Fedders Electric and Engineering : Financial Result Updates

*

«

The

existing

directors

of

the

Company

as

on

the

date

of

order

have

their

office

with

by

the

new

Board

of

Directors from

stand

replaced

Anil

on

date

Board

consist

of

Mr.

effect

from

October 06,

2021.

As

-

Executive

Independent

Kumar

Kaushik

(Chairman

and

Non

Director)

and

Mrs.

Tanya

Director),

Mr.

Vishal

Singhal

(Executive

.

Singhal

-Executive

Director)

(Non

06,

2021,

As

per

Para

16

of

the

Hon'ble

NCLT

order

dated

October

been

constituted

to

supervise

a

Monitoring

Committee/Agency

has

and

to

ensure

smooth

transition

of

the implementation

of

the

plan

of

RA/

newly

constituted

board.

business

in

the

hands

3,

This

Statement,

which

is

the

responsibility

of

the Company's

newly

with

the

recognition

constituted board,

has

been

prepared

in

accordance

Accounting

Standard

and

measurement

principles

laid

down

in the

Indian

AS

34)

prescribed

under

section

34

"Interim

Financial

Reporting"

("Ind

relevant

rules

issued

133

of

the

Companies

Act,

2013

read

with

generally

accepted

in

India.

thereunder

and

other

accounting

principles

financial

statements

based

Our

responsibility

is to

issue

a

report

on

theses

'on

our

.

review

Scope

of

Review

4.

We

conducted

our

review

in

accordance

with

the

Standard

on

Review

Information

'Review

of

Interim

Financial

Engagement

(SRE)

2410,

by

the

'Auditor

of

the

Entity'

issued

Performed

by

the

Independent

requires that

This

standard

of

.

Institute

of

Chartered

Accountants

India

as

to

assurance

to

obtain

moderate

we

plan

and

perform

the

review

is

.

A

review

of

material

whether

the

Statement

is

free

misstatement

analytical

company

personnel

and

of

limited

primarily

to

inquiries

less

assurancethan

thus provide

financial

data

and

procedures

applied

to

mentioned

for

the

audit for

the

figures

an

audit.

We

have

not

performed

express

an

audit

.

respective

period and

accordingly

we

do

not

opinion

5,

Fedders

Lloyd

Trading

FZE,

a

wholly owned

subsidiary

of

Fedders

Electric

the

last

and Engineering

Limited,

located

in

Dubai

has been

inoperative

for

}

Zone

has

already

.

The

3

years

and it's

license

of

Free

Trade

of

Monitoring

Committee

has

and

Chairperson

Ex-Resolution

Professional

for

FY

-19

of

Subsidiary

finalized

Standalone

Financial

Statements

2018

d)

We

sought

External

Confirmation

from

the

top

10

customers

and

vendors

.2019

which

we

cannot

conclude

for the year ended 31.03

from

most

of

the

parties,

because

of

confirmations

not

received

further

master data

saved

of

most

of the

parties,

in the

ERP

systemof

the

Holding

company

is not

correct,

we cannot

satisfy

ourselves for the

balances

of

parties appearing

in

the

.

financial statements

1. The Holding company has done multiple inter party balance adjustments during the year, due to which there is reduction in

account

balances

of

suppliers

and vendors.

f)

The

Holding

company

has

not filed

its

financial

results

for

the

year

ended

31

st

March 2019

on

or

before

the

due date

as

prescribed

under

Disclosure

and

regulation

33

of

the

SEBI

(listing

obligations

Requirements)

Regulations,

2015

and

thus

violated

the

aforementioned

.

regulations

g)

On

the

basis

of

the

best judgment's

management

had

created

total

end

of

provisions

of

Rs.

289.77

crore

against

the

various assets

at

the

the

financial

year,

whereas

no

such

provision

created

for

the

period

under

review.

h)

Multiple

bank

accounts

were

opened

by

bankers

due

to

devolvement

of

various

letter

of credits,

the

Holding

Company

is

not

having

the

complete

accounts

statements

in

.

Therefore,

we

were

possession

with

those accounts

unable

to

comment

on

the

transactions

happened

during

the

year.

1. Reconciliation

due	to locked
staff.

of sales and purchases with GST	returns is notavailable
user ID's in GST portal and change	of various accounting

j)	Forensic	Audit	of	the	Holding	Company	has been ordered	by	State
	Bank	of	India vide	letter dated	15.09.2018.

1. Transaction Audit of the Holding Company under the Provisions of the IBC, 2016 has been done and report not shared with us.is

1)	During	the	course	of	our	review	we	found that books, 'vouchers,
	records	and	other	necessary	registers	for Holding Company's some of