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NGL Fine Chem Ltd.

BSE: 524774 Sector: Health care
NSE: N.A. ISIN Code: INE887E01022
BSE 00:00 | 22 Apr 1648.20 -13.65
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NSE 05:30 | 01 Jan NGL Fine Chem Ltd
OPEN 1632.50
PREVIOUS CLOSE 1661.85
VOLUME 1319
52-Week high 1784.90
52-Week low 320.00
P/E 24.66
Mkt Cap.(Rs cr) 1,019
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1632.50
CLOSE 1661.85
VOLUME 1319
52-Week high 1784.90
52-Week low 320.00
P/E 24.66
Mkt Cap.(Rs cr) 1,019
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

NGL Fine Chem Ltd. (NGLFINECHEM) - Auditors Report

Company auditors report

To

The Members

NGL FINE-CHEM LIMITED

Report on the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements of NGL FINE-CHEMLimited (“the Company”) which comprise the Balance Sheet as at March 312020 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 a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as “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 asamended (“Ind AS”) and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2020 the profit and totalcomprehensive income changes in equity and its cash flows 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). Our responsibilities under those Standards are further described in theAuditor's Responsibilities for the Audit of the Standalone Financial Statements section ofour report. We are independent of the Company in accordance with the Code of Ethics issuedby the Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.

Emphasis of Matter

In view of the Covid-19 pandemic situation and the nationwide lockdown imposed by thegovernment our attendance at the physical inventory verification done by the managementwas impracticable and we have therefore relied on the related alternate audit procedureto obtain comfort over the existence and condition of inventory at year end.

Our opinion is not modified in respect of this matter.

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.

Key Audit Report How was the matter addressed in our audit
revenue recognition our audit procedures among other things included the following:
Revenue is recognized upon transfer of control of promised goods to customers in an amount that reflects the consideration which the Company expects to receive in exchange for those goods. Revenue is measured based on transaction price which is the consideration adjusted for rebates discounts and incentives as also estimated sales returns.
• Considered the appropriateness of the Company's accounting policies regarding revenue recognition
• Testingcontrolsautomated and manual arounddispatches/ deliveries/shipments inventory reconciliations and process of confirmation of receivable balances testing for cut-offs and analytical review procedures.
Revenue is one of the key profit drivers and therefore accounting of revenue is considered as a key audit matter. [Refer Note 2.07 to the financial statements] • Assessed the disclosures in accordance with the requirements of Ind AS 115 on “Revenue from Contracts with Customers”.
Valuation of inventories our audit procedures among other things included the following:
The Company has complex product manufacturing process and thus the overhead absorption over each process is quite complex and more particularly to have the basis of absorption. The Company has worked out the overhead absorption cost rate based on the consumption of electricity of each process and apply the same for all other overheads.
• Evaluated the appropriateness of the basis applied to arrive at the overhead absorption rate;
• Examined the workings of the absorption of over heads to arrive at the cost of inventories.
• Our audit methodology involves process adopted to ascertain and evaluate the methods used are reasonable and absorbs overheads in an appropriate & logical manner.
Due to significance of arriving at the overhead absorption rate for the valuation of inventories it is considered to be a key audit matter.
• Assessed the disclosures in accordance with the requirements of Ind AS 2 on “Inventories”.
[Refer Note 2.06 to the financial statements]
Allowance for Expected Credit Loss of Trade Receivables our audit procedures included among others the following :
Provision for impairment by way of Allowance for Expected Credit Loss (ECL) of Trade Receivables require -
• Obtained sufficient and appropriate audit evidence about whether policies operational procedures internal control systems and other relative assumptions for estimation and determination of Allowance for ECL are reasonable.
• the appropriateness of accounting policies for determination of Allowance for ECL;
• operational procedures and systems of internal control in estimation of ECL.
• Objectively evaluated the estimates made in the broader context of the financial statements as a whole;
• estimation of expected losses and appropriate assumptions and significant judgments on the recoverability of receivables;
• Assessed the estimates and assumptions adopted by the Company in determining the need to recognize a provision and where applicable its amount;
• the completeness accuracy relevance and reliability of historical information;
• Evaluated the completeness of disclosures in respect of Allowance for Expected Credit Loss.
• the Company's overall review of the estimate; and
• the clarity and reasonableness of related ECL disclosures.
In view of the determination of the basis and quantum of Allowance of ECL it is a significant item in the financial statements and hence considered to be a key audit matter. [Refer Note 2.15 to the standalone financial statements]
Acquisition of 100% equity interest in Macrotech polychem private Limited on 15th May 2019. our procedures included but were not limited to:
• We examined the terms and conditions of the shares purchased agreement.
During the year the Company had acquired 100% equity shares of Macrotech Polychem Private Limited on 15th May 2019. Accounting for the acquisition has involved judgment in order to:
• We tested the completeness of the identified assets and liabilities acquired through discussion with the management.
• determine whether the acquisition constitutes a business; • We assessed the Company's determinations of fair values for assets and liabilities acquired and the methods used to value the underlying assets by:
• identify and measure the fair value of the identifiable assets acquired and liabilities assumed;
• allocate the purchase consideration between identifiable assets and liabilities and goodwill; • Reading the valuation report prepared by the appointed external valuation specialists.
This is a material acquisitions for the Company and given the level of estimation and judgement required we considered it to be a key audit matter. • Evaluating appropriateness of adequate disclosures in accordance with the applicable accounting standards.
The most significant judgements relate to the identification and valuation of intangible assets acquired.
This includes complex valuation considerations and requires the use of specialists.
[Refer Note 50 to the consolidated financial statements.]
Adoption of Ind AS 116 Leases Our audit procedures on adoption of IND AS 116 includes:
As described in Note 2.19 to the financial statements the Company has adopted Ind AS 116 Leases (Ind AS 116) in the current year. • Assessed and tested new processes and controls in respect of the lease accounting standard( IND AS 116)
• Assessed the Company's evaluation on the identification of leases based on the contractual agreements and our knowledge of the business
The application and transition to this accounting standard is complex and is an area of focus in our audit since the Company has leases with different contractual term
• Involved our expertise to evaluate the reasonableness of the discounting rate applied in the lease liability
Ind AS 116 introduces a new lease accounting model wherein lessees are required to recognize a right-of-use (ROU) asset and a lease liability arising from a lease on the balance sheet.
• Upon transition as at 1st April2019:
i) Evaluated the method of transition and related adjustment.
The lease liabilities are initially measured by discounting future lease payments during the lease term as per the contract/ arrangement.
ii) Tested completeness of the lease data and examined if there were any material impact on the method adopted by the Company.
Adoption of the standard involves significant judgements and estimates including determination of the discount rates and the leaseterm. Additionally the standard mandates detailed disclosures in respect of transition.
• We performed the following procedures:
i) assessed the key terms and conditions of each lease with the underlying lease contracts and
[Refer Note 2.19 to the financial statements]
ii) evaluate computation of lease liabilities.
• Assessed and tested the presentation and disclosure relating to IND AS including disclosures relating to transition if any.
Information other than the Standalone Financial matters stated in Section 134(5) of the Companies Act 2013 (“the Act”) with respect to preparation of these standalone financial statements that give a true and fair view of the financial position financial performance including other comprehensive income cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standard) Rules 2015 as amended and other accounting principles generally accepted in India.
Statements and Auditor's report Thereon
The Company's Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis Board's Report including Annexures to Board's Report Business Responsibility Report Corporate Governance and Shareholder's Information but does not include the standalone financial statements and our auditor's report thereon.

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

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.
In connection with our audit of the standalone financial statements our responsibility is to read the other information and in doing so consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If based on the work we have performed we conclude that there is a material misstatement of this other information we are required to report that fact. We have nothing to report in this regard.
In preparing the standalone financial statements management is responsible for assessing the Company's ability to continue as a going concern disclosing as applicable matters related to going concern and using the going concern basis of accounting unless
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the

management either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

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

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professional judgment 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 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.

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

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

modify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue 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 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 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 themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards. From the matters communicated withthose charged with governance we determine those matters that were of most significancein the audit of the standalone financial statements of the current period and aretherefore the key audit matters. We describe these matters in our auditor's report unlesslaw or regulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest 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 as on March31st 2020 taken on record by the Board of Directors none of the directors aredisqualified as on March 31st 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 opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the 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 litigations on its financialposition in its Standalone Financial Statements- Refer Note 34 to the Standalone FinancialStatements.

(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 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 MANEK & ASSOCIATES
Chartered Accountants
Firm's registration number:
0126679W
Sd/-
SHAILESH MANEK
Proprietor
Mumbai Membership number: 034925
Dated: June 29th 2020 UDIN: 20034925AAAACT4330

ANNEXURE- A

TO THE AUDITORS' REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of NGLFINE-CHEM LIMITED (“the Company”) as of 31st March 2020 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control 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 Reportingissued by the Institute of Chartered Accountants of India (‘ICAI'). 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 company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the “Guidance Note”) and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. 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 over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

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 judgment 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 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2020 based on theinternal control over financial reporting criteria established by the Company considering

the essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For MANEK & ASSOCIATES
Chartered Accountants
Firm's registration number:
0126679W
Sd/-
SHAILESH MANEK
Proprietor
Mumbai Membership number: 034925
Dated: June 29th 2020 UDIN: 20034925AAAACT4330

ANNEXURE-B

TO THE AUDITORS' REPORT

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the standalone financial statements for the year ended 31st March 2020 we reportthat:

(i) (a) The Company has maintained proper records

showing full particulars including quantitative details and situation of fixed assets.

(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over three years. In accordance withthis programme

certain fixed assets were verified during the year and the material discrepancies whichwere noticed have been properly dealt with in the books of accounts. In our opinion thisperiodicity of physical verification is reasonable having regards to the size of theCompany and the nature of its assets.

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

Type of Asset Total No of cases Leasehold/ Freehold Gross Block as on 31st March2020 Net Block as on 31stMarch2020 remarks
Land-FS/5 MIDC Additional Mahad Industrial Area 1 Leasehold 3694875 3231770 Conveyance deed pending to be executed. The Managing Director of the company is holding power of attorney in respect thereof.

(ii) The inventories have been physically verified by the management at reasonableintervals during the year.

(iii) The Company has granted unsecured loans to the wholly own subsidiary companycovered in the register maintained under section 189 of the Companies Act 2013 (‘theAct').

(a) In our opinion the rate of interest and other terms and conditions on which theloans had been granted to the wholly owned subsidiary company listed in the registermaintained under Section 189 of the Act were not prima facie prejudicial to the interestof the Company.

(b) In the case of the loans granted to the wholly owned subsidiary company listed inthe register maintained under section 189 of the Act there has been no stipulation ofschedule of repayment of principal and payment of interest and hence we are unable to makespecific comment on the regularity of repayment of principal and payment of interest.

(c) Since the terms of repayment are not stipulated there is no overdue amount of suchloan and its interest.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made as applicable.

(v) The Company has not accepted any deposits from the public and consequently thedirectives issued by the

Reserve Bank of India the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act and the Rules framed there under are not applicable andalso no orders were passed by National Company Law Tribunal or Reserve Bank of India orany court or any other Tribunal and therefore clause 3(v) of the order is not applicable.

(vi) According to information and explanations given to us the Central Government hasnot prescribed the maintenance of cost records under clause (d) of subsection (1) ofSection 148 of the Companies Act 2013 in respect of the manufacturing activities carriedon by the Company and therefore the provision of clause 3(vi) of the Order is notapplicable.

(vii) (a) According to the information and explanations

given to us and on the basis of the books and records examined by us the company isgenerally regular in depositing with appropriate authorities undisputed statutory duesincluding provident fund income tax goods and service tax custom duty cess and othermaterial statutory dues applicable to it.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax duty of customs goods and service taxcess and other material statutory dues were in arrears as at 31 March2020 for a period ofmore than six months from the date they became payable.

(c) According to the information and explanation given to us there are no materialdues of income tax customs duty goods and service tax and cess which have not beendeposited on account of any dispute.

(viii) In our opinion and according to the information and explanations given to usthe company has not defaulted in repayment of dues to a bank and financial institution.

(ix) During the financial year the company has not raised any money by way of initialpublic offer or further public offer (including debt instruments) however the term loansraised during the year were applied for the purposes for which those were raised.

(x) According to the information and explanations given to us there were no fraud bythe company or any fraud on the Company by its officers or employees has been noticed orreported during the year and therefore the provision of clause 3 (x) of the Order is notapplicable.

(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 the company is not a Chit Fund or a Nidhi Company and thereforethe provisions of clause 3(xii) of the Order are not applicable to the company.

(xiii) According to the information and explanation given to us all the transactionswith related parties are in compliance with the provisions of sections 177 and 188 ofCompanies Act 2013 where applicable. The details of related party transactions have beendisclosed in the Ind As financial statements as required under the applicable AccountingStandards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review thereforethe provisions of clause 3(xiv) of the Order are not applicable to the company.

(xv) During the financial year the Company has not entered into any non-cashtransactions with directors or persons connected with him and therefore the provisions ofclause 3(xv) of the Order are not applicable to the company.

(xvi) In our opinion the company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934 and therefore the provisions of clause 3(xvi) ofthe Order are not applicable to the company.

For MANEK & ASSOCIATES
Chartered Accountants
Firm's registration number:
0126679W

Sd/-

SHAILESH MANEK
Proprietor
Mumbai Membership number: 034925
Dated: June 29th 2020 UDIN: 20034925AAAACT4330

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