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Shree Pushkar Chemicals & Fertilizers Ltd.

BSE: 539334 Sector: Industrials
NSE: SHREEPUSHK ISIN Code: INE712K01011
BSE LIVE 15:40 | 23 Aug 199.10 -1.45
(-0.72%)
OPEN

200.90

HIGH

201.85

LOW

197.00

NSE 15:42 | 23 Aug 198.70 -0.85
(-0.43%)
OPEN

199.00

HIGH

202.00

LOW

197.15

OPEN 200.90
PREVIOUS CLOSE 200.55
VOLUME 10066
52-Week high 244.80
52-Week low 114.10
P/E 19.18
Mkt Cap.(Rs cr) 602
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 200.90
CLOSE 200.55
VOLUME 10066
52-Week high 244.80
52-Week low 114.10
P/E 19.18
Mkt Cap.(Rs cr) 602
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Shree Pushkar Chemicals & Fertilizers Ltd. (SHREEPUSHK) - Auditors Report

Company auditors report

To the Members of Shree Pushkar Chemicals & Fertilisers Limited

Report on the Financial Statements

1. We have audited the accompanying financial statements of Shree Pushkar Chemicals& Fertilisers Limited (the 'Company') which comprise the Balance Sheet as atMarch 312016 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for theFinancial Statements

2. 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 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 that wereoperating 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.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit.

4. We have taken into account the provisions of the Act and the Rules made there underincluding the accounting standards and matters which are required to be included in theaudit report.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards and pronouncements requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the 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 preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

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

Opinion

8. 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 of the state of affairs of the Company as at March312016 and its profit and its cash flows for the year ended on that date.

Other Matter

9. The financial statements of the Company for the year ended March 312015 wereaudited by another firm of chartered accountants under the Companies Act 2013 who videtheir report dated May 4 2015 expressed an unmodified opinion on those financialstatements. Our opinion is not qualified in respect of the above matter.

Report on Other Legal and Regulatory Requirements

10. As required by 'the Companies (Auditor's Report) Order 2016' issued by theCentral Government of India in terms of subsection (11) of section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure B a statement on thematters specified in paragraphs 3 and 4 of the Order.

11. 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 Sheet the Statement of Profit and Loss and the Cash FlowStatementdealt with 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 March31 2016 taken on record by the Board of Directors none of the directors is disqualifiedas on March 312016 from being appointed as a director in terms of Section 164(2) of theAct;

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in Annexure A.

(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 knowledge and belief and according to the information andexplanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statement - Refer Note 29.

(ii) The Company did not have any long-term contracts including derivative contracts asat March 312016;

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year ended March 312016.

For S. K. Patodia & Associates
Chartered Accountants
Firm Registration Number: 112723W
Arun Poddar
Place: Mumbai Partner
Date: May 27 2016 Membership Number: 134572

Annexure A to Independent Auditors' Report

Referred to in paragraph 11 of the Independent Auditors' Report of even date to themembers of Shree Pushkar Chemicals and Fertilisers Limited on the financial statements forthe year ended March 31 2016.

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

1. We have audited the internal financial controls over financial reporting of ShreePushkar Chemicals & Fertilisers Limited ("the Company") as of March 312016in conjunction with our audit of the financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditors' Responsibility

3. 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 Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls 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 judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. 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

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the Company are being made only in accordance with authorisations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

7. 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

8. In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For S. K. Patodia & Associates
Chartered Accountants
Firm Registration Number: 112723W
Arun Poddar
Place: Mumbai Partner
Date: May 27 2016 Membership Number: 134572

Annexure B to Independent Auditors' Report

Referred to in paragraph 10 of the Independent Auditors' Report of even date to themembers of Shree Pushkar Chemicals & Fertilisers Limited on the financial statementsas of and for the yearended March 31 2016

i. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets are physically verified by the Management according to a phasedprogramme designed to cover all the items over a period of 3 years which in our opinionis reasonable having regard to the size of the Company and the nature of its assets.However no physical verification was carried out by the Management during the year.Accordingly the discrepancies if any could not be ascertained and therefore we areunable to comment on whether the discrepancies if any have been properly dealt with inthe books of account.

(c) The title deeds of immovable properties as disclosed in Note 13 on fixed assets tothe financial statements are held in the name of the Company.

ii. The physical verification of inventory excluding stock in transit have beenconducted at reasonable intervals by the Management during the year. The discrepanciesnoticed on physical verification of inventory as compared to book records were notmaterial and have been appropriately dealt with in the books of account.

iii. The Company has not granted any loan secured or unsecured loans to companiesfirms Limited Liability Partnerships or other parties covered in the register maintainedunder Section 189 of the Act. Therefore the provisions of the Clause 3(iii) (iii)(a)(iii)(b) and (iii)(c) of the said order are not applicable to the Company.

iv. The Company has not granted any loans or made any investments or provided anyguarantees or security to the parties covered under Section 185 and 186. Therefore theprovisions of Clause 3(iv) of the said Order are not applicable to the Company.

v. The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the rules framed there under to the extentnotified.

vi. Pursuant to the rules made by the Central Government of India the Company isrequired to maintain cost records as specified under Section 148(1) of the Act in respectof its products.

We have broadly reviewed the same and are of the opinion that prima facie theprescribed accounts and records have been made and maintained. We have not however madea detailed examination of the records with a view to determine whether they are accurateor complete.

vii. (a) According to the information and explanations given to us and the records ofthe Company examined by us in our

opinion the Company is generally regular in depositing undisputed statutory duesincluding provident fund income tax sales-tax service tax duty of customs duty ofexcise value added tax cess and other material statutory dues as applicable with theappropriate authorities.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of service tax duty of customs duty of exciseand cess which have not been deposited on account of any dispute. The particulars of duesof income-tax sales tax and value added tax as at March 312016 which have not beendeposited on account of a dispute are as follows:

Name of the statute Nature of dues Amount (Rs.) Period to which the amount relates Forum where the dispute is pending
Central Sales Tax Act 1956 Central Sales Tax including interest 203340 2005-06 The Deputy Commissioner of Sales Tax (Appeals)
Central Sales Tax Act 1956 Central Sales Tax including interest 6288562 2006-07 The Deputy Commissioner of Sales Tax (Appeals)
MVAT Act 2002 Value added Tax including interest 991721 2005-06 The Deputy Commissioner of Sales Tax (Appeals)
MVAT Act 2002 Value added Tax including interest 3999077 2006-07 The Deputy Commissioner of Sales Tax (Appeals)
Income Tax Act 1961 Income Tax demand 3633540 AY 2009-10 The Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Income Tax demand 606162 AY 2010-11 The Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Income Tax demand 4121440 AY 2012-13 The Assistant Commissioner of Income Tax

viii. According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of dues to anyfinancial institution or bank as at the balance sheet date. The Company does not have anyloans from Government nor has it issued any debentures as at the balance sheet date.

ix. In our opinion and according to the information and explanations given to us themoney raised by way of initial public offer and term loans were applied for the purposesfor which those are raised except un-utilized balance in respect of net proceeds frominitial public offer as at Balance sheet date which is kept in fixed deposit for futureutilisation.

x. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

xi. The Company has paid/ provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.

xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto it the provisions of Clause 3(xii) of the order are not applicable to the Company.

xiii. The Company has entered into transactions with related parties in compliance withthe provisions of Sections 177 and 188 of the Act. The details of the related partytransactions have been disclosed in the financial statements as required under AccountingStandard (AS) 18 "Related Party Disclosures" specified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014.

xiv. The Company has made a private placement of equity shares during the year underreview in compliance with the requirements of Section 42 of the Act. The amounts raisedhave been used for the purpose for which funds were raised except un-utilized balance asat Balance sheet date which is kept in fixed deposit for future utilisation.

xv. The Company has not entered into any non cash transactions with its directors orpersons connected with him. Accordingly the provisions of Clause 3(xv) of the Order arenot applicable to the Company.

xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the order are notapplicable to the Company.

For S. K. Patodia & Associates
Chartered Accountants
Firm Registration Number: 112723W
Arun Poddar
Place: Mumbai Partner
Date: May 27 2016 Membership Number: 134572