error and to issue an auditor's report that includes ouropinion. Reasonable assurance is a high level of assurance but is not a guarantee that anaudit conducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone Ind AS financialstatements.

10. As part of an audit in accordance with SAs we exerciseprofessional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thestandalone Ind AS financial statements whether due to fraud or error design and performaudit procedures responsive to those risks and obtain audit evidence that is sufficientand appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• 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 Act we are also responsible for expressing our opinion onwhether the company has adequate internal financial controls with reference to financialstatements in place and 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 thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report.

However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of thestandalone Ind AS financial statements including the disclosures and whether thefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

11. 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.

12. We also provide those charged with governance with a statement thatwe have 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.

13. From the matters communicated with those charged with governancewe determine those matters that were of most significance in the audit of the standaloneInd AS financial statements of the current period and are therefore the key audit matters.We describe these matters in our auditor's report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on other legal and regulatory requirements

14. 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 give in the Annexure B a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

15. 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 havebeen kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss (includingother comprehensive loss) the Statement of Changes in Equity and Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone Ind AS financialstatements comply with the Indian Accounting Standards specified under Section 133 of theAct.

(e) On the basis of the written representations received from thedirectors as on March 312020 taken on record by the Board of Directors none of thedirectors are disqualified as on March 312020 from being appointed as a director in termsof Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controlswith reference to financials statements of the Company and the operating effectiveness ofsuch controls refer to our separate Report in “Annexure A”.

(g) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact if any of pending litigationson its financial position in its standalone Ind AS financial statements - Refer Note 53 tothe standalone Ind AS financial statements.

ii. The Company has made provisions as required under the applicablelaw or accounting standards for material foreseeable losses if any on long-termcontracts including derivative contracts - Refer Note 21 to the standalone Ind ASfinancial statements.

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

iv. The reporting on disclosures relating to Specified Bank Notes isnot applicable to the Company for the year ended March 312020.

16. The Company has paid/ provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Chartered Accountants
Baskar Pannerselvam
Partner
Membership Number: 213126
UDIN No: 20213126AAAADD4922
Place: Chennai
Date: June 112020

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in paragraph 15(f) of the IndependentAuditor's Report of even date to the members of E.I.D.-Parry (India) Limited on thestandalone Ind AS financial statements as of and for the year ended March 312020.

Report on the Internal Financial Controls withreference to financial statements under Clause (i) of Sub-section 3 of Section

143 of the Act

1. We have audited the internal financial controls with reference tofinancial statements of E.I.D. - Parry (India) Limited (“the Company”) as ofMarch 312020 in conjunction with our audit of the standalone Ind AS financial statementsof the Company for the year ended on that date.

Management's Responsibility for InternalFinancial Controls

2. 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 (ICAI).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditor's Responsibility

3. Our responsibility is to express an opinion on the Company'sinternal financial controls with reference to financial statements based on our audit. Weconducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting (the “Guidance Note”) and the Standards onAuditing deemed to be prescribed under section 143(10) of the Act to the extent applicableto an audit of internal financial controls both applicable to an audit of internalfinancial controls and both issued by the ICAI. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls with reference tofinancial statements was established and maintained and if such controls operatedeffectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls system with reference to financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to financial statements included obtaining an understanding of internalfinancial controls with reference to 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 financial statements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system with reference to financial statements.

Meaning of Internal Financial Controls withreference to financial statements

6. A company's internal financial controls with reference tofinancial statements is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles. Acompany's internal financial controls with reference to financial statements includesthose policies and procedures that (1) pertain to the maintenance of records that inreasonable detail accurately and fairly reflect the transactions and dispositions of theassets of the company; (2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could havea material effect on the financial statements.

Inherent Limitations of Internal FinancialControls with reference to financial statements

7. Because of the inherent limitations of internal financial controlswith reference to financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to financial statements to future periods are subject to the riskthat the internal financial controls with reference to financial statements may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects anadequate internal financial controls system with reference to financial statements andsuch internal financial controls with reference to financial statements were operatingeffectively as at March 312020 based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India. Also refer paragraph4 of the main audit report.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Chartered Accountants
Baskar Pannerselvam
Partner
Membership Number: 213126
UDIN No: 20213126AAAADD4922
Place: Chennai
Date: June 112020

ANNEXURE B TO INDEPENDENT AUDITOR'S REPORT

Referred to in paragraph 14 of the IndependentAuditor's Report of even date to the members of E.I.D.-Parry (India) Limited on thestandalone Ind AS financial statements as of and for the year ended March 312020

i. (a) The Company is maintaining proper records showing fullparticulars including quantitative details and situation of property plant andequipment and intangible assets.

(b) The property plant and equipment are physically verified by theManagement according to a phased programme designed to cover all the items over a periodof three years which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. Pursuant to the programme a portion of theproperty plant and equipment has been physically verified by the Management during theyear and no material discrepancies have been noticed on such verification.

(c) According to the information and explanations given to us and basedon the examination of the registered title deeds provided to us we report that the titledeeds of all the immovable properties of land and buildings as disclosed in Note 2 3 and14 to the standalone Ind AS financial statements are held in the name of the Company as atthe Balance Sheet date other than those immovable properties which are yet to beregistered in the name of the company consequent to the Scheme of Arrangement(Demerger) ofHaliyal and Sankili units of Parry Sugar Industries Limited with the Company and Scheme ofAmalgamation of Sadashiva Sugars Limited with the Company.

Immovable properties of land and buildings whose title deeds have beenpledged as security for loans guarantees etc. are held in the name of the Company as perthe Memorandum of Entry executed by the Company and confirmed by the banker as on thebalance sheet date. In respect of immovable properties of land and building that have beentaken on lease and included in Investment Property or Right-of-use Assets in the financialstatement the lease agreements are in the name of the Company where the Company is alessee in the agreement.

ii. The physical verification of inventory excluding stock with thirdparties have been conducted at reasonable intervals by the Management during the year (insome of the locations post the year end consequent to COVID-19 lock down). In respect ofinventory lying with third parties these have substantially been confirmed by them.Thediscrepancies noticed on physical verification of inventory as compared to book recordswere not material. Our attendance at the physical inventories done by the management wasimpracticable under the lockdown restriction imposed by the government and we havetherefore relied on related alternate audit procedures to obtain comfort over theexistence and condition of the inventory at the year end. Our opinion is not modified inrespect of this matter.

iii. The Company has not granted any loans secured or unsecured tocompanies firms Limited Liability Partnerships or other parties covered in the registermaintained under Section 189 of the Act. Therefore the provisions of Clause 3(iii)(iii)(a) (iii)(b) and (iii)(c) of the said Order are not applicable to the Company.

iv. In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Section 185 and 186 of theCompanies Act 2013 in respect of the loans and investments made and guarantees andsecurities provided by it.

v. The Company has not accepted any deposits from the public within themeaning of Sections 73 74 75 and 76 of the Act and the Rules framed there under to theextent notified.

vi. Pursuant to the rules made by the Central Government of India theCompany is required to maintain cost records as specified under Section 148(1) of the Actin respect of its products. We have broadly reviewed the same and are of the opinionthat prima facie the prescribed accounts and records have been made and maintained. Wehave not however made a detailed examination of the records with a view to determinewhether they are accurate or complete.

vii. (a) According to the information and explanations given to us andthe records of the Company examined by us in our opinion the Company is generallyregular in depositing undisputed statutory dues in respect of provident fund andprofessional tax though there has been a slight delay in a few cases and is regular indepositing undisputed statutory dues including employeesRs state insurance income taxsales tax service tax duty of customs duty of excise value added tax cess goods andservice tax and other material statutory dues as applicable with the appropriateauthorities. Also refer Note 29 to the standalone Ind AS financial statements regardingmanagement's assessment on certain matters relating to provident fund.

(b) According to the information and explanations given to us and therecords of the Company examined by us the particulars of dues of income tax sales taxservice tax and duty of excise duty and value added tax as at March 312020 which have notbeen deposited on account of a dispute are as follows:

Name of the statute Nature of dues Amount (In Lakh)* Period to which the amount relates Forum where the dispute is pending
The Finance Act1994 Service Tax 164 2005-06 to 2016-17 Central Excise and Service Tax Appellate Tribunal
The Central Excise Act 1944 Excise duty 1250 1977-78 2004-2017 Assistant Commissioner

Commissioner (Appeals)/CESTAT/

Honorable High Court/Honorable Supreme Court

Sales Tax Act of various states/ Central Sales Tax Act 1956 Sales Tax 264 1981-2016 Deputy Commissioner/ Joint Commissioner/ Tribunal/High Court/ Honorable Supreme court
Income Tax Act 1961 Income Tax dues 7870 1984-85 to 2016-17 Income Tax Appellate Tribunal / CIT Appeals / Honorable High Court

*net of amount paid under protest

viii. According to the records of the Company examined by us and theinformation and explanation given to us the Company has not defaulted in repayment ofloans or borrowings to any financial institution or bank or Government or dues todebenture holders as at the balance sheet date.

ix. In our opinion and according to the information and explanationsgiven to us the moneys raised by way of term loans have been applied for the purposes forwhich they were obtained. The Company has not raised any moneys by way of initial publicoffer further public offer (including debt instruments).

x. During the course of our examination of the books and records of theCompany carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanations given to us we have neither comeacross any instance of material fraud by the Company or on the Company by its officers oremployees noticed or reported during the year nor have we been informed of any such caseby the Management.

xi. The Company has paid/ provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act.

xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014are not applicable to it the provisions of Clause 3(xii) of the Order are not applicableto the Company.

xiii. The Company has entered into transactions with related parties incompliance with the provisions of Sections 177 and 188 of the Act. The details of suchrelated party transactions have been disclosed in the Ind AS financial statements asrequired under Indian Accounting Standard (Ind AS) 24 Related Party Disclosures specifiedunder Section 133 of the Act.

xiv. The Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of Clause 3(xiv) of the Order are not applicable tothe Company.

xv. The Company has not entered into any non cash transactions with itsdirectors or persons connected with him. Accordingly the provisions of Clause 3(xv) ofthe Order are not applicable to the Company.

xvi. The Company is not required to be registered under Section 45-IAof the Reserve Bank of India Act 1934. Accordingly the provisions of Clause 3(xvi) ofthe Order are not applicable to the Company.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Chartered Accountants
Baskar Pannerselvam
Partner
Membership Number: 213126
UDIN No: 20213126AAAADD4922
Place: Chennai
Date: June 11 2020

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