AI assistant
Poddar Pigments Ltd. — Annual Report 2021
Jun 26, 2021
61161_rns_2021-06-26_7fdd950d-5933-44f2-b6cc-cb03e1647be6.pdf
Annual Report
Open in viewerOpens in your device viewer

Ref: PPL/JPR/SECT/2021-22
Dated: 26.06.2021
BSE Ltd.. Phiroze Jeejeebhoy Towers, 25th Floor, Dalal Street, Fort,
Company Code: 524570
MUMBAI - 400 001
National Stock Exchange of India Ltd., Exchange Plaza, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (E),
MUMBAI - 400 051 Company Symbol: PODDARMENT
Sub: Disclosure of outcome of Board Meeting dated 26th June, 2021
Dear Sir,
In terms of Regulation 33 read with regulation 30 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 (the 'Listing Regulations'), we wish to inform you that the Board of Directors of the Company in its meeting held today at 2.00 P.M. and concluded at 3.30 P.M., approved the Audited Financial Results of the Company for the Quarter and Year ended 31st March, 2021.
Pursuant to applicable provisions of the Listing Regulations, please find the following:
- (a) The Audited Financial Results for the Quarter and Year ended 31st March, 2021 and Statement of Assets & Liabilities & Statement of Cash Flow as at that date.
- (b) Independent Auditor's Report on Financial Results for the Quarter and Year ended 31st March, $2021.$
Further, we declare that the Reports of Auditors are with unmodified opinion with respect to the Audited Financial Results for the Company for the Quarter and Year ended 31st March, 2021.
- (c) The Board has recommended Dividend of Rs. 2.50 per share on a face value of Rs. 10/- (25%) for the Financial Year ended 31st March, 2021, subject to the approval of the shareholders in the ensuing 30th Annual General Meeting.
- (d) The Board has decided to fix Book Closure date before 7 days from the date of 30th Annual General Meeting. Further, please note that date of payment of dividend will be on 15th day after the date of 30th Annual General Meeting.
We request you to take the same on record.
Thanking you,
Yours faithfully
For Poddar Pigments Limited
(Navin Jain). AVP (Legal) & Company Secretary Encl: $a/a$ "
Poddar Pigments Limited
Read. Office & Works: E-10-11 & F-14 to 16 RIICO Industrial Area, Sitapura Jaipur - 302 022 Rajasthan, India. Tel.: +91-141-2770202/03/287/291 $Fax: +91-141-2771922$ Email: [email protected] CIN: L24117RJ1991PLC006307 GSTIN: 08AAACP1125E1ZZ PODDAR PIGMENTS LIMITED
REGD. OFFICE : E-10-11 & F-14-16, RIICO INDUSTRIAL AREA, SITAPURA, JAIPUR (RAJASTHAN)- 302022CIN: L24117RJ1991PLC006307, Tel. No: 0141-2770202/03, Fax No. : 0141-2771922 E-mail address: [email protected] , Website address: www.poddarpigmentsltd.comStatement of Audited Financial Results for the Quarter and Year ended on 31st March, 2021
| (Rs. in Lakh, except per share data)Quarter Ended | Year Ended | |||||
|---|---|---|---|---|---|---|
| S. No. | Particulars | AuditedUnaudited | Audited | Audited | ||
| 31-Mar-21 | 31-Dec-20 | 31-Mar-20 | 31-Mar-21 | 31-Mar-20 | ||
| $\mathbf{1}$ | Income from operation | |||||
| a) | Revenue from Operation (Gross) | 9,195.25 | 9,423.88 | 8,717.94 | 29,451.72 | 40.197.10 |
| Less-GST | 1,103.38 | 1,110.63 | 1,027.59 | 3,381.82 | 4,530.19 | |
| Revenue from Operation (Net) | 8,091.87 | 8,313.25 | 7,690.35 | 26,069.90 | 35,666.91 | |
| b) | Other Income | 8.76 | 125.65 | 168.61 | 363.81 | 440.40 |
| Total Income from operation | 8,100.63 | 8,438.90 | 7,858.96 | 26,433.71 | 36,107.31 | |
| $\overline{2}$ | Expenses | |||||
| a) | Cost of materials consumed | 5,637.59 | 5,586.51 | 5,622.27 | 17,969.99 | 26,445.05 |
| b) | Changes in inventories of finished goods, work-in-progress and stock-in- | (179.83) | 426.05 | (103.92) | 94.30 | 484.45 |
| trade | ||||||
| $\mathsf{C}$ | Employee benefit expenses | 666.71 | 639.00 | 719.77 | 2,555.70 | 2,669.45 |
| d) | Finance costs | 7.88 | 5.19 | 7.86 | 27.74 | 30.11 |
| e) | Depreciation and amortization expenses | 51.54 | 53.53 | 74.26 | 210.59 | 292.50 |
| f) | Other Expenses | 681.45 | 649.00 | 758.19 | 2,480.88 | 3,303.87 |
| Total expenses | 6,865.34 | 7,359.28 | 7,078.43 | 23,339.20 | 33,225.43 | |
| 3 | Profit/(loss) before Tax | 1,235.29 | 1,079.62 | 780.53 | 3.094.51 | 2.881.88 |
| 4 | Tax Expenses | |||||
| Current Tax (Refer Note No.4) | 252.00 | 311.50 | 179.50 | 774.80 | 775.50 | |
| Deferred Tax | (46.75) | (12.84) | (48.58) | (46.05) | (73.14) | |
| Tax Adjustment Of Earlier Years | 54.15 | 54.15 | ||||
| 5 | Net Profit for the period | 1,030.05 | 780.96 | 595.46 | 2,365.76 | 2,125.37 |
| 6 | Total Other Comprehensive Income for the period(net of tax)(Net | 556.67 | 673.62 | (2,839.89) | 3,112.53 | (4,788.24) |
| gains/(losses) on fair value of equity instruments and actuarial | ||||||
| gain/(loss) on defined benefit plan)(Refer Note No.6) | ||||||
| $\overline{7}$ | Total Comprehensive Income for the period(after tax) (5+6) | 1,586.72 | 1,454.58 | (2, 244.43) | 5,478.29 | (2,662.87) |
| 8 | Paid up equity share capital (Face Value Of the share- Rs 10/- per | |||||
| share) | 1,061.00 | 1,061.00 | 1,061.00 | 1,061.00 | 1,061.00 | |
| 9 | Earning per Equity Share (Not Annualised) (Before Other | |||||
| Comprehensive Income) | ||||||
| (Face value of Equity Share of Rs. 10 each) | ||||||
| 1. Basic | 9.71 | 7.36 | 5.61 | 22.30 | 20.03 | |
| 2.Diluted | 9.71 | 7.36 | 5.61 | 22.30 | ||
| 20.03 |


PODDAR PIGMENTS LIMITED E-10-11, F-14 TO F-16 RIICO INDUSTRIAL AREA, SITAPURA, JAIPURCIN NO L24117RJ1991PLC006307 STATEMENT OF ASSETS AND LIABILITIES AS AT 31ST MARCH, 2021
| (Rs. in lakh) | |||
|---|---|---|---|
| As atAs at | |||
| 31-Mar-21 | 31-Mar-20 | ||
| Particulars | (Audited) | (Audited) | |
| ASSETS | |||
| NON-CURRENT ASSETS | |||
| Property, Plant and Equipment | 3,424.97 | 3,576.14 | |
| Capital Work-In-Progress | 3,621.04 | 804.29 | |
| Intangible Assets | 25.81 | 33.01 | |
| Financial Assets | |||
| Investments | 4,857.66 | 1,737.74 | |
| Other Financial Assets | 105.83 | 105.83 | |
| Other Non-Current Assets | 502.10 | 1,509.13 | |
| Total Non current assets | 12,537.41 | 7,766.15 | |
| CURRENT ASSETS | |||
| Inventories | 4,322.16 | 5,077.99 | |
| Investments | 4,249.73 | 3,288.37 | |
| Trade Receivables | 4,077.82 | 4,062.06 | |
| Cash and Cash Equivalents | 781.00 | 1,033.49 | |
| Bank balances other than cash and cash equivalent | 117.14 | 130.51 | |
| Other Financial Assets | 91.80 | 100.46 | |
| Current Tax Asset (Net) | 58.23 | 40.47 | |
| Other Current Assets | 489.54 | 600.51 | |
| Total Current Assets | 14,187.42 | 14,333.85 | |
| Total Assets | 26,724.83 | 22,100.00 | |
| EQUITY AND LIABILITIES | |||
| EQUITY | |||
| Equity Share Capital | 1,061.00 | 1,061.00 | |
| Other Equity | 23,234.76 | 17,756.47 | |
| Total Equity | 24,295.76 | 18,817.47 | |
| LIABILITIES | |||
| NON-CURRENT LIABILITIES | |||
| Deferred Tax Liabilities (Net) | |||
| Total Non Current Liabilities | 359.60 | 410.82 | |
| 359.60 | 410.82 | ||
| CURRENT LIABILITIES | |||
| Financial Liabilities | |||
| Trade Payables | 1,191.84 | 1,665.78 | |
| Other Financial Liabilities | 679.15 | 736.52 | |
| Provisions | 7.78 | 106.13 | |
| Other Current Liabilities | 190.70 | 363.28 | |
| Total current liabilities | 2,069.47 | 2,871.71 | |
| Total Equity and Liabilities | 26,724.83 | 22,100.00 | |
RG 001604 Jew De d Account
| PODDAR PIGMENTS LIMITED | ||
|---|---|---|
| E-10-11, F-14 TO F-16 RIICO INDUSTRIAL AREA, SITAPURA, JAIPUR | ||
| CIN NO L24117RJ1991PLC006307 | ||
| Statement Of Cashflow for the Year ended 31st March, 2021 | ||
| (Rs.in lakhs) | ||
| Particulars | As at | As at |
| 31st March, 2021 | 31st March, 2020 | |
| A. CASH FLOW FROM OPERATING ACTIVITIES | ||
| Net Profit Before Tax as per Statement of Profit and Loss | 3,094.51 | 2,881.88 |
| Adjustments for: | ||
| Depreciation and impairment of property, plant and equipment | 210.59 | 292.50 |
| Actuarial (loss)/gains on defined benefit obligations | (20.57) | (59.81) |
| Net (Gain)/Loss on disposal of property, plant and equipment | (0.33) | 1.16 |
| Unrealized (Gain)/ Loss on Exchange-Net | (30.96) | (107.18) |
| Net (Gain)/ Loss on sale of Investments | (69.11) | (39.58) |
| Income from investment (non trade) Dividend | (3.16) | |
| Interest income | (5.56) | (47.08) |
| Finance costs | 27.74 | 30.11 |
| (Gain)/ Loss on fair valuation of investment through FVTPL | (53.65) | (3.24) |
| Liabilities written back | (2.93) | (26.57) |
| Cash generated from operations before working capital changes | 3,149.73 | 2,919.03 |
| Working capital adjustments: | ||
| (Increase)/decrease in trade receivables | 8.48 | 770.05 |
| (Increase)/decrease in non current financial assets | (29.44) | |
| (Increase)/decrease in non current assets | ||
| (Increase)/decrease in other current financial assets | (36.60)8.66 | 0.73 |
| (Increase)/decrease in other current assets | 110.98 | (19.87) |
| (Increase)/decrease in inventory | 755.82 | (323.62) |
| Increase/(decrease) in other current financial liabilities | (41.14) | (161.82)204.98 |
| Increase/ (decrease) in other current liabilities | (172.58) | 133.74 |
| Increase/(decrease) in trade payables | (467.22) | 219.93 |
| Increase/(decrease) in non current provisions | (98.35) | |
| Cash generated from operations | 3,217.78 | 98.35 |
| Income tax paid | 792.56 | 3,812.06 |
| 753.20 | ||
| Net cash flows from operating activities (A) | 2,425.22 | 3,058.86 |
| B. CASH FLOW FROM INVESTING ACTIVITY | ||
| Proceeds from sale of property, plant and equipment | 0.81 | 13.75 |
| Purchase of property, plant and equipment | (1,825.74) | (1,842.63) |
| Purchase of Intangibles Assets | (9.50) | |
| (Purchase)/Sale of current investment | (838.60) | (991.70) |
| Interest received | 5.56 | 47.08 |
| Short Term Loan given | 180.00 | |
| Dividend Received | 3.16 | |
| (Purchase)/Sale of non-current investments | 8.00 | 0.05 |
| Net cash flows used in investing activities (B) | (2,649.97) | (2,599.79) |
| C. CASH FLOW FROM FINANCING ACTIVITY | ||
| Interest Paid | (27.74) | (30.11) |
| Dividends paid to equity holders | (318.30) | |
| Dividend Distribution Tax | (65.43) | |
| Net cash flows from/(used in) financing activities (C) | (27.74) | (413.84) |
| Net increase in cash and cash equivalents(A+B+C) | (252.49) | 45.23 |
| Cash and cash equivalents at the beginning of the year | 1,033.49 | 988.26 |
| Cash and cash equivalents at the year end | 781.00 | 1,033.49 |
| Notes: |
÷,
(i) The above Statement of Cash Flows has been prepared under the 'Indirect Method' as set out in Ind AS 7, 'Statement of Cash Flows'. ...(ii) Cash and cash equivalent includes:
| iii) Casii ahu cash cuulvalcht Incluucs. | ||
|---|---|---|
| In Current Account including cash in hand | 182.94 | 250.07 |
| In EEFC Account | 598.06 | 783.42 |
| Cash and cash equivalents at year end | 781.00 | .033.49 |

-
- The above results have been reviewed by the Audit Committee of the Board of Directors in the meeting held on 16th June, 2021 and approved by the Board of Directors in the meeting held on the 26th June, 2021.
- 2 The Board has recommended dividend of Rs 2.50 per share, payable subject to the approval of shareholders in the ensuing Annual General Meeting. Total outgo on this accounts will be Rs. 265.25 lakhs.
- 3 The Company has only one reportable business segments i.e. Master batches and accordingly disclosures requirement of separate segment information in terms of Ind-AS 108 are not applicable to the company.
- 4 During the quarter ended 31 March, 2021, the Company has chosen to exercise the option of adopting the lower tax rate as permitted under Section 115BAA of the Income-tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Company has recognized Provision for Income-tax for the year ended 31 March, 2021 at the new rate prescribed in the said section. Tax expense / credit for the quarter ended 31 March, 2021 include consequent adjustments to opening deferred tax liabilities and tax expenses (both current and deferred) recognized, as per the old rate, up to 31 December, 2020.
- 5 The Company has evaluated the impact of resurgence of COVID pandemic on its business operations, liquidity and financial position and based on management's review of current indicators and economic conditions, no material adjustment is considered necessary to its audited financial results as at 31st March, 2021.
- 6 The total Other Comprehensive Income (net of tax) is resultant impact of net gain/ loss based on fair value of equity instrument and fair value of actuarial gain/ loss as per Ind AS . As per fair valuation, the Cumulative impact of Other Comprehensive Income (net of tax) is a net Gain of Rs. 3112.53 lakhs as on 31st March, 2021 including net Gain of Rs 556.67 lakhs in the current quarter.
- 7 Company had intimated earlier from time to time about its on going project expansion at Brijpura.Currently the project is under construction stage. Covid-19 pandemic has affected /continued to affect the work adversely, resulting into delay in completion . However, all efforts are being made to minimize the delay in completion and the company expects to complete the project during the current financial year.
- 8 The figures for the quarter ended 31st March, 2021 and 31st March, 2020 are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the financial year respectively.
- 9 Figures for the previous periods have been regrouped/reclassified wherever necessary, to conform to current period's grouping / classification.
Place: New Delhi Date: 26th June, 2021
Notes:
For and on behalf of the Board of Directors FOR PODDAR PIGMENTS LIMITED
Sul S. S. PODDAR
MANAGING DIRECTOR
PODDAR PIGMENTS LIMITED REGD. OFFICE: E-10-11 & F-14-16, RIICO INDUSTRIAL AREA, SITAPURA, JAIPUR (RAJASTHAN)- 302022 CIN: L24117RJ1991PLC006307, Tel. No: 0141-2770202/03, Fax No.: 0141-2771922 E-mail address: [email protected], Website address: www.poddarpigmentsltd.com
Statement of Standalone Audited Financial Results for the Quarter and Year ended on 31st March, 2021
(Rs. in Lakh , except per share data)
| S. No. | Particulars | Quarter ended31.03.2021 | Quarter ended31.12.2020 | CorrespondingQuarter ended31.03.2020 | Year Ended31.03.2021 | Year Ended31.03.2020 |
|---|---|---|---|---|---|---|
| (Audited) | (Unaudited) | (Audited) | (Audited) | (Audited) | ||
| 1 | Total Income from Operations | 8100.63 | 8438.90 | 7858.96 | 26433.71 | 36107.31 |
| 2 | Net Profit / (Loss) for the period (before Tax, Exceptionaland/or Extraordinary items) | 1235.29 | 1079.62 | 780.53 | 3094.51 | 2881.88 |
| 3 | Net Profit / (Loss) for the period before tax (afterExceptional and/or Extraordinary items) | 1235.29 | 1079.62 | 780.53 | 3094.51 | 2881.88 |
| $\overline{4}$ | Net Profit / (Loss) for the period after tax (afterExceptional and/or Extraordinary items) | 1030.05 | 780.96 | 595.46 | 2365.76 | 2125.37 |
| 5 | Total Other Comprehensive Income for the period(net oftax)(Net gains/(losses) on fair value of equityinstruments and actuarial gain/(loss) on defined benefitplan) | 556.67 | 673.62 | (2,839.89) | 3112.53 | (4,788.24) |
| 6 | Total Comprehensive Income for the period [ComprisingProfit / (Loss) for the period (after tax) and OtherComprehensive Income (after tax)] | 1586.72 | 1454.58 | (2,244.43) | 5478.29 | (2,662.87) |
| $\overline{7}$ | Equity Share Capital | 1061.00 | 1061.00 | 1061.00 | 1061.00 | 1061.00 |
| 8 | Reserves (Excluding Revalution Reserve) | $\overline{\phantom{a}}$ | $\overline{\phantom{m}}$ | 23,234.76 | 17,756.47 | |
| 9 | Earnings Per Share (of Rs. 10/- each) (for continuing anddiscontinued operations) - | |||||
| 1. Basic: | 9.71 | 7.36 | 5.61 | 22.30 | 20.03 | |
| 2. Diluted: | 9.71 | 7.36 | 5.61 | 22.30 | 20.03 |
- The above results have been reviewed by the Audit Committee of the Board of Directors in the meeting held on 16th June, 2021 and approved by the Board of Directors in the meeting held on the 26th June, 2021.
2 The Board has recommended dividend of Rs 2.50 per share, payable subject to the approval of shareholders in the ensuing Annual General Meeting. Total outgo on this accounts will be Rs. 265.25 lakhs.
3 The Company has only one reportable business segments i.e. Master batches and accordingly disclosures requirement of separate segment information in terms of Ind-AS 108 are not applicable to the company.
4 During the quarter ended 31 March, 2021, the Company has chosen to exercise the option of adopting the lower tax rate as permitted under Section 115BAA of the Income-tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Company has recognized Provision for Income-tax for the year ended 31 March, 2021 at the new rate prescribed in the said section. Tax expense / credit for the quarter ended 31 March, 2021 include consequent adjustments to opening deferred tax liabilities and tax expenses (both current and deferred) recognized, as per the old rate, up to 31 December, 2020.
5 The Company has evaluated the impact of resurgence of COVID pandemic on its business operations, liquidity and financial position and based on management's review of current indicators and economic conditions, no material adjustment is considered necessary to its audited financial results as at 31st March, 2021.
6 The total Other Comprehensive Income (net of tax) is resultant impact of net gain/ loss based on fair value of equity instrument and fair value of actuarial gain/ loss as per Ind AS . As per fair valuation, the Cumulative impact of Other Comprehensive Income (net of tax) is a net Gain of Rs. 3112.53 lakhs as on 31st March, 2021 including net Gain of Rs 556.67 lakhs in the current quarter.
7 Company had intimated earlier from time to time about its on going project expansion at Brijpura. Currently the project is under construction stage. Covid-19 pandemic has affected /continued to affect the work adversely, resulting into delay in completion However, all efforts are being made to minimize the delay in completion and the company expects to complete the project during the current financial year.
8 The figures for the quarter ended 31st March, 2021 and 31st March, 2020 are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the financial year respectively.
9 Figures for the previous periods have been regrouped/reclassified wherever necessary, to conform to current period's grouping classification.
Place : New Delhi Date: 26th June, 2021

For and on behalf of the Board of Directors FOR PODDAR PIGMENTS LIMITED И. S. S. PODDAR MANAGING DIRECTOR

K-60, 2nd Floor, Connaught Place. Opp. PVR Plaza, New Delhi-110001 Phone: 65398206 Telefax: 23414171 $Mob: : +91-9312221383$ E-mail: [email protected] E-mail : [email protected] Website: www.mlgargco.com
INDEPENDENT AUDITOR'S REPORT
TO THE BOARD OF DIRECTORS OF PODDAR PIGMENTS LIMITED
REPORT ON THE AUDIT OF THE ANNUAL FINANCIAL RESULTS
Opinion
-
- We have audited the accompanying annual financial results of PODDAR PIGMENTS LIMITED (hereafter referred to as the "Company") for the year ended $31st$ March 2021, attached herewith, being submitted by the company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (Listing Regulations').
-
- In our opinion and to the best of our information and according to the explanation given to us, the aforesaid annual financial results :
- (a) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations, in this regards; and
- (b) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information for the year ended 31st March 2021.
Basis for Opinion
- We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Annual Financial Results section of our report. We 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 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 audit opinion on the annual financial results.
Management's and Board of Directors' Responsibilities for the Annual Financial Results
These annual financial results have been prepared on the basis of the annual financial statements.


K-60, 2nd Floor, Connaught Place. Opp. PVR Plaza, New Delhi-110001 Phone: 65398206 Telefax: 23414171 Mob.: +91-9312221383 E-mail: [email protected] E-mail : [email protected] Website: www.mlgargco.com
-
- This Company's Management and the 'Board of Directors are responsible for the preparation and presentation of these annual financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. 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; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the annual financial results that give a true and fair view and is free from material misstatement, whether due to fraud or error.
- In preparing the annual financial results, the Management and the Board of Directors are 5. 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
- The Board of Directors is responsible for overseeing the Company's financial reporting 6. process.
Auditor's Responsibilities for the Audit of the Annual Financial Results
-
- Our objectives are to obtain reasonable assurance about whether the annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with 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 annual financial results.
-
- As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:


K-60, 2nd Floor, Connaught Place. Opp. PVR Plaza, New Delhi-110001 Phone: 65398206 Telefax: 23414171 Mob.: +91-9312221383 E-mail: [email protected] E-mail : [email protected] Website: www.mlgargco.com
Identify and assess the risks of material misstatement of the annual financial $i)$ results, 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 risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal financial controls relevant to the audit in order to $ii)$ design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on through a separate report on the complete set of financial statement on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness $iii)$ of accounting estimates and related disclosures in the financial results made by management and Board of Directors.
Conclude on the appropriateness of management and Board of Directors use of the $iv)$ 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 appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the annual financial results 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 auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
V) Evaluate the overall presentation, structure and content of the annual financial results, including the disclosures, and whether the annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
-
We communicate with those charged with governance regarding, among other matters, 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.
-
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 applicable, related safeguards.


Other Matter
- The annual financial results includes the results for the quarter ended 31 March 2021, being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which were subject to limited review by us.
FOR M.L. GARG & CO CHARTERED ACCOUNTANTS FRN001604N
(M. L. GARG) PARTNER M. NO. 008850
PLACE OF SIGNATURE : NEW DELHI DATE: 26TH JUNE, 2021
UDIN: 21008850AAAABP3779
