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Everest Organics Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018

Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018

Note:

1. The above statement has been prepared in accordance with the Companies (Indian Accounting Standard) Rules, 2015 (as amended) (IND AS) prepared u/s 133 of the Companies Act, 2013 and other recognised accounting practices and policies, to extent applicable.

2. The above financial results for the quarter ended 31st Dec, 2018 were reviewed and recommended by the Audit Committee in its meeting held on 24th Jan, 2019 and thereafter approved and taken on record by the Board of Directors in its meeting held on the same day.

3. The Company operates in only one business i.e. Active Pharmaceuticals Ingredients and Intermediates.

4. Figures for the prior quarter/ period/ year have been regrouped and reclassified wherever considered necessary.

5. TSPCB had issued closure orders to the manufacturing facility of the Company on 20th Oct, 2018 for minor omission in handling still residues. The Company had rectified them and given a compliance report to TSPCB. Consequently, TSPCB has granted temporary revocation on 15.11.2018. Permanent Revocation Order from TSPCB is expected by the end of January, 2019.

6. EOL had applied for Environmental Clearnance (EC) from Ministry of Environment, Forest (MOEF) for enhanced volumes of production and other new products. EC is expected by 31.03.2019.

7. 191592 equity shares of Everest Organics Ltd are still lying under "Everest Organics Limited Unclaimed Suspence Account" as on 31.12.2018.