MALHOTRA MANIK & ASSOCIATES

CHARTERED ACCOUNTANTS

708/ 6-8, StreetNo.l9-APunjab Mata Nagar,Pall|owal Road,Ludhiana - 141002MOBILE No. 98550-37608E-Mail:mmasso123@gmail.com

Independent Auditor's Report

ToThe goard o{ Directors,Garg Acrylics Limited

We have audited the standalone annual f inancial results of Garg Acryl ics Limited ("the Company") forthe year ended March 31, 2019 ( ' the Statement") attached herewith, being submitted by the Companypursuant to the requirements of Regulation 33 of the Securit ies and Exchange Eoard of India (List ingObli8ations and Disclosure Requirements) Regulations.2015. ("the Regulations") read with SEBI €ircularNo clR/CFD/FAC/62/2076 dated July 5, 2016 ("the circulal'). Attention is drawn to the fact that figuresfor the last quarter ended 31't March 2019 and the corresponding quarter ended in the previous year asreported in these standalone annual f inancial results are the balancing f igures between audited f iguresin respect of the ful l f inancial year and the published year to date f igures up to the end of the thirdquarter of the relevant f inancial year. Also the f igures up to the end of the third quarter had only beenreviewed and not subjected to audit.

These standalone annual f inancial results have been prepared on the basis of the annual f inancialstatements and reviewed quarterlv f inancial results which are the responsibi l i ty of the Company'sManagement. Our responsibi l i ty is to express an opinion on these standalone annual f inancial resultsbased on our audit ofthe annual f inancial statements which have been prepared in accordance with therecognit ion and measurement principles laid down in the Companies ( lndian Accounting Standards)Rule, 2015 as per section 133 of the Companies Act, 2013 and other accounting principles general ly

accepted in India and in compliance with Regulation 33 of the List ing Regulations.

We conducted our audit in accordance with the standard on Auditing issued by institute of charteredAccountants of India. Those standards require that we comply with ethical rcquirements and plan andperform the audit to obtain reasonable assurance about whether the statement is free from materialmisstalement.

An audit involves performing procedures to obtain audit evidence about the amounts and the

disclosures in the Statement. The procedures selected depend on the auditor 's judgment, including the

assessment of the risks of material misstatement of the Statement, whether d!e to fraud or error' In

making those risk assessments, the auditor considers internal control relevant to the Company'spreparation and fair presentation of the Statement in order to design audit procedures that are

appropriate in the circumstanaes, but not for ihe purpose of expressing an opinion on the effectiveness

of the Company's internal Financial control with reference to the Statement, An audit also in€ludes

evaluating the appropriateness of lhe accounting policjes used and the reasonableness of theaccounting estimates made by the Management, as well as evaluating the overall presentation of theStatement. In our opinion and to best of our information and according to the explanations given to us,

the statement:Page 1of 2

(i) is presented in accordance with the requirements of Regulation 33 ofthe sEBl (Listing obligation andDisclosure Requirements) Regulations, 2015, as modified by circular No clR/cFD/FAc/62/2o76 datedJu|y5,2016; and

(ii) gives a true and fair view in conformity with the aforesajd Indian Accounting standards and othefprinciples generally accepted in Indla of the net profit and total comprehensive income and otherf inancial information ofthe Company for the year ended March 31, 2019.

For Malhotra Manik & Asso€iatesChartered Accountants

(Firm Registration No. 0

f1,e-"; kPlace: LudhianaDate : 30th Mai, 2019

(CA Manik MProprietor

(Membership No.

Page 2 of2

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ACCOI] NTANTS

MALHOTRA MANIK & ASSOCIATES

CHARTERED ACCOUNTANTS

Independent Auditor's Report

The goard of Directors,GargA.rylics Limited

We have audited the consolidated annual f inancial results ofGarg Acryl ics Limited (,, the parent,,) and itssubsidiary ( ihe Parent and its subsidiary together referred to as Group") for the year ended March 31,2019 ("the Statement") attached herewith, being submitted by the parent pursuant to the requirementsof Regulation 33 of the Securities and Exchange Board of lndia {Iisting Obligations and DisclosureRequirements) Regulations.2015. ("the Regulations") read with SEBt cit.ular No CIRICFDIFAC/62/20t6dated July 5, 2016 ("the circular'). Attention is drawn to the fact that f igures for the last quarter ended31" March 2019 and the corresponding quader ended in the previous year as reported in theseconsolidated annual f inancial results are the balancing f igures between audited f igur€s in respect oftheful l f inancial year and the published year to date f igures up to the end of the third quarter of the'relevant

financial year. Also the figures up to the end of the third quarter had only been reviewed andnot subjected to audit.

These consolidated annual f inancial results have been prepared on the basis of the annuat t jnancialstatements and reviewed quarterly f inancial results which are the responsibi l i tv of the parent,sManagement. Our responsibi l i ty is to express an opinion on these consolidated annualf inancial resultsbased on our audit ofthe annualf inancial statements whjch have been prepared in accordance with therecoenit ion and measurement principles laid down in the Companies ( lndian Accounting Standards)Rule, 2015 as per section 133 of the Companies Act, 2013 and other accounting principles general lyaccepted in India and in compliance with Regulation 33 ofthe l ist ing Regutations.

We conducted our audit in accordance with the standard on Audit ing issued by insti tute of CharteredAccountants of lnd!a. Those standards requlre that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the statement is free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and thedisclosures in the Statement. The p.ocedures selecied depend on the auditor 's judgment, including theassessment of the risks of material misstatement of the Statement, whether due to trauq or error. lnmaking those risk assessments, the auditor considers internal control relevant to the parent'spreparation and fa'r presentation of the Statement in order to design audit procedures that areappropriate in the circumstances, but not for the puipose of expressing an opinion on the effectivenessof the Parent's internal Financial control with reference to the Statement. An audit also includesevaluating the appropriateness of the accountinB policies used and the reasonableness of theaccounting estimates made by the Management, as well as evaluating the overal l presentation of theStatement.

708/ 6-8, StrcetNo.l9-APunjab Mata Nagar,Paldowal Road,Ludhiana - 141002MOBILE No. 98550-37608E-Mail:mmasso123@gmail.com

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In our opinion, and to the best of our information and according the explanations Biven to us and based

on management cedified financial statements of subsidiary the Statement:

(a) lncludes the results ofthe following entity:

Name of the Entity Relationship

Garg International subsidiary Partnership Firm

(b) is presented in accordance with the requirements of Regulation 33 of SEBI (List ing Obligationsand Disclosure ReqLrirements) Regulation, 2015 as modified by Circular No,

ctR/CFDltACl62/2o76 dated luly s, 2016; and

(c) gives a true and fair view in conformity with the aforesaid lndian Accounting Standards andother accounting principles generally accepted in India of the n€t profit and total

Comprehensive lncome and other f inancial information of the Group for the year ended March

3L,2079.

For Malhotra Manik & AssociatesChartered Acco

(Firm Registration

[0:*; kPlace: LudhianaDate : 3dh May, 2019

(CA Manik MaProprietor

{Membership No.094604)

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