The Members of
M/S HINDUSTAN AGRIGENETICS LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of M/SHINDUSTAN.AGRIGENETICS.LIMITED.[CIN.No.:.L01119DL1990PLC040 979] which comprise theBalance Sheet as at 31st March 2018 the Statement of Profit and Loss(includingother comprehensive income) and the statement of changes in equity for the year then ended and a summary of significant accounting policies and other explanatory information(hereinafter referred to as Financial statements)
Managements Responsibility for the Standalone Financial Statements
The Companys Board of Directors is responsible for the matter stated in Section134(5) of the companies Act 2013 ("the Act") with respect to the preparation ofthese standalone Ind AS financial statements that give a true and fair view of financialposition financial performance (including other comprehensive income) cash flows andchanges in equity of the company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards specified in the in theCompanies (Indian Accounting Standards) Rules 2015(as amended) under section 133 of theAct.
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.
Our responsibility is to express an opinion on these standalone Ind AS financialstatements based 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 accordancewith the standards on auditing specified under section 143(10) of the Act. Those standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatements. An audit involves performing procedure to obtain audit evidence about theamounts and disclosure in the financial statements. The procedures selected depend on theauditors judgment including the assessment of the risk of material misstatements ofthe financial statements whether due to fraud or error. In making those risk assessmentthe auditor considers internal financial control relevant to the Companyspreparation of the standalone Ind AS financial statements that give a true and fair viewin order to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on whether the company has in place an adequateinternal financial controls system over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of accounting estimates made by thecompanys Directors as well as evaluating the overall presentation of Standalone IndAS 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.
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 (including Ind AS
a. In case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2018;
b. In case of Profit and Loss Account (including comprehensive income) of theProfit for the year ended on that date.
c. In case of Cash flow statements and changes in the equity of the cash flows andchanges in the equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order 2016("theorder") issued by Central Government of India in terms of sub-section (11) of section143 of the companies Act 2013 We give in the Annexure A statement on the mattersspecified in paragraphs 3 and 4 of the order.
2. As required by section 143(3) of the Act we report that: a. We have sought andobtained all information and explanations which to the best of our knowledge and beliefwere necessary for the purpose of our audit. b. In our opinion proper books of account asrequired by Law have been kept by the Company so far as it appears from our examinationsof those books; c. The Balance Sheet statement of Profit and Loss (includingcomprehensive income) the statement of cash flows and the statement of changes in equitydealt with by this Report are in agreement with the books of account. d. In our opinionthe aforesaid standalone Ind AS financial standards comply with the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the companies (Account) Rule2014. e. On the basis of written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the director isdisqualified as on 31st March 2018 from being appointed as a director in terms ofsection 164(2) of the Act. f. With respect to the adequacy of the internal financialcontrols over financial reporting of the company and the operating effectiveness of suchcontrols ref to our separate report in Annexure B. g. With respect to the other mattersto be included in the Auditors Report in accordance with rule 11 of the companies(Audit and Auditors) Rules.2014. in our opinion and to the best of our information andaccording to the explanations gives to us: i. The Company did not have any pendinglitigation hence no impacts on its financial position. ii. The Company did not have anylong term contracts including derivative contracts for which there were any materialforeseeable losses. iii The company has not transferred Rs. 153692/- refund outstandingmore than eight years under the head share application money to the Investor Education andProtection Fund.
| ||For SHARMA ANAND & CO. |
| ||CHARTERED ACCOUNTANTS |
| ||Firms Registration No.: 005453N |
| ||(CA PERMOD SHARMA) |
|Place: New Delhi ||PARTNER |
|Dated: 30.05.2018 ||M. No.: 83731 |
Annexure to Independent Auditors Report for the financial year endedon 31st March2017 Referred to in paragraph 5 Under Report on other Legal and Regulatory RequirementReturn of our report of even date.
(i) In respect of its Fixed Assets a. The company has maintained properrecords showing full particulars including quantitative details and situation of its fixedassets.
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 hasnot granted 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 theorder are not applicable to the company.
(iv) In our opinion and according to the information and explanation given to usthe company 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 givenby the management the maintenance of cost records has not been prescribed by the CentralGovernment under section 148(1) of the Act.
(vii) (a) According to the information and explanations given to us and on thebasis of our examination of the book of account of the company has been regular indepositing of undisputed statutory dues including provident fund Employees stateinsurance income tax sales tax value added tax. Wealth tax service VAT customs dutyexcise duty and other material statutory dues applicable to it with the appropriateauthorities regularly deposited 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 taxsales tax service tax.
Wealth tax Service duly customs duty excise duty and other material statutory dueswere in arrears as at 31st March 2018 for a period of more than six months from the datethey became payable.
(viii) In our opinion and according to the information and explanation given to usthe company 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 explanationgiven by the management we have neither come across any instances of material fraud bythe company 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 uponthe audit procedure performed and the information and explanation given by the managementthe managerial remuneration has not been paid. Accordingly the provisions of clause 3(xi)of the order are not applicable to the company hence not commented upon.
(xii) In our opinion the company is not a Nidhi company. Therefore the provisionsof clause 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 explanation given bythe management the company has not made any preferential allotment or private placementof shares or fully or partly convertible debentures during the year under review.
(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 IAof Reserve 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 SHARMA ANAND & CO. |
|PLACE: NEW DELHI ||CHARTERED ACCOUNTANTS |
|Dated: 30.05.2018 ||Firms Registration No.: 005453N |
| ||(CA PERMOD SHARMA) |
| ||PARTNER |
| ||M. No.: 083731 |