You are here » Home » Companies » Company Overview » Adarsh Plant Protect Ltd

Adarsh Plant Protect Ltd.

BSE: 526711 Sector: Engineering
NSE: N.A. ISIN Code: INE627D01016
BSE 14:21 | 24 May 16.00 -0.05
(-0.31%)
OPEN

16.85

HIGH

16.85

LOW

15.85

NSE 05:30 | 01 Jan Adarsh Plant Protect Ltd
OPEN 16.85
PREVIOUS CLOSE 16.05
VOLUME 4224
52-Week high 28.20
52-Week low 4.12
P/E 160.00
Mkt Cap.(Rs cr) 16
Buy Price 15.80
Buy Qty 10.00
Sell Price 16.00
Sell Qty 555.00
OPEN 16.85
CLOSE 16.05
VOLUME 4224
52-Week high 28.20
52-Week low 4.12
P/E 160.00
Mkt Cap.(Rs cr) 16
Buy Price 15.80
Buy Qty 10.00
Sell Price 16.00
Sell Qty 555.00

Adarsh Plant Protect Ltd. (ADARSHPLANT) - Auditors Report

Company auditors report

TO THE MEMBERS OF ADARSH PLANT LTD.

1. OPINION

We have audited the IND AS financial statements (also known as Standalone IND ASFinancial Statements) of ADARSH PLANT PROTECT LTD. (“the Company”) whichcomprise the Balance Sheet as at 31st March 2021 the Statement of Profit and Loss(including other Comprehensive income) Statement of Changes in Equity and Statement ofCash Flows for the year then ended and a summary of significant accounting policies andother explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone IND AS financial statements give the informationrequired by the Companies Act 2013 (“the Act”) in the manner so required andgive a true and fair view in conformity with the Indian Accounting Standards (ind AS)prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards)Rules 2015 and amended and other accounting principles generally accepted in India ofthe state of affairs (financial position) of the Company as at 31st March 2021 and itsprofit(financial performance including other comprehensive income) the changes in equityand its cash flows for the year ended on that date.

2. BASIS FOR OPINION

We conducted our audit of the standalone IND AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Standalone Financial Statements section of our report. We are independent ofthe Company in accordance with the Code of Ethics issued by the institute of CharteredAccountants of india (ICAI) together with the independence requirements that are relevantto our audit of the Standalone financial statements under the provisions of the Act andthe Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the ICAI's Code of Ethics. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the Standalone IND AS financial statements.

3. KEY AUDIT MATTERS

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

Sr. No. Key Audit Matters Our Response
1 Accuracy of recognition measurement presentation and disclosures of revenues and other related balances in view of adoption of Ind AS 115 “Revenue from Contracts with Customers” (new revenue accounting standard). Principal Audit Procedures We assessed the Company's process to identify the impact of adoption of the new revenue accounting standard. Our audit approach consisted testing of the design and operating effectiveness of the internal controls and substantive testing as follows:
The application of the new revenue accounting standard involves certain key judgements relating to identification of distinct performance obligations determination of transaction price of the identified performance obligations effect of variable considerations and the appropriateness of the basis used to recognise revenue at a point in time or over a period of time i. Evaluated the design of internal controls relating to implementation of the new revenue accounting standard.
ii. Selected a sample of continuing and new contracts and tested the operating effectiveness of the internal control relating to identification of the distinct performance obligations and determination of transaction price. We carried out a combination of procedures involving enquiry and observation re-performance and inspection of evidence in respect of operation of these controls.
iii. Tested the relevant information technology systems' access and change management controls relating to contracts and related information used in recording and disclosing revenue in accordance with the new revenue accounting standard.
Our procedures did not identify any material exceptions.

4. Information Other than the Standalone IND AS financial statements and Auditor'sReport thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the Board'sReport including Annexures to Board's Report Management Discussion and Analysis Reporton Corporate Governance but does not include the Standalone IND AS financial statementsand our auditor's report thereon.

Our opinion on the Standalone IND AS financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone IND AS financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the Standalone IND AS financialstatements or our knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.

if based on the work we have performed we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

5. Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone IND AS financialstatements that give a true and fair view of the financial position financialperformance changes in equity and cash flows of the Company in accordance with the Ind ASand other accounting principles generally accepted in India. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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 Standalone IND AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the Standalone IND AS financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company's financial reportingprocess.

6. Auditor's Responsibility for the audit of the Standalone financial statements

A. Our objectives are to obtain reasonable assurance about whether the Standalone INDAS financial statements as a whole are free from material misstatement whether due tofraud or error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these Standalone IND AS financial statements.

B. As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

i) Identify and assess the risks of material misstatement of the standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

ii) Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls with reference to financial statements inplace and the operating effectiveness of such controls

iii) Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management

iv) Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern if we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe Standalone Financial Statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern

v) Evaluate the overall presentation structure and content of the Standalone FinancialStatements including the disclosures and whether the Standalone Financial Statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation

C. Materiality is the magnitude of misstatements in the Standalone Financial Statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the Standalone Financial Statements may be influenced. Weconsider quantitative materiality and qualitative factors in

i) planning the scope of our audit work and in evaluating the results of our work; and

ii) to evaluate the effect of any identified misstatements in the Standalone FinancialStatements.

D. We communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

E. We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

F. From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Standalone Financial Statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication

A further description of our responsibilities for the audit of the financial statementsis included in appendix A of this auditor's report

7. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

7.1 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 Act we give in“Annexure A” - a statement on the matters specified in paragraphs 3 and 4 of theOrder.

7.2 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 Sheet the Statement of Profit and Loss including other comprehensiveincome Statement of Changes in Equity and the Cash Flow Statement dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid standalone IND AS financial statements comply with theIndian Accounting Standards prescribed under Section 133 of the Act. read with Rule 7 ofthe Companies (Accounts) Rules2014

e) On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March2021 from being appointed as a director in terms of Section164 (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 refer to ourseparate Report in “Annexure B”. Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls withreference to financial statements.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of Section197(16) of the Act as amended. Remuneration isnot paid by the company to its directors

h) 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has no pending litigations having impact on its financial position inits Standalone IND AS financial statements;

ii. The Company has no long-term contracts including derivative contracts requiring anyprovision for any foreseeable losses;

iii. The company is not required to transfer any amount to Investors' Education andProtection Fund

For RAJANI SHAH & CO
Chartered Accountants
(Firm Regn. No. 0121126W)
(CA BRIJESH R. SHAH)
Proprietor
Mem. No.: 109264
Anand26th JUNE 2021
UDIN : 21109264AAAACT7383

APPENDIX A- AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

AS PART OF AN AUDIT IN ACCORDANCE WITH SAs WE EXERCISE PROFESSIONAL JUDGEMENT ANDMAINTAIN PROFESSIONAL SCEPTICISM THROUGHOUT THE AUDIT. WE ALSO:

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under Section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe Standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the Standalonefinancial statements including the disclosures and whether the Standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the Standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

“ANNEXURE A” TO THE INDEPENDENT AUDITORS' REPORT

of even date on the standalone financial statements adarsh plant protect ltd.

i) In respect of its Fixed Assets;

a) The company is in the process of updating records showing full particularsincluding quantitative details and situation of Fixed Assets;

b) As explained to us the Assets have been physically verified by the management inaccordance with a regular programme of verification which in our opinion is reasonableconsidering the size and the nature of its business. The frequency of verification isreasonable and no material discrepancies have been noticed on such physical verification;

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties areheld in the name of the Company.

ii) The inventory has been physically verified by the management during the year. Inour opinion the frequency of verification is reasonable. No material discrepancies werenoticed on such physical verification.

iii) The company has not granted any loans secured or unsecured during the year tocompanies firms limited liability partnerships or other parties covered in the registermaintained under section 189 of the Act. Accordingly the clauses 3(iii) (a) (b) and (c)of the Order are not applicable to the Company.

iv) 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 Act with respectto loans and investments made during the year.

v) The Company has not accepted any deposits within the meaning of Provisions ofSection 73 to 76 of the Act and the rules framed thereunder from the public.

vi) According to the information and explanations given to us Central Government hasnot prescribed maintenance of cost records under section 148 (1) of the Act.

vii) a) The company is regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income Tax Goods & Services Tax duty ofcustoms cess and any other statutory dues with appropriate authorities where applicable.According to the information and explanations given to us there are no undisputed amountspayable in respect of such statutory dues which have remained outstanding as at 31stMarch 2021 for a period of more than six months from the date they became payable.

b) According to the records of the company there are no dues outstanding ofincome-tax sales-tax service tax duty of customs duty of excisegoods and services taxand value added tax on account of any disputes;

viii) The company has not defaulted in repayment of its loans or borrowings to banks.The Company does not have any borrowings by way of debentures.

ix) The Company has not raised any moneys by way of Initial public offer or furtherPublic offer (Including debt instruments). Moneys raised by way of Term Loan were appliedfor the purpose for which those are raised.

x) On the basis of our examination and according to the information and explanationsgiven to us no fraud by the Company or any material fraud on the company by its officersor employees has been noticed or reported during the year nor have we been informed ofany such case by the management.

xi) The managerial remuneration has not been paid/provided by the company.

xii) The company is not a Nidhi Company and accordingly provisions of clause (xii)ofPara 3 of the order are not applicable to the Company.

xiii) On the basis of our examination and according to the information and explanationsgiven to us we report that all the transaction with the related parties are in compliancewith Section 177 and 188 of the Act and the details have been disclosed in the Financialstatements in Refer Note 24(e) as required by the applicable accounting standards.

xiv) The company has not made any preferential allotment or private placement of shareor fully or partly paid convertible debentures during the year and accordingly provisionsof clause (xiv) of Para 3 of the Order are not applicable to the Company.

xv) According to the information and explanations given to us and based on ourexamination of the records of the company the company has not entered into any non-cashtransactions with directors or persons connected with the directors. Accordinglyprovisions of clause (xv) of Para 3 of the Order are not applicable to the company.

xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act1934 and accordingly provisions clause (xvi) of Para 3 of the Order arenot applicable to the Company.

For RAJANI SHAH & CO
Chartered Accountants
(Firm Regn. No. 0121126W)
(CA brijesh r shah)
Proprietor
Mem. No.; 109264
Anand26th JUNE 2021
UDIN ; 21109264AAAACT7383

ANNEXURE B” TO THE INDEPENDENT AUDITORS' REPORT

of even date on the standalone financial statements of adarsh plant protect ltd.

1. REPORT ON THE INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING UNDER CLAUSE (I)OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of ADARSHPLANT PROTECT LTD. (“the Company”) as of March 312021 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

2. MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Act.

3. AUDITORS' 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 Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the “Guidance Note”) issued by Institute of Chartered accountants of India andthe Standards on Auditing prescribed under section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects. Our audit involves performing procedures to obtainaudit evidence about the adequacy of the internal financial controls system over financialreporting and their operating effectiveness. Our audit of internal financial controls overfinancial reporting included obtaining an understanding of internal financial controlsover financial reporting assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the financial statements whether dueto 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.

4. 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 of unauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

5. 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.

6. OPINION

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 312021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note issued by theInstitute of Chartered Accountants of India.

For RAJANI SHAH & CO
Chartered Accountants
(Firm Regn. No. 0121126W)
(CA brijesh r shah)
Proprietor
Mem. No.: 109264
Anand26th JUNE 2021
UDIN : 21109264AAAACT7383

.