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India Pesticides Ltd.

BSE: 543311 Sector: Agri and agri inputs
NSE: IPL ISIN Code: INE0D6701023
BSE 00:00 | 03 Dec 300.50 -2.10
(-0.69%)
OPEN

305.00

HIGH

306.00

LOW

293.00

NSE 00:00 | 03 Dec 300.45 -1.80
(-0.60%)
OPEN

303.60

HIGH

306.00

LOW

299.20

OPEN 305.00
PREVIOUS CLOSE 302.60
VOLUME 30773
52-Week high 368.00
52-Week low 289.10
P/E 23.66
Mkt Cap.(Rs cr) 3,462
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 305.00
CLOSE 302.60
VOLUME 30773
52-Week high 368.00
52-Week low 289.10
P/E 23.66
Mkt Cap.(Rs cr) 3,462
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

India Pesticides Ltd. (IPL) - Auditors Report

Company auditors report

Auditors' Examination Report on the Restated Unconsolidated SummaryStatements of Assets and Liabilities as at March 31 2021 March 31 2020 and March 312019 and Restated Summary Statement of Profits and Losses (including Other ComprehensiveIncome) Restated Summary Statement of Cash Flows and Restated Summary Statement ofChanges in Equity the Summary Statement of Significant Accounting Policies and otherexplanatory information for each of the years ended March 31 2021 March 31 2020 andMarch 31 2019 of India Pesticides Limited (collectively the "RestatedUnconsolidated Summary Statements").

To

The Board of Directors India Pesticides Limited Water Works RoadAishbagh Lucknow 226 004 India

Dear Sirs / Madams

1. We Lodha & Co Chartered Accountants ("We" or"us") have examined the attached Restated

Unconsolidated Summary Statements of India Pesticides Limited (the"Company") as at and for each of the years ended March 31 2021 March 31 2020and March 31 2019 annexed to this report and prepared by the Company for the purpose ofinclusion in the

(i) red herring prospectus proposed to be filed with the Securities andExchange Board of India ("SEBI") BSE Limited and National Stock Exchange ofIndia Limited (collectively the "Stock Exchanges") and the Registrar ofCompanies Uttar Pradesh at Kanpur ("Registrar of Companies"); and

(iii) prospectus proposed to be filed with SEBI the Stock Exchangesand the Registrar of Companies (collectively referred to as "Offer Documents")in connection with its proposed initial public offer of equity shares through a freshissuance of equity shares of face value of Rs. 1 each of the Company and offer for sale bythe certain selling shareholders of the Company (collectively the "Offering").The Restated Unconsolidated Summary Statements which have been approved by the Board ofDirectors of the Company at their meeting held on May 25 2021 have been prepared inaccordance with the requirements of:

a) sub- section (1) of Section 26 of Part I of Chapter III of theCompanies Act 2013 (the "Act");

b) relevant provisions of the Securities and Exchange Board of India(Issue of Capital and Disclosure Requirements) Regulations 2018 as amended ("ICDRRegulations"); and

c) The Guidance note on Reports in Company Prospectuses (Revised 2019)(as amended) issued by the Institute of Chartered Accountants of India ("ICAI")(the "Guidance Note").

Management's Responsibility for the Restated Unconsolidated SummaryStatements

2. The preparation of the Restated Unconsolidated Summary Statementswhich are to be included in the Offer Documents is the responsibility of the Management ofthe Company. The Restated Unconsolidated Summary Statements have been prepared by theManagement of the Company on the basis of preparation as stated in paragraph 1.1 of note1 to the Restated Unconsolidated Summary Statements. The Management's responsibilityincludes designing implementing and maintaining adequate internal control relevant to thepreparation and presentation of the Restated Unconsolidated Summary Statements. TheManagement is also responsible for identifying and ensuring that the Company complies withthe Act ICDR Regulations and the Guidance Note.

Auditors' Responsibilities

3. We have examined such Restated Unconsolidated Summary Statementstaking into consideration:

a) the terms of reference and terms of our engagement agreed with youvide our engagement letter dated May 3 2021 requesting us to carry out the assignmentin connection with the Offering;

b) The Guidance Note also requires that we comply with ethicalrequirements of the Code of Ethics Issued by the ICAI.

c) Concepts of test checks and materiality to obtain reasonableassurance based on the verification of evidence supporting the Restated UnconsolidatedSummary Statements; and

d) the requirements of Section 26 of the Act and the ICDR Regulations.Our work was performed solely to assist you in meeting your responsibilities in relationto your compliance with the Act and the ICDR Regulations in connection with the Offering.

Restated Unconsolidated Summary Statements as per audited FinancialStatements

4. The Restated Unconsolidated Summary Statements have been compiled bythe management of the Company from:

a) Audited Unconsolidated financial statements of the Company as at andfor year ended March 31 2021 and March 31 2020 prepared in accordance with IndianAccounting Standard (referred to as ‘Ind AS') as prescribed under Section 133 ofthe Act read with Companies (Indian Accounting Standards) Rules 2015 (as amended) andother accounting principles generally accepted in India which was approved by the Boardof Directors at their meetings held on May 25 2021 and November 11 2020 respectively.

b) Audited Unconsolidated financial statements of the Company as at andfor year ended March 31 2019 prepared in accordance with accounting principles generallyaccepted in India ("Indian GAAP") as prescribed under Section 133 of the Actread with Companies (Accounts) Rules 2014 (as amended) which was approved by the Board ofDirectors at their meetings held on August 21 2019. The management of the Company hasadjusted financial information for the year ended March 31 2019 included in such IndianGAAP financial statements using recognition and measurement principles of Ind AS and hasincluded such adjusted financial information as comparative financial information in thefinancial statements for the year ended March 31 2019 as referred to in paragraph 4(a)above.

5. For the purpose of our examination we have relied on: a)Auditors' reports issued by us dated May 25 2021 and November 11 2020 respectivelyon the unconsolidated financial statements of the Company as at and for the year endedMarch 31 2021 and March 31 2020 as referred in paragraph 4 above.

b) Auditors' report issued by R.K. Chari & Co. CharteredAccountants (‘Previous Auditor') dated August 21 2019 on the audited IndianGAAP financial statements of the Company as at and for year ended March 31 2019 asreferred in paragraph 4 above.

It should be noted that our opinion on the examination of the RestatedFinancial Information of the Company in so far as it relates to the amounts included inthe Restated Financial Information in respect of the year ended March 31 2019 relatessolely to the Ind AS adjustments and restatement adjustments made to the financialstatements of the Company as at and for the year ended March 31 2019 audited by PreviousAuditor.

6. Based on our examination and according to the information andexplanations given to us we report that Restated Unconsolidated Summary Statements:

a) have been prepared after incorporating adjustments for the changesin accounting policies. As the accounting policies as at and for the year ended March 312021 were materially consistent with the policies adopted as at and for the year endedMarch 31 2020 and March 31 2019 and no adjustments have been made to the auditedunconsolidated financial statements of the respective years presented on account ofchanges in accounting policies;

b) have been prepared after incorporating adjustments andregrouping/reclassifications for the material amounts in the respective financial year towhich they relate;

c) does not contain any qualifications requiring adjustments;

d) have been prepared in accordance with the Act ICDR Regulations andthe Guidance Note.

7. We have not audited any financial statements of the Company as ofany date or for any period subsequent to March 31 2021. Accordingly we express noopinion on the financial position results of operations cash flows and statement ofchanges in equity of the Company as of any date or for any period subsequent to March 312021. The Restated Unconsolidated Summary Statements does not reflect the events thatoccurred subsequent to the respective dates of the reports on the Ind AS financialstatements mentioned in paragraph 4 above.

8. This report should not in any way be construed as a reissuance orre-dating of any of the previous audit reports issued by us or the Previous Auditor norshould this report be construed as a new opinion on any of the financial statementsreferred to herein.

9. We have no responsibility to update our report for events andcircumstances occurring after the date of the report.

10. Our report is intended solely for use of the Board of Directors forinclusion in the Offer Documents to be filed with SEBI Stock Exchanges and Registrar ofCompanies in connection with the Offering. Our report should not be used referred to ordistributed for any other purpose except with our prior consent in writing.

Accordingly we do not accept or assume any liability or any duty ofcare for any other purpose or to any other person to whom this report is shown or intowhose hands it may come.

Yours Truly
For Lodha & Co.
Chartered Accountants
ICAI Firm Registration No: 301051E
per R.P. Baradiya
Partner
Membership number: 44101
UDIN: 21044101AAAAHC7014
Place: Mumbai
Date: 25th May 2021

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