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Aimco Pesticides Ltd.

BSE: 524288 Sector: Agri and agri inputs
NSE: AIMCOPEST ISIN Code: INE008B01013
BSE 00:00 | 25 May 141.70 -1.45
(-1.01%)
OPEN

143.00

HIGH

145.95

LOW

130.20

NSE 05:30 | 01 Jan Aimco Pesticides Ltd
OPEN 143.00
PREVIOUS CLOSE 143.15
VOLUME 2610
52-Week high 271.00
52-Week low 80.65
P/E 13.12
Mkt Cap.(Rs cr) 136
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 143.00
CLOSE 143.15
VOLUME 2610
52-Week high 271.00
52-Week low 80.65
P/E 13.12
Mkt Cap.(Rs cr) 136
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Aimco Pesticides Ltd. (AIMCOPEST) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS' REPORT

To

The Members of Aimco Pesticides Limited Report on the Financial Statements

We have audited the accompanying financial statements of Aimco Pesticides Limited(‘the Company') which comprise the Balance Sheet as at 31 March 2017 the Statementof Profit and Loss the Cash Flow Statement for the yearthenendedand significantaccounting policies and other explanatory summaryof information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (‘the Act') with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection

133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

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 . arefreefrom material misstatement

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company's directors as well as evaluating the overall presentation of the financialstatements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Basis for Qualified Opinion

The Company has paid remuneration of Rs. 2535000 to the Managing Director in earlieryear which is subject to approval / clarification by the Central Government (See Note 25.5of the financial statements). The above matter had also caused us to qualify our auditopinion on the financial statements for the year ended

31st March 2016.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matters described in the Basis for QualifiedOpinion paragraph the aforesaid financial statements give the information required by theAct in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 March 2017 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2017 (‘the Order')issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure A a statement on the matters specified in the paragraphs3 and 4 of the Order to the extent applicable.

2. As required by Section 143 (3) of the Act we report 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;

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

(c) The Balance SheettheStatement Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account;

(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 the written representations received from the directors as on 31March 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2017 from being appointed as a director in terms of Section164 (2) of the Act;

(f) With respect to the adequacy of the internal financialcontrols over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in Annexure B;

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i) The Company has disclosed the impact of pending litigations on its financialposition in financial statements Refer Note 25.2 to the financial statements;

ii) The Company did not have any long term contracts including derivative contractsfor which there were any material foreseeable losses;

iii) No amount is required to be transferred to the Investor Education and ProtectionFund by the Company.

iv) The Company has provided the requisite disclosures in the financial statements asto holdings as well as dealings in specified bank notes during the period from 8thNovember 2016 to 30th December 2016. Based on audit procedures applied and relying on themanagement's representation we report that the disclosures are in accordance with thebooks of accounts maintained by the Company and as produced to us by the Management.

For C N K & Associates LLP

Chartered Accountants

(Firm Registration No.: 101961W)

H. V. Kishnadwala

Partner

Membership No. 037391

Place: Mumbai

Date: 30th May 2017

Annexure A to Independent Auditors' Report

[Referred to in paragraph 1 under ‘Report on Other Legal and Regulatoryrequirements' of our Report of even date to the members of Aimco Pesticides Limited on thefinancial statements as of and for the year ended 31st March 2017]

Report on Companies (Auditor's Report) Order 2017

On the basis of such checks as considered appropriate and in terms of the informationand explanation furnished to us we state as under:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The fixed assets have been physically verified by the management during the year inaccordance with the phased programme of verification adopted by the Company and nomaterial discrepancies were noticed on such verification;

(c) The title deed of the immovable property included in fixed assets and owned by theCompany is held in the name of the Company;

(ii) As explained to us the inventories (except goods-in-transit) have been physicallyverified during the year by the management at the end of the year and no materialdiscrepancies were noticed on such physical verification;

(iii) (a) The Company has given deposit against leased premises to a firm covered inthe register maintained under section 189 of the Act;

(b) In respect of the aforesaid deposit the same is repayable on surrender of leasedpremises;

(c) The aforesaid deposit is not overdue for payment;

(iv) In our opinion the Company has complied with the provisions of sections 185 and186 of the Act in respect of investments made. The Company has not granted any loan orprovided any guarantee to which the provisions of sections 185 or 186 of the Act wouldapply;

(v) In our opinion the Company has complied with the provisions of Section 73 to 76 andother relevant provision of the Act and the rules framed thereunder. According to theinformation and explanation given to us no order has been passed by the Company Law Boardor National Company Law Tribunal or Reserve Bank of India or any Court or any otherTribunal related to compliance with above provisions;

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the Companies (Cost Records and Audit) Rules 2014 prescribed by the Central Governmentunder section 148(1) of the Act and are of the opinion that prima-facie the prescribedaccounts and cost records have been made and maintained. We have not however made adetailed examination of the same;

(vii) (a) According to the records of the Company examined by us the Company isregular in depositing with appropriate authorities undisputed statutory dues includingprovident fund employees state insurance income-tax sales-tax service tax duty ofcustoms duty of excise value added tax cess and other material statutory dues and thereare no undisputed statutory dues outstanding as at 31st March 2017 for a period of morethan six months from the date they became payable except dues under the Income tax Act1961 as hereunder:

Nature of dues Amount (Rs.) Year to which the amount relates
Fringe benefit tax 591681 2008-09

(b) According to the records of the Company examined by us there are no dues of incometax sales tax service tax duty of customs duty of excise or value added tax which havenot been deposited on account of any dispute;

(viii) The Company has not defaulted in repayment of loans or borrowing to a bank. TheCompany has neither availed loans nor borrowings from a financial institution orGovernment nor issued any

(ix) The Company has not raised any money by way of term loans or initial public offer/ further public offer;

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements we report that no fraud of any material amount bythe Company or on the Company by its officers or employees has been noticed or reportedduring the year;

(xi) In our opinion the Managerial remuneration for the year has been paid inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Act; (xii) In our opinion the Company is not a nidhi company.Therefore clause (xii) of the Order is not applicable to the Company; (xiii) In ouropinion transactions with the related parties are in compliance with section 177 and 188of the Act where applicable and the details have been disclosed in the notes to financialstatements as required by the applicable accounting standards; (xiv) During the year theCompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures hence the reporting requirements under clause (xiv) of theOrder is not applicable to the Company; (xv) According to the information and explanationsgiven to us the Company has not entered into any non-cash transactions with its directorsor persons connected with him; (xvi) The Company is not required to be registered undersection 45-IA of the Reserve Bank of India Act 1934.

For C N K & Associates LLP

Chartered Accountants

(Firm Registration No.: 101961W/W-100036)

H. V. Kishnadwala

Partner

Membership No. 037391

Place: Mumbai

Date: 30th May 2017

Annexure B to Independent Auditors' Report

[Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatoryrequirements' of our Report of even date to the members of Aimco Pesticides Limited on thefinancial statements as of and for the year ended 31st March 2017]

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Act:

We have audited the internal financial controls over financial reporting of the Companyas of31 st March 2017 of the Company for the year ended and as on that date.inconjunctionwithourauditofthefinancial

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for financialcontrols establishing andmaintaining internal criteria established by the Company considering the based on theinternal control over financial essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls over Financial Reporting issued bythe Institute of Chartered Accountants of India (‘the Guidance Note').

These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Standards on Auditing prescribed under

Section 143(10) of the Act and the Guidance Note to the extent applicable to an auditof internal financial control over financial reporting. Those Standards and the GuidanceNote require that we comply with requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial control over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial control over financial reporting includedobtaining and understanding of internal financial control over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatements of the financial statement whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that:

1. pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

2. provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

3. provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according the explanations given tous the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31 st March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note.

For C N K & Associates LLP

Chartered Accountants

(Firm Registration No.: 101961W)

H. V. Kishnadwala

Partner

Membership No. 037391

Place: Mumbai

Date: 30th May 2017