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IMEC Services Ltd.

BSE: 513295 Sector: Others
NSE: RUCHISTRIP ISIN Code: INE611C01012
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NSE 05:30 | 01 Jan IMEC Services Ltd
OPEN 1.90
PREVIOUS CLOSE 1.82
VOLUME 28814
52-Week high 3.52
52-Week low 0.81
P/E 174.00
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.90
CLOSE 1.82
VOLUME 28814
52-Week high 3.52
52-Week low 0.81
P/E 174.00
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

IMEC Services Ltd. (RUCHISTRIP) - Auditors Report

Company auditors report

To

The Members of IMEC Services Limited

(Formerly known Ruchi Strips and Alloys Limited)

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements of IMEC ServicesLimited(Formerly known Ruchi Strips and Alloys Limited)("the Company") whichcomprise the Balance Sheet as at March 31

2020 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year ended on thatdate and Notes to the Standalone Financial Statements including a summary of thesignificant accounting policies and other explanatory information (hereinafter referred toas "the Standalone Financial Statements").

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 as amended ("Ind AS") and other accounting principles generallyaccepted in India of the state of affairs of the Company as at March 31 2020 the profitand total comprehensive income changes in equity and its cash flows for the year ended onthat date.

Basis of Opinion

We conducted our audit of the Standalone Financial Statements in accordance with theStandards on Auditing (SAs) specified under section 143(10) of the Act (SAs). Ourresponsibilities under those

Standards are further described in the Auditor's Responsibilities for the Audit of theStandalone Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the independence requirements that are relevant to our audit ofthe Standalone Financial Statements under the provisions of the Act and the Rules madethereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the ICAI's Code of Ethics. We believe that the audit evidence wehave obtained is sufficient and appropriate 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. We have determined the matters described below to bethe key audit matters to be communicated in our report:

Sr No. Key Audit Matter
1 Assessment of Contingent Liability and Related Disclosures
[Refer to Note B (iii) to the Standalone Financial Statements "Use of Estimates Judgements and Assumptions Provisions and contingent liabilities" Note 19 to the Standalone Financial Statements "Contingent Liabilities and Commitments"] As at March 31 2020 the Company has contingent liabilities amounting to Rs 24154.85 Lacs. Significant management judgement is required to assess such matters to determine the probability of occurrence of material outflow of economic resources and whether a provision should be recognised or a disclosure should be made. The management judgement is also supported with legal advice in certain cases as considered appropriate. As the ultimate outcome of the matters are uncertain and the positions taken by the management are based on the application of their best judgement related legal advice including those relating to interpretation of laws/regulations it is considered to be a Key Audit Matter.
Auditorfs Response
Principle Audit Procedures
Our audit procedures included the following:
? We understood assessed and tested the design and operating effectiveness of key controls surrounding contingent liability relating to the relevant laws and regulations;
? We performed our assessment on a test basis on the underlying calculations supporting the contingent liabilities made in the Standalone Financial Statements;
? We evaluated management's assessments by understanding precedents set in similar cases and assessed the reliability of the management's past estimates/judgements;
? We evaluated management's assessment around those matters that are not disclosed or not considered as contingent liability as the probability of material outflow is considered to be remote by the management;
? We assessed the adequacy of the Company's disclosures. Based on the above work performed management's assessment in respect of disclosures relating to contingent liabilities in the Standalone Financial Statements is considered to be reasonable.
2 Key Audit Matter
Assessment of carrying value of equity investments in subsidiaries and fair value of other investments
[Refer to Note B (iii) to the Standalone Financial Statements "Use of Estimates Judgements and Assumptions Fair Value Measurements of Financial Instruments " Note B (v) to the Standalone Financial Statements "Investments in subsidiary" Note B (xvii- A) to the Standalone Financial Statements "Financial assets" Note 2 to the Standalone Financial Statements "Investments in subsidiary" and Note 36 (A) to the Standalone Financial Statements "Fair value hierarchy"] The Company has equity investments in a subsidiary company. It also has made investments in preference shares in subsidiary company.
The Company accounts for equity investments in subsidiary at cost (subject to impairment assessment) and other investments at fair value.
For investments carried at cost where an indication of impairment exists the carrying value of investment is assessed for impairment and where applicable an impairment provision is recognised if required to its recoverable amount.
For investments carried at fair values a fair valuation is done at the year-end as required by Ind AS 109. In case of certain investments cost is considered as an appropriate estimate of fair value since there is a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range as permitted under Ind AS 109.
The accounting for investments is a Key Audit Matter as the determination of recoverable value for impairment assessment/fair valuation involves significant management judgement.
The impairment assessment and fair valuation for such investments have been done by the management in accordance with Ind AS 36 and Ind AS 113 respectively.
The key inputs and judgements involved in the impairment/fair valuation assessment of unquoted investments include:
Forecast cash flows including assumptions on growth rates
Discount rates
Terminal growth rate
Economic and entity specific factors are incorporated in valuation used in the impairment assessment
Auditorfs Response
Principal Audit Procedures
Our audit procedures included the following:
? We obtained an understanding from the management assessed and tested the design and operating effectiveness of the Company's key controls over the impairment assessment and fair valuation of material investments.
? We evaluated the Company's process regarding impairment assessment and fair valuation by involving auditor's valuation experts to assist in assessing the appropriateness of the valuation model including the independent assessment of the underlying assumptions relating to discount rate terminal value etc.
? We assessed the carrying value/fair value calculations of all individually material investments where applicable to determine whether the valuations performed by the Company were within an acceptable range determined by us and the auditor's valuation experts.
? We evaluated the cash flow forecasts (with underlying economic growth rate) by comparing them to the approved budgets and our understanding of the internal and external factors.
? We checked the mathematical accuracy of the impairment model and agreed relevant data back to the latest budgets actual past results and other supporting documents.
? We assessed the Company's sensitivity analysis and evaluated whether any reasonably foreseeable change in assumptions could lead to impairment or material change in fair valuation
? We had discussions with management to obtain an understanding of the relevant factors in respect of certain investments carried at fair value where a wide range of fair values were possible due to various factors such as absence of recent observable transactions restrictions on transfer of shares existence of multiple valuation techniques investee's varied nature of portfolio of investments for which significant estimates/judgements are required to arrive at fair value.
? We evaluated the adequacy of the disclosures made in the Standalone Financial Statements.
Based on the above procedures performed we did not identify any significant exceptions in the management's assessment in relation to the carrying value of equity investments in subsidiaries and fair value of other investments.
3 Key Audit Matter
Evaluation of uncertain tax positions
The Company has material uncertain tax positions including matters under dispute which involves significant judgment to determine the possible outcome of these disputes.
Auditorfs Response
Principal Audit Procedures
We obtained details of completed tax assessments and demands for the year ended March 31 2020 from management. We involved our internal experts to challenge the management's underlying assumptions in estimating the tax provision and the possible outcome of the disputes.
Our internal experts also considered legal precedence and other rulings in evaluating management's position on these uncertain tax positions. Additionally we considered the effect of new information in respect of uncertain tax positions as at April 1 2019 to evaluate whether any change was required to management's position on these uncertainties.

Emphasis of Matter

Our opinion is not modified in respect of the following matters: a) The Company hasgiven Corporate guarantee of Rs 24148 Lacs to its subsidiary company i.e. RSAL SteelPrivate Limited for loans taken from various banks. Banks have classified these loans asNon-Performing Assets and have taken Symbolic Possession of Factory on 20thJune2019 under Securitisation and Reconstruction of Financial Assets and Enforcement ofSecurity Interest Act 2002 and Rule 8(1) of said act. Banks have issued recall noticedemanding outstanding amount to the Company and Subsidiary.

The Hon'able National Company Law Tribunal ("NCLT") Mumbai Bench admittedpetition for initiation of Corporate Insolvency Process ("CIRP") u/s 7 ofInsolvency and Bankruptcy Code 2016

("the Code") filed by Dena Bank financial creditors of RSAL Steel PrivateLimited vide order no. CP 2985 (IB) / MB/ 2018 dated September 3 2019 ("InsolvencyCommencement date") and appointed an Interim Resolution Professional("IRP") to manage affairs of the subsidiary Company in accordance with theprovision of the Code. The Committee of Creditors ("COC") of the subsidiary

Company in its meeting confirmed IRP as Resolution Professional ("RP") forthe Company. In view of pendency of the CIRP the management of affairs of subsidiaryCompany and power of Board of Directors are now vested with RP. By the order of NCLT amoratorium of is in effect for a period of 180 days for submission of resolution plan.This moratorium was further increased by 90 days and later increased due to Covid-19. Atpresent moratorium is in effect and accordingly the RP shall continue to manage theoperations of the subsidiary Company on a going concern basis during the CIRP.

b) The Company has shown amount of Rs 69.30 Lacs as other advances recoverable in bookswhich are outstanding for more than 365 days. As per information provided by theManagement discussion is going for settlement of amount and Management is of the opinionthat amount will be recovered and therefore the Company has not made any provision onthese advances.

Information Other than the Standalone Financial Statements and Auditorfs ReportThereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the Standalone Financial Statements and our auditor's report thereon. Our opinionon the Standalone Financial Statements does not cover the other information and we do notexpress any form of assurance conclusion thereon. In connection with our audit of theStandalone Financial Statements our responsibility is to read the other information andin doing so consider whether the other information is materially inconsistent with theStandalone Financial Statements or our knowledge obtained during the course of our auditor otherwise appears to be materially misstated. If based on the work we have performedwe conclude that there is a material misstatement of this other information we arerequired to report that fact. We have nothing to report in this regard.

Managementfs Responsibilities 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 totalcomprehensive income changes in equity and cash flows of the Company in accordance withthe 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 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

Financial Statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error. In preparing the Standalone FinancialStatements management is responsible for assessing the

Company's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors are responsible for overseeing the Company's financial reportingprocess.

Auditorfs 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. As part of an audit inaccordance with SAs we exercise professional judgment and maintain professionalskepticism throughout the audit. We also:

i. Identify and assess the risks of material misstatement of the Standalone FinancialStatements

whether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

ii. Obtain an understanding of internal financial controls 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.

iii. Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

iv. Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe 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.

v. Evaluate the overall presentation structure and content of the Standalone FinancialStatements including the disclosures and whether the Standalone Financial Statementsrepresent 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 financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements. We communicate with those chargedwith governance regarding among other matters the planned scope and timing of the auditand significant audit findings including any significant deficiencies in internal controlthat we identify during our audit. We also provide those charged with governance with astatement that we have complied with relevant ethical requirements regarding independenceand to communicate with them all relationships and other matters that may reasonably bethought to bear on our independence and where applicable related safeguards. From thematters communicated with those charged with governance we determine those matters thatwere of most significance in the audit of the Standalone Financial Statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid Standalone Financial Statements comply with the Ind ASspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. e) On the basis of the written representations received from the directors ason March 31 2020 taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2020 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: In our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act.

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 litigation on its financial positionin its Standalone Financial Statements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

iii. There has been no amount which is required to be transferred to the InvestorEducation 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 SCAN & Co.
(Previously known as M.S. Singhatwadia & Co.)
Chartered Accountants
(Firm Reg. No.113954W)
CA Neel Khandelwal
Place: Indore Partner
Date: July 30 2020 M. No. 181251
UDIN: 20181251AAAABB5677

Annexure - A to the Independent Auditorfs Report of even date on the StandaloneFinancial

Statements of IMEC Services Limited (Formerly known Ruchi Strips and Alloys Limited)

(Referred to in paragraph 1(f) under eReport on Other Legal and RegulatoryRequirementsf section of our report to the Members of IMEC Services Limited(Formerly known Ruchi Strips and Alloys Limited) of even date.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the

Companies Act 2013 (gthe Acth)

We have audited the internal financial controls over financial reporting of IMECServices Limited ("the Company") as of March 31 2020 in conjunction with ouraudit of the Standalone Financial Statements of the Company for the year ended on thatdate.

Managementfs Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls 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. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to respective 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 Companies Act 2013.

Auditorsf Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on

Audit of Internal Financial Controls Over Financial Reporting (the "GuidanceNote") issued by the

Institute of Chartered Accountants of India and the Standards on Auditing prescribedunder Section 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 theadequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the internal financial controls system overfinancial 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 authorizations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 March 31 2020 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For SCAN & Co.
(Previously known as M.S. Singhatwadia & Co.)
Chartered Accountants
(Firm Reg. No.113954W)
CA Neel Khandelwal
Place: Indore Partner
Date: July 30 2020 M. No. 181251

Annexure - B to Independent Auditorfs Report

Referred to in paragraph 2 under gReport on Other Legal and RegulatoryRequirementsh section of our report of even date to the members of IMEC ServicesLimited (Formerly known Ruchi Strips& Alloys Limited)

i. In respect of the Company's Fixed Assets:

a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b. As explained to us the fixed assets of the Company have been physically verified bythe management during the year which in our opinion is reasonable having regard to thesize of the Company and the nature of its assets. No material discrepancies between thebook records and the physical inventory have been noticed. In our opinion the frequencyof verification is reasonable.

c. There are no immovable property held in the name of the Company.

ii. The Company is in the business of providing consultancy services and does not haveany physical inventories. Although this year Company have also done trading but there isno closing inventory. Accordingly reporting under clause 3 (ii) of the Order is notapplicable to the Company.

iii. According to the information and explanations given to us the Company has notgranted any loan secured or unsecured to companies firms limited liability partnershipor other parties covered in the register maintained under section 189 of the CompaniesAct 2013. Hence the provisions of para 3 clauses (iii) of the said Order are notapplicable to the company.

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 Act with respectto the investments made and guarantee given / issued.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted deposits from the public within the meaning of Section 73 to 76or any other relevant provisions of the Companies Act 2013 and the Rules framed thereunder. As informed to us no Order has been passed by the Company Law Board or NationalCompany

Law Tribunal or Reserve Bank of India or any court or any other Tribunal.

vi. The maintenance of cost records has not been specified by the Central Governmentunder Section 148 (1) of the Companies Act 2013 for the business activities carried outby the company. Thus reporting under clause 3 (vi) of the Order is not applicable to theCompany.

vii. According to the information and explanations given to us in respect of Statutorydues:

a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employee's State Insurance Income Tax Goods and Service TaxCustoms Duty Cess and other material statutory dues applicable to it with the appropriateauthorities.

b) There were no undisputed amounts payable in respect of Provident Fund Employee'sState Insurance Income Tax Goods and Service Tax Customs Duty Cess and other materialstatutory dues in arrears as at March 31 2020 for a period of more than six months fromthe date they became payable.

c) Details of dues of Service Tax Sales Tax Value Added Tax which have not beendeposited/ partially deposited as at March 31 2020 on account of dispute are given below:

Name of the Statute Nature of Dues Amount (Rs. In Lacs) Period to which amount relates Remarks
VAT Tax/ Entry Tax/ Other disputed amount in Appeal/Demand VAT Tax- Penalty & Entry Tax 6.85 2016-17 Appeal filed against the order to Joint Commissioner.

d) There are no dues of Provident Fund Employee's State Insurance Income Tax Goodsand Service Tax Customs Duty Cess which have not been deposited with appropriateauthorities on account of any dispute.

viii. According to the records of the Company examined by us and as per the informationand explanations given to us the Company has not defaulted in repayment of dues tofinancial institution bank or government as on the balance sheet date. The Company hasnot issued any debenture.

ix. In our opinion and according to the information and explanations given to us theCompany has not raised money by way of initial public offer or further public offer(including debt instruments). In our opinion and according to the information andexplanations given to us the Company has not raised any term loans during the periodunder audit.

x. During the course of our examination of the books of account and records of theCompany carried out in accordance with the generally accepted auditing practices in Indiaand according to the information and explanations given to us we have neither come acrossany instance of material fraud on or by the Company noticed or reported during the yearnor have we been informed of such case by the management.

xi. According to the information and explanations give 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 information and explanation given to us thecompany is not a Nidhi Company therefore the provision of para 3 (xii) of the Order isnot applicable to the Company. xiii. According to the information and explanations givento us and based on our examination of the records of the Company transactions with therelated parties are in compliance with sections 177 and 188 of the Act where applicableand details of such transactions have been disclosed in the Standalone FinancialStatements as required by the applicable accounting 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 therefore the provision of para 3 (xiv) of the Order is not applicable to theCompany.

xv. In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions with directors or persons connectedwith him during the year hence the provision of para 3 (xv) of the Order is notapplicable to the Company.

xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934 therefore the provision of para 3 (xvi) of the Order is notapplicable to the Company for the year under audit.

For SCAN & Co.
(Previously known as M.S. Singhatwadia & Co.)
Chartered Accountants
(Firm Reg. No.113954W)
CA Neel Khandelwal
Place: Indore Partner
Date: July 30 2020 M. No. 181251

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