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M P Agro Industries Ltd.

BSE: 506543 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE468C01017
BSE LIVE 14:57 | 30 Aug Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.82
PREVIOUS CLOSE 5.55
VOLUME 500
52-Week high 6.09
52-Week low 5.13
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.82
CLOSE 5.55
VOLUME 500
52-Week high 6.09
52-Week low 5.13
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

M P Agro Industries Ltd. (MPAGROINDS) - Auditors Report

Company auditors report

To

THE MEMBERS

M P AGRO INDUSTRIES LIMITED

VADODARA

Report on the Financial Statements

We have audited the accompanying financial statements of M P Agro Industries Limited("the Company") which comprise the Balance Sheet as at March 31 2017 theProfit and Loss Statement and Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory 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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. We have taken into account the provisions ofthe Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules made thereunder. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the financial statementsare free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditors'judgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe entity's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements.

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

Opinion

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 state of affairs of the Company as atMarch 31 2017;

(b) In the case of the Profit and Loss Statement of the loss for the year ended onthat date; and

(c) In the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the Act we givein the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

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

a. We have obtained all the information and explanations which to the best of ourKnowledge 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 appears from our examination of those books.

c. The Balance Sheet the Profit and Loss Statement and Cash Flow Statement dealt withby this Report are in agreement with the books of account.

d. In our opinion the Balance Sheet the Profit and Loss Statement and Cash FlowStatement comply with the Accounting Standards referred to in section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014.

e. On the basis of the written representations received from the directors as on March31 2017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164(2) of theAct.

f. On the basis of the management's in depth involvement in the day to day affairs ofthe business transactions of the Company and looking to the size and volume of operationsand based on the information and explanations provided to us on the functioning of theaffairs of business we are of the opinion that the existing controls hardly suffer fromsignificant material weaknesses and the existence of checks and controls act as deterrentto material misstatements frauds and massive errors and adequate internal financialcontrols system operate over financial reporting system which serves the purpose laid downin Sec.143 of the Companies Act 2013.

g. In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

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; assuch the question of commenting on any material foreseeable losses thereon does not arise.

iii. There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question of delayin transferring such sums does not arise.

iv. In our opinion the company has made requisite disclosure in its financialstatements as to the holdings as well as dealings in Specified Bank Notes during theperiod from 8th November 2016 to 30th December 2016 and these arein accordance with the books of accounts maintained by the Company. Refer note 22 of thefinancial statements.

For PARIKH SHAH CHOTALIA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Reg. No. 118493W
(D. P. SHAH) (Mem. No.30454)
VADODARA 30th May 2017 PARTNER

ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITORS' REPORT OF EVEN DATE ON THEFINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017 OF M P AGRO INDUSTRIESLIMITED

On the basis of such checks as we considered appropriate and in terms of theinformation and explanations given to us we state that:-

i. Fixed Assets

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

(b) As explained to us fixed assets according to the practice of the Company arephysically verified by the management at reasonable intervals in a phasedverification-programme which in our opinion is reasonable looking to the size of theCompany and the nature of its business.

(c) According to the information and explanation given to us the title deeds ofimmovable properties of the Company are held in the name of the company.

ii. Inventory

Since there has been no business operation in the Company there has been no inventory.

iii. Loans and Advances

According to the information and explanations given to us the Company has not grantedany loans secured or unsecured to any party covered u/s 189 of the Companies Act 2013during the year under report. Consequently no comments are necessary on Para (iii)(a)& (b) of CARO 2015.

iv. Loans Advances and Guarantees

In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Companies Act 2013in respect of loans investments guarantees and security.

v. Deposits from Public

In our opinion and according to the information and explanations given to us theCompany has not accepted any deposit to which the provisions of Section 73 to 76 of theCompanies Act 2013 and Rules made there under and also the directives of Reserve Bank ofIndia apply.

vi. Cost Records

In our opinion and according to the information and explanations given to us themaintenance of cost records pursuant to the Rules made by the Central Government underSection 148(1) of the Companies Act 2013 do not apply to the Company.

vii. Payment of Statutory Dues

According to the records of the Company it has been regular in depositing undisputedstatutory dues including Income tax and other Statutory Dues and there are no arrearsoutstanding as at year end for a period of more than six months from the date they becamepayable.

viii. Default in payments of dues

On the basis of records examined by us and the information and explanations given tous the Company has borrowed any amount for which scheduled repayment is required. TheCompany has also not issued any debentures.

ix. Term Loans

During the year under reference Company has not borrowed any amount by way of TermLoan. The Company has also not raised any money by way of public offer or further publicoffer.

x. Frauds

According to the information and explanations given to us and to the best of ourknowledge and belief no fraud by the Company or by its officers or employees has beennoticed or reported during the year.

xi. Managerial remuneration

According to the information and explanations given to us and based on our examinationof the records of the company managerial remuneration has been paid or provided forduring the year as per the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

xii. Nidhi Company

The Company is not a Nidhi Company. Therefore the provisions of clause 3 (xii) of theCompanies (Auditor's Report) Order 2016 are not applicable to the Company.

xiii. Related Party Transactions:

In our opinion all transactions with the related parties are in compliance withSection 177 and 188 of the Companies Act 2013 where applicable and the details have beendisclosed in the Financial statements as required by the applicable accounting standards.

xiv. Preferential Allotment/ Private Placement

According to the information and explanations given to us the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review and therefore the provisions of Section 42 of theCompanies Act 2013 are not applicable to the Company.

xv. Non Cash Transaction

In our opinion and according to the information and explanations given to us theCompany has not entered into any non - cash transactions with directors or personsconnected with the Directors.

xvi. Registration under RBI Act

The Company is not required to be registered under Section 45-lA of the Reserve Bank oflndia Act 1934.

For PARIKH SHAH CHOTALIA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Reg. No. 118493W
(D.P.SHAH) (Mem. No.30454)
VADODARA 30th May 2017 PARTNER