Foseco India Ltd — Annual Report 2022

Feb 28, 2023

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February 27, 2023

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,

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

Sub: Outcome of the Board Meeting

1. Audited Financial Results of the Company for the quarter and year ended 31 December 2022

2. Recommendation of the Final Dividend

3. Other Matters – Changes in Directorship

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015, we write to advice that the Board of Directors of the Company at its Meeting held today, i.e., February 27, 2023, has inter-alia , taken the following decisions:

1. Audited Financial Results of the Company for the quarter and year ended 31 December

2022

The Audited Financial Results of the Company for the quarter and year ended 31 December 2022 was approved by the Board of Directors. In this regard, following documents are submitted herewith:-

a) Audited Financial Results of the Company for the above period; and

b) 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 2022.

2. Recommendation of the Final Dividend

The Board of Directors of the Company has recommended for approval of the Members at the next Annual General Meeting of the Company, a final dividend of Rs. 25/- (250%) on a paid-up equity share of Rs. 10/- each for the financial year ended 31 December 2022, plus a one-time special dividend of Rs. 15/- (150%) giving a total final dividend of Rs. 40/- (400%) per share. The one-time special dividend is recommended on completion of 65 years of the Company in the current year 2023.

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3. Other Matters – Changes in Directorship

i) Appointment of Mr. Mark Russell Collis (DIN 10054384) as a Non-Executive NonIndependent Director (Additional Director) of the Board

On the recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Company has appointed Mr. Mark Russell Collis as a Non-Executive Non-Independent Director (Additional Director) on the Board of the Company with effect from 27[th] February 2023. Mr. Collis is a nominee of the Holding Company – Foseco Overseas Limited. More information on Mr. Collis is being filed separately.

ii) Re-appointment of Mr. Ravi Moti Kirpalani (DIN 02613688) as a Non-Executive Independent Director on the Board of the Company for the second term of 5 years

Mr. Ravi Moti Kirpalani’s present term of office as a Non-Executive Independent Director comes to an end on 25[th] October 2023. On the recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Company has re-appointed Mr. Kirpalani as a NonExecutive Independent Director on the Board of the Company for the second term of 5 years that will take effect from 26[th] October 2023 and ends on 25[th] October 2028. More information on Mr. Kirpalani is being filed separately.

iii) Resignation of Mr. Guy Franklin Young (DIN 08334721) as a Non-Executive NonIndependent Director

Mr. Guy Franklin Young has tendered his resignation from the Directorship of the Company that will take effect from the close of business on 27[th] February 2023. The Board of Directors of the Company took note of the resignation of Mr. Guy Franklin Young. More information on Mr. Young is being filed separately.

The Meeting of the Board of Directors commenced at 1645 hours and concluded at 2045 hours.

You are requested to take the above information on record.

Thanking you,

Yours faithfully,

For FOSECO INDIA LIMITED

MAHENDRA Digitally signed by MAHENDRA KUMAR KUMAR DUTIA Date: 2023.02.27 DUTIA 20:48:50 +05'30' 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: lnvestor.grievance@vesuvius.com Corporate Identity Number: L24294PN1958PLC011052

FOSECO

Statement of tlnanctats results for the quarter and year ended 31 December 2022

1,.P3tll ° No	1,.P3tll ° No	owront Pr�cdl� 3 ruo11U , ••t�d l111unll••i oo,,.prldln J "1tht t!. In N pJu y«u,r (AJ 0Wll ho Ru•- I l} cur .. nt Pre�iue Ac�outln Vnr""� "••· Enfd eo	owront Pr�cdl� 3 ruo11U , ••t�d l111unll••i oo,,.prldln J "1tht t!. In N pJu y«u,r (AJ 0Wll ho Ru•- I l} cur .. nt Pre�iue Ac�outln Vnr""� "••· Enfd eo	owront Pr�cdl� 3 ruo11U , ••t�d l111unll••i oo,,.prldln J "1tht t!. In N pJu y«u,r (AJ 0Wll ho Ru•- I l} cur .. nt Pre�iue Ac�outln Vnr""� "••· Enfd eo	owront Pr�cdl� 3 ruo11U , ••t�d l111unll••i oo,,.prldln J "1tht t!. In N pJu y«u,r (AJ 0Wll ho Ru•- I l} cur .. nt Pre�iue Ac�outln Vnr""� "••· Enfd eo	owront Pr�cdl� 3 ruo11U , ••t�d l111unll••i oo,,.prldln J "1tht t!. In N pJu y«u,r (AJ 0Wll ho Ru•- I l} cur .. nt Pre�iue Ac�outln Vnr""� "••· Enfd eo	owront Pr�cdl� 3 ruo11U , ••t�d l111unll••i oo,,.prldln J "1tht t!. In N pJu y«u,r (AJ 0Wll ho Ru•- I l} cur .. nt Pre�iue Ac�outln Vnr""� "••· Enfd eo	owront Pr�cdl� 3 ruo11U , ••t�d l111unll••i oo,,.prldln J "1tht t!. In N pJu y«u,r (AJ 0Wll ho Ru•- I l} cur .. nt Pre�iue Ac�outln Vnr""� "••· Enfd eo	owront Pr�cdl� 3 ruo11U , ••t�d l111unll••i oo,,.prldln J "1tht t!. In N pJu y«u,r (AJ 0Wll ho Ru•- I l} cur .. nt Pre�iue Ac�outln Vnr""� "••· Enfd eo
1 2	� Income from Opration e Revenue from Operalions b Other Income	31-Dec-2022 Unauite I Rlar nlb2) 10,570.68 19.22			)	»Stp202 Una�n d J1-tle-20Z1 tnu,11 ( R<« n<2 31•Q"·202 Auted			31-c-221 Aullad
							10,25.16 167.21 8,746.19 81.83 40,673.51 748.11		33,801.11 561.35
	Tolal Inom from Opration (a to b)			10,76.90			10,421.31	8,828.02 4,769.43 274.67 (123.45) 1,018.98 . 159.89 1,63.09 7,737.61 41,421.62 21,65.94 1,3.45 (78.62) 4,433.76 890.21 7,076.81 35,288.5	J,362.46
	Ep1es a Col of materials consume b Purchse ol Stok Jn Trde C Changes in Invento o Finishe Gos, Wo-n-Prore end Stok-n-Trade d Employ beneft expense e Finance cost f Oepreialio and amoisation expens g oer expense Total Epnes (a to g)			5,324.6 392.12 28.42 1,183 10 374.32 1,63.74 9,139.3			5,532.10 370.02 (118.02) 1,098.79 190.44 1,874.60 8,947.93		18,35.33 1,045.76 (211.31) 3,85.3 - 58.18 6,398.93 3,03.19
3	Prof bfore tax			1,625.52			1,473.4	1,09.41 6,133.07	',33.27
~~'~~	Ta Expns							22.0 1,659.0
	.Curent Tax (net)			492.84			413.0		1,095.00
	.Oefere Tax charge/ (creit)			(41.12) (51.89)			(32.85)	(13.08) (70.86)	17.25
	.Prior yar tax adjustments (creit) I charg						.	. 278.92 (51.89) 1,5325	(47.01) 1,065.24
	Totl Ta Epnse			399.83			30.15
5 6	Net Profit for th Per / Year Othr wmpehnlve Inome, nt of Inome ta			1,25.69			1,093.29	811.49 4,59.8	3,67.03
	**aItes Iha! wll not b relassie to pt o lo **
	i Remeasurement ol de empl0) bnft plans			(74.42)			19.67	2.01 (15.41} (57.72)
	ITax rating to rmeasurement d dene bee� plan			18.T			(4.95)	(7.31) 3.88 14.53
	Totl othr compehnie inome, nt of ta			(55.69)			14.72	21.70' (11.53) (43.19)
7	Totl compehnie Inome for th p /year (5 +/. 6)			1,170.00			1,108.01	833.19 4,55.29 3,23.8
8 9	Paid up Equf Shre Capital (Face Valu R. 10/· pr share) Earnins pr euity she (nt annull )			63.65			63.65	63.65 63.65 63.65
	Baic an dilue earnins pr ah (in INR) Reseres excluing Revaluain RHerv a pr Auited Balane Sh t of Deeber 31, 22 an Deembr 31. 221			19.19			17.12	12.71 71.98 51.16
10							23,22.96 2,228.23

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Page 1 of 5

Statement of Assets and Liabilities as at December 31, 2022

tement of Assets and Liabilities as at December 31, 2022	tement of Assets and Liabilities as at December 31, 2022	tement of Assets and Liabilities as at December 31, 2022	tement of Assets and Liabilities as at December 31, 2022
/AJIIurMIn Ru.-Lxhsl
Pariculars Curent P revious Accounting Year Accounting Year Ended Ended 31-Dec-202 31-Dec-2021 Audited Auited A ASSES 1 Non-urrent Assets (a) Propery, plant and equipment 3,084 41 3,539.45 (b) Righi of use assets 2.52 2.5 (c) Capital wor-n-proress 94.03 25.3 (d) Intangibleassets . . (e) Financial Assets i. Loans 14.45 10.10 ii. Other fnancial asset 67.85 41.17 (/) Defered tax assets 333.75 259,01 (g) Income tax assets (net) . 129.6 (h) other non-urrent assets 268.85 6.32 Total Non-Curent Assets 3.865.86 4,013.59 2 C urrenl assets (a) Inventores 2,001.90 2,256.75 (b) Financial assets i. Trade reeivables 8,514.16 7,419.84 ii. Cash and cash equivalents 18,871.02 14,917.79 Iii. Bank balances other 1han cash and cash equivalents 50.90 62.86 Iv. Loans 9.63 10.16 _v. _Other fnancial assets 477.12 67.3 (c) Income tax asset (net) . 32.51 (d) Other current assets 720 82 665 86
	Total Non-Curent Assets 3.865.86 4,013.59 C urrenl assets Inventores 2,001.90 2,256.75 Financial assets i. Trade reeivables 8,514.16 7,419.84 ii. Cash and cash equivalents 18,871.02 14,917.79 Iii. Bank balances other 1han cash and cash equivalents 50.90 62.86 Iv. Loans 9.63 10.16 _v. _Other fnancial assets 477.12 67.3 Income tax asset (net) . 32.51 Other current assets 720 82 665 86
	Total Current A ets 3,645.55 25,433.15 TOTAL ASSETS 3,511.41 2,4.74
B (a) (b)	EQUIY AND LIABILITIES EQUITY Equity share capital 638.65 638 65 Other Equity 23,262.9 20,228.23
	Total Equity 23,901.61 20,866.88
	LIABILIIES
1 (a) (b) 2 (a)	Non-urrent Liabilities Financial liabilitie i. Other fnancial liabilities 39.75 21.87 Employee beneft obligatons 5.87 41.16
	Total Non-{urrent Llabllltles 9.62 63.03 Current Liabilities Financial liabilities i. Trade payables - Total outstanding duesomicro enterrises and small 0.11 0.49 enterrise • Tote/ outstanding duesocreditor other than micro 8,705.90 7,142.41 enterrses and small enterprses
	iii.Oher fnancial liabilities 1,119.87 964.5
(b) (c) (d)	Other curent liabilities 293.77 Employee beneft obligations 261.57 Current tax liabilitie 131.96		189.15 220.24
	Total Current Liabilities	10,513.18 **8,516.83. **
	Total Liabilitiao	10,600,80 8,679,86
	TOTAL EQUITY AND LIABILITIES 3,511.41 29,46.74

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Page 2 of 5

Statement of Cash Flow as at the financial year ended December 31, 2022

tement of Cash Flow as at the financial year ended December 31, 2022	tement of Cash Flow as at the financial year ended December 31, 2022	tement of Cash Flow as at the financial year ended December 31, 2022	tement of Cash Flow as at the financial year ended December 31, 2022	tement of Cash Flow as at the financial year ended December 31, 2022	tement of Cash Flow as at the financial year ended December 31, 2022	tement of Cash Flow as at the financial year ended December 31, 2022
(Alf�rCInRuµesLakh•l
PnrllculJ, Curronl Previous Accounting Year Accounting Year Ended Ended 31-De-2022 31•Do•2021 A. Cash flow from Oprollng activities Profit before tax 6,133.07 4,332.27 **Adjustments for; **				Curronl Accounting Year Ended 31-De-2022		Previous Accounting Year Ended 31•Do•2021
						4,332.27
Oeprecialion and Amorisation expense 690.21 56818 (Profil) I Loss on sale I disposal of property, plant and euipment 43.48 (14 09) Interest Income (58.02) (492.65) Provision for doubtful debts written back (140.69) (40.03) Unrealised exchange (gain) I loss (net) 3.63 (0.81) Employee share based payment expense 89.68 43 63 Oprating profit before working capital changes 6,466.3 4,416.3						56818
						(14 09)
			(58.02)			(492.65)
			(140.69)			(40.03)
			3.63 (0.81) 89.68 43 63 6,466.3 4,416.3			(0.81)
Employee share based payment expense Oprating profit before working capital changes
Working capital adjutments for : (Increase)/ Decrease in Trade receivables			(986.26) (889.18)
(Increase)IDecrease in Inventories			25.65			**(1,005.62) **
(Increase)/ Decrease in Oher fnancial asset			**(35.6) **			43 93
(Increase) I Decrease in Olher current assels			(43.0)			(31.55)
Increae I (Decrease) in Trade payables			1,53.11			461.88
Increase I (Derease) in Other financial liabililie			171.92			216 87
Increase I (Decrease) in Other liabilities			60.99			(118,25)
Increase I (Decrease) in Provisions Cash generate from opration Income taxes paid (nel of refunds) Net cash genrated from oprating acth ies (a)			57.0 (109.97) 7,18.37 2,714.21 (1,313.00) (732.53) 5,871.37 1,981.68
B. Cah flow from Investin actiities Payents for propery, plant and equipment Proeeds fom sale of property, plant and equipment			(804.83) (57.03)
			~~-~~ 14.83
Interest reeive Net cashuin imesting acllv�les(b)			495.26 48.77 (39,57) (47.43)
C. Cash flow from Fl®ncln activities
Interest paid			~~-~~			~~-~~
						64648
Dividends paid			(1,606.57) (.)
'Net cash ued In finncin activities(c)			(1,608.57) (66.4)
Net increase in cash and cash equivalents • (a+b+c)			3,953.23 1,287.77
Cesh and cash euivalenl at the beginning of the year Cash and cash equivalent at the en of the year			14,g17_79 13,63.02 18,871.02 14,917.79
Cash an cash equivalenl comprise of
cash on hand			1		.49	1.18
Balance wth banks - in current acconts
			1,54.49			1,062.97
• in EEFC accounls			70.04			43.64
Deposit with maturity of less tha	n tree months		17,295.00			13,810.00
Total cash and cah equivalents			18,871.02 14,917.79

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

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Page 3 of 5

NOTES:

TIie results have be n reviewed by Iha Audit Committee and approved by the Company's Board or Dire<:ID<s at their respectiv meetings held on Februmy 27, 2023. The statutory aulfd015 have carried out the audit for tile year ended 31 December 2022 and have Issued an unmodified opinion.

• 2 Figures or the quarte ended 31 December 2022 and 31 December 2021 are the balancing figures between audited r111uras in respect of lhe relevant run Hnancfal year anc1 the pubished year to date figures up to third qua,ter or relevant ffnancial year.

• 3 n,e ColnJ)iJOV h;!.s onlv ooc rq>Oll.-iblc �n� metallurglcal products and services, in accordance wilh Ind Af3 108 - "Oparating Segments". notified pursuant to the Companies (h1Qlall AcQ)(Jn ll>g Slandatds) Rules, 2015. .

• 4 The Boaro or Directors of the Company has recommet lde for approval of the Members at the next Annual �rat Meeting of the Company. a final dMdend or Rs.251- (250%) on 11 paid-up equity shDro QI Rs. 101- c.1 for the flnanclil year-ended 31 December 202 , pllJS a one-time special dividend of Rs.151- (150%) giving a lolal final dividend of Rs. 40/­ (�00�) per $1\are The one �roe special dividend Is recommended on c;ompleliofl of 65 11ears or the Company in the CUIT8m year 2023.

• 5 In teJ]1l!l of pt011isl�tis or Rcgulat!OII 30 read wl h Schedule Iii or the SEBI (Llslfog Obli�llorts und D!selowre Req11 1emontS) Regutaroons, � 15, Ille Company had, on febr:uary 06. 2023, 111 0/Tned Iha 88£ Llmil,;<1 Md lhe.1'1a!IQlla Stock Exoii:mgc! ol llldill Umlll!d tt,11 tMre 11115 l>ftCn 110 inoi®nl lnv<>!Vlng unllU1/\0!fsfld llQCeSS to its fT SYf,atell S that happened JhrDUgh an offshore affiliate. Immediately upon becoming aware of such unauthorised IIC1lvify on Iii<, nll1WOl1cs.. the Company h'!(J lnlUIIU,d m.oeessary '5leps to Im, lfl}ll e and mpond to the lnodenl. lnchJoing shuu,ng 11own 11,e atrected systems. Based on managemeot's prelnn1rwy assessmenr w1u, aie � of k!odll1i! C)'bef &eCOnty Cll<J)elts, N!lated lo 1n11a1; 1gaoons 11M ldcnttfrcallon of Ille iml!nt ell Ille Issue. Including the 1mpoct. .r any, on P(Odl.dlo[l aml C1111lrlJCI lulfilmen� lhell! was oo assessed Impact on lhe linllnd l statemen� of the Company for the year ended 'December 31, 2022. While the restotailon p,ocess of lhe rr systems hos started lo 11,e pliased Ollil1Mf 0ml Ille detailed lnllilS lgauon as cegards lhc ioCldenl h yol to be�. ltle �I does na4 Cl!pecl any lilltl)et nancial, lcgal or reiJU)alJX)l ifflpllCl o( lhe locidC!nl reported herein on 1he aforesaid stalll=t oJ flllllf1Ci;ils results fol' lhn quarui a!ld year ended 31 �mber 2022 of the Company.

• 6 Previous period/ year figures have been regrouped/ra rrangad when!ver considered necessa,y

• Date : 27111 February 2023 Place: Pune

• ~~�~~ · Pr.i""d Chovare Managing Olreclor & Chief Executive Offioer 01(11 : (J88,!6863

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Page 4 of 4

Price Waterhouse Chartered Accountants LLP

Independent Auditors' Reporl

To the Members of Foscco India Limited

Report <m the Audit of the Financial Statements

Opinion

1. We have audited the accompanying financial statements of Foseco India Limited ("the Company''), which comprise the Balance Sheet as at December 31, 2022, and the Statement. of Profit and Loss (including Other Comprehensive Inrome), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required hy the Companies Act, 2013 ("the Act") in the manner so required and r,ive a lrue and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at December[3] 1, 2022, and total comprehensive income (comprising of profit and other comprehensive income), changes in equity and its cash flows for the year then ended.

Basis for Opinion

1. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the "Auditors' Responsibilities for the Audit of the Financial Statements" section of our report. We are independent of the Company in accordance vrith the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are 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 accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

1. Key audit matters are those matters that, in our professionaljudgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Price Waterhouse Chartered Acco1.mlaq!, LLP, 7t.h Floor, Tower A- Wing 1, Business Bay, Airport Road Yerwada, Pune •·· 411 006

T: +9l (20) 41004444, F: +91 (20) 41006161

Re[g] istered otticc ancJ Head otfico: 11-A, Vishnu Digumber Marg, Sue he ta Bhawan. Gate No 2, 151 Floor, New Delhi - 110002

Price Watorhouse[(] a Partnershi[p ] Firm[) ] convert ad it1to Price Waterhouse Cha,tered Accountanttt LLP[(] a limitod Uabillry Partnorshi[p ] with LLP idsntit[y ] no: LLPlN AACHS001[) ] with effac;t from ,Jul[y ] 25, 2014. Post lts conversion to Pnce Wahirhause Chartered Accountants U .. P1 its ICAt registration numbor is 012754N/N500016 (ICAl registration numbar bofora corworslon was 012754N)

Price Waterhouse Chartered Accountants LLP

INDEPENDENTAUDlTORS' REPORT To the Members of Foscco India LirniH!d RC'port on Andit of the Financial Statements Page 2 of 6

Key audil matter

llm, our audit addressed the key audit matter

Revenue Recognition

Ref er Note 1 (tl) an<l 17 to the Financial Statements.

The Company recognises revenue in acco1·dance with Ind AS 11."i "Revenue from Contracts ·with Customers".

Revenue from the sale of product, is recognized when control of products b,�ing sold is transferred to customer and there is no unfulfilled obligation and it is measured at fair value of the consideration receiw�d or receivable, after deduction of any discounts and taxes or duties collected on behalf of the government such as goods and services tax etc.

We have considered revenue recognition as a key audit matter since this has been identified as significant risk ; and additional disclosures arc required to be made in accordance vvith the applicable accounting standards.

Our testing of revenue transactions was designed to cover a certain sample of customer contracts. Our audit proccdurc-s included the following:

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

Evaluating the contract terms for assessment of 1hc timing of transfer of control to the customer to assess whether revenue is recognised appropriately;

Testing whether the revenue recognition is in line with the terms of customer contracts;

Assessing whether fair value of consideration received, or receivable has been determined appropriately in terms of the customer contract, reviewing, customer correspondence and verif[y] ing that pre and post year end cnt.-off had been appropriately applied;

Testing ofjournal entries for unusual revenue transactions which arc not within the normal course of business; and

Evaluating adequacy of the presentation and disclosures

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

Other Information

• 5- The Company's Board of Dired.ors is responsible for the other information. The other information comprises the information included in the Board of Directors report, but does not include the financial statements and our auditors' repmi thereon.

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

Price Waterhouse Chartered Accountants LLP

l'.'/DEPENDE�T AUDITORS' KEPORT

To tlw M0mber, of Foscco India Limited Report on Audit of thr: Financial Statenwnts Par,e :3 of6

ln connection with our audit of the financial statements, our responsibility is to read tbr other information and, in doing �o. consifkr ,vhetber thr other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. It, based on the worli we have performed, we r cludf' that there is a material misstatement of this other information, we are required to report that foct.

We have nothing to report in this regard.

Rt!sponsibililies ofrnanagernent and those charged with governance for the financial statements

1. The Corn pany's Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these 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 gcoerally accepted in India, inclllding 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 f[r] auds 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, trrnt were operating effectively for ensuring the accuracy and completeness oft he 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.

2. 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.

Auditors' responsibilities for the audit of the financial statements

1. Our objectives are to obtain reasonable assurance about whet.her the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance .vith SAs ·will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

2. As part of an audit in accordance with SAs, we exercise professional judgrnent and maintain professional scepticism throughoul the audit. We also:

3. a Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The 1isk of not detecting a material misstatement resulting from f[r] auil is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omiBsions, misrepresentations, or the override of internal control.

Price VVaterhouse Chartered Accountants LLP

INDEPENDENT AUDlTORS' REPORT

To the :vrembers of Foscco India Limited Report on Audit oftbe Financial Statements Pagf' 4 of 6

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that arc appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to fina![l] l'ial statements in plac<; and the operating effectiveness of such controls.

• Evaluate t:he appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

  • Conclucte on the approp1iateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we arc required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Eva1uale the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• 10.\,Ve communicate with those charged ,-vith governance regarding, among other mallcrs, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

• l l. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where app1icab1e, related safeguards.

• From the matters communicated with those charr;ed with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit miltters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirements

• 13.As required by the Companies (Auditor's Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

Price Waterhouse Chartered Accountants LLP

INDEPENDENT AUDITORS' REPORT

'fo the Members 0t Foseco India Limited Report on Audi1 of the Financial Statements Pag,' s of 6

• i,i .,\s required by Section 1,l'.i('.1) of the Act, we repoit that;

• (a) We have sought and obtained all the information and explanations whirh to the best of our knowledge ,rnd bcl ief were necessary for the purposes of our audit.

• (b) In onr opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

• (c) The Bala11ce Sheet, the Statement of Profit and Loss including other comprehensive income, the Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account.

• ( d) In our opinion, the aforesaid financial statements corn ply with the Accounting Standards specified under Section 133 of the Ac:t.

• (C') On the lrnsis of the written representations received from the directors as on December 31, 2.022, taken on record by the Board of Directors, none of the directors is disqualified as on December ;p, 2022, from being appointed as a director in terms of Section 164(2) of the Act.

• (f) With respect to the adequacy of the internal financial controls wiLh reference to financial statements of the Company and the operating 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 acconlance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information and according to the explanations given to us:

  1. The Company has disclosed the impact of pending litigations on its financial position in its finaneial statements - Refer Nole 31 to the financial statements;

  • ii. The Company has long-term contracts for which there were no material foreseeable losses. The Company did not h:we any derivative contracts as at December 31, 2022.

  • m. There bas been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year.

  • iv. (a) The management has represented that, to the best of its knowledge and belief, as disclosed in the notes to the accounts, no funds have been advanced or loaned ·or invested (either f[r] om borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or enlities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Jnt·crmccliary shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the lTTt.imatc Beneficiaries (Refer Note 37 to the financial statements);

Price \Naterhouse Chartered Accountants LLP

INDEPENDENT AUDITORS. REPOH.T

To the Members of Fos,?co India Limited Repor1 on Audit of thr Financial Statements Page 6 of 6

  - (b) The management· has represented that, to the best ofits knowledge and belief, ;is disclosed in the notes to the accounts, no funds have been received by the Company from any person(s) or entities, including foreign rntities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall. whet-tier, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on beL1lf of the Funding Party ("Ultimate Beneficiaries'') or provide any guarantee, security or the like on behalf of the lntirnate Beneficiaries (Refer Note 37 to the financial statements); and

  - (c) Ba�cd on such ;mdi1 procedures that we considered reasonable and appropl'iate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain any material misstatement.

• v. The dividend declared and paid during the year by the Company is in compliance v,;ith Section 123 of the Act.

• The Company has paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section J97 read with Schedule V to the Act.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N5norn6

AMIT ARUN Digitally signed by AMIT ARUN BOl�KAR BORKAR Date: 2023.02.27 19:23:12 +05'30' Amit Borkar Partner tvlembership Number: 109846

UDIN: 2:3109846BGYFKP2058 PI.ace: Pune Uate: Febrnary 27, 2023

I I

Price Vvaterhouse Chartered Accountants LLP

Anncxure A to luclependent Auditors' RCJ)Ort

Kefoned to iu par<1graph 14(0 "f tlw fodq,endent Auditors' Report of even date to the members of Foseco India Limited on the fin2ncial ,;tatement� tor thr year ended December 31, 2022 ?�1gc 1 of 2

Report on the Internal Financial Controls with reference to Financial Statem<.�nts under clause (i) of sub-section ::I of Seet1on 143 of the Act

1. 'We have audited the internal financial controls with reference to financial statements of Foseco India Limited (''the Company") as of December 31, 2022 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

1. The Company's management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Repc>Iting ("the Guidance Note") issued by the Institute of Chartered Act.:ountants of India ("JCAI"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensming the orderly and efficient coDduct of its business, including adherence to company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the acrnracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors' Responsibility

1. 01.l r responsibility is tn express an opinion on the Company's internal financial controls with reference to finmwial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing deemed to be prescribed under Section 143(10) of the Act to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and both issued by the ICAl. Those Standards and the Guidance Note requi.re that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements was established and maintained and if such controls operated effectively in all material respects.

2. Our audit involves perfonning procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal fimmcial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors' judgement, including the assessment of Lhe risks of material misstatement of the financial statements, whether due to fraud or error.

3. We believe that 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 with reference to financial statements.

Price 11\Taterhouse Chartered Accountants LLP

Anncx:urc A to Independent Auditors' Report

R.efe1Tcd to in paragraph 14(f) of the Independent Auditors' Report of even date to the members of Foseco India Limited on the financial statements for the year ended December 31, 2022 Page :i of 2

Meaning of Internal Financial Controls with reference to financial statements

1. A company's internal financial controls with reference to financial statements is a process designed to providP reasonable assurance regarding the re'Jiability of financial reporting and the prcpnration of financial statemc-1nls for external purposes in accordance vvith generally accepted accounting principles. A company's inlernal fim111cial controls with reference to financial statements includes tl10se policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and disposi1ions of the assets of the company; (2) provide reasonable assurance that. transactions are recorded as necessary to permit preparation of financial statements in accordance ¼1th generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets tlrnt could have a material effect on the financial statements.

Inherent Limitation.s of Internal Financial Controls ·with reference to financial statements

• ;. Because oft he inherent limitations of internal financial controls ,-v:ith reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements may become i1rn.dequate because of changes in conditions, or that the degree of compliance with the policies or procedmcs may deteriorate.

Opinion

1. In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to financial statements and such internal financial controls with reference to financial statements were operating effectively as at December 31, 2022, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by ICAJ.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016

Digitally signed by AM IT ARU N AMIT ARUN BORKAR BORKAR Date: 2023.02.27 19:23:43 +05'30'

Amit Borkar Partner Membership Number: 109846 UDIN: 231098-16BGYFKP2058 Place: Pune Date: February 27, 2023

J>rice \,Vaterhouse Chartered Accountants LLP

Annexure B to Independent Auditors' Report

Referred Lu in paragraph 13 of the Independent Auditors· Report of even date to the m,mibers of Foseco India Limited on rhe financial statements as of and for the year ended December 31, 2022 Page 1 of 5

• i. (a) (A) The Company is maintammg proper records shm>ving full particulars, including quantitative details and situation of Prope11:y, Plant and Equipment.

  • (B) The Company is maintaining proper records showing full particulars oflntangible Alisets.

• (IJ) The Propt:rty, Plant and Equipment of the Company have been physically verified by the Management during the year and no material discrepancies have been noticed on such ve1ificatio11 . .In our opinion, the frequency of verification is reasonable.

• (c) The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee), as d iscloscd in Note 3 to tbe financial st·a1'ements, are held in the name of the Company.

• (d) The Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets or both during the year. Consequently. the question of our commenting on whether the revaluation is based on the valuation by a Registered Valuer, or specifying the amount of change, if the change is 10% or more in the aggregate of the net carrying value of each class of Property, Plant and Equipment (including Rigbl of Use assets) or intangible assets do('S Hot arise.

• (c) Basrd on the information and explanations furnished to us. no proceedings have been initiated on or are pending against the Company for holding benami property under the Prohibition of Be11ami Property Transactions Act, 1988 (as amended in 2016) (formerly the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)) and Rules made thereunder, and therefore the question of our commenting on whether the Company has appropriately disclosed the details in its financial statements does not: a[r] ise.

11. (a) The physical verification of inventory excluding stocks with third parties has been conducted at reasonable intervals by the Management during the year and, in our opinion, the coverage and procedure of such verification by Management is appropriate. In respect of inventory lying with third parties, these have substantially been confirmed by them. The discrepancies noticed on physical verification of inventory as compared to book records were not 10% or more in aggregate for each class of inventory and have been appropriately dealt ,vith in the books of account.

• (b) During the year, the Company has not been sanctioned working capital limits in excess of Rs. 5 crores, in aggregate from banks and financial institutions on the basis of security of current assets and accordingly, the question of our commenting on whether the quarterly returns or statements are .in agreement with the unaudited books of account of the Company does not arise.

• iii. The Company has not made any investments, granted secured/ unsecured loans/advances in 1�ature of loans, or stood guarantee, or prO\·idcd security to any parties. Therefore, the reporting under clause :1(iii), (iii)(a), (iii)(b), (iii)(c), (iii)(d), (iii)(e) and (iii)(f) of the Order are not applicable to the Company.

Price Wate·d1ouse Chartered Accountants LLP

Anncxurc B to Independent Auditors' Report:

Referred to in paragraph 13 of the Independent Auditors' Report of even date to the members of Foscco India Limikd on the financial statements for tbc year ended December 31, 2022 Page 2 of .'i

• 1v. The Compa11y has not granted any loans or made any investments or provided any gu::irantees or security to the parties covered under Sections 18.5 and 186. Therefore, the repo1iing under clause :i(iv) of the Ordn are not applicable to the Company.

• v_ Tlw Comp:rny bas nut accepted any deposits or amounts which are deemed to be deposits within the meaning of Sections 73, 74, 75 and 76 of the Act and the Rules f[r] amed there under to the exlent notified. Further, the provisions of sub-section (1) of Section 73 are not applicable to the Company as it is a non-banking financial company registered with RBI, engaged in the business of giving loans.

• v1. Pursuant to the rules made by the Central Government of India, the Company is n"quired to maintain cost records as specified under Section 148(1) of the Act in respect of its products. We have broadly reviewed the same and are of the opinion that, prirna focie, the prescribed accounts and records have been made and maintained. We have not, howeve1·, made a detailed cx;imination of the records with a view to determine whether they are accurate or complete.

• vii. (a) According to the information and explanations given to us and the records of the Company examined by 11s, in our opinion, the Company is generally regular in depositing undisputed statutoiy dues in respect of e1nployees' state insurance, though there has been a slight delay in a few cases, and is regular in depositing undisputed statutory dues, including provident fund, income tax, duty of customs, goods and services tax and other material statutory dues as applicable, with the appropriate authorities.

• (b) According to the information and explanations given to us and the records of the Company examine<l hy ns, the particulars of sales tax and value added tax as at December 31, 2022 which have not been deposited on account of a dispute, are as follows:

- r�:mc of theI)ature of dues !statute ICentral SalesiCentral !Tax 1Tax i---­ -i iCentral Sales ITax Value Add Tax Act ed Value Adee Tax Act d ICentral Tax ·- " Value Tax Value Tax Sales Sales Addedj i AddedI I I • .mount (Rs.) 37.39 14.79 0.29 1.28	Period to which the amount relates 2016-17 2(H7-18 2016-17 2017-18 Forum where theI dispute is pendingI - Commercial Tax Ofce, Puducherr Commercial Tax Offce, Puducheny --- Commercial Tax Offce, Puduchcrry Commercial Ta Office, Puducherry I -

• viii. According to the information and explanations given to us and the records of the Company examined by us, there are no transactions in the books of account that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

• ix. (a) As the Company did not have any loans or other borrowings from any lender during the year, the reporting under clause 3(ix)(a) of the Order is not applicable to the Company.

Price VVa.terhouse Chartered Accountants LLP

Anucxure B tn Jnde1wmfon1 Auditors' Report

Reforred to in p.rni1trapb 13 of the Independent Auditors' Report of even date lo thr me1nbers of Fuseco India l .imitPd on th,, fimrnrial statements for the year ended Dcccmbr..r 31. 2022 Page 3 of;:;

• (l)) According to the information and explanations given to us and on the basis of our audit prnccdnrcs, we report that the Company has not been declared Wilf-ul Defaulter by any bank or financial institution or government or any government authority.

• (c) According to the records of the Company examined by us and the information and explanations given to us, the Company has not obtained any term loans.

• (d) According to the information and explanations given to us, and the procedures performed by us, and on an overall ex,1mination of the financial statements of the Company, we report that no funds raised on shmi-term basis have been used for long-term purposes by tlie Company.

• (e) According to lhe information and explanations given to us and procedures performed by us, we report lhat the Company did not have any subsidiaries, joint ventures or associate companies during the year.

• (f) According to the information and explanations given to us and procedures pe1formed by us, we report that the Company did not have any subsidiaries, joint ventures or associate companies during the year.

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

• (b) The Company has not made any preferential allotment or private placement of shares or fully or partially or optionally conve1tible debentures during the year. Accordingly, the reporting under clause 3(x)(b) of the Order is not applicable to the Company.

• xi. (a) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material f[r] aud by the Company or on the Company, noticed or rep01ted <luting the year, nor have we been informed of any such case by the Management.

• (b) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, a report under Section 143(12) of the /\et, in Form ADT-4, as prescribed under Rule 13 of the Companies (Audit and Auditors) Rules, 2014 was not required to be filed with the Central Government. Accordingly, the reporting under clause 3(xi)(l of the Order is not applicable to the Company.

• (c) During the course of our examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, and as represented to us by the management, no whistle-blower complaints have been received during the year hy the Company. Accordingly, the reporting under clause 3(xi)(c) of the Order is not applicable to the Company.

Price \Va terhouse Chartered Accountants LLP

Annexure B to Independent Auditors' Report

Referred to in paragraph 13 of the Independent Auditors' Report of even date to the members of Foseco India Limit.eel on the financial statements for the year ended Deccmbrr 31, 2022 Page ·1 of 5

• xii. /1.s the Company is not a Nidhi Company and the Nidhi Rules, 2014 arc not applicable lo it, the reporting un<lcr clause 3(xii) of the Order is not applicable to the Company.

• xiii. The Company has entered into transactions with related parties in complia1H'e with the provisions of Section 177 and 188 of the Act. The details of such related party transactions have bt�en disclosed in the financial statements as reqllired under Indian Accounting Standard 24 "Related Party Disclosures" specified under Section 1��;3 of the Act.

• xiv. (a) In um opinion and according to the information and explanation given lo us, the Company has an internal audit system commensurate with the size and nature of its business.

• 0>) The reports of the Internal Auditor f[o] r the period under alldit have been considered by us.

• xv. The Company has not entered into any non-cash transactions with its directors or persons connected with him. Accordingly, the reporting on compliance with the provisions of Section 19:..!. of the Act under clause 3(xv) of the Order is not applicable to the Company.

• xvi. (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 193-1. Accordingly, the reporting under clause 3(xvi)(a) of the Order is not applicable to the Company.

• (b) The Company has not conducted non-banking financial / housing finance activities during the year. Accordingly, the reporting under clause 3(xvi)(b) of the Order is not applicable to the Company.

• (c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. Accordingly, the reporting under clause 3(xvi.)(c) of the Order is not applic::ible to the Company.

• (d) Based on the inf[o] rmation and explanations provided by the management of the Company, the Group does not have any CICs, which are part of the Group. We have not, however, separately evaluated whether the information provided by the management is accurate and complete. Accordingly, the reporting under clause 3(xvi)(d) of the Order is not applicable to the Company.

• XVJI. The Company has not incurred any cash losses in the financial year or in the immediately preceding financial year.

• x:viii. There has been no resignation of the statutory auditors during the year and accordingly the repo1ting under clause (xviii) is not applicable.

• xix. According to the information and explanations given to us and on the basis of the financial ratios, (Also refer Note 36 to the financial statements), ageing and expected dates of rea1isation of financia] assets and payment of financial liabilities, other in[f] ormation accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit: report that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due v,1thin a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our repo1ting is based on lhe facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date will get discharged by the Company as and when they fall due.

Price \Naterhouse Chartered Accountants LLP

Ann<��'Ure .B to independent. Audito1.•s' Report

Referred to in par,,graph 1:3 of tlie Independeut Au,Jitors' Repocl of even date to !he members of Fo5cco India Limited on the finaneinl statements for the yi!ar ended December 31. !W!.!2 Page 5 of s

• xx. As at balance sheet elate, the Company does not have ;my amount remaining unspt"nt nnder Section 1 ;3;;(5) of the Act. Accordingly, repmiing under clause 3(x.x) of the Order is not applicable.

• xxi. Tbc rcpo1ting under dause 3{xxi) of the Order is not applicable in respect of audit of standalone Financial Statements. Accordingly, no comment in respect of the said clause has been included in this report.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016

AMIT ARUN Digitally signed by AMIT ARUN AORKAR BORKAR Date: 2023.02.27 19:24:17 +05'30'

Amit Borkar

Partner Membership Number: 109846 UDIN: 23109846BGYFKP2058

Place: Pune Date: February '27, '201�'.3