Agro Phos (India) Limited (CIN:L24123MP2002PLC015285)
Report on the Financial Statements
1. We have audited the accompanying financial statements of Agro Phos (India) Limitedwhich comprising of the Balance Sheet as at 31st March 2017 and the Statement of Profitand Loss and Cash Flow Statement for the year then ended and a summary of the significantaccounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
2. The Company's Board of Directors is responsible for the preparation of thesefinancial statements in terms of the requirements of the Companies Act 2013 (hereinafterreferred to as "the Act") that give a true and fair view of the financialposition and financial performance in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014. The Board of Directors ofthe company are responsible for maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets and for preventing anddetecting frauds and other irregularities; the selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; andthe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror which have been used for the purpose of preparation of the financial statements bythe Directors of the Company as aforesaid.
3. Our responsibility is to express an opinion on these financial statements based onour audit. While conducting the audit we have taken into account the provisions of theAct the accounting and auditing standards and matters which are required to be includedin the audit report under the provisions of the Act and the Rules made there under.
4. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.
5. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the consolidated financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to thepreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has an adequate internal financial controlsystem over financial reporting in place and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Board of Directors as well asevaluating the overall presentation of the financial statements.
6. We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
7. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India a) In the case of the Balance Sheet of the stateof affairs of the Company as at 31st March 2017; b) In the case of the Statement ofProfit and Loss of the Profit of the Company for the year ended on that date; and c) Inthe case of the Cash Flow Statement of the Cash Flows of the Company for the year endedon that date.
Report on Other Legal and Regulatory Requirements
8. As required by the Companies (Auditor's Report) Order 2016 (the "Order")issued by the Central Government in terms of Section 143(11) of the Companies Act we givein Annexure A' a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.
9. As required by Section 143(3) of the Act we report to the extent applicable that:
a. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit of the aforesaidfinancial statements.
b. In our opinion proper books of account as required by law relating to preparationof the aforesaid financial statements have been kept so far as it appears from ourexamination of those books.
c. The Balance Sheet and the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the relevant books of account maintainedfor the purpose of preparation of the financial statements.
d. In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.
e. On the basis of written representations received from the directors as on 31stMarch 2017 and taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2017 from being appointed as director in terms of subsection 2 of section 164 of the Companies Act 2013.
f. As required vide rule 10A of the Companies (Audit and Auditors) Rules 2014 incompliance of clause
(i) of sub section 3 of section 143 of the Companies Act 2013 we give our report onInternal financial controls of the Company in Annexure B' attached to this report.g. With respect to the other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditor's) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financialposition.
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
iv. The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016.
Based on audit procedures and relying on the management representation we report thatthe disclosures are in accordance with books of account maintained by the Company and asproduced to us by the Management-Refer Note 37.
| ||For RAJENDRA GOYAL & CO. |
| ||Chartered Accountants |
| ||(FRN:001256C) |
|PLACE : INDORE CITY || |
|DATED : 29.05.2017 || |
| ||(K. G. Kogata) |
| ||Partner - M.No.072659 |