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Jubilant Ingrevia Ltd.

BSE: 543271 Sector: Industrials
NSE: JUBLINGREA ISIN Code: INE0BY001018
BSE 00:00 | 27 Jan 481.70 -11.20
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OPEN 489.05
PREVIOUS CLOSE 492.90
VOLUME 30183
52-Week high 614.90
52-Week low 401.35
P/E 22.68
Mkt Cap.(Rs cr) 7,673
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 489.05
CLOSE 492.90
VOLUME 30183
52-Week high 614.90
52-Week low 401.35
P/E 22.68
Mkt Cap.(Rs cr) 7,673
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Jubilant Ingrevia Ltd. (JUBLINGREA) - Auditors Report

Company auditors report

To the Members of Jubilant Ingrevia Limited Report on the Audit of theStandalone Financial Statements Opinion

1. We have audited the accompanying standalone financial statements ofJubilant Ingrevia Limited (‘the Company') which comprise the Balance Sheet asat 31 March 2022 the Statement of Profit and Loss (including Other Comprehensive Income)the Statement of Cash Flow and the Statement of Changes in Equity for the year then endedand a summary of the significant accounting policies and other explanatory information.

2. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 (‘the Act') in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standards(‘Ind AS') specified under section 133 of the Act read with the Companies(Indian Accounting Standards) Rules 2015 and other accounting principles generallyaccepted in India of the state of affairs of the Company as at 31 March 2022 and itsprofit (including other comprehensive income) its cash flows and the changes in equityfor the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditingspecified under section 143(10) of the Act. Our responsibilities under those standards arefurther described in the Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (‘ICAI') together with the ethical requirements that are relevant to ouraudit of the standalone financial statements under the provisions of the Act and the rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matter

4. Key audit matters are those matters that in our professionaljudgment were of most significance in our audit of the standalone financial statements ofthe current period. These matters were addressed in the context of our audit of thestandalone financial statements as a whole and in forming our opinion thereon and we donot provide a separate opinion on these matters.

5. We have determined the matter described below to be the key auditmatter to be communicated in our report.

Key audit matter How our audit addressed the key audit matter
Revenue from sale of products
Refer notes 2(i) and 21 to the standalone financial statements for accounting policy and revenue related disclosures respectively. Our audit procedures in relation to revenue from sale of products included but were not limited to the following:
The Company recognises revenue from the sale of products when control of products being sold is transferred to the customer and when there are no longer any fulfilled obligations. - Obtained understanding of the revenue business process of the Company;
The Company has a large number of customers operating in various geographies and the sales contracts/arrangements with such customers have distinct/varying commercial terms that determine actual point in time for recognition of revenue. Accordingly significant management judgment is required in determining the timing of transfer of control for revenue recognition in accordance with Ind AS 115 Revenue from Contracts with Customers (‘Ind AS 115'). - Assessed the appropriateness of revenue recognition policy of the Company and ensured that it is in line with Ind AS 115
Further the Company considers revenue as key benchmark for evaluating performances and hence there is risk of revenue being overstated due to pressure to achieve targets and earning expectations. ‘Revenue from Contracts with Customers';
Owing to the amounts involved volume of sales transactions and distinct/varied terms of contracts with customers and in line with the requirements of the Standards on Auditing revenue is determined to be an area involving significant risk which requires significant auditor attention revenue from sale of products is considered to be a key audit matter for current year's audit. - Involved our IT specialists to evaluate design and test operating effectiveness of IT general controls and key automated controls of the Company's IT system which govern revenue recognition;
- Evaluated the design and tested the operating effectiveness of key manual internal controls over revenue recognition;
- Performed substantive analytical procedures which includes ratio analysis and period-on-period variance analysis on revenue recognised during the year to identify any unusual indicators/trends;
- Performed test of details by selecting samples of revenue transactions pertaining to sale of products during the year and verified the underlying supporting documents including contracts agreements sales invoices and dispatch/shipping documents;
- Performed cut-o_ testing procedures by testing samples of revenue transactions recorded before the year end and after the year end to conclude there has not been overstatement/ understatement of revenue recorded for the year;
- Tested all the manual sales-related adjustments made to revenue to ensure the appropriateness of revenue recognition during the year; and
- Evaluated the appropriateness and adequacy of the related presentation and disclosures in the standalone financial statements.

Information other than the Financial Statements and Auditor'sReport thereon

6. The Company's Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Annual Reportbut does not include the standalone financial statements and our auditor's reportthereon. The Annual Report is expected to be made available to us after the date of thisauditor's report.

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

In connection with our audit of the standalone financial statementsour responsibility is to read the other information identified above when it becomesavailable and in doing so consider whether the other information is materiallyinconsistent with the standalone financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated.

When we read the Annual Report if we conclude that there is a materialmisstatement therein we are required to communicate the matter to those charged withgovernance.

Responsibilities of Management and Those Charged with Governance forthe Standalone Financial Statements

7. The accompanying standalone financial statements have been approvedby the Company's Board of Directors. The Company's Board of Directors areresponsible for the matters stated in section 134(5) of the Act with respect to thepreparation and presentation of these standalone financial statements that give a true andfair view of the financial position financial performance including other comprehensiveincome changes in equity and cash flows of the Company in accordance with the Ind ASspecified under section 133 of the Act and other accounting principles generally acceptedin India. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand 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 statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

8. In preparing the standalone financial statements the Board ofDirectors are responsible for assessing the Company's ability to continue as a goingconcern disclosing as applicable matters related to going concern and using the goingconcern basis of accounting unless the Board of Directors either intend to liquidate theCompany or to cease operations or has no realistic alternative but to do so.

9. Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements

10. Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with Standards on Auditing will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if individually or in the aggregate they could reasonably beexpected to influence the economic decisions of users taken on the basis of thesestandalone financial statements.

11. As part of an audit in accordance with Standards on Auditingspecified under section 143(10) of the Act we exercise professional judgment and maintainprofessional skepticism throughout the audit. We also:

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

Obtain an understanding of internal control relevant to 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 with reference to financialstatements in place and the operating effectiveness of such controls;

Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management;

Conclude on the appropriateness of Board of Directors' use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the standalone financial statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor's report. However future events orconditions may cause the Company to cease to continue as a going concern; and

Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation; 12. We communicate with those charged with governanceregarding among other matters the planned scope and timing of the audit and significantaudit findings including any significant de_ciencies in internal control that we identifyduring our audit.

13. We also provide those charged with governance with a statement thatwe have complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

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

Other Matter

15. We did not audit note 32(b) and 32(c) of the accompanyingstandalone financial statements of the Company for the year ended 31 March 2022 whichincludes supplementary information relating to the operations of the life scienceingredients undertaking for the period from 1 April 2020 to 31 January 2021 that has beenprepared by the management of the Company and has not been subjected to an audit or areview by us. Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

16. As required by section 197(16) of the Act based on our audit wereport that the Company has paid remuneration to its directors during the year inaccordance with the provisions of and limits laid down under section 197 read withSchedule V to the Act.

17. As required by the Companies (Auditor's Report) Order 2020(‘the Order') issued by the Central Government of India in terms of section143(11) of the Act we give in the Annexure I a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

18. Further to our comments in Annexure I as required by section143(3) of the Act based on our audit we report to the extent applicable that: a) wehave sought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit of the accompanyingstandalone financial statements; b) in our opinion proper books of account as required bylaw have been kept by the Company so far as it appears from our examination of thosebooks; c) the standalone financial statements dealt with by this report are in agreementwith the books of account; d) in our opinion the aforesaid standalone financialstatements comply with Ind AS specified under section 133 of the Act; e) on the basis ofthe written representations received from the directors and taken on record by the Boardof Directors none of the directors is disqualified as on

31 March 2022 from being appointed as a director in terms of section164(2) of the Act; f ) with respect to the adequacy of the internal financial controlswith reference to financial statements of the Company as on 31 March 2022 and theoperating effectiveness of such controls refer to our separate Report in Annexure IIwherein we have expressed an unmodified opinion; and g) with respect to the other mattersto be included in the Auditor's Report in accordance with rule 11 of the Companies(Audit and Auditors) Rules 2014 (as amended) in our opinion and to the best of ourinformation and according to the explanations given to us: i. the Company as detailed innote 39 to the standalone financial statements has disclosed the impact of pendinglitigations on its financial position as at 31 March 2022; ii. the Company did not haveany long-term contracts including derivative contracts for which there were any materialforeseeable losses as at 31 March 2022; iii. there were no amounts which were required tobe transferred to the Investor Education and Protection Fund by the Company during theyear ended 31 March 2022; iv. (a) The management has represented that to the best of itsknowledge and belief as disclosed in note 47 to the standalone financial statements nofunds have been advanced or loaned or invested (either from borrowed funds or securitiespremium or any other sources or kind of funds) by the Company to or in any persons orentities including foreign entities (‘the intermediaries') with theunderstanding whether recorded in writing or otherwise that the intermediary shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the Company (‘the UltimateBeneficiaries') or provide any guarantee security or the like on behalf the UltimateBeneficiaries; (b) The management has represented that to the best of its knowledge andbelief as disclosed in note 47 to the standalone financial statements no funds have beenreceived by the Company from any persons or entities including foreign entities(‘the Funding Parties') with the understanding whether recorded in writing orotherwise that the Company shall whether directly or indirectly lend or invest in otherpersons or entities identified in any manner whatsoever by or on behalf of the FundingParty (‘Ultimate Beneficiaries') or provide any guarantee security or the likeon behalf of the Ultimate Beneficiaries; and (c) Based on such audit procedures performedas considered reasonable and appropriate in the circumstances nothing has come to ournotice that has caused us to believe that the management representations under subclauses(a) and (b) above contain any material misstatement; and v. The interim dividend declaredand paid by the Company during the year ended 31 March 2022 and until the date of thisaudit report is in compliance with section 123 of the Act. Further as stated in note36(b) to the accompanying standalone financial statements the Board of Directors of theCompany have proposed final dividend for the year ended

31 March 2022 which is subject to the approval of the members at theensuing Annual General Meeting. The dividend declared is in accordance with section 123 ofthe Act to the extent it applies to declaration of dividend.

For Walker Chandiok & Co LLP
Chartered Accountants
Firm's Registration No.: 001076N/N500013
Ashish Gupta
Partner
Place: Noida Membership No.: 504662
Date: 17 May 2022 UDIN: 22504662AJBYOH2589

Annexure I to the Independent Auditor's Report

Annexure I referred to in Paragraph 17 of the IndependentAuditor's Report of even date to the members of Jubilant Ingrevia Limited on thestandalone financial statements for the year ended 31 March 2022

In terms of the information and explanations sought by us and given bythe Company and the books of account and records examined by us in the normal course ofaudit and to the best of our knowledge and belief we report that: (i) (a) (A) The Companyhas maintained proper records showing full particulars including quantitative details andsituation of property plant and equipment and right of use assets.

(B) The Company has maintained proper records showing full particularsof intangible assets.

(b) The Company has a regular program of physical verification of itsproperty plant and equipment and right of use assets under which the assets arephysically verified in a phased manner over a period of three years which in our opinionis reasonable having regard to the size of the Company and the nature of its assets. Inaccordance with this program certain property plant and equipment and right of useassets were verified during the year and no material discrepancies were noticed on suchverification.

(c) The title deeds of all the immovable properties held by the Company(other than properties where the Company is the lessee and the lease agreements are dulyexecuted in favour of the lessee) disclosed in the standalone financial statements areheld in the name of the Company except for the following properties for which theCompany's management is in the process of getting the registration in the name of theCompany:

Description of property Gross carrying value (Rs in million) Held in name of Whether promoter director or their relative or employee Period held Reason for not being held in name of Company
Plot No B34 MIDC industrial area Ambernath Maharashtra 8.42 Jubilant Pharmova Limited No 3-Jun-13 Pursuant to the Composite Scheme of Arrangement (‘the Scheme') approved vide formal order dated 6 January 2021 by National Company Law
Plot No 17/33 MIDC Taloja industrial area Village Navde 1.80 VAM Organic Chemicals Limited No 10-Oct-96
Taluka Panvel District Raigad Maharashtra
501 Annasalai Mount Road Teynampet Chennai 402 Samrudhi Apartment Ahmedabad Gujarat 0.68 VAM Organic Chemicals Limited No 5-Jun-89
0.39 VAM Organic Chemicals Limited No 26-Aug-89 Tribunal Allahabad Bench these immovable assets pertaining to the Life Science Ingredients undertaking were transferred and vested into the Company effective 1 February 2021. The Company is in process of getting the underlying title deeds of the aforesaid immovable properties transferred/registered in its name.
WW 01 Rohtas golf link apartments 98 Park Road Lucknow Uttar Pradesh 1.58 VAM Organic Chemicals Limited No 28-Jul-97
204 Shah Sultan Complex No.17 Ali Askar Road Bangalore ## 0.63 Jubilant Pharmova Limited No 22-Apr-94
No.11A Rowdon Street Sarojini naidu sarni Kolkata## 0.54 Jubilant Pharmova Limited No 25-Sep-89
Flat No. 304 and 305. Land bearing no. 3-6-327 and 328. 0.46 Jubilant Pharmova Limited No 25-Sep-89
Bashherbagh. Hyderabad ##
Land at Nira - GAT No. /Hissa No - 32A/4C/3/4/1A 0.19 VAM Organic Chemicals Limited No 07-Feb-00
Land admeasuring 4.856 hectares situated in the revenue estate of Villages sadullapur Naipura Khadar Sahabazpur Dor Tehsil Hasanpur & Tehsil Dhanora District Amroha Uttar Pradesh 0.18 VAM Organic Chemicals Limited No 2-Feb-01
Plot No. 1A Sector 16A Noida Uttar Pradesh## 274.17 Jubilant Pharmova Limited No 1-Oct-10

## Title deeds of these immovable properties has been transferred inthe name of the Company subsequent to the year ended 31 March 2022.

(d) The Company has not revalued its property plant and equipment orright of use assets or intangible assets during the year.

(e) No proceedings have been initiated or are pending against theCompany for holding any benami property under the Benami Transactions (Prohibition) Act1988 (45 of 1988) and rules made thereunder. Accordingly reporting under clause 3(i) (e)of the Order is not applicable to the Company.

(ii) (a) The management has conducted physical verification ofinventory at reasonable intervals during the year except for goods in transit andinventory lying with third parties. In our opinion the coverage and procedure of suchverification by the management is appropriate and no discrepancies of 10% or more in theaggregate for each class of inventory were noticed. In respect of inventory lying withthird parties these have substantially been confirmed by the third parties.

(b) The Company has a working capital limit in excess of Rs 5 croresanctioned by banks based on the security of current assets. The quarterly statements inrespect of the working capital limits have been filed by the Company with such banks andsuch statements are in agreement with the books of account of the Company for therespective periods which were subject to either an audit or a review.

(iii) (a) The Company has not provided any loans or provided anyadvances in the nature of loans or guarantee or security to any other entity during theyear. Accordingly reporting under clause 3(iii)(a) of the Order is not applicable to theCompany.

(b) The Company has not provided any guarantee or given any security orgranted any loans or advances in the nature of loans during the year. However the Companyhas made investment in two entities amounting to Rs 93.30 million (year-end balance Rs93.50 million) and in our opinion and according to the information and explanationsgiven to us such investments made are prima facie not prejudicial to the interest ofthe Company.

(c) The Company does not have any outstanding loans and advances in thenature of loans at the beginning of the current year nor has granted any loans or advancesin the nature of loans during the year. Accordingly reporting under clauses 3(iii)(c)3(iii) (d) 3(iii)(e) and 3(iii)(f ) of the Order is not applicable to the Company.

(iv) In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of section 186 of the Act inrespect of investments as applicable. Further the Company has not entered into anytransaction covered under section 185 and section 186 of the Act in respect of loansguarantees and security.

(v) In our opinion and according to the information and explanationsgiven to us the Company has not accepted any deposits or there is no amount which hasbeen considered as deemed deposit within the meaning of sections_ 73 to 76 of the Act andthe Companies (Acceptance of Deposits) Rules 2014 (as amended). Accordingly reportingunder clause 3(v) of the Order is not applicable to the Company.

(vi) The Central Government has specified maintenance of cost recordsunder sub-section (1) of section 148 of the Act in respect of the products of the Company.We have broadly reviewed the books of account maintained by the Company pursuant to theRules made by the Central Government for the maintenance of cost records and are of theopinion that prima facie the prescribed accounts and records have been made andmaintained. However we have not made a detailed examination of the cost records with aview to determine whether they are accurate or complete.

(vii) (a) In our opinion and according to the information andexplanations given to us the Company is generally regular in depositing undisputedstatutory dues including goods and services tax provident fund employees' stateinsurance income-tax sales-tax service tax duty of customs duty of excise valueadded tax cess and other material statutory dues as applicable with the appropriateauthorities. Further no undisputed amounts payable in respect thereof were outstanding atthe year-end for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us thereare no statutory dues referred in sub-clause (a) which have not been deposited with theappropriate authorities on account of any dispute except for the following:

Name of the statute Nature of dues Amount (Rs in million) Amount paid under Protest (Rs in million) Period to which the amount relates Forum where dispute is pending
Income-tax Act 1961** Income-tax 273.21 - Assessment year 1989-90 2009-10 to 2012-13 and 2017- 18 Income Tax Appellate Tribunal (ITAT) Delhi
Income-tax Act 1961** Income-tax 369.75 - Assessment year 2000-2001 to 2010- 11 Hon'ble High Court Allahabad
Income-tax Act 1961** Income-tax 1170.75 - Assessment year 2004-05 and 2013- 14 to 2016-17 Commissioner of Income Tax (Appeals)
Income-tax Act 1961** Income-tax 0.03 - Assessment year 2009-10 Appeal effect proceedings before Assessing Officer pursuant to ITAT order
The Central Excise Act 1944 Excise duty 34.85 - Financial year 2012- 13 to 2016-17 Customs Excise and Service Tax Appellate Tribunal
The Central Excise Act 1944 Excise duty 12.38 - December 2011 Hon'ble High Court Mumbai
The Finance Act 1994 Service tax 3.60 - Apr 2017 to June 2017 Assistant Commissioner Division office Bijnor
The Customs Act 1962 Customs duty 12.04 6.50 Financial year 2012- 13 and 2013-14 Customs Excise and Service Tax appellate Tribunal
The Customs Act 1962 Customs duty 0.00* - Financial year 2006- 2007 Assistant Commissioner Mumbai
The Customs Act 1962 Customs duty 0.22 - Financial Year 2013- 2014 Assistant Commissioner BRC Cell Noida Commissionerate
The Customs Act 1962 Customs duty 0.26 0.26 Financial Year 2019- 2020 and April 2021 Principal Commissioner (Appeals) Mumbai
Uttar Pradesh Value Added Tax Act 2008 Value added tax 66.97 - Financial Year 2010- 2011 Hon'ble Supreme Court of India
The Maharashtra Value Added Tax Act 2002 Value added tax 0.27 - Financial Year 2012- 2013 Maharashtra Sales Tax Tribunal
The Maharashtra Value Added Tax Act 2002 Value added tax 9.47 - Financial Year 2014- 2015 Joint Commissioner-Appeal Pune
The Maharashtra Value Added Tax Act 2002 Value added tax 12.96 0.66 Financial Year 2016- 2017 Joint Commissioner Pune
Uttar Pradesh Value Added Tax Act 2008 Value added tax 0.57 - Financial Year 2017- 2018 Deputy Commissioner Commercial Tax Amroha/ Joint Commissioner-Appeal Moradabad
The Central Goods and Service Tax Act 2017 Goods and services tax 0.28 0.28 Financial Year 2017- 2018 Hon'ble High Court Allahabad
The Central Goods and Service Tax Act 2017 Goods and services tax 0.35 0.35 Financial Year 2018- 2019 Additional Commissioner (Appeal)
The Central Goods and Service Tax Act 2017 Goods and services tax 39.02 - Financial Year 2017- 2018 Deputy Commissioner Pune
The Central Goods and Service Tax Act 2017 Goods and services tax 2.92 - Financial Year 2021- 2022 Commissioner (Appeals) Meerut
The United Provinces Excise Act 1910 State excise duty 152.06 84.06 Financial Year 1982- 2004 Additional Chief Secretary Lucknow
The United Provinces Excise Act 1910 State excise duty 90.00 - Financial Year 2004- 2005 Hon'ble Supreme Court of India
The Bombay Prohibition Act 1949 State excise duty 217.67 2.51 Financial Year 2002- 2022 Hon'ble Supreme Court of India
The Delhi Excise Act2009 State excise duty 90.12 93.63 Financial Year 2016- 2021 Hon'ble High Court Delhi
The United Provinces Excise Act 1910 State excise duty 10.49 10.72 Financial Year 2016- 2022 Hon'ble High Court Allahabad
The United Provinces Excise Act 1910 State excise duty 74.43 13.00 Financial Year 2004- 05 to 2016-2022 Hon'ble Supreme Court of India
The Punjab Excise Act 1914 State excise duty 10.28 10.28 Financial Year 2016- 2018 The Financial Commissioner Excise and Taxation Panchkula.
The U P Sheera Niyantran Adhiniyam 1964 State excise duty 67.78 - Financial Year 2017- 2022 Hon'ble High Court Allahabad (Lucknow Bench)
Rajasthan State Excise Act1950 State excise duty 2.02 2.02 Financial Year 2018- 2019 Hon'ble High Court Rajasthan (Jaipur Bench)
The Bombay Prohibition Act 1949 State excise duty 0.02 - Financial Year 2018- 2019 The Commissioner State excise Maharashtra

*rounded off

** includes disputed dues amounting to Rs 1565.51 million for which nodemand has been received.

(viii) According to the information and explanations given to us notransactions were surrendered or disclosed as income during the year in the taxassessments under the Income Tax Act 1961 (43 of 1961) which have not been recorded inthe books of accounts. (ix) (a) According to the information and explanations given to usthe Company has not defaulted in repayment of its loans or borrowings or in the payment ofinterest thereon to any lender._ (b) According to the information and explanations givento us including representation received from the management of the Company and on thebasis of our audit procedures we report that the Company has not been declared a willfuldefaulter by any bank or financial institution or other lender. (c) In our opinion andaccording to the information and explanations given to us money raised by way of termloans were applied for the purposes for which these were obtained though idle/surplusfunds which were not required for immediate utilisation have been invested in readilyrealisable liquid investments.

(d) In our opinion and according to the information and explanationsgiven to us and on an overall examination of the standalone financial statements of theCompany funds raised by the Company on short term basis have not been utilised for longterm purposes. (e) According to the information and explanations given to us and on anoverall examination of the standalone financial statements of the Company the Company hasnot taken any funds from any entity or person on account of or to meet the obligations ofits subsidiaries or associates.

(f ) According to the information and explanations given to us theCompany has not raised any loans during the year on the pledge of securities held in itssubsidiaries or associate companies.

(x) (a) The Company has not raised any money by way of initial publicoffer or further public offer (including debt instruments) during the year. Accordinglyreporting under clause 3(x)(a) of the Order is not applicable to the Company.

(b) According to the information and explanations given to us theCompany has not made any preferential allotment or private placement of shares or (fullypartially or optionally) convertible debentures during the year. Accordingly reportingunder clause 3(x)(b) of the Order is not applicable to the Company.

(xi) (a) To the best of our knowledge and according to the informationand explanations given to us no fraud by the Company or on the Company has been noticedor reported during the period covered by our audit. (b) No report under section 143(12) ofthe Act has been filed with the Central Government for the period covered by our audit.(c) The whistle blower complaints received by the Company during the year as shared withus by the management have been considered by us while determining the nature timing andextent of audit procedures.

(xii) The Company is not a Nidhi Company and the Nidhi Rules 2014 arenot applicable to it. Accordingly reporting under clause 3(xii) of the Order is notapplicable to the Company. (xiii) In our opinion and according to the information andexplanations given to us all transactions entered into by the Company with the relatedparties are in compliance with sections 177 and 188 of the Act where applicable. Furtherthe details of such related party transactions have been disclosed in the standalonefinancial statements as required under Indian Accounting Standard (Ind AS) 24 RelatedParty Disclosures specified in Companies (Indian Accounting Standards) Rules 2015 asprescribed under section 133 of the Act.

(xiv) (a) In our opinion and according to the information andexplanations given to us the Company has an internal audit system as required undersection 138 of the Act which is commensurate with the size and nature of its business.

(b) We have considered the reports issued by the Internal Auditors ofthe Company till date for the period under audit.

(xv) According to the information and explanation given to us theCompany has not entered into any non-cash transactions with its directors or personsconnected with them and accordingly provisions of section 192 of the Act are notapplicable to the Company.

(xvi) (a) The Company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934. Accordingly reporting under clauses3(xvi)(a)(b) and (c) of the Order are not applicable to the Company.

(b) Based on the information and explanations given to us and asrepresented by the management of the Company the Group (as defined in Core InvestmentCompanies (Reserve Bank) Directions 2016) does not have any CIC.

(xvii) The Company has not incurred any cash loss in the current aswell as the immediately preceding financial year.

(xviii)There has been no resignation of the statutory auditors duringthe year. Accordingly reporting under clause 3(xviii) of the Order is not applicable tothe Company.

(xix) According to the information and explanations given to us and onthe basis of the financial ratios ageing and expected dates of realisation of financialassets and payment of financial liabilities other information accompanying the standalonefinancial statements our knowledge of the plans of the Board of Directors and managementand based on our examination of the evidence supporting the assumptions nothing has cometo our attention which causes us to believe that any material uncertainty exists as onthe date of the audit report that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the company as and when they fall due.

(xx) According to the information and explanations given to us theCompany does not have any unspent amount in respect of any ongoing or other than ongoingproject as at the expiry of the financial year. Accordingly reporting under clause 3(xx)of the Order is not applicable to the Company.

(xxi) The reporting under clause 3(xxi) of the Order is not applicablein respect of audit of standalone financial statements of the Company. Accordingly nocomment has been included in respect of said clause under this report.

For Walker Chandiok & Co LLP
Chartered Accountants
Firm's Registration No.: 001076N/N500013
Ashish Gupta
Partner
Place: Noida Membership No.: 504662
Date: 17 May 2022 UDIN: 22504662AJBYOH2589

Annexure II to the Independent Auditor's Report

Annexure II

Independent Auditor's Report on the internal financial controlswith reference to the standalone financial statements under Clause (i) of Sub-section 3 ofSection 143 of the Companies Act 2013 (‘the Act')

1. In conjunction with our audit of the standalone financial statementsof Jubilant Ingrevia Limited (‘the Company') as at and for the year ended 31March 2022 we have audited the internal financial controls with reference to financialstatements of the Company as at that date.

Responsibilities of Management and Those Charged with Governance forInternal Financial Controls

2. The Company's Board of Directors is responsible forestablishing and maintaining internal financial controls based on the internal financialcontrols with reference to financial statements criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting (‘the GuidanceNote') issued by the Institute of Chartered Accountants of India (‘ICAI').These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of the Company's business including adherence to theCompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditor's Responsibility for the Audit of the Internal FinancialControls with Reference to Financial Statements

3. Our responsibility is to express an opinion on the Company'sinternal financial controls with reference to financial statements based on our audit. Weconducted our audit in accordance with the Standards on Auditing issued by ICAI prescribedunder Section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls with reference to financial statements and the Guidance Note issued bythe ICAI. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls with reference to financial statements wereestablished and maintained and if such controls operated effectively in all materialrespects.

4. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls with reference to financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to financial statements includes obtaining an understanding of suchinternal financial controls assessing the risk that a material weakness exists andtesting and evaluating the design and operating effectiveness of internal control based onthe assessed risk. The procedures selected depend on the auditor's judgementincluding the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error.

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

Meaning of Internal Financial Controls with Reference to FinancialStatements

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

Inherent Limitations of Internal Financial Controls with Reference toFinancial Statements

7. Because of the inherent limitations of internal financial controlswith reference to financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to

financial statements to future periods are subject to the risk that theinternal financial controls with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects adequateinternal financial controls with reference to financial statements and such controls wereoperating effectively as at 31 March 2022 based on the internal financial controls withreference to the financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note issued by theICAI.

For Walker Chandiok & Co LLP
Chartered Accountants
Firm's Registration No.: 001076N/N500013
Ashish Gupta
Partner
Place: Noida Membership No.: 504662
Date: 17 May 2022 UDIN: 22504662AJBYOH2589

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