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ANNUAL REPORT 2018 - 2019

resulting from fraud is higher than for one resulting from error,as fraud may involve collusion,forgery,intentional
omissions,misrepresentations,ortheoverrideofinternalcontrol.

ii. Obtain an understanding of internal control relevant to the audit in order to 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 whether the entity has adequate internal financial controls system in place and the operating
effectivenessofsuchcontrols.
iii. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
relateddisclosuresmadebymanagement.
iv. Conclude on the appropriateness of management’s use of the going concern basis of accounting in preparation of
consolidatedfinancialstatementsand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexists
relatedtoeventsorconditionsthatmaycastsignificantdoubtontheGroup’sabilitytocontinueasagoingconcern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’report to the
related disclosures in the consolidated 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 Group (Holding company and subsidiaries) to cease to continue as a
goingconcern.

v. Evaluate the overall presentation, structure and content of the consolidated financial statements, including the
disclosures,and whether the consolidated financial statements represent the underlying transactions and events
inamannerthatachievesfairpresentation.

vi. Obtain sufficient appropriate audit evidence regarding the financial information of such entities or business
activities within the Group to express an opinion on the consolidated financial statements.We are responsible for
thedirection,supervisionandperformanceoftheauditoffinancialinformationofsuchentities.

14. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit
opinionontheconsolidatedfinancialstatements
15. WecommunicatewiththosechargedwithgovernanceoftheHoldingCompanyandsuchotherentitiesincludedin
the consolidated financial statements of which we are the independent auditors regarding,among other matters,
the planned scope and timing of the audit and significant audit findings,including any significant deficiencies in
internalcontrolthatweidentifyduringouraudit.Wealsoprovidethosechargedwithgovernancewithastatement
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,relatedsafeguards.

16. From the matters communicated with those charged with governance,we determine those matters that were of
most significance in the audit of the consolidated financial statements of the current period and are therefore the
key audit matters. 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
outweighthepublicinterestbenefitsofsuchcommunication.

OtherMatters
17. We did not audit the financial statements of one subsidiary Amines & Plasticizers FZE (Wholly Owned Subsidiary
Company),whose financial statements reflect total assets of Rs.30.18 lacs and net assets of Rs.(8.81) lacs as at 31st
March, 2019 and total revenues (before eliminating intercompany transactions) of Rs.Nil for the year ended 31st
March, 2019. The consolidated financial results also include the Group's share of net loss (including other
comprehensive income) of Rs. 28.08 lacs (before eliminating intercompany transactions) for the year ended 31
March 2019,as considered in the consolidated financial results,whose financial statements have not been audited

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CONSOLIDATED INDEPENDENT AUDITOR'S REPORT