Foseco India Ltd — Annual Report 2021

Feb 10, 2021

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February 10, 2021

BSE Limited National Stock Exchange of India Limited Listing Department, Listing Department, Phiroze Jeejeebhoy Towers, Exchange Plaza, 5[th] Floor, Dalal Street, Plot No. C/1, G Block, Mumbai 400 001 Bandra Kurla Complex, Bandra (East), Mumbai-400 051

Dear Sirs,

• Sub: 1. Audited Financial Results for the quarter and year ended 31 December 2020 2. Recommendation of the Final Dividend

Ref: BSE Scrip Code: 500150, NSE Symbol: FOSECOIND, ISIN: INE519A01011

We write to advice that the Board of Directors of the Company, at its Meeting held today i.e., February 10, 2021, have approved the following:

1. Audited Financial Results of the Company for the quarter and year ended 31 December 2020: Pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015, (“Listing Regulations”) [SEBI (LODR)], we are submitting herewith the following documents:-

2. a) The Audited Financial Results of the Company for the quarter and year ended 31 December 2020; and

3. b) The Statutory Auditor’s Report on the Financial Results.

In compliance with Regulation 33(3)(d) of the SEBI (LODR), as amended from time to time, the Board of Directors had declared that the Statutory Auditors of the Company, Price Waterhouse Chartered Accountants LLP (Firm Registration no. 012754N / N500016) have issued an Audit Report with unmodified opinion on the Audited Financial Results of the Company for the year ended 31 December 2020.

1. Recommendation of the Final Dividend: The Board of Directors has recommended payment of a final dividend of Rs. 10/- per equity share (100%) on a paid-up equity share of Rs. 10/each, for the financial year ended 31 December 2020, subject to approval of the Shareholders’ at the forthcoming Annual General Meeting of the Company.

The Meeting of the Board of Directors commenced at 1530 hours and concluded at 2045 hours.

You are requested to take the above information on record.

Yours faithfully, For Foseco India Limited

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Mahendra Kumar Dutia Controller of Accounts and Company Secretary

Enclosing: as above

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Foseco India Limited

Registered Office: Gat Nos. 922 & 923, Sanaswadi, Taluka Shirur, District Pune - 412208 Tele: +91 2137 668100, Fax: +91 2137 668160 Website: www.fosecoindia.com, E-mail ID: investor.grievance@vesuvius.com FOSECO Corporate Identity Number: L24294PN1958PLC011052

Statomont of financials rosults for tho quarter and year ended 31 December 2020

						(All fiAures in Rupees Lakhs)	(All fiAures in Rupees Lakhs)	(All fiAures in Rupees Lakhs)	(All fiAures in Rupees Lakhs)	(All fiAures in Rupees Lakhs)
Sr. No 1	Pariculars . Income from Operations a Revenue from Operations b Other Income Total Income from Operations (a to b)					Current 3 months ended	Preceding 3 months ended	Corresponding 3 monthsended In the previous .-�-		Previous AccountingYear Ended 31-Dec-2019 Audited 32,252.39 781.26
						31-Dec-2020 Unaudited f Refer note-2I 8,226.87 180.04
				al Income from Operations (a to b)		8,406.91	6,984.31 7,568.52 25,735.96 33,033.65
2 3	Expenses a Cost of materials consumed b Purchase of Stock in Trade C Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade d Employee benefit expense C Finance cost f Depreciation and amortisation expense g Other expenses Total Exponsos (a tog)					4,458.65 221.48 4.30 884.07 143.59 1,717.72 7,429.81	3,612.44 121.14 65.63 890.98 0.05 157.68 1,445.62 6,293.54	4,594.95 108.37 (557.95) 694.13 113.80 1,621.25 6,574.55 13,029.39 17,975.93 555.35 523.36 529.82 (489.40) 3,518.68 3,413.44 0.07 0.13 591.06 419.70 5,402.74 6,227.71 23,627.11 28,070.87
	Pr		ofit before tax			977.10	690.77	993.97	2,108.85 4,962.78
4	Ta		x Expense
			Current Tax (net)			332.71	98.00	263.20	641.30	1,362.03
5 6		To	Deferred Tax charge/ (credit)			(75.07)	84.73	88.79	(76.13)	147.46
			tal Tax Expense			257.64	182.73	351.99 565.17		1,509.49
		Ne Ot	t Profit for the Period / Yoar her comprehensive Income, net of income tax aItems that will not be reclassified to profit or loss i Remeasurement of defined employee benefit plans			719.46 (41.37)	508.04 (26.04)	641.98 (89.27) 1,543.68 3,453.29 (119.49) (110.96)
			iiTax relating to remeasurement of defined benefit plan			10.42	6.55	22.37 30.07 27.93
7 8 9 10		To T	tal other comprehensive income, net of tax otal comprehensive income for the period/ year (5 +/- 6)			(30.95) 688.51	(19.49) (66.90) 488.55 575.08 (89.42) (83.03) 1,454.26 3,370.26
		Paid up Equity Share Capital (Face Value Rs. 10/- per share) Earnings per equity share (not annualised)				638.65	638.65 638.65 638.65 638.65
		Basic and diluted earnings per share (In INR) Reseres excluding Revaluation Resere as per Audited Balance Sheet of December 31,2020 and December 31,2019				11.27 7.95 10.05 24.17 54.07 17,626.06 16,500.18

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Page 1 of 4

Statement of Assets and Liabilities as at December 31, 2020

				(/II fiauroo in Ruuooa Lekhs)	(/II fiauroo in Ruuooa Lekhs)
Pariculars				Current Previous Accounting Year Accounting Year Ended Ended 31-Dec-2020 31-Dec-2019 Audited Audited
A 1 (a) (b) (c) (d) (e) (f) (g) (h) 2 (a) (b) (c) (d)	ASSETS
	Non-Current Assets Property, plant and equipment Capital work-in-progress Intangible assets Right of L1se assets Financial Assets i. Loans Deferred tax assets Income tax assets (net) Other non-current assets			3,068.31 3,432.37 490.72 161.83 2.60 74.35 81.35 261.73 185.60 524.62 295.50 94.48
	Total Non-Current Assets Current assets Inventories Financial a��et: i. Trade receivables ii. Cash and cash equivalents iii. Bank balances other than cash and cash equivalents iv. Loans v. Other financial assets			4,422.33 4,261.13 1,250.93 1,939.95 6,490.52 7,284.64 13,630.02 11,107.60 70.69 77.79 13.32 15.52 65.78 55.92
	Income tax assets (net) Other current assets			24.54 364.31 108.82
	Total CurrentAssets TOTAL ASSETS			21,886.57 20,614.78
				26,307.90 24,866.91
B	EQUITY AND LIABILITIES
(a) (b)	EQUITY Equity share capital Other Equity			638.65 638.65 17,626.06 16,500.18
	Total Equity LIABILITIES			18,264.71 17,138.83
1 (a) (b) 2 (a) (b) (c) (d)	Non-Current Liabilities Financial liabilities i. Other financial liabilities Provisions Total Non-Current Llabllltles Current Liabilities Financial liabilities i. Trade payables - Total outstanding dues of micro enterprises and enterprises - Total outstanding dues of creditors other than mi enterprises and small enterprises iii.Other financial liabilities Other current liabilities Currant tax liabilities Provisions			24.16 33.86	28.96 51.84
		small cro		68.02 0.07 6,681.65 742.91 280.75 279.79	80.80 1.08 6,418.22 711.38 214.63 89.13 211.84
	Total Current Liabilities Total Llabllltles TOTAL EQUITY AND LIABILITIES			7,985.17 7,646.28
				8,043.19 7,727.08 26,307.90 24,865.91

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Page 2 of 4

St11t11mont of Cii&h Flow as at Financial Yoar Ended Decemller 31, 2020

			(All fiQures in Rupees Lakhs)	(All fiQures in Rupees Lakhs)	(All fiQures in Rupees Lakhs)	(All fiQures in Rupees Lakhs)
Pariculars
A. Cash flow from Operatln9 activities
Profit before tax					2,108.85 4,962.78
Adjustments for
Depreciation and Amorisation expense					591.06 419.70
Provision of Doubtful Debts					186.30 276.63 t 3.08 (8.92)
(Profit)/ Loss on sale/ disposal of propery, plant a Finance Cost Interest Income			nd equipmen
					0.07 0.13
					(313.22)	(464.66)
Provision for doubtful debts written back					(88.53)	(201.77)
Unrealised exchange (gain) / loss (net) Employee share based payment expense Operating profit before working capital changes					0.99 26.65 2,515.25	(2.49) 35.71 5,017.11
Working caplti adjustments for : (Increase)/ Decrease in Trade Receivables (Increase)/ Decrease in Inventories (Increase)/ Decrease in Other financial asset (Increase)/ Decrease in Other assets Increase/ (Decrease) in Trade Payables	s				697.27 1,340.31 689.02 157.87 65.74 (44.42)
					(255.49)	(3.85)
					260.50	(111.61)
Increase/ (Decrease) in Other financial liabili Increase/ (Decrease) in Other liabilities	ties				0.65 30.41	(433.99) 12.60
Increase/ (Decrease) in Provisions					(69.52)	(124.56)
Cash generated from operations					3,933.83	5,809.46
Income taxes paid (net of refunds) Net cash generated from operating activities	(a)				(904.94)	(1,125.87)
					3,028.89	4,683.59
B. Cash flow from Investing activities Payments for propery, plant and equipment Proceeds from disposal of propery, plant an equipment Redemption of bank deposits (with maturity than three months)	d mor	e			(442.48) (1,365.45)
					1.48	14.66 0.40
Interest income Net cash used In Investing activities (b)					253.92 (187.08)	460.30 (890.09)
C. Cash flow from Financing activities Interest paid Dividends paid Tax on dividends 'Not cash used In financing activities (c)
					(0.07)	(0.13)
					(319.32)	(1,596.62)
					(319,39)	(328.23) (1,924.98)
Net increase in cash and cash equivalents - (a+b+c) Cash and cash equivalents at the beginning of the yea Cash and cash equivalents at the end of the year					2,522.42 1,868.52
			r		11,107.60 9,239.08 13,630.02 11,107.60
Cash and cash equivalents comprise of :					1.01 1.30
Cash on hand Balances with banks - in current accounts - in EEFC accounts
					677.96 366.05	1,274.92 216.38
Deposit with maturity of less than three months Total cash and cash equivalents					12,585.00 13,630.02	9,615.00 11,107.60

Note : The above Statement of Cash Flows has been prepared under the "Indirect Method" as set out in the Ind AS - 7 on Statement of Cash Flow.

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NOTES:

The results have been reviewed by the Audit Committee and approved by the Company's Board of Directors at their respective meetings held on February 10, 2021. The statutory auditors have carried out the audit for the year ended 31 December 2020 and have issued an unmodified opinion.

• 2 year and the published year to date figures up to third quarter of relevant financial year. Figures of the quarter ended 31 December 2020 and 31 December 2019 are the balancing figures between audited figures in respect of the relevant full financial

• 3 The Cornpany has only one reportable segment, metallurgical products and services, in accordance with Ind AS 108 - "Operating Segments", notified pursuant to the Con1panies (Indian Accounting Standards) Rules, 2015.

• 4 The Board of Directors of the Company has recommended payment of a final dividend of Rs. 10/- (100%) on a paid-up equity share of Rs. 10/- each for the financial year ended 31 December 2020, subject to the Shareholders' approval at the forthcoming Annual General Meeting. This in addition to the interim dividend aggregatin to Rs. 5/- {50%} per share, brings the cumulative dividend for the financial year to Rs. 15/- (150%) per share.

• 5 The Company has considered the possible effects that may result from the COVID-19 pandemic in the preparation of the annual financial results including the recoverability of carrying amounts of financial and non-financial assets. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of this pandemic, Management has taken into account internal and external sources of information including economic forecasts and related information and expects that the carrying amounts of these assets are fair and reasonable. The impact of the pandemic might be different from that estimated as on the date of approval of this results.

• 6 The managerial remuneration paid to the former Managing Director of the Company during the year ended December 31, 2020, amounted to Rs. 508.66 lakhs including retirement benefits of Rs 234.59 lakhs, which exceeds the prescribed limit under Section 197 read with Schedule V to the Companies Act, 2013 by Rs. 256.30 lakhs, in view of "inadequacy of profit" computed under Section 198 of the Act. As per the provisions of the Companies Act, 2013 the excess remuneration paid will be subject to the approval of the shareholders by way of a special resolution at the ensuing Annual General Meeting, which is being sought.

• 7 Previous period / year figures have been regrouped/rearranged wherever considered necessary.

Date: 10th February 2021 Place: Pune

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For Fti/ LIMITED Or. Ujjal Bhattacharjee Director DIN 08083932

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Price Watcd1ousc Chartered Accountants LLP

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Opi11ion

• ,, 1• lw l' .mdikd I lw iH'<'omp,rnyiug finaJ1r1nl :;tatcrncuti, of l•osc<·o I ndw Lim1h•d ("I he: l\,m]l.lll) "). whu h l'lllllJ>l[i] St' 1lw lialm11·P sh,·1·1 as at D1•rt•mhc-r :ll, :.w:,w, and the "�alt nu:nl \11 l'mhl aod Lo1,s l(indud 111� Otht•r Con1prPIH'11'livc l m·tml<'), stalc•1nN1I of d1�111A<'S m N{Utty ,\lid ::-l.11l·1111•111 of 1',1:-.h flows for tlw ycnr thl.'n cndNI, and notes to the fin:wc1:1l :;\atcn�cnls, i11dndinp, a sum man of :,;i�nifit'anl acrounting policici; and other c:xplmwlorv mformn\100 .

• .'? 111 om opinic'ln and to the best of our infonnnlion and accordfog to the explanations r,ivcn to us, the aforrsaid fin:mcial sta1emc11ts p,ivc the information required by Lbc Companim; t\C"t, 2013 ("the Act") in the manner so n•quire<l and give a true and fair ";cw in conformity with the at'counting princ·iples generally accepted in India, of Lhc stale of affairs of the Company a:- at Dt•ccmbcr 31, 2020, and total comprehensive income (cmnprisin� o_f profit and other compr!.'hcnsivc income), changes in equity and its cash flows for the year thc:n ended.

Basis for opinion

1. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143( ta) of the Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. Wt.: are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that arc relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accoruance with these requirements and the Code of Ethics. We believe that the audit e,idence we have obtained is sufficient and appropriate to pl'ovide a basis for our opinion.

Emphasis of Matter

1. We dl·aw your attention to Note 29 (d) to the Financial Statc�ent�, which d.escribes the remuneration amounting to Rs. 508.66 lakhs paid to the former Managing Director whkh exceeds the limits prescribed under section 197 read with Schedule V to the Act by Rs. 256.30 lakhs and accordingly, is subject to the approval of the shareholders by way of a special resolution in the ensuing annual general meeting. Our opinion is not modified in.respect of thb matter.

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Price Waterhouse Chartered Accountants LLP

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• m11' opiufon thereon, and we• do not provide a separate opinion on these matters. O\idre11sr<l in thn conlcxl of our audit of the financial statements as a whole, an m onnmg Kl'\' audit m.it tt'rs arc those matters • l t t that, in our professional judgment, were of most t·ofthecun·entpcriod.Thesernatterswere

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How our audit addressed the key audit matter

Key audit matter

RcvCJllH' l'C.!COgniliun R<·f<'r NOIC' 1 (d) and 17 to the Financi.'11 .Stntcmcnts.

tl1e. following: contracts. Our a11dit procedures· included designed to cover certain customer Our testing of revenue transactions was

The Company recognises re[v] enue in accordnncc with Ind AS 115 "Revenue from Contmcts with Custorners·•.

• Understanding, evaluating the design and testing the operating effectiveness of controls over revenue recognition process[[including contract monitoring, billings and]] approvals;

Rc,·omic from the sale of products is[[including contract monitoring, billings and]] approvals; sold is transferred to customer and there is no assessment of ,the timing of transfer of unfulfilled obligation and it is me[a] sui·ed at control to the customer to assess whether fair value of the consideration received or i-evenue is recognised appropriately; receivable, after deduction of any discounts • Testing whether the �·evenue recognition is and taxes or duties collected on behalf of the in line with the terms of customer contracts; government such as goods and services tax • Assessing whether fair value of etc. com;ideration received, or receivable has • been terms of We have cons[i] dered revenue recognition as a determined appropriately rn the custo1ner contract, 'reviewing customer key audit matter since there is a risk of correspondence and verifying pre and post material mjsstatement; and additional year end C'ut-off had been appropriately disclosures are required to be made in applied; accordance with the applicable accounting Te11ting of journal entries for standards. unusqal/irregu lar revenue transactions; and recognized when control of products being • Evaluating the contract terms for

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• Evaluating adequacy of the presentation and disclosures

Based on the aqove stated procedures, no significant exceptions were noted in revenue recognition 'including those relating to presentation and disclosures.

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Price Waterhouse Chartet·ed Accountants LLP

Page 3 of 6 To the ,1cmbt'r" ufroM'C:O lnd1,I tndcp"ndcnl \uclitor<:' llrport_ J.tmllcd. . FosC(·o lmliu Limited

Other Information

1. The C{)mpany's Bonrd of Directors is responsil�lc for the othC'r _information. T�e o�herinfor111ation comprises the informaliou incluclcd m the Bool'd of Directors report, nt ocs not include the financial statements and our auditor's report Llwrcon.

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

In connection with our audit of the financial statements, our responsibility is to read theolher ii1formation and, in doing so, consider whether the other infor�natio!1 is mntet:ially inconsistent with the financial statements or our knowledge obtained m the audit or otherwise appears to be materially misstated. If, based on the work we have pcrfonn�d, we conclude that there is a mflterial misstatement of this other information, we arc required to report that fact.

We have nothing to report in this regard.

Responsibilities of management and those charged with governance for the financial statements

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1. The Company's Doard of Directors is responsible for the matters stated in section 134(5) of the Art "rith respect to the pre para Lion of t}1ese financial statements that give a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selt!cliun 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 and

preparation and presentation of the financial statements that give ;i true and fair view or error.

are free from material misstatentent, whether due to fraud

1. In preparing the 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 either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's responsibilities for the audit of the financial statements

1. are � E ,: � �'"' "' Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an audi_tor's report that includes our opinion. Reas�nable assurance is a high Ie�el of assurance, but 1s not � guarantee that � au�it con�ucted m accordance with SAs will always detect a - oo, ") "Q matenal m1SStatcmcnt when 1t exists. MlSStatements can arise from fraud or considered material if, individually or in the aggregate they could reaso � Ofl™M1"fi�� � influence the economic decisions of users taken on the basis of these _l' ....,.i' 1 ¥ .Pa&D• l/-

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• 1 :s • l'dtfl ·du� m•lt...-n. ,:onununu-.attd Wllta lh«M duaratd whb xo,·cn�au:u, � tk•lcrmm • th,� rtUiU,.,-. lk!it �rr� . uf m•>at #i11,n,O..-J1 u-e In tbe audit uf the On.uu·inl 1tul�mrnt• u( th,•, um.-nt 1 r

• 1"' 11•1 u,t 10.i thnt'for the My •ucUI mallen, We de:a·rtbo t� MAU 111 h, our 4u,luu :t• 14"�1 �••ltM J.w .,, �latkm pntdudet publ� dltr)C)!IUN fbuut lh" IWIUt'r or wh«-u, m -t>ll�•�-1> rn, du•vJbflatM�, '" detemtin• that • m•tt4!r 'tbonhl n,,e t. C'.Olmuuu1n1tfd m QUJ fi'V'it1 �......, d.- 8141v� ... .,.... . ,,,.. nf �l na � w. 1u1d N'Uf,tMb)' � t:Jl..., 1ed h) 1

• out w.- 1,,li thi\ �Alt: fot.,..., •�•ltfli• uf 1wh mnununa�tlon

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Price Waterhouse Chartered Accountants LLP

PcJge S of 6 J"o I lu· ,, ('n,lu•r, or l'osc-rn fnthn L11ntt<'d 1 tl!><•to lndia J.imitrd J111h•pl'11Clc-nt ,\uditor,.,' R<•port _ .

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Report cu, other ll·gttl nn<l rt·gul:itory \·cqnircment.s

• i..1. ., requirl'd hy lb<' Compani<'s (Auditor's Report) Order, 2016, issu<.'d by the Central i

• t;o\•1•n1111flnt nf Ind a in terms of sub-section (11) of section 143 of the Act ("the Order"), we �"� 111 the ,\nncxurl' Ba statement on the matters specified in paragr;1phs 3 and 4 of the Ordl'J, to the extent applicable.

• A,,_ required by Section 14:i (3) of the Act, we report that:

• a. We have sought and obtained all the information and explanations which to the best of om knowledge nnd belief were necessary for the purposes of our audit.

• In our opinion, proper books of account as required by law have been kept by the Company so for as it appears from om examination of those books.

• c. The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and Statement of Cash Flows dealt with by this Report are in agreement with the books of account.

• d. In our opinion, the aforesaid lnd AS financial statements comply with the Indian Accounting Standards specified under Section 133 of the Acl.

• e. On the basis of the written representations received from the directors as on December 31, 2020 taken on record by the Board of Directors, none of the directors is disqualified as on December 31 1 2020 from being appointed as a director in terms of Section 164 (2) of the Act.

• f. With respect to the adequaey uf the internal financial controls wilh referenee to financial statements of the Company and the opcmting effectiveness of such controls, refer to our separate Report in Annexure A.

• g. With respect to the other matters to be included in the Auditors' Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our knowledge and belief and according to the information and explanations given to us:

  1. The Company has disclosed the impact of pending litigations on its financial position in its financial statements. Refer Note 31 (a) to the financial statements;

  2. ii. The Company has long-term contracts as at December 31, 2020 for which there ·were no material foreseeable losses. The Company did not have any derivative contracts as at December 31, 2020.

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

  4. the Company for the year ended December 31, 2020.

  5. iv, The reporting on disclosures relating to Specified Bank Notes is not applicable to

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Price \,Vaterhoust� Chartc1•cd Accountants Lt.P

h11l 1•p,•1uh•11I \1llhl11J, • It,· J>nrt I 1• 1lw "n11l>\'l'S .. r-i nM'\'I' r,1111., I 111111,·11 l 11-.<'l'tl lmllll I imih·d

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w \:- ,11tr,l 111 lh1 Nutt· :q (1) In llw l m,111n,1I �1.,t1 men., tlu 1·M·1 ,� 11•111111tt 1.111011 , 1 111111m1m� h' l-.:, .:.. ,l' ·10 l.1..h:- p.rnl ln llw lt11rn1·1 M,1u,1!',i11r, nu .. do1 1:-. 1111hj,•(·t to 1h1· ,1pp 1mal of th<· ,h.1r.'h11ltl,-1._, h� "·1� ol a '\H'1'i.,I 1t•�nlut1011 m the e11�n1111,[1] Annu,11 (:1•m·1,1l Ml'et111K, {Also n:h'I 1· 111 ph.1�1� ol 1\1.lth'r p.n.,�raph ahnn').

f(H' Prirc· W1 crhnusc Chartered Ac:co11nlant:s l,IJ' Firm Rcv.istration Nnmhcr: 012754N/ N500016

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Amit Borkar

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Place: Pnnc Date: February JO, :.to21

• Partner Membership Number: 109846 UDIN: 21109846AAAABF7248

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Price Waterhouse Chartered Accountants LLP

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• �uh••l·•.-ti,111:, offa•.-tioo 14:J vf\hl' i\c·t

• \I, h,,1 ,· ,llhlttl.-tl tlw mt,·rn.tl fin.mc,.il wntrol, with ,dcrr · to h11andal ,1atcrncnts ol Fo"C'cu lndiu Umiu:<l ("th<• , \,m1,.,11� • J ,,, ,,1 l>[n ] ,•n,t"·r ;1,, i!();?Q iu ,vnjmittlt,n "ith 01. .iuJ.it v( the l 1111wial i;tutemcnts of the Corupunv for tht· H',1r ,•mhxl nn lll:_1I tl:11.-

l\lar111Al'1t1c11t'1, R.esponsihllity fol' Tnh:rnul Fhumciul Co11t1·ol�

• -· Th,· Company's muna)(cmcnt is rt-sp,,nsible for <'Slablif.hing and maintaining intcnnal fi!1.1nci:il <.'!Jnlrt!ls bus(..-<l <Jn th� internal e,•11trol owr financial rcportin11 ciit('ri.1 cst.1hbhcd hy lhc Com_puny c..,in�itlcn1114 the css�nti:il compone!•L'­ of int.'mal 1'<1ntrol ,1111�-<I in th,• Guid·me<' Nou• on Audit of Internal F111anct:1I Controls Over Fm.ancial Rcportmi is..�uc-<l bv th,� 111,lilul.l' nt Chart('r«'1i i\r<"(JUntant;; of India (ICAI). Thu�e responsihilitic.q lnclud(J the design, i[m] plcmcntution and maintenance of ntkquutc intcrnul fillllndal control,; that were opc1 �t!ng cffoctivd) for �nsuri?g

• the ordcrh .111d cltil'icnt conduct of its businci;s, including adherence to company's polic1c:., the snfcgu�rdmg of Jl'> ossct,, tht· pre,·cntion and detection <>f frauds and crmrs, the accuracy ond complctcnc:.s of the uccountmg rci.,'Ord�. und the time I) prc1,uration of rcliahlc finoncial information, n.� rcquin:.-d under the Act.

Auditor.s' Rcspo11,_-.ihility

1. Our rc�po1t,1hilit) is to c"prc.<;.., on opinion on the Company's internal financial controls with reference to financiul statements based on our audit. We conduclc<l our audit in uccordance \ith the Guidance Note on Audit of Internal Financial C'ontrob Q\·cr Financial Reporting (the "Guidance �otc") and the Standards on Auditing dccm<!d to he prrscribcd nndcr section 143(10) of the Act to the extent applicable to an audlt of internal financial controls, lx)th applicnhle to an m1dit of internul tin:inciul controls and both issued b} the TCAl. Those Standards and the Guidance :-,'ote requ1r(' that \C compl} with .-thical requirement� and plan and perform U1cuudit to obtain reasonnble ui;surancc about whether adequate internal financial controls with reference to finonciul statements was established and maintained and if such controls operated effectively in all material l.Spc<:l!i.

2. Our audit involves performing procedures to obtain oudit e\'idcncc ahout the adequacy of the internal financial1.,-ontrob s�stem "1th reference to finuncial statements and their opcrntmg effectivene:,s. Our audit of internal financial controls with reference to financial statements includt-'<l obtaining an understanding of Internal fioanciul controls with reference to financi:il statements, asscs.5ing the ru;k that a material weakness exists, and testing and evaluating the dc.�ign and operating effectiveness of internal control based on the �ed risk. The pl'(X:cdures �elected depend on the auditor's judgement, including the assessment of the rli;ks of material misstatement of the financial statements, whether due to fraud or error.

3. We bdieve thot the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls system "ith reference to financial statements. ncil

Meaning of Internal Financial Controla with reference to fina &talemenbl

1. A comp,my's internal financial controls with re[f] erence to financial statements is a proc1.'SS designed to provide reasonable a::osurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance �ith generally accepted accounting principles. A company's internal financial con_trols with reference to financial statements includes those policies and procedures that (1) pertain to the ma111tcnancc of records that, in re3SOnable dctnil, accurately and fuirly reflt.-'Ct the trans.ictions and disposition.'> of the assets of the company; (2) provide reasonable as.5urancc that tran.s:ictions are re<.-orded as neccssarv to permit preparation _of financial statements in a�rdance with generally at.-'Cepted accounting principles, and that receipts a�d expenditures of the company are h«:mg made only in accordance with authorisations of management and d1rcctol'li _or the c?�pany; and (�) pr_o:,ride reasonable �urancc n.-garding prevention or timely dct(..-ction of unauthon,;cd acquL�1t1on, use, or d1spos1uon of the company s assets that could have a material effect on the financial blalcmcnts.

Inherent Umltationa of In n n ancial natemen ternal Ftnanc:ial Co trut. with refere ce to ftn ta

• c

• 7, Bcca� of the tnhc�nt limitations of Internal financial controls with referene to financial statements, including the possibility of collw.1on or Improper management ovenide of controli, material miatatcmenta due to e1TOr or fraud 11Y �ur and not be detected. AIIK>, proje.:tione of any evaluation of the Internal financial tantrols with reference to

• 61nanc1al liWlemcntS to future period» are subject to the riak that the internal financial controls with reference to � ~~�yd�==~~[tc becaUN of cbangea la conditions, or lhat the �c,gr][ of compliance with]

• i�;',o��=�

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Price Waterhouse Chartered Accountants LLP

• • · . · · , . ·• nut applicable to the Compan) \', of the Ai:t and the Ruic� framed there under lo the extent nolilicartnt'rships or otlll'r p;111i,·, l'cl\t'lcd in the r.,:J:i,ll'r maintained under &'<:Iron 189_ r.111ft•d any loans, sct·llrt'v ur unsclllre ' , - . • ,itu.,ti,111, of fix<>d ,1'-'l'b, b , . II . · -·' · N , (· J ,.. Pro ic1 t)· plant and equipment to the iii. tht' part1l'� er;, ,·red under Sert ion· 185 and 186. Therefore. the provbions.of Cluusc 1(1v) ot the said Order arc II, 'I he lorn pa 11, has nnt �r.111tt•<l am lnJns ur matlc an\ in1 r , tn1cnl5, or prm1dcd any g�arantce'i o� secunly to rumpan:<l to hook r<.'t'orcb "ere not rnatl'nal and h,l\c lll'cn a1mropnate :r ea The ph)"i<'al vt•rili1,nt111n of im(•ntory cx(')mhn•i sloe; "WII I 1r . l:vi 1' '\ , \ ;th third purtic�. thc::-e have provision.� of Clm1:1c ;i(iii), (iii)(ll). (11i)(h) :1110 (iii)(c) vt the s. i d Order arc not upplwublc to tbe Comp.in)· sub�ti111tinll)' b(•cn r n firnwd by them. The dt<:errp:itH'it'S _nollC'Cd .'.m.r_ u m oil 3 - • 1 l • ((') 'l'lw till,• dc,•d, o( i1111lloH1hl,· pr◄>p<-r'lu,;�, 1,-, <l1,,do�1 1 intcr.•al, by tlw Mana).(cnwnf dunn11 th<' ;c•:1r: In rcspl'\'.l of 11.'"c,,tnry h fmanl1.al stall'111cnh • .in: hdd 111 the nanw of the Comp:mr. (I,) The hu�I a.,,c,, or tht• Curup:in} h11vc h«·n phy,i� .Ii>�<'!" c .... • •<l t, companfc,; fimis Limited Li.ibilit} 1;<·<I ,111 !,ll<'h vcn ll: l lun. n <1ur 111.Jf<'rial di;.rrqmtt, i,•� huvc hccn 1101 i f'('a,..,111ahlt• • (uJ ·, Ill' < ornp.111) �' 111a1ntm11111� pr,.r,cr n·cord., shm-.in� tu: part 'or th,• '\et Tht•rcfort• the �. I . ·rifiC' lion of invcntorv as .: · h h · d p.irtrcs ha\C bn·n conducted ,11 re.c,onublc J: ' . f;\,�l� in 1t .. hool..s of :l(:CO�nt,, . of J'o"l'l'll lridw l.truit('d on th1• l111:11wt:1I slUMtnt nts ,1;; 0 a HPfi·ri ,.,1 to 111 11.11 ,tgrap 1 1,1 > u· 11 11 :.t(l:!O r · Qpinfon the frcqucncyo(verificntionis fi '.d bv the Management during the year and no l /\rmc\'.urc n lo lncfo1wndt>nl Auditor-.' Rcpor-l .1 iculan, incJudinjl quantitative dctail!i and I f tl I 1, l nde>nt Aue •tor, rs.♦·pm · . f. nJ for the yl';H endc-d Oecem er :�1,• n t uf even date to then C'mbers

s:unc. um! an• nf th<' opinion that, prlrna f:icil·, the prescribed u1.·counts am.I recur<!-,; hav� been made �n<l 1,hethcr they Jn: accurate or t·omplctc. maintain(xl. Wt• ho\'(l not, however, made a detaikil cxamin.ition of the rci.-ords ,,,th a ,-iew to determine 11. rcLvrds us spedfkd under Section 1-18( 1) uf the Act in rcsp<..-..1 of iL'> producL,. We ha\'C broadly rcvic"cd the PursuJnt to the n1les made hy the Ccntr'JI Govt•rnmcnt of India, the Compony is required to mai'.'tam cost

in our opinion, the Company h, regular in depositing the undisputed :.1atulory due:1\lcordinsi to thl• infom1.ation und explanations gh en to ui. and the rt.�'Ords of the Company exam , including provident fund,[i] ned b), w,, tulfilmcnt of conditions spt:cificd therein. l'mployccs' st1JtC insur,.tncc, income tax, soles tax, :-crvice tax, dut) ol t'U!>lonu., <lut) of excise, value added tax, Further, for the month of March and April 2020, the Compan} has paid Cooch and Sef\ice Tax and filed return in Form GSTR 38 .and Fonn GSTR r after the due date but within lhe timclincs allowed bv Central L1011rd of lndirect Taxes and Customs under the Notification No. 35/2020 • CT dated April 03, ·2020 on Cl'�. �oods and �"·ice tax and other material �latutory dues, a� applic.iblc. \ith the appropriate authorities.

on account of u dispute, are as follows: the particulars of dues of sale!> tax and value added tax as at December 31, 2020 which have not been dcpositetl (h) ,\ccordi�,g to the information and explanations given to us and the records of the Company examined by us,

==> picture [402 x 67] intentionally omitted <==

Ni. the Co"!lpany does not have any loans or borrowings from any financial Institution or bank or Govt e rnm nt.

• are

• ,iii. nor has �t issued any debentures as at the balance sheet date. the provisions of Clause 3(v i i) of the Order e rnm nt. not applicable to the Company.

• ompany.

• Ix. . ir

• The Company h a not raiMld any moneys by way of initial public olfu further public df.r (lududiag debt icnstrumcnts) and term loans. Aecordingly, the pa,MsionaofClauee:,0->'ot� Order .,.. nocapnUcable to the-

• x. During the CO\ l of our C11U11inatiQft vt b)' the Manage m t. given lo 11$, wo ba'\'e nt.-ither COll\e llc:rQla with the generally� •Uditin& hy Its otticera or emplo)-, notk,ed or

Price Waterhouse Chartered Accountants I.LI>

,\nnexurt• R to Tndcpl•ndt•nt \ulltt•l"s' t(1•JMlrl

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• xii A'- the Compan) 1.-. not a :-;,Jh1 Comf'Jn� ,,nu tilt' :--iJh, R,1k,-, :iu11 ,If\' 001 •'l'l'I" abl,• tu It. tlw I'"" ,,ions ot Clause 3(,11) of the Ordt:r arr 1101 i1f'phr,1hk It• 1h1 Cornp;111}.

• 1

• The Compan) ha, tnlt:rl'II mll> 1r.111s..Kt11,11, "•lh n·l.1t<-tl p.1111,, in ,,,11pl1,t11,t' ,,1th tli,· P"" '"'""' ,,f S1, hc,n, 177 ,md 188 of Ila• Ad Thl· d1•t.11l, of Mwh rd,111•d part) trnw,1,ti,111:< h,lH· "1.·,·11 di-., l,,,. . ..,d m th�· li11,11wfal 1

• ,ta1,•rnc11t,; u.� Ntiuirl·J 11111!.-r ToJi.111 \n�11111htij! :>t:mdar<l (11111�)21. Rd,11<',J 1 .irh f),., . .l,i,\IH·-. ,-p,·,·1!frtl under S,:ction 13!} of th,· \d.

• xiii

• xh. The Comp:my ha� 1111t m,1dc ;111) l)l'l:f1m·1111.1l ,1ll01nwnl 11r pn.,,111• pl.1wm1•nt 111 sh.1r,•, 11r hill) or p:irlh con,ertiblc tkbe11turc,-dun1� tlw, c,ir undt•t ! ' I.' 11•1, \t•mmin,-1\", the p1m i,11111, ot Cl,111,1· ;l( ,1, l ul till' OrJ,•r ar1• not .1pphcobl1• tu 1 he C'r n p.111.,

• XY. Tht• Comp:mt Im� Ito\ �·nh:n.<tl inln an� non c:1,h tr;U),-,1ttion , \tlh 1h tlm-clol"' 11r pt·1"mi. r n nt.1·tt•d \Ith htm. Armrtlm�l�. lh'-' pn111,-iun, ot C'IJt1•l' ,}(:"') of tht• Orcli•t .in· nut ,1p1,hl·:thk to tilt' Co1np:111. Th<- Co!nPJn) i� not rt'q\111."ll to I�· rcµi!'>t1•rcJ umlcr Sl'l.'IIOn 4!i I..\ ot thl· Rl. . , ,'l"\1 8,1111,. ol lmh,1 \d. 1c>3 I M�ordm�I). lhl· p1'l\1,-ion, of Clau.<1' 3(\ i) ,,fthc Orikr un• 1w1 ;.1ppli<•,1bh: to tht• CC>lllpJ!t),

For l'rn:c W.iti,rhtJu-..: ChJr'\l'N'\l Account.� LU' Finn R . ):istr.1tinn "-umbl'r· Ol'".!-5.1N/-S50001b .

����

Place: Pune Date: Fehrunl) 10, 2021

Amit Borl..ir P:irtncr UDl:-1: 211�6AAAABFT,!48 Membership �umber: l�6

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