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Flexituff Ventures International Ltd.

BSE: 533638 Sector: Industrials
NSE: FLEXITUFF ISIN Code: INE060J01017
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OPEN 13.59
PREVIOUS CLOSE 13.38
VOLUME 311
52-Week high 13.65
52-Week low 3.09
P/E
Mkt Cap.(Rs cr) 33
Buy Price 12.40
Buy Qty 100.00
Sell Price 13.30
Sell Qty 129.00
OPEN 13.59
CLOSE 13.38
VOLUME 311
52-Week high 13.65
52-Week low 3.09
P/E
Mkt Cap.(Rs cr) 33
Buy Price 12.40
Buy Qty 100.00
Sell Price 13.30
Sell Qty 129.00

Flexituff Ventures International Ltd. (FLEXITUFF) - Auditors Report

Company auditors report

To the Members of Flexituff Ventures International Limited (formerly known as FlexituffInternational Limited)

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of Flexituff Ventures InternationalLimited [formerly known as Flexituff International Limited] ("theCompany")which comprise the balance sheet as at March 31 2019 and the statement ofProfit and Loss statement of changes in equity and statement of cash flows for the yearthen ended and notes to the standalone financial statements including a summary ofsignificant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013("the Act') in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2019 and loss changes in equityand itscash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Standalone FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethicsissued by the Institute of Chartered Accountants of India (ICAI) togetherwith the ethical requirements that are relevant to our audit of the standalone financialstatements under the provisions of the Act and the Rules the reunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and theCode of Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion.

Key Audit Matters

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

Key Audit Matters How was the Key Audit Matter addressed in the audit
Impairment of Cash Generating Unit (CGU): Our Audit procedures in respect of this area included:
(Refer Note 2.5 of the standalone financial statements)
The Kashipur cluster has significant tangible and intangible asset base. There is a risk that this cash generating unit ('CGU') may not achieve the anticipated business performance to support its carrying value leading to an impairment charge. Significant judgement is required in forecasting the future cash flows of CGU together with the rate at which they are discounted which have an element ofinherent risk. • Understand the commercial prospects of the assets and the methodology applied by the management in performing its impairment test for the CGU;
• Assessed the Management's valuation assumptions for the cash flow projections such as discount rates future sales growth and EBITDA margins;
Due to the significant judgement involved in determining key assumptions such as future sales growth EBITDA margins and discount rates and the magnitude of the assets under consideration we have considered this as a Key Audit Matter. • Assessed the inputs based on insights experience and reviewed the discount rate applied with the assistance of the valuation experts;
• Verified the mathematical accuracy and performed sensitivity analysis on the Company's forecasts and determined whether adequate headroom remained.
Utilisation of Minimum Alternate Tax Credit recognised in the books: Our Audit procedures in respect of this area included:
(Refer Note 2.10 3.1 (a) and 37 of the standalone financial statements) Evaluated management's assumptions and key estimates with respect to the projections supporting sufficient future taxable profit in order to support the carry forward of MAT credit asset.
Minimum Alternate Tax (MAT) credit is recognised only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. Such asset is reviewed at each Balance Sheet date and the carrying amount of the MAT credit asset is written down

to the extent there is no longer a convincing evidence to the effect that the Companywill pay normal income tax during the specified period.

There is inherent uncertainty involved in forecasting future taxable profits whichdetermines the extent to which MAT credit asset is recognised and carried forward.

We have considered this as Key Audit Matter due to the uncertainty and managementestimation involved in assessing the future taxable profits.

Information Other than the Standalone Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the directors' report corporate governance report and managementdiscussion and analysis report (together referred to as 'Other Information') but does notinclude the standalone financial statements and our auditor's report thereon.

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

In connection with our audit of the standalone financial statements our responsibilityis to read the other information identified above when it becomes available and in doingso consider whether the other information is materially inconsistent with the standalonefinancial statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated. 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. Wehave nothing to report in this regard.

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

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance changesinequity and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under section133 of the Act. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of 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 standalone financial statement that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the standalone financial statements the Board of Directors is responsiblefor assessing the Company's abilityto continue as a going concern disclosing asapplicable matters related to going concern and usingthe going concern basis ofaccounting unless the Board of Directors either intends to liquidate the Company or tocease operations or has no realistic alternative 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 the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial 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 standalone financial statements.

We give in "Annexure A" a detailed description of Auditor's responsibilitiesfor Audit of the Standalone Financial Statements.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we givein"Annexure B" a statement on the matters specified inparagraphs 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 faras it appears from our examination ofthose books.

(c) The Balance Sheet the Statement of Profit and Loss the Statement of Changes inEquity and the Cash Flow Statement dealt with bythis Report are in agreement with thebooks of account.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on March312019 taken on record by the Board of Directors none of the directors is disqualifiedas on March 312019 from being appointed as a director in terms of Section 164 (2) of theAct.

(f) With respect tothe adequacy of the internal financial controls with reference tostandalone financial statements of the Company and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure C"

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of ourinformation and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition inits standalone financial statements - Refer Note 39 to the standalone financialstatements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

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

3. As required by The Companies (Amendment) Act 2017 in our opinion according toinformation explanations given to us the remuneration paid by the Company to itsdirectors is within the limits laid prescribed under Section 197 of the Act and the rulesthereunder.

For MSKA & Associates For Kailash Chand Jain & Co.
Chartered Accountants Chartered Accountants
ICAI Firm Registration ICAI Firm Registration
No.105047W No. 112318W
Amrish Vaidya Rajeev Kumar Dubey
Partner Partner
Membership No.: 101739 Membership No.: 407139
Place: Pithampur Place: Pithampur
Date: May 24 2019 Date: May 24 2019

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT ON EVEN DATE ON THE STANDALONEFINANCIALSTATEMENTS OF FLEXITUFF VENTURES INTERNATIONAL LIMITED (FORMERLY KNOWN AS FLEXITUFFINTERNATIONAL LIMITED)

Auditor's Responsibilities for the Audit of the Financial Statements

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

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

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the company hasinternal financial controls with reference to financial statements in place and theoperating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of 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 financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

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 relevantethical requirements regarding independence and to communicate with them allrelationships andother matters that may reasonably be thought to bear on our independenceand where applicablerelated safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are there fore 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 adversec on sequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

For MSKA & Associates For Kailash Chand Jain & Co.
Chartered Accountants Chartered Accountants
ICAI Firm Registration ICAI Firm Registration
No.105047W No. 112318W
Amrish Vaidya Rajeev Kumar Dubey
Partner Partner
Membership No.: 101739 Membership No.: 407139
Place: Pithampur Place: Pithampur
Date: May 24 2019 Date: May 24 2019

ANNEXURE B TO INDEPENDENT AUDITORS' REPORT OF EVEN DATE ON THE STANDALONE FINANCIALSTATEMENTS OF FLEXITUFF VENTURES INTERNATIONAL LIMITED (FORMERLY KNOWN AS FLEXITUFFINTERNATIONAL LIMITED) FOR THE YEAR ENDED MARCH 31 2019

[Referred to in paragraph under 'Report on Other Legal and Regulatory Requirements' inthe Independent Auditors'

Report]

i. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets (Property Plant and Equipment).

(b) All the fixed assets (Property Plant and Equipment) have not been physicallyverified by the management during the year but there is a regular program of verificationwhich in our opinion is reasonable having regard to the size of the Company and thenature of its assets. No material discrepancies were noticed on such verification.

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

ii. The inventory (excluding stocks with third parties) has been physically verified bythe management during the year. In respect of inventory lying with third parties thesehave substantially been confirmed by them. In our opinion the frequency of verificationis reasonable. No material discrepancies were noticed on verification between the physicalstocks and the book records.

iii. The Company has granted loans secured or unsecured to Companies LimitedLiability Partnerships (LLP) and Joint Ventures covered in the register maintained undersection 189 of the Companies Act 2013 ('the Act').

(a) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the rate of interest and other terms andconditions on which the loans have been granted to the Companies LLPs and Joint Ventureslisted in the register maintained under Section 189 of the Act are not prima facieprejudicial to the interest of the Company.

(b) In case of the loans granted to the Companies LLPs Joint Ventures listed in theregister maintained under section 189 of the Act schedule of repayment of principal andpayment of interest have been stipulated and the borrowers have been regular in thepayment of the principal and interest.

(c) There are no amounts overdue for more than ninety days in respect of the loangranted to Companies LLPs Joint Ventures listed in the register maintained under section189 of the Act.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act in respect ofloans investments guarantees and security made.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of Sections 7374 75 and 76 of the Act and the rules framed there under.

vi. The provisions of sub-section (1) of section 148 of the Act are not applicable tothe Company as the Central Government of India has not specified the maintenance of costrecords for any of the products of the Company. Accordingly the provisions stated inparagraph 3 (vi) of the Order are not applicable to the Company.

vii.(a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is generally regular in depositingwith appropriate authorities undisputed statutory dues including provident fundemployees' state insurance income-tax goods and service tax duty of customs cess andany other statutory dues applicable to it.

According to the information and explanations given to us and the records of theCompany examined by us in our opinion no undisputed statutory dues including providentfund employees' state insurance income-tax goods and service tax duty of customs cessand any other statutory dues were in arrears as at March 31 2019 for a period of morethan six months from the date they became payable.

(b) According to the information and explanation given to us and examination of recordsof the Company the outstanding dues of income-tax goods and service tax customs dutycess and any other statutory dues on account of any dispute are as follows:

(Amount in Million)
Name of the statute Nature of dues Amount Demanded Amount Paid Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income tax penalty and interest there on 10.12 - AY 2003 - 04 Honorable Madhya Pradesh High Court
16.70 14.95 AY 2005-06 to AY 2007-08 AY 2010-11 and AY 2012-13 to AY 2016-17 Appellate Authority Commissioner's Level
76.69 28.97 AY 2004-05 AY 2005-06 and AY 2012-13 Income Tax Appliate Tribunal
Central Sales Tax Act 1956 Sales Tax 1.61 - FY 2010-11 to 2015-16 Appellate Authority - Additional Commissioner of Commercial Tax Indore Division
0.10 - FY 2006-07 and FY 2009-10 Appellate Board M.P. Tax Tribunal Bhopal
32.29 9.33 FY 2009-10 to 2014-15 Appellate Authority - Commissioner's Level Haldwani
M.P. Commercial Tax 1994 Sales Tax 8.13 2.73 FY 2006-07 and FY 2009-10 Appellate Board M.P. Tax Tribunal Bhopal
4.33 1.22 FY 2011-12 2013-14 2015-16 and 2016-17 Appellate Authority - Additional Commissioner of Commercial Tax Indore Division
M.P. Entry Tax Act 1976 Entry Tax 13.52 6.01 FY 2006 - 07 to FY 2009 - 10 Appellate Board M.P. Tax Tribunal Bhopal
0.38 0.09 FY 2010 - 11 Appellate Authority - Additional Commissioner of Commercial Tax Indore Division
Uttarakhand VAT Act 2005 Sales Tax 11.82 8.92 FY 2012 - 13 to FY 2014 - 15 and FY 2016 - 17 Appellate Authority - Commissioner's Level - Haldwani
Customs Act 1962 Custom Duty penalty and interest thereon 0.96 0.35 FY 2004 -05 Custom Excise and Service Tax Appellate Tribunal Kandla
Central Excise Act 1944 Excise Duty penalty and interest thereon 11.82 - FY 2015-16 Custom Excise and Service Tax Appellate Tribunal New Delhi

viii. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to the financial institution bank ordebenture holders except for in the following cases the details of which are as follows:

(Amount in Million)
Particulars Amount of default as at March 31 2019 Period of default from
Name of the lenders in case of:
Financial Institution:
1. KKR India Financial Services Private Limited 99.90 February 28 2019
2. IFCI Limited 25.00 March 15 2019
3. IFCI Venture Capital Funds Ltd. 7.58 February 28 2019
4. IFCI Venture Capital Funds Ltd. 7.58 March 31 2019
5. International Finance Corporation 622.54 January 31 2019
Bank:
Central Bank of India 12.50 March 31 2019

ix. In our opinion according to the information explanation provided to us moneyraised by way of term loans during the year have been applied for the purpose for whichthey were raised. The Company does not have any outstanding debentures during the year.

x. During the course of our audit examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employees.

xi. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/ provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly the provisions stated in paragraph 3(xii) ofthe Order are not applicable to the Company.

xiii. 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.

xiv. 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 convertible debentures duringthe year. Accordingly the provisions stated in paragraph 3 (xiv) of the Order are notapplicable to the Company.

xv. 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. Accordingly provisions statedin paragraph 3(xv) of the Order are not applicable to the Company.

xvi.In our opinion the Company is not required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions stated in paragraphclause 3 (xvi) of the Order are not applicable to the Company.

For MSKA & Associates For Kailash Chand Jain & Co.
Chartered Accountants Chartered Accountants
ICAI Firm Registration ICAI Firm Registration
No.105047W
No. 112318W
Amrish Vaidya Rajeev Kumar Dubey
Partner Partner
Membership No.: 101739 Membership No.: 407139
Place: Pithampur Place: Pithampur
Date: May 24 2019 Date: May 24 2019

ANNEXURE C TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONE FINANCIALSTATEMENTS OF FLEXITUFF VENTURES INTERNATIONAL LIMITED (FORMERLY KNOWN AS FLEXITUFFINTERNATIONL LIMITED)

[Referred to in paragraph 2 (f) under 'Report on Other Legal and RegulatoryRequirements' in the IndependentAuditors' 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 with reference to standalone financialstatements of Flexituff Ventures International Limited [formerly known as FlexituffInternational Limited] ("the Company") as of March 31 2019 in conjunction withour audit of the standalone 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 with reference to standalone financialstatements 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) (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 internal financialcontrols with reference to standalone financial statements based on our audit. Weconducted our audit in accordance with the Guidance Note and the Standards on Auditingissued by ICAI and deemed to be prescribed under section 143(10) of the Act to the extentapplicable to an audit of internal financial controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether internal financial controls with reference tostandalone financial statements was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the internalfinancial controls with reference to standalone financial statements and their operatingeffectiveness. Our audit of internal financial controls with reference to standalonefinancial statements included obtaining an understanding of internal financial controlswith reference to standalone financial statements assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor's judgement including the assessment of the risks of material misstatement of thestandalone 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 withreference to standalone financial statements.

Meaning of Internal Financial Controls with Reference to

Standalone Financial Statements

A Company's internal financial control with reference to standalone financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of standalone financial statements for externalpurposes in accordance with generally accepted accounting principles. A Company's internalfinancial control with reference to standalone financial statements includes thosepolicies and procedures that (1) pertain to the maintenance of records that in reasonabledetail accurately and fairly reflect the transactions and dispositions of the assets ofthe company; (2) provide reasonable assurance that transactions are recorded as necessaryto permit preparation of standalone financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors of thecompany; and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the standalone financial statements.

Inherent Limitations of Internal Financial Controls with Reference to StandaloneFinancial Statements

Because of the inherent limitations of internal financial controls with reference tostandalone 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 standalone financial statements to future periods are subjectto the risk that the internal financial control with reference to standalone financialstatements may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an internal financialcontrols with reference to standalone financial statements and such internal financialcontrols with reference to standalone financial statements were operating effectively asat March 31 2019 based on the internal control with reference to standalone financialstatements criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note.

For MSKA & Associates For Kailash Chand Jain & Co.
Chartered Accountants Chartered Accountants
ICAI Firm Registration ICAI Firm Registration
No.105047W
No. 112318W
Amrish Vaidya Rajeev Kumar Dubey
Partner Partner
Membership No.: 101739 Membership No.: 407139
Place: Pithampur Place: Pithampur
Date: May 24 2019 Date: May 24 2019