GOODWAY CHEMICALS PVT LTD. REGD ADD: 6" FLOOR, $ 6-7, PINNACLE BUSINESS PARK, MAHAKAL! CAVES ROAD, SHANTI NAGAR, ANDHERI (E), MUMBAI 400 093. INDIA. Tel: +81 2267085496 coun EMAIL: goodwaycpl@gmallcom & eS ESRC info@goodwaychemicals.com cin No: UzatooMzoo7eTcx714 Director’s Report To ‘The Members, Goodway Chemicals Private Li ed. Your Directors have pleasure in submitting their 12" Annual Report of the Company together with the Audited Statements of Accounts for the year ended 31st March, 2019. 4. FINANCIAL RESULTS The Company's financial performances for the year under review along with previous year’s figures are given hereunder Particulars For the Year ended | For the Year ended 34% March, 2019. 31% March, 2018 Amount (in Rs.) Amount (in Rs. Net Sales /Income from: Business Operations 93,60,08,450_ 59,76,28,079 Other Income. 28,90,072 14,75,289 Total Income 93,88,98,521 59,91,03,368_ Less : Expenses 91,25,25,165 57,96,21,999 Profit before Depreciation 2,63,73.356 1,94,81,369 Less: Depreciation 34,99,175 22,15,506 Prior Period Adjustment. 2 = Profit after depreciation and Interest 2,28,74,181 41,72,65,863 Less: Current Income Tax 69,95.545 51,00,000 Less: Provision for tax for previous year = = Less: Deferred Tax 2,78,282 53,021 Net Profit/ (Loss) after Tax 1,61,56,918 1,24,12,842 Eaming per share (Basic) 10.77 8.08 Earning per Share(Diluted) 10.77. 8.08 or Goodway Charsisals Pvt LS For Goodway Chemicals PyLLtd He eTGOODWAY CHEMICALS PVT LTD. REGD ADD: 6 FLOOR, S 6-7, PINNACLE BUSINESS PARK, MAHAKALI CAVES ROAD, SHANTI NAGAR, [ANDHERI (E), MUMBAI 400 093. INDIA. TEL: 491 22 67085496 EMAIL: goodwaycpl@gmail.com & OODWAY CHEMICALS info@goodwaychemicals.com 2 ‘CIN NO: U24100MH2007PTC1734 REVIEW OF OPERATIONS ‘Your Company has achieved satisfactory performance during the period under review. The Company has achieved total revenue of Rs. 93,88,08,521/ as compared to previous year revenue of Rs.59,91,09,368/-. These revenues comprises of sale of products of Rs. 93,60,08,450/- (Previous year Re, 59,76.28,079).) and other operating revenues of Rs. 28,90,072I-. The company has earned net profit of Rs.2.28,74,181/- as compared to previous year net Profit of Rs. 1,72,65,863/- The company hopes to perform similarly in future. DIVIDEND Due to conservation policy and future expansion, no Dividend is recommended by the Board of directors. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION FUND ‘The provisions of Section 125(2) of the Companies Act, 2013 do not apply as there was no dividend deciared and paid last year. [AMOUNTS TRANSFERRED TO RESERVES “The Company has not transferred any amount to reserves during the year. SHARE CAPITAL The Authorised share capital of the company is Rs 4,50,00,000/- (Consisting of 15,00,000 equity “hares of Re, 10/-each and Issued and Paid up share capital ofthe company is Rs. 4,50,00,000/- Consisting of 15,00,000 equity shares of Rs. 10 each, MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT There has been no such material changes and commitments affecting the financial position of the Company ocurred between the end of the financial year to which this financial statement relate as on the date of this report. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO ‘The provision of Section 134(m) of the Companies Act, 2013 read with Rule 8(3) of Companies ‘Accounts Rule, 2014 do not apply to our company. However the foreign exchange inflow — outflow review during the year is 2s follows For Goodway Chemnigais Pvt. Ltd day t Earnings in Foreign Currency: 82,00,460 $ SS 7) Dieser Expenditure in Foreign Currency: 13,32,250 Seo Goodway Ch kok DerGOODWAY CHEMICALS PVT LTD. EGO ADD: 6" FLOOR, S6-7, PINNACLE BUSINESS PARK MAHAKALI CAVES ROAD, SHANTI NAGAR, ANDHERI (E), MUMBAI 400 093. INDIA. TEL: 491.22 67085496 aeowan EMAIL goodwayepl@gmai.com & way CHEMICALS info@goodwaychemicals.com can NO: U24100MH2007°TC1724 9, STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THE COMPANY ‘The Company does not have any Risk Management Policy as the elements of risk threatening the Company's existence are very minimal. 10, DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITs CORPORATE SOCIAL RESPONSIBILITY INITIATIVES ‘The Company has not developed and implemented any Corporate Social Responsibility initiatives as the said provisions are not applicable. 44, PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013 ‘There were no loans, guarantees or Investment made by the Company under Section 186 of the Companies Act, 2013 during the year under review 42. PARTICULARS OF CONTRACTS OR [ARRANGEMENTS MADE WITH RELATED PARTIES During the Financial year 2018-19, your company has not entered into transactions with related parties as defined under Section 2(76) of the Companies Act, 2013 read with Companies (Specifications of Definitions Details) Rules,2014 43, EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY ‘SECRETARY IN THEIR REPORTS. ‘The qualifications, reservations or adverse remarks made by the ‘Auditors in their report are self explanatory. The provisions relating fo submission of Secretarial Audit Reportis not applicable to the ‘Company, 14, COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF REMUNERATION AND DISCHARGE OF THEIR DUTIES The provisions of Section 178(1) relating to constitution ‘of Nomination and Remuneration Committee are not applicable to the Company and hence the Company has not devised any policy relating to appointment of Directors, payment of Managerial remuneration, Directors qualifications, positive attributes, independence of Directors and other related matters as provided under Section 178(3) of the Companies Act, 2013. 48, NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW During the Financial Year 201; 8-19, the Company held Eight’ Board Meetings of the Board of Directors as per Section 173 of Companies Act, 2013 which is summarized below. The provisions of Companies Ree were coh dspypilagonsidering the ge ee. between two meetings. SURO Nes 4 Goodway Chemicals Pye Ltd —s preser Kak ‘De at DbectorGOODWAY CHEMICALS PVT LTD. Peco ADD: 6" FLOOR, 5 6-7, PINNACLE BUSINESS PARK, MAHAKALI CAVES ROAD, SHANTI NAGAR, NOMER (e), MUMBA 400 093. INDIA ‘et 991 22 67085496 EMAIL eoodwayepl@gmaiicom & coonway CHEMICALS ‘info@goodwaychemicals.com NN: U2si00MH2007PTCA714 | Date of Board Meeting Board Strength No.of Directors Present | 42/04/2018 2 2 44/08/2018 2 2 42/09/2018 2 2 25/10/2018 2 2 20/10/2018 2 2 08/12/2018 2 2 20/02/2019 2 2 26/03/2019 2 2 1 46, DIRECTORS RESPONSIBILITY STATEMENT In accordance with the provisions of Section 134(6) of the Companies Act, 2013 the Board hereby submits its responsibility statement: (a) in the preparation ofthe annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; (0) the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the nancial year and of the loss of the Company for that period; () The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; (@) The Directors had prepared the annual accounts on a going concem basis; and (©) The Directors had laid down intemal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively. ( The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively. 47, SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES ‘The Company does not have any Subsidiary, Joint venture or Associate Company For Goodway Chemicals Pvt. Ltd Fer Goodway Chemicals Pvt Ltd ‘ en SEO h ons Kk ——iieor DirectorGOODWAY CHEMICALS PVT LTD. REGD ADD: 6" FLOOR, S 6-7, PINNACLE BUSINESS PARK, MAHAKAL! CAVES ROAD, SHANTI NAGAR, ANDHERI (E), MUMBAI 400 093. INDIA. TeL:+91 22 67085496 coo! >a EMAIL: goodwaycpl@gmail.com & WAT CREMICALS info@goodwaychemicals.com CIN No: UzazooMH2007PTC1714 48. DEPOSITS ‘The Company has neither accepted nor renewed any deposits during the year under review. 49, DIRECTORS AND KEY MANAGERIAL PERSONNEL During the period under review, there wes no such appointment/ re-appointment and resignation of directors and Key Managerial person 20. DECLARATION OF INDEPENDENT DIRECTORS The provisions of Section 149 pertaini our Company to the appointment of Independent Directors do not apply to 24. STATUTORY AUDITORS Jagdish H. Gujarathi, Chartered Accountant are appointed for audi 20. The directors recommend ratification of their appointment. ll the end of financial year 2019- ‘The observations of the Auditors, if any are explained wherever necessary, in appropriate notes to the accounts. The Auditor's Report does not contain qualification, reservation or adverse remark. 22, DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL MECHANISM ‘The provisions of Section 177 of the Companies Act, 2013 read with Rule 6 and 7 of the Companies (Meetings of the Board and its Powers) Rules, 2013 is not applicable to the Company. 23, DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013. ‘The company has formed an Sexual Harassment policy and also formed Internal Compliants committee (ICC) as prescribed under the act. However the company has not received any ‘complaints on sexual harassment under Sexual Harassment of Women at the Workplace (Prevention, Prohibition an Redressal) Act, 2013 during the financial year 2018-19. 24, REPORTING OF FRAUDS. There have been no instances of fraud reported by the Statutory Auditors under the Acts & Rules framed there under either to the Company or to the Central Government. 25. DETAILS OF SIGNIFICANT AND MATERIAL ORDER PASSED BY THE REGULATORS/COURT RIBUNALS IMPACTING THE GOING Ci STATUS AND TH PANY’ OPERATIONS IN FUTURE NIL Fer Goodway Chemicals Pvt. Ltd CEL De DirectorGOODWAY CHEMICALS PVT LTD. REGD ADD: 6" FLOOR, $ 6-7, PINNACLE BUSINESS PARK, MAHAKALI CAVES ROAD, SHANTI NAGAR, ‘ANDHERI (E), MUMBAI 400 093. INDIA, TEL: +91 22 67085496 EMAIL; goodwaycpl@gmail.com & info@goodwaychemicals.com CIN NO; U24100MH2007PTC1714 26. SHARES: a. BUY BACK OF SECURITIES ‘The Company has not bought back any ofits securities during the year under review. b. SWEAT EQUITY The Company has not issued any Sweat Equity Shares during the year under review. c, BONUS SHARES No Bonus Shares were issued during the year under review. d, EMPLOYEES STOCK OPTION PLAN ‘The Company has not provided any Stock Option Scheme to the employees. 27. EXTRACT OF THE ANNUAL RETURN. ‘The extract of the annual return in Form No. MGT ~ 9 is attached as annexure FOR AND ON BEHALF OF THE BOARD OF DIRECTORS OF M/S. GOODWAY CHEMICALS PVT. LTD. Cw AZAD ‘SUNIL DESAI 7 RAHUL DESAI Director Director Din: 01456520 Din: 01472662 Date: 03/09/2019 Place: Mumbai.Jagdish H. Gujarathi M.Com. F.C.A. CHARTERED ACCOUNTANT 8-102/103, “Labh Ashish”, Old Police Lane, Neat Agarkar Chowk, Andheri (E). Mumbai 400 069. *Esmail : jgujarathi@yahoo.com INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GOOPWAY CHEMICALS PVT. LTD. Report on thé Financia! Statements We have sudited the accompanying financial statemems of Goodway Chemicals Pvt, Ltd. (“the company"), which comprise the Balance Sheet as at 31 March 2019, the Statement of Profit and’ Loss, the Cash Flow Statement for the year then ended. summary of significant accounting policies and other explanatory information, Management's Responsibility for the Standalone Financial Statements The Company's Bourd of Directors és responsible for the matters in’section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that give a true and fait view of the financial position, financial perlormance and cash flows of the Company in aecontince with the accounting principles generally accepted in India. ingluding the Accounting Standatds specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility olso includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguirding of the ussets of the Company and for preventing and detecting the frauds and other imegularities: selection and application of appropriate accounting policies; making judaments tnd estimates that are reasonable and prudent: and design, impleinentation arid maintenanee of internal financial control; that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevent to the preparation and presentation of the financial statements that give a true and fair view and are free froin niaterial misstatement, whether die to fds oF error. Auditor's Responsibility, Our responsibility is to express an opinion on these financial statemetits based on our audit We have taken into account the provisions of the Act, the accounting and auditing ‘standards and matters which are required to be ineluded in the audit report under the provisions of the Act and the Rules made there under.We conducted our audit in accordance with the Standards on Auditing spevified under seétion 143(10) of the Act. Those Standards tequire that we comply wil ethicul, reguiremems’and plan and perform the audit 10 obtain reasonable asstirance ubout vhethor the Financial statemients are free from material: misstatement, Aw audit involves performing procedures to obtain audit evidence about the amotints and digelosures in the financial’ Stiteménts, The procedures selectee) depend ont the auditor's judgment, inchiding the assessment of the risks of matzrial misstutement of the: financial statements, whether due: to fraud or etror. In making those risk assessmenis, the auditor considers internal financial contol relevant to the Company’= preparation of the financial statements thit give we ‘and fairview in order (0 design audit procedures’ that are appropriate ln the circumstances. An auilit also includes ‘evaluating the appropriateness of aceounting policies used and the feasonableness-of the accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the Tinancial statements. We believe that ihe-audit evidence we have’ obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements Opinion In our opiaion and 46 the best oF our information and aseording to the explanations given ta us. the aforesaid financial statements, give the information required by the Act in the manner so required and give a true and fair view in conformity with he accounting principles generally secepted in India; a) In the case of the Balantic Sheet, of the state of affairs of the Company as.at Marci 31,2019; b) In the case of the Statement of Profit and Loss, of the profit for the year ended on, that date; and ©) tthe ease of the Cash Flow Siatemént, of the cash flows for the-year ended'on that date. Report on other Legal and Regulstory Requirements Ag requived by the Companies (Auditor's Report) Onter, 2016, issued by the Cerital Goverment of India in terms of sub-section (|1) of seetion 143 of the Companies ‘Act, 2013, we give in the Annexure a statement on the matters specified in paragraphs 3. & 4 of the otder, to the extent applicable. ‘As required by Seetion 143) of the Act, we report that: We have obtained all the information and explanations which to the best of our knowledge and belief were neeessery for the purpose of our abel,tn our opinion proper books of account as nequired by Inw have been kept Py she Compasy s0 fit as appears from our examination of those books “the Bauinds Sheet, and Statement of Profit anid Loss and Cash Flow Statsment, dealt «with by this Report are In agreement with the books of seeount. in our opinion, the Balance Sheet, Statenient of Profit and Loss, and Cash Flow Statontent comply with the Accounting Standards referred to in seetion 133,07 the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014: Gin the basis of the-svrinen representations eodived fiom the directors as om 31st March, 2019 taken on resard bythe Board of Directors, none of the direstors is disqualified as on 2at March, 2019, from being appointed a 4 director in terms of Section 164(2) of the Act. FOR J.H. GUIARATHI Chartered Accountants Membership No. 036302 Place: Mumbai Dated: 03.09.2019j i i Off. ; 2683 2557 Jagdish H. Gujarathi eeia /seaui24060 Com. FCA. CHARTERED ACCOUNTANT 'B-102/103, "Labh Ashish”, Old Police Lane, Near Agarkar Chowk, Andheri (E}, Mumbst - 400 068. ‘@ E-mail : jgujsrathi@yehoo.com “The Annexure referred to in paragraph under the heading “Report on Other Legal and Regulatory matters” of our repart of eve date. On the basis of such Cheeks as we considered appropriate and according to the faformation and explanation given to us daring the course of our aut, we report that: 1. (a) The company is mainwining proper records showing, full particulars including quantitative detsils and situation of its fined assets (b) The Fixed Assets have been physically verified by the iminagement ina phuged manner, designed to cover all the items over a period of three years, ‘which in our opinion, is reasonable having regard to the size of the company ‘and nature of its business. Pursiuint to the program, a’portion of the fixed asset has. been physically verified by the management during the year and no ‘material discrepancies between the books records and the physical fixed assets have been noticed. {c)) The litle deeds of immovable properties are held in the nathe of the ‘company as verified-and certified by the management 2. (a) Asexpluined to us, the management bas éarried out physical verification of inventories at reasonable intervals, (b) In oar opinion, the procedures, of physical verification followed by the rmianagement are reasonable and adequate in relation to the size of the Company and nature of the business. {c) ‘The Company is maintaining proper reeords of inventory and no material diserepancy was noticed during the physical verification. 3, ‘The Company’ has not granted any loans, secured or unsecuced, to companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013 4, In our opinion and according to the informtion aid explanations giver to us, the company has complied with the provisions of section 185 and (86 of the Companies Act, 2013 Ia respect of loans, investments, guarantees; and security 5, The Company has'niot accepted any deposits fom the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 w 76 or any other relevant provisions of the Act and the Companies (Acooprance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable. 6 As informed to us, the maintenance of Cost Records has not been specified by the Central Government under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the company,7. According. to the records off the coripany, tmndspuied’ story ues including Prov ident Fund, Investor Edueation aad Protection Fund, Employees’ were Insurance, Tncome-tax, Sales-tax, Wealth) Tax, Service Tax, Cusiery Duty, Exeise Duty, cess tothe extent opplicable and any ether sats dues. fave generally been regularly deposited with whe -epproprisis authorities. Recording t0 the information and explanations given’ to us there were, seatanding statutory dues as on 31° of March, 2018 for a period of more thet Six months from the date they became payable. (b) According to the inform amounts payable in respect ‘of income tx, wealth tax, service tax. stiles 1X, customs duty and excise duty which have not been deposited of account of any disputes, There is demand order under Sales ts tet for the period 201 The company has preferred. ‘an appeal against dues order ‘of Rs 16,85.500!- 8, Th our opinion asd according t the information dnl explanations given to uss the Compaity has rot defaulted ia the repayment of dues to banks. 9. Based ‘upon the audit, procedures: performed and the inforhalien and explanations given by the mimagement, the compiny his not raiged moneys by way of initial public offeror further publie offer including debt instruments and verm Loans. Accordingly. the provisions of clause 3 (x) of the Order ane zat applicable to the Company and henee not commented upon Lw.Based upon’ the audit procedures performed and the information and explanations given by the management, we report that 10 fraud by the Company or on the company by its officers or employees has been noticed or reported during the year. : H1Based upon the audit procedures perforried and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act: 12.dh our opiiion, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (sil) of the Order are not applicable to the Company, 13.1n our opinion, all ‘transactions with the related. parties are in compliance with esion ITT and 188 of Conpatiies Act, 2013 and the details have been seen {in the Financial Statements as Fequired by the applicable secounting standards. {4:Based upon: the audit prodedures performed and the {nforinaott and explanations given by the management, the eompany as Po made any preferential allotment, or private placement of shares er fully. or partlyconvertible debentures during the year undet review, Accordingly, the provisions.of clause 3 (xiv) of the Onder St not applicable to the. Company dnd hence not ‘commented upon. Based upon the audit procedures performed sind the information and explanations given by the manugement, the company fae not entered into any non-casit transactions with directors or persons connected with him. ‘Accordingly, the provisions of clause 3 (xv) of the Order re not applicable to the Company and hence not commented Upon. {5.1m oar opinion, the company is not requited to be registered und seeti aoe ne Reserve Bank of india Act, 1934 and accordingly. the provisions of thawe 3 (avi) of the Order are not applicable to the Company sand hetwce not commented upon, FOR JH. GUJARATHT Chartered Accountants aw Membership No, 036302 Place; Mumbai Dated: 03/09/2019. : . (Off. | 26832557, Jagdish H. Gujarathi Mebite : 9820124060 M.Com. F.C.A. CHARTERED ACCOUNTANT B-102/103, *Labh Ashish", Old Police Lane, Near Agarkar Chowk, Andheri (E), Mumbai - 400 069. ® E-mail : jgujarathi@yshoo.com (aunewure B” Report on the Internal Finaiicial Controls under Clause (of Sub- Section 3 of Seetion 143 of the Companies ct, 2013 (the Act") We have audited the internal finunvial controls over finaneiilt reporting of Goodway: Chemicals Pvt Ltd. (“the Company") as of March 31. 2019 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that dare: Management's Responsibility for Internal Financial Controls These responsibilities include the design, implementation sind nidintenatee of fideguste intemal financial controls that were operating effecilvely for ensuring the onfetly an efficient conduct of its business. including adhorenee to company’s Polisies. the safeguarding of its assets, the prevention and detection of fave sind errors, the accuracy and completeness of the accounting records, and the timely prepixition of reliable financial information, as required unviet the Companies Act, 2013, Auditors’ Responsibitity Cur esponsibility fs to express a} opinion on the Compimy’s iaternil financial controls aver financial reporting based on our audit, We conducted our metre accordance with the Guidance Note on Audit of Intemal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Audi ing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of Intemal financial contrals, tyoth applicable to an audit of Internal Financia! Conirls ane, both issutd by the etn of Chartered Accountants Of India. Those Standards:xnd the Guidanee-Note require that we comply with ethical requirements anid plan and pertorm:the audit 16 obtain feasonsble assurance about whether adequate internal financial “vomede financial reporting was established and maintained and if stich controls operated effectively in all material respects, ix ‘audit involves: performing procedures 10 obiain audit evilence about the Adeijuiey OF the internal financial controls system over finsineial Feporting and their gperaing offectiveness. Our audit of internal financial controls over finance) FRporting included obtaining an undersianding of intemal fuuncial concle over Financial reporting, assessing the risk tha a uatstial weakness exits ancl testinis and Svaliating the design and operating effectiveness of intemal contol based a the i proceslures selected depend on the auditor's judgement, ineluding feat of the financial statements, ‘We believe that the audit evidence we have obtained is sufficient and appropriate 10provide a basis for our audit opinion on the Compuny"¢ intemal finandial controls system over financial reporting. Meaning of Internal Financial Controls over Financial Reporting A company's internal financial control over financial reporting is & process desigiyed ‘o provide reasonable assuiance regarding the reliability of financial reporting and the preparition of financial statements for extemal purposes in accordance with generally accepted accounting principles. A company’s intemal finsneia} control over finanickal reporting ineludes those policies and procedures that (1) pertain to the miimenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company: (2) provide reasontble assurance that transactions are recorded as necessary to permit preparation of financial statements in accondance with generally accepied accounting principlesand that receipts and expenditures of the company are being made only it accordance with authorizations of managemetit and directors of the company: and (3) provide: reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have «1 material, effect on the fihancial statements. Inherent Limitations of Internal Financial Controts over Financial Reporting Because of the inherent limitutions of intetnal financial comrols over financial reporting. including the possibility of collusion or improper manageinentt override of” controls, material misstatements due to esror or fraud may occur and not be detected, Also, projections of any evaluation of the internal financial controls over financial reporting. to future periods are subject to the risk thiit the internal financial control over financial reporting: may Become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deterioriite Opinion In our opinion, the Compliny has, in all material respects, an adequate intemal Financial controls system over financial reporting snd such intemal financial controls over financial reporting were operating effectively as at March 31, 2019, based on the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India”, Ford MGujarathl, ‘Chartered Accountants MémBership No, 036302 Place: Mumbai Date: 03/09/2019,‘GOODWAY CHEMICALS PVT. LTD. Balance Sheet as on 31.03.2019 Date: 3rd September, 2019 1. EQUITY AND LIABILITIES: ‘hase trea | gatemeese| —cyommmse ec roe } saper) (pese 1) ssi since ote erin . share wa a ee cet | assaa| —amsoen Seema ] etee| Sear Botcnekien 7 *Rees| tine Seeley : eau S Sitccieee eee : ven) races serearoa| u psses —_— = oe 1 waar So ee iene 4 oar abemeasians oe | nmenu| — ssrario learn | sadiossces|Saoetacae aie S|) iiMees|| sacntones BS es Mee) Meloes Soa ee Soca mies akan specs ‘ » | paca oo NER Aston coueroerce recat FOR GOODWAY CHEMICAL PVT. LTD. Sud hw “EAA De DIRECTOR DIRECTOR[autnorived lauty stares of Rs 10/- each lartsued leputy saves of Rs. 10/- each lor subseribed & ald up [suty ares of Rs 10/- each {e1Reconcilstion of Number of shares srvosya019 syr03/20e Eguty Spares Number Number (pening Batance 1¥5,00,000,00 —_10,00,000.00 Changes dring the year : 500,000.00 ‘losing Batance 15,00,000.90 _15,00,000.00 {oh Terma/Righs ataches to Equity Shares: 1) The company has only one class of equity share having» par value of Ri.10/ per share, Each holder of eculty stares enti to one vote per share | During the year ended 3Yst Narch 2019, the amount per share as dividend recognized as istribulons ts ety shareholders Rs.ML. Bt March 2019, RN). 1) othe even af bauidation ofthe company. the elders of Equity Shares wil be ented to receive remaining asets of the company, after distribution of al perferential amount. The distribution wit bein proportion to the No.of eauty shares held by the shorelders. {SISUNICR OSA 900,000.00, on 90,000.00 60%, afpasiun s DeSAL 6,00,000.00 @ 6,00, 000.00 40% ‘Note 2 RESERVES AND SURPLUS = surplus JOvening balance 1.93,63,537.87 | + et Profit et Los) Forte cist year 169,56.917.59| |. Tranter from Reserves (48, 463.00] For Goodway Chemicals Pvt Ltd For Goodway Chemicals Pvt. Ltd|(a} Loans repayable on demand |Ecom Banks lacs Bark 0/0 Ale res Bank las Bank Term Loan lAcuapay Axis Bank Crest Card saya) mance Service Loan lec. Finance tu Loan HOFC Bank Loan inusind Bank Loan standard Chartered Bank Loan |raTA Capital Loan 12,46,94,225.25 | 6,57.65,846.21 2,99,30,119.85 - 2,11,95,501.00 | 2,19,28,754.00 25,00,000.00, . 18,39,424.00 - 25,79,392.00 - 24,89,460.49 : 15,36,595.00 : 36,67, 847.88 . 19,23,886.00 : Tease saa | 6,76,94,597 21 For Goodway Chemicals Pvt. Ltd Rk De Director[sundry Creditors For Goods. [AAR] WPEXCHEN LLP Jagarwal Bulk Activities |ASHA MINERALS & CHEMICALS INDUSTRIES [ASTERISK CHEMICALS PVT.LTD IBALNER LAWRIE & CO. LT lbPT CHEMICALS AUSTRALIA PTY LTD lonELiM CORPORATION DESIRE CHEMICALS PVT.LTD loots cHemicans least india Drums & Barrels Mautacturing Co [ECOGREEN OLEOCHEMICALS (SINGAPORE) PTE LTD [Fortune Enterprises |FRP SERVICES & CO INDIA PVT LTD. |HEMAN CHOKESY co NDIA PVT LTD |JEvENKAY PETROGELS PYT LTD [J.N CHEMICALS JKADILLAC CHEMICALS PYT LTD KAPPA CHEMICALS-2 KRUPA CONTAINERS PYT LTD IKUSA CHEMICALS PVT. LTD. |LANXESS SALES NETHERLANDS 8 V LEHMANN f& VOSS & CO. IMIVON CHEMICALS INishigandha Polymers Pvt Lic JONWARD CHEMICALS PVT.LTD JPRASOL CHEMICALS LTD ISHIVAM ROAD CARRIERS ISINGH & COMPANY JSOVIKA CHEMICALS PVT.LTD [7 & DGALIAKOT CONTAINERS PYT LTD ICHARE EXPRESS & LOGISTICS PVT.LTD Vinati Organics Ltd |WiLMAR TRADING PTE LTD |VASHRAY CONTAINEURS LIMITED Sundry Creditors For Expenses [ABC Consultant JALLcARGO LOGISTICS LIMITED. JANTRAWEB TECHNOLOGIES PVT LTD JASHTE LOGISTICS PVT LTD. JBANAS BULK CARRIER |BHANUSHAL! EXPRESS PARCEL SERVICE [BLU GOPINATHAN NAIR IcHemexci. loatapoint Systems JDEV INTERNATIONAL EXPRESS DHL EXPRESS (INDIA) PVT LTD DUCOM INSTRUMENTS PVT LTD DURALABEL GRAPHICS PYT.LTD ESSES CONSULTING ENGINEERS FAITH BUSINESS SOLUTION : aero . (200 5.38¢18.00 Sasszs00| 87618700 srazaotso) 22330830 (ean se875) : : 35.26.4834 (20.00000.00), 2,00, 00.0] rat7e028] 169448020 ssanyesa0| 7.773670 78,2600 : 6,040.00 : 3,08405.80 2.00,200.00) 20,0,00.0} : 12.23,405.63 94.77.00 : (6.00,0000] 134,193.35 (25,31, 100.10)] (rajee000.00)] (1.0.0.0 sa229.90] ‘1445.02.00 sovssasza0] 299819540 ssvsz.t : 161087400 gssawo0] 22.20.6890 > (3297.73) (3.38.0 35,50,879.53 : 1103.76.00 3.1956.60 : : sa7er200 s9a0si240 : : 170% carsi40] —_49706n.00 2s.08 32230 10,97 40.00 . 1,9,500.00 : as1500 1274.00 ‘ (eer) sosses} 2.971850 35.190.0 11.90.00 coo] 3.88238.00 ‘0.62000 ‘0.2000 Shenson "30000 2053.82 60200 zrai6a0 tis e79215.00 Paden mateo ano : : (10,00 0} For Goodway Chemicsis Pvt Ltd Rit Der DirectorIcusanar ROADWAYS (3.284.001 40,500.00 nant on TRANSPORT 2,40,312.00 4,93,784.00 Ren Later OSA * (20,000.00) ener notors 5606.73 nciamart.com 11,55,660,00 1,22,070.00 nTERTEK Nola PRIVATE LTD aaisaar] 13,975.60) Innovative Impex ss 132,422.00 H Gusarathi 1,85,750.00 135,500.00 lat canes scienrinc lat Raja stationery Mart 1950.00 > Lai Tuli Bhavan Transport : 9509.00 lan arts : 1,020.00 Lavest Gusararit 10,172.00) 1328.00 lvor pric @ Pack evr Lo 1770.00 Lu Vite Pare Gymihana Club - IJ Gusarati 34,200.00 30,000.00 kas SIPPING PY LTD > (2,265.0) Wane my TRIP ; 21,108.00 anal X, Ganga : 20,125.00 INEWPORT INDIA PYT LTD (s.573.9) ; JOU & NATURAL GAS CORPORATION LTD 23,823.00 ; lom « shopping & Logistics 44,502.00 14,502.00 low pe Taaves 416.78 . PALGHAR JANSEVA ROAD CARRIER 2,59,896.00 Pooja Constructions : Poonam J Guarathi 30,000.00 30,000.00 paiva puasrics uiTED 5,593.00 PUSHPA W vatoikan 427,500.00 2 rane TenPo seRvices fi 51,620.00 ROOTS CORPORATION LD 7267 ; RUSEX iPex Q 43.656.40 sacar WAREHOUSING CO 1,63,064.39 20,853.07 sat TELECOM : 3,550.00 canst ENTERPRISES : (50,740,0) caksH STAR ENTERPRISES arise] 437,203.00 saRo! ENGINEERING WH PVT.LTD angssz0] (52,945.00) SEQUEIRA ELECTRICAL WORKS 1422.00 : |svax puBLicaTiONs PYF LTD (1.45,40.00) SHEKH TAREE HUSSAIN 19,950.00 7 sHREE sananre Locistics 6776.47 SHEE SHAKTI ENGG WORKS ; SRUSHTIOHARA Ex 27,166.99 sundry creditors (innate Ex) - 4500.00 stan iNoUSTRIES 4,36402.00 : SUNIL MuNDADA (2.20,000.00} [TRADE Link TRANSPORT 11,013.00 2,09,514.00 fruRiiNi Pow PLY & LAMNATES 2.54991 : [reansuink exPRess 3 78.10 UNE NEW DESIGNS & PROJECTS PvT LTD 72,46,270.00 > lweoawr cops caRRieR 3,93,056.00 1,76,624.00 Neat Gibal Logistics Pt te 174,948.30 3.a7.271.62 lvchaRe EXPRESS & LOGISTICS PYT LTD 1916.34 . nat TERIOR HUB 15,075.00 . lv Trans v express - 126.00 lvvonan services - (15,0000) fran MING LINE : (33,506.00 [ZARA VENTURES PVT LTD For Goodway Chemicals Pvt. Lid For Goodway Chericals Pvt Utd Seer RA DeNote 5 SHORT TERM PROVISIONS : (a) Provision for employee benefits Salary Payable 8,00,368.00 2,12, 167,00 (b) Others JADI @ 4% (16,469,14)] [TDs Payable 25,86,029.36| 43,49,280.00 IMVAT payable 2017-18 |Net off Provision For income Tax Net off Provision For Income Tax AY 18-19 -48,11,369.00 3,297.58 45,54,977.00 Note 6 OTHER CURRENT LIABILITIES : [Rahul Desai Current A/c ISunil Desai Current A/c |Rent Deposit-Cigna For SGheccigais Put, Ltd For Goodway Chemicals Pvt Utd SURE hak ae De Director Director 385,240.62 3,68,235.50 14,85,450.00sojo@uig, eA eV PIT Ag Sieojwaya Aempoog JogFD Against Lc |Accrued Interest an FD \Fived Deposits (Federal Bank) [FO ats Bank [FD Indusind Bank 148,433.46 "25,000.00, 10,00,000.00 rwoamtee hea Utd For Goodway Chemiczels Pvt. Ltd SLR! CEA De Director[Trade receivables outstanding for a period tess than six} months from the date they are due for payment lunsecured, considered good JACME SUJAN CHEMICALS |BALAJI MEHANDI CENTER \CHEMICAL PROCESS CONSULTANTS CHEMSPEC CHEMICALS PVT LTD |COGO FREIGHT PVT LTD |EXOL CORPORATION LIMITED JFORTH INDUSTRIAL INC |GANESH BENZOPLAST LTD lceHLOT MEHANDI CENTER |GNANAM SRINIVAS CHEMICALS & EQUIPMENTS P LTD |GRAUER WEIL (INDIA) LIMITED, VAPI eMANI INDUSTRIES LTD-UNIT I |HERANBA INDUSTRIES LTD -Ut MIKAL TO HINDON INDIA PVT LTO HARMONY ORGANICS PRIVATE LIMITED: | HAWK PETROLEUM PTE LTD MPULSORA DE SERVICIOS SION S.A DE C.V INDIAN DYESTUFF & CHEMICALS MFG . CO. ]KAJAL DULHAN MEHANDI CENTER KAPPA CHEMICALS IKUNSHAN TAIDAH CHEMICALS O., LTD |LUBZ CORPORATION {INDIA} JNANDAN PETROCHEM LIMITED JOSAm SPECIALITY CHEMICALS PVT LTD p.m. HANA (HK) LTD PARIKH CHEMICAL INDUSTRIES JPHARMA PRODUCTS PUsA CHEMICALS |PUROHIT HEENA PRODUCT IREDE KIMYA URUNLER! LTD RAJ MEHANDI CENTER sau ois ISHRIMALI MEHANDI CENTER SIODHI TRADE ENTERPRISE ISTAR OXALATE PVT LTO \VIVACIOUS PHARATEX PRIVATED LIMITED IYOGESHWAR CHEMICALS LTD «| gerseuon - 87,933.60 1,12,407.00, 30,622.00 279760 : 788,360.00 : . 80,284.00 2 | aussi] 150900970) saa073h.t4 : 7D 65,702.00 : - 51,766.00 29,05,32.00 : aan7a6.00 : 3607 99 : ‘8,600 : 21 an22,398-0 m2. S| eaoa0ne 2 | Sostazacon . 7,641.00 34,38,376.89 70,15,502.06 my oars sozser20| ‘at 91920 ~ 3,929.00 4,58,720.00 4,18,168.00 2,56,05,403,76 2,08,50,009.83 S060 : . 43,11,320.00 ssassea00| —2.07.800.00 : 10,967.00 16.93,168 00 : : 73400 err) ; yearn S| p6o\e0 S| Sez0 00 930400 66,387.00] __3,53,835.00 | 7,79,94,777-45 | _6,01,93,671.1 or Goodway Chemicals et USrade receivables outstanding fora period exceeding six months from the date they are. due for payment lUnsecured, considered good |ASHA FLUID INDUSTRIES PVT LTD 22,128.00)! FORTH INDUSTRIAL INC (657,510.70) 3 Ik APOORVA CHEMICALS 11,41,584.00 : KEY LIFE SCIENCES PYT LTD. 10,14,016.00 = |SIOOHI TRADE ENTERPRISE 2,06,820.00 : |STAR OXALATE PVT LTD: 408,870.00 : |WiLBER CHEMICALS 10,00,000.00 : 37,13,779.30 Note 12 CASH AND CASH EQUIVALENTS : Tt IFederat Bank - 758.60 indusind Bank Current A/c 1,238.19 1,238.19 laxis Current A/c 5,24,166.61 | 13,00,578.40 lindusind Bank CC A/c 2,23,339.90 2,56,356.15 |Bassein Catholic Bank 1,00,000.00 : lb. Cash on hand 1,03,079.45 1,07,114.45 For ome ‘ DirectorNote 13 SHORT TERM LOANS & ADVANCES : Loans and advances to related parties, Sumit Desai Deposit lMema Desal lb. others |Unsecured, considered good |vichare Courier-Deposit kappa Chemicals Deposit Francis Rocriques Loan ladvance to Statt |curunath Bavadane Loan Jvogenda Singh Loan |warendra Singh Neg! JRanjana Gatkwad Loan raft Loan Account neal Mishra Excise INet GVAT Receivable 12-13 Duty Drawoack Receivable ICST Deposit Paid in Appeal 2012-13 |CGsT Refundable \SGST Refundable Gt Refundable JMEIS Scheme (Export) INet CoST Receivable INet SGST Receivable INet 16ST Receivabte |var1 PRoJECT [Business Advance A/c Furniture Expenses (WIP) JPre Emi Depastt Axis Bank 10,447.00 10,447.00 24,17,147.00 21,28,627.00 74,27,594.00| __21,39,074.00, : 1,000.00 : 300,000.00 22,600.00, 124,200,00, : 8,200.00 55,000.00 : 39,800.00 00,000.00 2,50,000.00 563,415.93 583,415.93 9,510.47 9,510.47 7.21,915.00 44,565.00 . 35,43,964.00 | 49,84,170.00 35,22,208,00 54,01,818.00 90,19,136.92 2,380.00 15,30,815,11 33,49,580.13 20,30,256.58 25,26,718.52 20,30,256.58 25,26,718.52 1,98,77.925.33 | —1,01,77,030.26 4,36, 90,400.00 1,06, 68,261.68 : £87,31,980.00 4,44,082,00 Chemicals Pvt Ltd Rok Dee" Director‘GOODWAY CHEMICALS PYT. LTD. Profit and Loss Aecounts forthe year ended 31.03.2019 [Revenue from operations 1 Jorner income tu, |rotat Revenue (+H) W.Jxpenses: purchases of Stock-mn-Trade |cnanges in inventories of finished goods work-iprogres land Stocksin-Trade lemptoyee benetits expense Jrinance costs Depreciation and amorttzation expense (Note 7) other expenses Total expenses profi before exceptional and extraordinary items and tax (HIV) Vi exceptional tems [Pratt before extracedinary tems and tax (V= Vi) ‘it lestrecesinary tems 1%. [Profi before tax (vile Vi) x}Tax expense: i current tax 2) Deterred tax 2) Owidend Distribution Tax Profit (Loss) for the parted fram continuing eperations| aco 2x} Proit toss) from aiscantnuing operators >xtfTax expense of aiscontinutng operations [Profit (oss) from Discontinuing operations (after tax) pax) Xv[Profie (Loss) forthe period (tt + XIV) -xvl|Earnings per equity share: (1) Basic (2) Ouse so} 93,60,08,449.58 59,76,28,079.02 1| 28,90,071.85 14575,288.90 D5 aa, 9a STAT] 59,91, 03, 367.92 m2 43,47,947.45| 51,90,00,706.26 18] 67,43,741.10] (68, 11,694.84 13] 1,30,85,13.00 1,26,95,547.00 x 145,48, 830.19 (64,34,287.03, 34,99.175.00| 22,15,506.00| ai] 6.53,16,816.36 483,03 153.79 F604 340.84 | 80,16, 97 505.24 2,28,74,180.59 1,72,65,862.68, Pe rEER OG) T7268 726,74, 100.59 T7265 86.68 169,95,545.00 51,00,000.00 278,282.00 53,021.00 1,61,56,917.59 1,21.12.841.68 "AS PER OUR REPORT OF EVEN DATE[Sale of products 91,78,55,544.58 '58,22,71,960.02 [other operating revenues JOther operating 1,81,52,905.00 ¥,53,56,119.00, For Goodway’ Put Ltd SUP po ———— director Kak De . [Rent Received = Interest on FDR 90,341.32 4,50,225.55 [Compensation charges s 5,20,000.00 [Exchange Rate Diff 70,47,280.53, 5,05,063.35 Total For Goodway Chemicals Pvt. Ltd rectorNote 18 CHANGES IN INVENTORIES : ‘Note 19 EMPLOYEE BENEFITS EXPENSE : (a) Salaries and incentives Inventories (at commencement) Finished Goods 98,26, 144.84 30, 14,450.00 inventories (at close) Finished Goods (65, 69,886.00 Total 1,49,31,164.00 41,26,07,412.00 (b) Bonus 65,700.00 74,625.00 (c) Leave Encashment 58,449.00 13,510.00 Note 20 FINANCE COSTS: Bank Interest Interest On Bank Loan Interest on Office Loan Interest on Office Renovation Interest on TL Axis Bank Interest on OD A/c Interest on Aqua Pay Interest on TDS Interest paid on VAT 89,69,181.21 23,41,300.37 19,44,508.00 10,64,136.85, 42,367.34 186,275.00 1,061.42 34,72,951.00 13,67,035.48 10,12,235.30 3,01,185.54 451,890.00 58,805.00 70,184.7110,94,000.00 - Charges 7,73,076.63, 23,87,057.39 Business Promotion Exp 20,35,272.00 18,39,400.79 IcFS Charges 85,371.00 : JCMS Charges 809.00 . JADI Duty Pats 16,469.14 [clearing & Forwarding 1,14,01,620.29 41,14,97,462.89 |commission paid 1,57,75,997.00 41,36,40,179.00 |Computer Expenses 44,751.00 1,29,822.00 Certificate Origin Charges 32,606.00 > Conveyance 13,028.00 2,24,956.00 custom Cess 825.99 5,291.27 [custom Penalty Charges 8,495.88 - lbirector remuneration 50,00,000.00 £0,00,000.00 iscount 2,05,348.24 199.10 Donation 16,200.00 7 Detention Charges 2,000.00 - Electricity Charges 19,190.00 Freight Charges 83,30,696.33 46,32,461.50 J6sr Penalty 200.00 insurance Charges 4,908.00 12,169.59 Labour Charges 41,50,000.00 - Late Fees on TDS 32,000.00, : lc Charges 30,890.63 8,11,151.88 l.c Discounting Charges - 116,430.00 License Fees 41,750.00 : Legal Exe 8,780.00 00.00 Laboratory Expenses 10,500.00 - Labet & Ribbon Expenses 1,97,380.00 : Loan Processing Fees 17,42,612.00 20,750.00 |Warketing Expenses 21,93,729.28 15,18,451.93 |Membership & Subscription 73,825.00 53,160.00 lottice Expenses 2,71,572.00 154,327.00 lottice waintenance 77,000.00 48,687.00 lottice miscellaneuos Exp 119,088.00 25,926.00 Jother Clearing Exp. 13,92,403.90 5,71,299.58 Packing & Forwarding 46,995.00 3,48,015.00 |Payments to the auditor (Note 214) 30,000.00 100,000.00 [Petrol Expenses 4,762.00 5,798.00 Postage Expenses 2,86,489.75 346,722.13 Printing & Stationery 96,439.00 74,886.00 lProtessionat & Consultancy Fees 43,84,836.86 5,73,715.70 Property Tax 2,25, 389.00 : Pest Control Charges 5,310.00 : Professional Tax 46,996.00 11,800.00 Rate Difference 21,25,589.02 2,745571.40 Director For Goodway Chemicals Pvt Ltd For Goodway Chemicals Pvt. Lid eae CKartk Deo76,816.00 12,79,472.23 10,000.00 1,18 483.65 4,23,650.00 4575,448.00 16,040.00 19,50, 786.18, 2,20,745.36 1600.00 10,36,444.00 59,719.00 10,15,400,00 [Travelling & Conveyance Exp [Warehousing Charges Payment to the auditor as stated above includes: Pvt Ltd 2,09,568.40 49,408.00 98,250.00 350,00 3,86,338.00 12,24,751.90 1,48, 756.84 2,544.00 718,970.00, 22,435.50 “Far Goodway Chemicels Pvt Ltd SRA