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Hindustan Agrigenetics Ltd.

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Hindustan Agrigenetics Ltd. (HINDUSTANAGRIG) - Auditors Report

Company auditors report

To

The Members of

M/S HINDUSTAN AGRIGENETICS LIMITED

NEW DELHI

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of M/S HINDUSTANAGRIGENETICS LIMITED [CIN No.: L01119DL1990PLC040979] which comprise the BalanceSheet as at 31st March 2017 and the Statement of Profit and Loss for the yearthen ended for the year ended on that date and a summary of significant accountingpolicies and other explanatory information which we have signed under reference to thisreport.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matter stated in Section 134(5)of the companies Act 2013 ("the Act") with respect to the preparation of thesestandalone financial statements that give a true and fair view of financial positionfinancial performance of the company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under section133 of the Act read with Rule 7 of the Companies (Accounts) Rule 2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the company andfor preventing and detecting frauds and other irregularities: selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of financial statementsthat give a true and fair view and are free from material misstatements whether due tofraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

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

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 misstatements.

An audit involves performing procedure to obtain audit evidence about the amounts anddisclosure in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risk of material misstatements of the financialstatements whether due to fraud or error. In making those risk assessment the auditorconsiders internal financial control relevant to the Company's preparation of thestandalone Ind AS 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 in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of accounting estimates made by the company's Directors as well asevaluating the overall presentation of Standalone Ind AS financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a. In case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2017;

b. In case of Profit and Loss Account of the Loss for the year ended on that date.

c. In case of Cash flow statements of the cash flows for the year ended on 31st March2017.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016("the order")issued by Central Government of India in terms of sub-section (11) of section 143 of thecompanies Act 2013 We give in the Annexure A statement on the matters specified inparagraphs 3 and 4 of the order.

2. As required by section 143(3) of the Act we report that:

a. We have sought and obtained all information and explanations which to the best ofour knowledge and belief were necessary for the purpose 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 examinations of those books;

c. The Balance Sheet statement of Profit and Loss and the dealt with by this Reportare in agreement with the books of account.

d. In our opinion the aforesaid standalone Ind AS financial standards comply with theAccounting Standards specified under section 133 of the Act read with Rule 7 of thecompanies (Account) Rule 2014.

e. On the basis of written representations received from the directors as on 31st March2017 taken on record by the Board of Directors none of the director is disqualified as on31st March 2017 from being appointed as a director in terms of section 164(2)of the Act.

f. With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls ref 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 gives to us:

i. The Company did not have any pending litigation hence no impacts on its financialposition.

ii. The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii The company has not transferred Rs. 153692/- refund outstanding more than eightyears under the head share application money to the Investor Education and ProtectionFund.

iv. The company has provided requisite disclosure in its standalone Ind AS financialstatements as to holding as well as dealing in Specified Bank Notes during the period from09.11.2016 to 30.12.2017 and these are in accordance with books of accounts maintained bythe company. Ref note 22 to the standalone Ind AS Statements.

For R.K.GULATI & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm's Registration No.: 007226N
Place: New Delhi
Dated: 30/05/2017
(CA RAKESH GULATI)
PARTNER
M. No.: 084895

Annexure to Independent Auditor's Report for the financial year ended on 31st March2016

Referred to in paragraph 5 Under Report on other Legal and Regulatory RequirementReturn of our report of even date.

(i) In respect of it's Fixed Assets

a. The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

b. The Company has a regular programme of physical verification of its fixed assets bywhich all fixed assets are verified in a phased manner over a period of three years. Inour option this periodicity of physical verification is reasonable having regard to thesize of the company and the nature of its assets. Certain fixed assets were verifiedduring this year as per this program No material discrepancies were noticed on suchverification.

c. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company title deeds of immovable properties are held inthe name of the Company.

(ii) In respect of Inventories

1. a. According to the information and explanations given to us the inventories havebeen physically verified by the management at reasonable Intervals during the year. In ouropinion the frequency of such verification is reasonable. For stocks lying with thirdparties at the year end written confirmations have been obtained.

b. The discrepancies noticed during the physical verification of inventories ascompared to book records were not material and have been properly dealt with in the booksof account.

(iii) According to the information and explanations given to us the company has notgranted any loans secured or unsecured to companies Limited Liability Partnershipfirms or other parties covered in the register maintained under section 189 of the Act.Accordingly the provisions of clause 3(iii) 3(iii)(a) 3(iii)(b) 3(iii)(c) of the orderare not applicable to the company.

(iv) In our opinion and according to the information and explanation given to us thecompany has not granted any loans or made any investments or provided any guarantee orsecurity to the parties covered under section 185 & 186. Therefore the provisions ofclause 3(iv) of the said order are not applicable to the company

(v) According to the information and explanation given to us the Company has notaccepted any deposits from the public and hence the directives issued by the Reserve Bankof India and the provision of section 73 to 76 or any other relevant provision of the Actand the companies (Acceptance of Deposit) Rules 2015 with regard to the deposits acceptedfrom the public are not applicable.

(vi) As per information & explanation given by the management the maintenance ofcost records has not been prescribed by the Central Government under section 148(1) of theAct.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the book of account of the company has been regular in depositing ofundisputed statutory dues including provident fund Employees state insurance income taxsales tax value added tax. Wealth tax service VAT customs duty excise duty and othermaterial statutory dues applicable to it with the appropriate authorities regularlydeposited with the appropriate authorities.

(b) According to the information and explanations gives to us there was no undisputedamount payable in respect of provident fund Employees' state insurance income tax salestax value added tax service tax. Wealth tax Service duly customs duty excise duty andother material statutory dues were in arrears as at 31st March 2017 for a period of morethan six months from the date they became payable.

(viii) In our opinion and according to the information and explanation given to us thecompany has not defaulted in repayment of dues to banks. The company has not taken anyloan either from financial institution or from the government and has not issued anydebentures as at the balance sheet date.

(ix) Based upon the audit procedures performed and the information and explanationgiven by the management the company has not raised any moneys by way of initial publicoffer further public offer (including debt instruments) and term loan. Accordingly theprovisions of clause 3(ix) of the order are not applicable to the company hence notcommented upon.

(x) Based upon the audit procedures performed and the information and explanation givenby the management we have neither come across any instances of material fraud by thecompany or on the company by its officers or employees noticed or reported during theyear nor have we been informed of any such case by the management.

(xi) Based upon the audit procedure performed and the information and explanation givenby the management the managerial remuneration has been paid or provided in accordancewith the requisite approvals mandated by the provision of section 197 read with schedule Vof the companies act.

(xii) In our opinion the company is not a Nidhi company. Therefore the provisions ofclause 4(xii) of the order are not applicable to the company.

(xiii) According to the information and explanation given to us and based on ourexamination of the records of the company transaction entered with the related partiesare in compliance with section 177 and 188 of companies act 2013 and the details have beendisclosed in the financial statements as required by the applicable accounting standard.

(xiv) Based upon the audit procedure performed and the information and explanationgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview.

(xv) Based upon the audit procedures performed and the information and explanationgiven by the management the company has not entered into any non cash transaction withdirector or person connected with him. Accordingly the provisions of clause 3(xv) of theorder are not applicable to the company and hence not commented upon.

(xvi) In our opinion the company is not required to registered under section 45 IA ofReserve Bank of India Act 1934 and accordingly the provisions of clause 3(xvi) of theorder are not applicable to the company and hence not commented upon.

For R.K. GULATI & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm's Registration No.: 007226N
PLACE: NEW DELHI
Dated: 30/05/2017
(CA RAKESH GULATI)
PARTNER
M. No.: 084895