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Elegant Floriculture & Agrotech (India) Ltd.

BSE: 526473 Sector: Others
NSE: N.A. ISIN Code: INE152E01013
BSE 00:00 | 27 Sep 2.71 -0.14
(-4.91%)
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NSE 05:30 | 01 Jan Elegant Floriculture & Agrotech (India) Ltd
OPEN 2.75
PREVIOUS CLOSE 2.85
VOLUME 2017
52-Week high 4.81
52-Week low 1.30
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.75
CLOSE 2.85
VOLUME 2017
52-Week high 4.81
52-Week low 1.30
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Elegant Floriculture & Agrotech (India) Ltd. (ELEGANTFLORICUL) - Auditors Report

Company auditors report

TO THE MEMBERS OF ELEGANT FLORICULTURE & AGROTECH (I) LTD.

To

The Members

Elegant Floriculture & Agrotech (I) Ltd.

We have audited the accompanying financial statements of ELEGANT FLORICULTURE& AGROTECH (I) LTD. which comprise the Balance Sheet as at 31st March 2020and the Statement of Profit and Loss and Cash Flow Statement for the year then ended anda summary of significant accounting policies and other explanatory information.

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 :

i) in the case of the Balance Sheet of the state of affairs of the company as at 31stMarch 2019;

ii) in the case of the Statement of Profit & Loss account of the Loss forthe year ended on that date.

iii) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Basis for Opinion

We conducted our audit in accordance with the standards on auditing specified undersection 143(10) of the Companies Act 2013. Our responsibilities under those Standards arefurther described in the auditor's responsibilities for the audit of the financialstatements section of our report. We are independent of the Company in accordance with thecode of ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Act and the rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the code of ethics.

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

Key Audit Matters

As per SA 701 Key Audit Matters are applicable to the Listed Company in forming of ouropinion however no Key Audit Matter exists hence we do not provide separate opinion onthese matters.

Information other than the financial statements and auditors' report 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 Business Responsibility Report but does notinclude the financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the standalone financial statements or our knowledge obtainedduring the course of our audit or otherwise appears to 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. So we havenothing to report in this regard.

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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The board of directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibility

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

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

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

i) Identified and assessed the risks of material misstatement of the financialstatements whether due to fraud or error design and perform the 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.

ii) Obtained an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls

iii) Evaluated the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

iv) Concluded 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 financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

v) Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

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 withthose charged with governance we determine those matters that were of most significancein the audit of the financial statements of the current period and are therefore the keyaudit matters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

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 sub-section (11) of section 143 ofthe Act we give in the "Annexure A"; statement on the matters specifiedin the paragraph 3 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 Sheet and the Statement of Profit and Loss dealt with by this Reportare 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 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in terms of Section164(2) of the Act; and

(f) 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;as such the question of commenting on any material foreseeable losses thereon does notarise

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

For Shiv Pawan & Company
Chartered Accountants
sd/-
Partner
(Shivhari B. Garg)
Firm Regn. No. : 120121W
Membership No. : 085517
Place : Navi Mumbai
Date : 30th June 2020
UDIN : 20085517AAAABF8240

ANNEXURE 'A' TO THE AUDITOR'S REPORT OF EVEN DATE

(Referred to in paragraph 1 under the heading 'Report on Other Legal & RegulatoryRequirement' of Report)

i) In respect of fixed assets:

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 at reasonableintervals during the year having regard to the size of the company and the nature of itsassets. We are informed that no material discrepancies were noticed by the management onsuch verification.

c) The title deeds of immovable properties are held in the name of the company.

ii) In respect of Inventories:

a) The physical verification of inventory has been conducted at regular intervals bythe management.

b) The procedure of physical verification of inventory followed by the management isreasonable and adequate in relation to the size of the company and the nature of itsbusiness.

c) The company has been maintaining proper records of the inventory and no materialdiscrepancies were noticed on physical verification as compared with the book records.

iii) In respect of any loans secured or unsecured granted by the Company to othercompanies firms Limited Liability Partnership or other parties covered in the registermaintained under section 189 of the Companies Act 2013 :

a) The terms and conditions of grant of loans that are not prejudicial to the company'sinterest.

b) The receipt of the principal amount and interest are also regular as the Loans arerepayable on demand basis.

c) As mentioned above in clause (b) the loans are repaid on demand basis hence thereis no overdue amount for more than ninety days.

iv) In respect of loans investments guarantees and security as per provisions ofsection 185 and 186 of the Companies Act 2013

a) In our opinion and according to the information and explanations given to us thecompany has not complied with the provisions of Section 185 of the Companies Act 2013 asdescribed Point No.18 of Note No.18.

b) In our opinion and according to the information and explanations given to us thecompany has complied the provisions of the section 186 of the Companies Act 2013

v) In respect of Acceptance of Public Deposits:

a) The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013

vi) In respect of cost records:

a) The maintenance of cost records u/s 148(1) of the Companies Act 2013 is notapplicable to the company.

vii) In respect of Payment/ Non-payment of Statutory Dues:

a) The Company is regular in depositing undisputed statutory dues including ProvidentFund Employees' State Insurance Income-tax Sales-tax Wealth Tax Service Tax Duty ofCustoms Duty of Excise Value Added Tax Cess and any other Statutory Dues with theAppropriate Authorities.

viii) In respect of Default of Dues of Banks / Financial Institutions / DebentureHolders:

a) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks. The Company has not taken anyloan either from financial institutions or from the government and has not issued anydebentures.

ix) In respect of end use of money raised by Initial Public Offer or further PublicOffer and Term Loans:

a) According to the information and explanations given by the management the companyhas not raised moneys by way of initial public offer or further public offer includingdebt instruments and term Loans. Hence the provisions of clause 3(ix) of the Order arenot applicable to the Company.

x) In respect of Frauds noticed / reported:

a) To the best of our knowledge and belief and according to the information andexplanation given to us and the records examined by us no frauds on or by the Companyhave been noticed or reported during the year.

xi) In respect of payment of managerial remuneration:

a) Based upon the audit procedures performed and the information and explanations givenby the management the managerial remuneration has not been paid during year intoconsideraton.

xii) In respect of maintenance of Net Owned Fund and Deposits by Nidhi Company:

a) Since the Company is not a Nidhi Company the provisions of clause 3(xii) of theOrder are not applicable to the Company.

xiii) In respect of transactions with the related parties:

a) In our opinion and according to the information and explanations given to ussection 177 of Companies Act 2013 has been complied with.

b) In our opinion and according to the information and explanations given to us theCompany has not entered into related parties transactions as per the provisions of Section188 of Companies Act 2013.

xiv) In respect of Preferential Allotment or Private Placement of Shares orDebentures:

a) According to the information and explanations given by the management the companyhas not made preferential allotment or Private Placement of Shares or Debentures duringthe year under review hence the provisions of Clause 3(xiv) are not applicable to theCompany.

xv) In respect of non-cash transactions with directors or persons connected withhim:

a) Based upon the audit procedures performed and the information and explanations givenby the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3(xv) ofthe Order are not applicable to the Company and hence not commented upon.

xvi) In respect registration u/s 45-IA of Reserve Bank of India Act 1934:

a) The Company is not required to be registered u/s 45-IA of Reserve Bank of India Act1934.

For Shiv Pawan & Company
Chartered Accountants
sd/-
Partner
(Shivhari B. Garg)
Firm Regn. No. : 120121W
Membership No. : 085517
Place : Navi Mumbai
Date : 30th June 2020
UDIN : 20085517AAAABF8240

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