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Omkar Speciality Chemicals Ltd.

BSE: 533317 Sector: Industrials
NSE: OMKARCHEM ISIN Code: INE474L01016
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VOLUME 38218
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OPEN 39.25
CLOSE 39.25
VOLUME 38218
52-Week high 47.05
52-Week low 4.74
P/E
Mkt Cap.(Rs cr) 79
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Omkar Speciality Chemicals Ltd. (OMKARCHEM) - Auditors Report

Company auditors report

To the Members of omkar speciality Chemicals Limited report on the Audit of thestandalone Financial statements

opinion

We have audited the standalone financial statements of Omkar Speciality ChemicalsLimited ("the Company") which comprise the standalone balance sheet as at March31 2020 and the standalone statement of profit and loss (including other comprehensiveincome) standalone statement of changes in equity and standalone statement of cash flowsfor the year then ended and notes to the standalone accounting policies andotherfinancialstatementsincluding explanatory summaryofthe significant information(herein referred to as "standalone financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us except for the possible effects of the matter described in the Basis forQualified opinion paragraphs I to VI given below impact of paragraphs I V and VI cannotbe ascertained in our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2020and loss and other comprehensive income changes in equity and its cash flows for the yearended on that date.

Basis for Qualified Opinion

I. The Company has negative net worth of Rs. 16249 lacs as on 31st March 2020. Thefinancial statements have been prepared assuming that the Company will continue as a goingconcern. Also the financial results do not include any adjustments that might result fromthe outcome of the qualifications as per the succeeding paragraphs.

II. The Company has shown the following particulars pertaining to the loss due tofire as insurance claim receivable under loans and advances of the Company as per footnote no.1 to note no.6 (Six) to the financial results

Loss of Fixed Assets 839.33
Loss of inventories 354.89
Loss arising due to public liabilities 157.50
Total 1351.72

and equipment shall be included in the profit or loss when the item is derecognized.The Company has not made the requisite de-recognition in profit and loss in line with theabovementioned para for the fixed assets derecognized as per note 4 to the financialresults and above table. Further an amount of Rs. 1351.72 lacs have been recorded by theCompany as a current asset towards insurance claim receivable under loans and advances. Asamount of the insurance claim receivable is contingent upon the submission of insuranceclaim by the Company and the confirmation of the same by the insurer the treatment iscontrary with the provisions of IND AS 37- Provisions Contingent Liabilities andContingent Assets. Due to the non-provision of the above loss due to fire and recognitionof insurance claim receivable the loss for the year ended 31st March 2020 is understatedby Rs. 1351.72 lacs and the current assets of the Company are overstated by Rs. 1351.72lacs. Correspondingly the net worth of the Company as on 31st March 2020 has beenoverstated by Rs. 1351.72 lacs. Correspondingly the net loss after tax (before OtherComprehensive Income) would have been Rs. 2815.35 lacs for the year ended on 31st March2020 and the negative net worth of the Company as on 31st March 2020 would have been Rs.17600.72 lacs had the interest expenses (as per paragraph 1 above) and the loss due tofire to the fixed assets inventories and public liabilities been provided.

III. We draw attention to foot note no.1 to note 26 (Twenty-six) of the accompanyingStatement with regard to non-recognition of interest expense on borrowings and reversalof accrued and due interest expenses of the Company. On 30th March 2018 one of thebankers providing long term and working capital finance namely Bank of Baroda hasclassified all the facilities being extended to the Company as ‘Non-PerformingAssets'. During the year ended 31st March 2020 the Company has not provided interestexpenses amounting to Rs. 525.35 lacs and Rs. 2101.51 lacs for the quarter ended and yearended on 31st March 2020 respectively on various credit facilities/loans which is not inaccordance with the requirement of Ind AS 23: ‘Borrowing Cost' read with Ind AS 109:‘Financial Instruments'. Due to this loss for the quarter ended 31st March 2020 andyear ended on 31st March 2020 has been understated by Rs. 525.35 lacs and Rs.2101.51 lacsrespectively. The net worth of the Company as on 31st March 2020 has been overstated byRs. 2101.51 lacs. Correspondingly the net loss after tax (Before other comprehensiveincome) would have been Rs. 3565.14 lacs for the year ended on 31st March 2020 and Rs.1067.13 lacs for the quarter ended on 31st March 2020 and the negative net worth of theCompany as on 31st March 2020 would have been Rs. 18350.51 lacs.

IV. In case the Company had given the combined treatment of the effects discussedin point II and III above the net loss after tax (Before other comprehensive income)would have been Rs. 4916.86 for the year ended on 31st March 2020 and the negative networth of the Company as on 31st March 2020 would have been Rs. 19702.23.

V. Bank of Baroda has recovered an amount of Rs. 40.50 lacs from the Company in theyear ended 31st March 2020. The Company has charged this amount to the statement of profitand loss and has classified this amount under Finance expenses during the year ended 31stMarch 2020. The Company has not provided us any documentary evidence to enable us toascertain the nature of this amount. As the nature of this amount cannot be ascertainedwe are unable to quantify its impact on the statement of profit and loss of the Companyfor the year ended 31st March 2020.

VI. The Internal Financial Control over Financial Reporting (IFCR) in the Companyis required to strengthen significantly. Adequate IFCR policies and procedures should belaid down made operational and overall internal controls and operating effectivenessneeds to be strengthened.

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. description of Key Audit Matters

the Key Audit Matter How the matter was addressed in our audit
Inventory Valuation
As at 31 March 2020 the company held Rs. 383.26 lacs of inventory. Given the size of the inventory balance relative to the total assets of the Company and the estimates and judgements described below the valuation of inventory required significant auditattention. We have performed the following procedures over the valuation of inventory:
As disclosed in Note 2(j) inventories are held at lower of cost or net realizable value using the FIFO method. At the year end the valuation of inventory is reviewed by the Management and the cost of inventory is reduced where inventory is forecast to be sold below cost. (i) For a sample of inventory items re- performed the First in First Out (FIFO) calculation and compared the FIFO cost to the last purchase invoices.
(ii) We tested the ageing report used by management correctly aged inventory items by agreeing a sample of aged inventory items to the last recorded invoice.
The determination of whether inventory will be realized for a value below cost requires management to exercise judgement and apply assumptions. Management undertake the following procedures for determining the level of write down required: (iii) On a sample basis we tested the net realizable value of inventory lines to recent selling prices.
(iv) We re-performed the calculation of inventory write-down.
(i) Use Inventory ageing reports together with historical trends to estimate likely future salability of slow moving and older inventory lines; We also made enquiries of management including those function and considered the results outside of the finance of our testing above to determine whether any specific write downs were required.
(ii) Perform a line-by-line analysis of remaining inventory to ensure it is stated at the lower of cost and net realizable value and a specific write down is recognized if required. For the procedures performed we have no matters to report.

Information other than the standalone Financial statements and Auditors' report thereon

The Company's management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sannual report but does not include the financial statements and our auditors' reportthereon. Our opinion on the standalone financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated. If based on thework we have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Management's responsibility for the standalone Financial statements

The Company's management and Board of Directors are responsible for the matters statedin Section 134(5) of the Act with respect to the preparation of these standalone financialstatements that give a true and fair view of the state of affairs profit and othercomprehensive income changes in equity and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) specified under Section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the standalone financial statements that give atrue and fair view and are free from material misstatement fraud or error.

In preparing the standalone financial statements management and Board of Directors areresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financialreporting process. report on other Legal and regulatory requirements

As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Companies Act2013 we give in the Annexure A a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

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: i. Identify and assess therisks of material misstatement of the financial statements whether due to fraud or errordesign and perform audit procedures responsive to those risks and obtain audit evidencethat is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resultingfrom error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal control. ii. Obtain an understanding ofinternal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances. Under section 143(3)(i) of the Companies Act 2013 weare also responsible for expressing our opinion on whether the company has adequateinternal financial controls system in place and the operating effectiveness of suchcontrols.

iii. Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management. iv. Conclude on theappropriateness of management's use of the going concern basis of accounting and based onthe audit evidence obtained whether a material uncertainty exists related to events orconditions that may cast significant doubt on the Company's ability to continue as a goingconcern. If we conclude that a material uncertainty exists we are required to drawattention in our auditor's report to the related disclosures in the financial statementsor if such disclosures are inadequate to modify our opinion. Our 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. v. Evaluate theoverall presentation structure and content of the financial statements including thedisclosures and whether the financial statements represent the underlying transactionsand events in a manner that achieves fair presentation.

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.

As required by section 143(3) of the Act we report that: a. We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b. In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c. The Standalone Balance Sheet the Standalone Statement ofProfit and Loss (including other comprehensive income) the Standalone Statement ofChanges in Equity and the Standalone Statement of Cash Flow dealt with by this Report arein agreement with the books of accounts. d. In our opinion the aforesaid financialstatements comply with the Ind AS specified under Section 133 of the Act. e. On the basisof written representations received from the directors as on 31 March 2020 and taken onrecord by the Board of Directors none of the directors is disqualified as on 31 March2020 from being appointed as a director in terms of Section 164(2) of the Act. f. Withrespect to the adequacy of the internal financial controls over financial reporting of theCompany and the operating effectiveness of such controls refer to our separate report inAnnexure B. g. With respect to the other matters included in the Auditor's Report inaccordance with Rule 11 of Companies (Audit and Auditors) Rules 2014 in our opinion andto our best of our information and according to the explanations given to us :

1) The Company has disclosed the impact of pending litigations as at March 31 2020 onits financial position in its standalone financial statements.

2) The Company did not have any long-term contracts including derivatives contracts forwhich there were any material foreseeable losses.

3) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

For desai saksena & Associates
Chartered Accountants
Firm's Registration no. 102358W
Sd/-
Mumbai dr. s. n. desai
Date: August 1 2020 Partner
UDIN: 20032546AAAABF1243 Membership no.032546

Annexure ‘A' to the Independent Auditors' report:

The Annexure referred to in Independent Auditor's Report to the members of the Companyon the financial statements for the year ended 31st March 2020 we report that: i. Inrespect of the Company's property plant and equipment: a. The Company has maintainedproper records showing full particulars including quantitative details and situation ofits fixed assets. of its property plant and equipment by which fixed assets are verifiedb. TheCompanyhasaregularprogramofphysicalverification in a phased manner over a periodofthreeyears.Inouropinionthisperiodicityofphysicalverificationis reasonable having regardto the size of the Company and the nature of its assets. In accordance with this programcertain property plant and equipment were verified during theyearandnomaterialdiscrepancieswerenoticedonsuchverification. c. According to theinformation and explanations given to us and on the basis of our examination of therecords of the Company the title deeds of immovable properties are held in the name ofthe Company other than those mentioned below.

(rs. In lacs)
sr. no. particulars original Cost Written down value
1 Land 118.98 106.44

of inventory at reasonable intervals during the year. As explained to us the ii.Themanagementhasconductedphysicalverification discrepancies noticed on verificationbetween the physical stocks and the book records were not material and have been properlydealt with in the books of account. iii. According to the information and explanationsgiven to us the Company has not granted any loans secured or unsecured to companiesfirms or other parties covered in the register maintained under sec 189 of the Companiesact 2013. iv. In our opinion and according to the information and explanations given tous the Company has not granted any loans secured or unsecured or provided any guaranteesor security to parties covered under section 185 of the Act. The Company has not grantedloans no investments has been made no guarantees or security are given to partiescovered under section 186 of the Act. Accordingly paragraph 3 (iv) of the Order is notapplicable to the Company. v. The Company has not accepted any deposits from the public.Hence the provisions of Sections 73 to 76 of the Act and rules framed there under are notapplicable to the company. vi. We have broadly reviewed the books of accounts and recordsmaintained by the Company pursuant to the Rules prescribed by the Central Government undersub section

(1) of section 148 of the Act and are of the opinion that prima facie the prescribedaccounts and records have been made and maintained. However we have not made a detailedexamination of the records. vii. a. According to the information and explanationsgiven to us and on the basis of our examination of the records of the Company amountsdeducted/ accrued in the books of account in respect of undisputed statutory duesincluding Provident fund Employees' State Insurance Income-tax Sales tax Service taxGoods and Services tax duty of Customs duty of Excise Value added tax Cess and othermaterial statutory dues have generally been regularly deposited during the year by theCompany with the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of Provident fund Employees' State Insurance Income-tax Sales taxService tax Goods and Services tax duty of Customs duty of Excise Value added taxCess and other material statutory dues were in arrears as at 31 March 2020 for a periodof more than six months from the date they became payable. b. According to the informationand explanations given to us there are no material statutory dues which have not beendeposited with the appropriate authorities on account of any dispute other than thefollowing dues of Income Tax Excise Duty and Value Added Tax :

sr. name of the statute no. nature of the dues Financial yea to which it pertains Forum where dispute is pending Amount (rs. in lacs) including interest and penalty
1 Income Tax Act 1961 Income Tax 2010-11 Commissioner of Income Tax (A) 779.76
2 Income Tax Act 1961 Income Tax 2011-12 Commissioner ofIncome Tax (A) 75.57
3 Income Tax Act 1961 Income Tax 2012-13 Commissioner ofIncome Tax (A) 37.34
4 Income Tax Act 1961 Income Tax 2014-15 Commissioner ofIncome Tax (A) 12.22
5 Central Sales Tax 1956 CST 2009-10 Sales Tax Tribunal 35.77
6 Value Added Tax 2002 VAT 2011-12 Sales Tax Tribunal 222.48
7 Value Added Tax 2002 and Central Sales Tax Act 1956 VAT & CST 2013-14 Sales Tax Tribunal CST-84.4 VAT-96.15

viii. In our opinion and according to the information and explanations given to usdetails of defaults in repayment of dues to Banks is as under:

sn. name of Bank nature of Facility nature of overdue overdue Amount (rs. in lacs) default in number of days
1 Bank of Baroda Term Loan Principal and Interest 4803 384 to 789
2 Bank of Baroda Cash Credit Principal and Interest 13622 396 to 805
3 NKGSB Cash Credit Principal and Interest 2622 1 to 486
4 Axis Bank Cash Credit Principal and Interest 1259 376 to 805

In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of loans or borrowings to financialinstitutions.

In our opinion and according to the information and explanations given to us theCompany does not have any loans or borrowings from government and has not issued anydebentures. ix. The Company did not raise any money by way of initial public offer orfurther public offer (including debt instruments) and term loans during the year.Accordingly paragraph 3 (ix) of the Order is not applicable.

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

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 the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable. The details of suchrelated party transactions have been disclosed in the financial statements as requiredunder Indian Accounting standard (IND AS) 24 Related Party Disclosure specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

xiv. According to the information and explanations give 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.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable xvi. The Company is not required to be registered undersection 45-IA of the Reserve Bank of India Act 1934. Accordingly paragraph 3(xvi) of theOrder is not applicable.

For desai saksena & Associates
Chartered Accountants
Firm's Registration no. 102358W
Sd/-
Mumbai dr. s. n. desai
Date: August 1 2020 Partner
UDIN: 20032546AAAABF1243 Membership no.032546

Annexure ‘B' to the Independent Auditors report

We have audited the internal financial controls over financial reporting of OmkarSpeciality Chemicals Limited (the ‘Company') as of 31 March 2020 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

Management's responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on audit of Internal Financial Controls over financialreporting (the‘Guidance Note') 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 its business including adherence to Company's policies thesafeguarding of its assets the prevention and detection of fraud and errors the accuracyand completeness of accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013 (the ‘Act').

Auditors' responsibility

Our responsibility is to express an opinion on the Company's internal financial controlover financial reporting based on our audit. We conducted our audit in accordance with theGuidance Note and the Standards on Auditing issued by the ICAI and deemed to beprescribed u/s 143(10) of the Act to the extent applicable to an audit of internalfinancial control both applicable to an audit of internal financial control and bothissued by the ICAI. Those standards and 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 control over financial reporting includedobtaining an understanding of internal financial control 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 risks. 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 sufficientand appropriate toprovide a basis for our audit opinion on the Company's internal financial control overfinancial reporting.

Meaning of Internal Financial Control 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 the generally accepted accounting principles and the receipts andexpenditure of the Company and (3) provide reasonable assurance regarding prevention ortimely detection of unauthorized acquisition use or disposition of the Company's assetsthat could have been material effect on the financial statements.

Inherent Limitations of Internal Financial Control over Financial reporting

Because of the inherent limitations of internal financial control 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 control 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.

Qualified Opinion

In our opinion except for the material weakness described below in the Basis forQualified Opinion paragraph the Company has 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 issued by the ICAI.

We have considered the material weakness identified and reported above in determiningthe nature timing and extent of audit tests applied in our audit of the financialstatements of the Company for the year ended March 31 2020 and the material weakness hasaffected our opinion on the standalone financial statements of the Company and we haveissued a qualified opinion on the standalone financial statements.

Basis for Qualified Opinion

In our opinion according to the information and explanations given to us and based onour audit procedures performed the following material weakness has been identified in theoperating effectiveness of the Company's internal financial controls over financialreporting as at March 31 2020: The Company does not have in place adequate standardoperating procedures in place for its day to day operations and thus we are unable tocomment on the design and operating effectiveness of the internal controls in the Companypertaining to its operations. This in turn has an impact on the internal financialcontrols over financial reporting. The Internal Financial Controls over FinancialReporting (IFCR) in the Company requires to be strengthened significantly. Adequate IFCRpolicies procedures should be laid down and overall internal controls and its operatingeffectiveness needs to be incorporated.

In our opinion the above mentioned qualifications could result in a potential tradereceivables and trade payables and consequently could also impact the loss(financialperformance including comprehensive income) after tax.

A‘materialweakness'isadeficiencyor deficiencies in internal financial controlover financial combinationof reporting such that there is a reasonable possibilitythat a material misstatement of the company's annual financial statements or interimfinancial statements will not be prevented or detected on a timely basis.

For desai saksena & Associates
Chartered Accountants
Firm's Registration no. 102358W
Sd/-
Mumbai dr. s. n. desai
Date: August 1 2020 Partner
UDIN: 20032546AAAABF1243 Membership no.032546

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