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IFGL Refractories Ltd.

BSE: 540774 Sector: Engineering
NSE: IFGLEXPOR ISIN Code: INE133Y01011
BSE 00:00 | 30 Oct 142.90 0.85
(0.60%)
OPEN

145.50

HIGH

145.50

LOW

139.00

NSE 00:00 | 30 Oct 141.55 -1.25
(-0.88%)
OPEN

144.05

HIGH

146.85

LOW

138.35

OPEN 145.50
PREVIOUS CLOSE 142.05
VOLUME 3418
52-Week high 193.00
52-Week low 64.10
P/E 15.57
Mkt Cap.(Rs cr) 515
Buy Price 136.10
Buy Qty 100.00
Sell Price 142.90
Sell Qty 200.00
OPEN 145.50
CLOSE 142.05
VOLUME 3418
52-Week high 193.00
52-Week low 64.10
P/E 15.57
Mkt Cap.(Rs cr) 515
Buy Price 136.10
Buy Qty 100.00
Sell Price 142.90
Sell Qty 200.00

IFGL Refractories Ltd. (IFGLEXPOR) - Auditors Report

Company auditors report

TO THE MEMBERS OF

IFGL REFRACTORIES LIMITED (Formerly known as IFGL EXPORTS LIMITED)

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying Standalone Financial Statements of IFGL RefractoriesLimited (Formerly known as IFGL Exports Limited) ("the Company") which comprisethe Balance Sheet as at 31st March 2019 and the Statement of Profit and Loss (includingOther Comprehensive Loss) the Cash Flow Statement and the Statement of Changes in Equityfor the year then ended and a summary of significant accounting policies and otherexplanatory 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 trueand fair view in conformity with the Indian Accounting Standards prescribed under Section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at 31st March 2019 and its Profit OtherComprehensive Loss its Cash Flows and the Changes in Equity for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibility for the Audit of the Standalone Financial Statements section of our report.We are independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India (ICAI) together with the ethical requirementsthat are relevant to our audit of the Standalone Financial Statements under the provisionsof the Act and the Rules made thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics. Webelieve that the audit evidence obtained by us is sufficient and appropriate to provide abasis for our audit opinion on the Standalone Financial Statements. Emphasis of Matter

We draw attention to Note 37 to the Standalone Ind AS Financial Statements relating toamalgamation of the erstwhile IFGL Refractories Limited with the Company with effect from1st April 2016 following Scheme of Amalgamation approved by the Hon'ble National CompanyLaw Tribunal Kolkata Bench (NCLT) vide its Order dated 3rd August 2017 pursuant toSections 230 and 232 of the Companies Act 2013 which was accounted under the 'PurchaseMethod' as per Accounting Standard 14 - Accounting for Amalgamations (AS-14). Accordinglythe Company had recognised goodwill on amalgamation aggregating to ' 26699 lacs which isbeing amortised over a period of 10 years. This accounting treatment is different fromthat prescribed under Indian Accounting Standard (Ind AS) 103 - 'Business Combinations'for business combination of entities under common control.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgement 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 a separateopinion on these matters. We have determined the matters described below to be the keyaudit matters to be communicated in our report.

Key Audit Matter Auditor's Response
1. Revenue Recognition : Principal audit procedures performed :
The Company recognises revenue when control has been transferred to the customer as detailed out in the accounting policy Note 2.12. The Company has varied contract terms with customers for export sales. There is a risk of inappropriate revenue recognition if deliverables are recorded in the incorrect period or revenue is not accounted for in line with contractual terms with customers. The key audit matter focusses on recognition of revenue by reference to contracted shipping terms and the transfer of ownership for product and delivery spanning the year end. We obtained and understood controls instituted by the management to determine the appropriateness of revenue recorded at the period end and to ensure cut-off. We performed test of details for revenue transactions to confirm the revenue transactions have been appropriately recorded in the Statement of Profit and Loss and verified the underlying documents to establish that the control of the products have transferred to the customers.
2. Goodwill arising on merger : Principal audit procedures performed :
The Company had recognised Goodwill amounting to ' 26699 lacs on account of merger of erstwhile IFGL Refractories Limited with the Company as approved by the Hon'ble National Company Law Tribunal Kolkata Bench vide Order dated 3rd August 2017. The goodwill so recognised is being amortised over a period of 10 years. The carrying value of the goodwill as on 31st March 2019 is ' 18689 lacs. There is a risk that Cash Generating Units (CGUs) may not achieve the anticipated business performance to support We obtained an understanding of controls instituted by the management to assess impairment indicators and tested the operation of the management controls over the impairment assessment process and preparation of impairment workings. Our audit procedures included challenging management on the appropriateness of the impairment models and reasonableness of the assumptions used and appropriateness of methodology used and assumptions made for determining the fair value of assets by performing the following :
the carrying value of these asset leading to an impairment charge that has not been recognised by the management. Significant management judgements and estimations are Assessing the reliability of cash flow forecasts and coherence with market trend through a review of actual past performance and comparison to previous forecasts;
required in assessing the future cash flows of the CGUs. Testing the mathematical accuracy and performed sensitivity analysis in order to assess the potential impact of changes in the inputs used on the recoverable amount;
Performing a detailed analysis of the revenue and cost projections and various assumptions relating to revenue growth and raw material cost estimations comparing the future revenue projections and raw material cost projections based on the past actual figures to understand the appropriateness of the management estimates.

Information Other than the Financial Statements and Auditor's Report thereon

• The Company's Board of Directors is responsible for the other information. Theother information comprises the Directors' cum Management Discussion and Analysis Reportbut does not include the Standalone Financial Statements and our Auditor's Report thereon.

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

• In connection with our audit of the Standalone Financial Statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the Standalone Financial Statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated.

• Based on the work we have performed we conclude that we have nothing to reportin this regard.

Management's Responsibility for the Standalone Financial 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 includingOther Comprehensive Income Cash Flows and Changes in Equity of the Company in accordancewith the Ind AS and other accounting principles generally accepted in India. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgements 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 FinancialStatement that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

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

Those Board of Directors are also responsible for overseeing the Company's FinancialReporting process.

Auditor's Responsibility 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.

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

• Identify and assess the risks of material misstatement of the StandaloneFinancial Statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of Internal Financial Control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under Section143(3)(i) of the Act 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 reasonablenessof accounting estimates and related disclosures made by the 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 Standalone Financial Statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourAuditor'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 the StandaloneFinancial Statements including the disclosures and whether the Standalone FinancialStatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the Standalone Financial Statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the Standalone Financial Statements may be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work and (ii) to evaluate the effect ofany identified misstatements in the Standalone 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 them allrelationships and other matters that may reasonably be thought to bear on our independenceand where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Standalone Financial Statementsof the current period and are therefore the key audit matters. We describe these mattersin our Auditor's Report unless law or regulation precludes public disclosure about thematter or when 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 Section 143(3) of the Act based on our audit we report to theextent applicable 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 the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid Standalone Financial Statements comply with the Ind ASspecified under Section 133 of the Act.

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 terms of Section164(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 A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's Internal Financial Controls overFinancial Reporting.

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 refer toClause (xi) of our separate Report in "Annexure B".

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 as amended inour opinion and to the best of our information and according to the explanations given tous :

i. The Company has disclosed the impact of pending litigations on its financialposition in Note 32 of the Standalone Financial Statements.

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.

2. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

For DELOITTE HASKINS & SELLS
Chartered Accountants
(Firm's Registration No. 302009E)
Abhijit Bandyopadhyay
Kolkata Partner
11th May 2019 (Membership No. 054785)

Annexure 'A' to the Independent Auditor's Report

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

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

We have audited the Internal Financial Controls over Financial Reporting of IFGLRefractories Limited (Formerly known as IFGL Exports Limited) ("the Company") asof 31st March 2019 in conjunction with our audit of the Standalone Ind AS FinancialStatements of the Company for the year ended on that date.

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 Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India(ICAI). These responsibilities include the design implementation and maintenance ofadequate Internal Financial Controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to Company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation of reliableFinancial Information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's Internal FinancialControls over Financial Reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note and the Standards on Auditing prescribed underSection 143(10) of the Companies Act 2013 to the extent applicable to an audit ofInternal Financial Controls. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate Internal Financial Controls over Financial Reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe Internal Financial Controls system over Financial Reporting and their operatingeffectiveness. Our audit of Internal Financial Controls over Financial Reporting includedobtaining an understanding of Internal Financial Controls over Financial Reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of Internal Control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial 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 Statements for 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the Assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of Financial Statements inaccordance with Generally Accepted Accounting Principles and that receipts andexpenditures of the Company are being made only in accordance with authorisations ofManagement and Directors of the Company and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of theCompany's Assets that could have a material effect on the Financial Statements.

Inherent Limitations of Internal Financial Controls over 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.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate Internal Financial Controlssystem over Financial Reporting and such Internal Financial Controls over FinancialReporting were operating effectively as at 31st March 2019 based on the Internal Controlover Financial Reporting criteria established by the Company considering the essentialcomponents of Internal Control stated in the Guidance Note.

For DELOITTE HASKINS & SELLS
Chartered Accountants
(Firm's Registration No. 302009E)
Abhijit Bandyopadhyay
Kolkata Partner
11th May 2019 (Membership No. 054785)

Annexure 'B' to the Independent Auditor's Report

(Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements'section of our Report of even date)

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

b) The Property Plant and Equipment were physically verified during the year by themanagement in accordance with a regular programme of verification which in our opinionprovides for physical verification of all the Property Plant and Equipment at reasonableintervals. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification.

c) With respect to immovable properties of acquired Land and Building that arefreehold according to the information and explanations given to us and the recordsexamined by us and based on the examination of the registered conveyance deed/ ordersapproving schemes of arrangements provided to us we report that the title deeds of suchimmovable properties are held in the name of the Company as at the Balance Sheet date. Inrespect of immovable properties of Leasehold Lands which have been taken on lease andBuildings constructed by the Company at its own cost on such Leasehold Lands and disclosedas prepaid lease payments in the Standalone Financial Statements the lease agreements arein the name of the Company where the Company is the lessee in the agreement.

ii) As explained to us the Inventories were physically verified during the year by theManagement at reasonable intervals and no material discrepancies were noticed on suchphysical verification.

iii) The Company has not granted any loans secured or unsecured to Companies FirmsLimited Liability Partnerships or other parties covered in the register maintained underSection 189 of the Companies Act 2013.

iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Companies Act2013 in respect of grant of Loans making Investments and providing Guarantees andSecurities as applicable.

v) According to the information and explanations given to us the Company has notaccepted any deposit during the year and has no unclaimed deposits at the beginning of theyear as per the provisions of Sections 73 to 76 or any other relevant provisions of theCompanies Act 2013.

vi) The maintenance of cost records has been specified by the Central Government underSection 148(1) of the Companies Act 2013 (for manufacture and sale of certain castablematerials). We have broadly reviewed the cost records maintained by the Company pursuantto the Companies (Cost Records and Audit) Rules 2014 as amended and prescribed by theCentral Government under sub-section (1) of Section 148 of the Companies Act 2013 and areof the opinion that prima facie the prescribed cost records have been made andmaintained. We have however not made a detailed examination of the cost records with aview to determine whether they are accurate or complete.

vii) According to the information and explanations given to us in respect of StatutoryDues :

a) The Company has been regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income Tax Goods and Service Tax CustomsDuty Cess and other material statutory dues applicable to it to the appropriateauthorities.

b) There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income Tax Goods and Service Tax Customs Duty Cess and other materialstatutory dues in arrears as at 31st March 2019 for a period of more than six months fromthe date they became payable.

c) Details of dues of Income Tax Sales Tax and Service Tax which have not beendeposited as on 31st March 2019 on account of disputes are given below :

Name of Statute Nature of Dues Forum where Dispute is pending Period to which the amount relates Amount involved (Rs. in lacs) Amount unpaid (Rs. in lacs)
Sales Tax
Central Sales Tax Act 1956 Sales Tax Sales Tax Tribunal 1995-1996 5.14 1.14
Sales Tax Additional Commissioner of Sales Tax 1997-1998 1.97 0.47
Sales Tax Assistant Commissioner of Sales Tax 2003-2004 0.25 0.25
Sales Tax Additional Commissioner of Sales Tax 1st July 2006 to 31st March 2011 24.04 8.49
Sales Tax Additional Commissioner of Sales Tax 2014-2015 1.07 0.85
Sales Tax Additional Commissioner of Sales Tax 1st October 2015 to 31st March 2016 43.45 39.11
Sales Tax Additional Commissioner of Sales Tax 1st April 2016 to 30th June 2017 111.89 100.70
Sales Tax
Orissa Sales Tax Act 1947 Sales Tax Sales Tax Tribunal 1996-1997 and 1997-1998 39.91 39.91
Sales Tax High Court 1999-2000 2.02 0.11
Total 229.74 191.03
Service Tax
Service Tax Rules 1994 Service Tax Joint Commissioner of Central Excise Customs & Service Tax 2006-2007 1.54 1.54
Total 1.54 1.54
Income Tax
The Income Tax Act 1961 Income Tax Dues Commissioner of Income Tax (Appeals) AY 2012-2013 AY 2013-2014 AY 2014-2015 214.31 170.26
Total 214.31 170.26

There are no disputed dues with respect to Custom Duty Excise Duty Value Added TaxCess and GST.

viii) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of loans and borrowings to any banks. TheCompany has not taken any loans or borrowings from any Financial Institutions orGovernment. The Company has not issued any debentures.

ix) In our opinion and according to the information and explanations given to us theCompany has not raised moneys by way of Initial Public Offer or further Public Offer(including Debt Instruments) or term loans during the year and hence reporting underclause (ix) of CARO 2016 is not applicable.

x) To the best of our knowledge and according to the information and explanations givento us no fraud by the Company and no material fraud on the Company by its officers oremployees has been noticed or reported during the year.

xi) 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 opinionand to the best of our information and according to the explanations given to us theremuneration paid/provided by the Company to its Directors during the year is inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Companies Act 2013 including amendments thereto.

xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of theOrder is not applicable.

xiii) In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 188 and 177 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the Standalone Financial Statements as required by theapplicable accounting standards.

xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause (xiv) of the Order is not applicable to the Company.

xv) In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non cash transactions with itsDirectors or persons connected with him and hence provisions of Section 192 of theCompanies Act 2013 are not applicable.

xvi) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For DELOITTE HASKINS & SELLS
Chartered Accountants
(Firm's Registration No. 302009E)
Abhijit Bandyopadhyay
Kolkata Partner
11th May 2019 (Membership No. 054785)

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