y Y & Associates CHARTERED ACCOUNTANTS Independent Auditor’s Review Report on the Quarterly Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to ‘The Board of Directors 1, We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Fine Organic Industries Limited (the “holding company"), which includes its subsidiaries (the holding company and its subsidiaries together referred to as “the Group") and Joint Ventures for the quarter ended June 30, 2023 (the “Statement”) attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2, This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on ourrreview, 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of Interim Financial information consists of making inquiries, primarily of persons responsible for Financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Page 4 of 3 ‘8A-2, Chander Multi, Opp. Nemal Building, Nariman Point, Mumbai - 400 021. Tel: +91122) 4017 2000 + Web : www-byca.in ie aa nate caeBY & Associates SS" CHARTERED ACCOUNTANTS We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable, 4, The Statement includes the Results of the following entities: (a) Fine Organic Industries Limited (the Holding Company) (b) Subsidiaries: Fine Organics (USA), Inc. i) Fine Organics Europe BV (© Joint Venture Entities: (Fine Zeelandia Private Limited (ii) FineADD Ingredients GmbH (iii) Fine Organic Industries (Thailand) Co,, Ltd 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. The accompanying statement includes the Unaudited Interim Financial Results / Statements and other Unaudited Financial information in respect of: {2) 2 (Two) Subsidiaries, whose Unaudited Interim Financial Results/ Statements and other information (before eliminating inter companies’ transactions) reflects total revenues of INR 9,297.22 Lakhs, total net loss after tax of INR 497.44 Lakhs, and total comprehensive loss of INR 497.44 Lakhs for the quarter ended June 30, 2023 as considered in the Statement whose Interim Financial Results / Statements and other Financial information have not been reviewed by their auditors. {b) 3 (Three) Joint Venture Entities, whose Interim Financial Results / Statements and other Financial information includes the Group's share in net Loss after tax of INR 73.51 Lakhs and total comprehensive Loss of INR Page 2 of 3BY & Associates "CHARTERED ACCOUNTANTS 73.51 Lakhs for the quarter ended June 30, 2023 as considered in the statement whose Interim Financial Results / Statements and other information have not been reviewed by us / their auditors. These Unaudited Interim Financial Results and other Unaudited Financial information have been approved and furnished to us by the Management and our conclusion on the Statement and our report in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (As amended), read with SEBI Circular, in so far as it relates to the aforesaid subsidiaries and joint venture entities, is based solely on such Unaudited Interim Financial Results and other Unaudited Financial information. According to the information and explanations given to us by the Management, these Int Financial Results are not material to the Group. Our conclusion on the Statement in respect of matter stated in paragraph 6 (a) and 6 (b) above stated is not modified with respect to the Financial Results / Financial information certified by the Management. ICAH UDIN: 23043908BGZER9864 For B Y & Associates Chartered Accountants ICAI Firm registration number: 123423W \ javesh Vora Partner v Membership Number: 043908 Date july 26, 2023 Place : Mumbai Page 3 of 3Fine House, Anandji Steet, Of M.G. Road. ‘Ghatkopat East, Mumbai 400.077, india FINE ORGANICS CIN :L24a29MH2002PLC136003 Tel :493-22-2102 5000 Fax :+91.22-2102 8899/2102 6666 malt: nfo@fineorganiescom ‘Web: wiv fineorganics.com Fine Organic Industries Limited Regd. ofce Statement of Consliated Financial Results forthe Quarter ened 30th une, 2023 Teles ea 3h ane 2023 | Sst Moreh, 2005 | Sou une 2022 | BA" Moreh, 2088 (nome owns om Coaratins sar] ses) rari s0na076 [oer come ss. 29843 "56505 sans Ietalincome 2.8] waasi2| 754307 Tanr. lasenes Cot of Matera Consomed sas] ssa03] arses agnasss reaver of Stocks ade a9] 1649 28 "453.2 chongerin venta nthad Goad, Workin Progress nd lec tage essa] ossca7e] (sess) eaazss0] Employee tenet pees roma 31234 sae) nisioag| bopeison ae Amartaton Expenses 173 sso] 23074) sno] loser tserser 512658 219.09 Petes 253.3] ot tenes mal asia Sass5. nss555) lve etre share of proton) of ot venture and exceptional ems sas25.0) ma40.) 2199530] sazress] of prota oin ventures (nt) sy (er a7 ‘ar7a3] [rot before Tox ndoxapina ene Hi2s6.5) aso. 7203 Ho932] [ott bore Tox 3885 aa) al lnxttenss fewer sos sxe 00a nassasal lowered tax 2208] (i026 (as: (25039 Net o/s othe periods as767| assess! isa7ea aso) jot comprehensive name Ie tw tbe eed to roto Los (ez ra} ed wad lace ae rlstig toms that will not be resale to rotor Loss I sa os aw 212s] [ot omer comprehensive income ia 353 ei ou [ott comorehesive came forthe peeve 33am as Fores aa] Jeera) ataleto gush of paar Company sera] cecal sma] sx02y Non oti eres : loser Comprenensve come tutte to qty sarhokde of arent Company sas] sss} 2a] al oncoming inerre : [rota comprehensive income atbuabe to ety sharers of aren Company sso xass024] asamay susraad case ety share ace Valu of exch) - - iss tn) rt anise or the quater nasi sn rare ote not anand othe uate) ast sn e109 T5330 Ta23ee) 753340] Gir ay ong eatin ase Ta es: {ah oar of rectors as recommended al vided on egy share athe rateof 9 each per share Face valve ech forthe yearend 3s Mach, 2093 ns most ed on 2th ny, 2023 sujet the aporval fe sharers athe enn aml General Mesting {athe above rests have been ewes by Aut Comite and nporved bythe Boardof Deore is esting eld on 26 iy 2023. (aor the sbove rest, Ud revew report hasbeen suey Saar Suton on 25th iy, 2023 (hn eth No S-208“Oprting Sean Companys busines att als wh a single pny snes omen Ws "Mansur of Spey Chena (3) revius earperios aures have Bee rereuped andor eran wherever cored aces (ane furs fr he quarter onde 31st Mach, 2028 rpreset blanco ures betes the std ures for he yar ended et Mach, 2029 ma the vsudted ears te nine months par andes 3s December, 202 el! (seh Sa ce: ur \ ‘haan ad Magn Dect ce hy 203 | \ Suomen AUMBAI