You are here » Home » Companies » Company Overview » M P Agro Industries Ltd

M P Agro Industries Ltd.

BSE: 506543 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE468C01017
BSE 00:00 | 09 Sep 3.40 0
(0.00%)
OPEN

3.40

HIGH

3.40

LOW

3.40

NSE 05:30 | 01 Jan M P Agro Industries Ltd
OPEN 3.40
PREVIOUS CLOSE 3.40
VOLUME 3552
52-Week high 3.55
52-Week low 1.63
P/E
Mkt Cap.(Rs cr) 2
Buy Price 3.38
Buy Qty 300.00
Sell Price 3.60
Sell Qty 100.00
OPEN 3.40
CLOSE 3.40
VOLUME 3552
52-Week high 3.55
52-Week low 1.63
P/E
Mkt Cap.(Rs cr) 2
Buy Price 3.38
Buy Qty 300.00
Sell Price 3.60
Sell Qty 100.00

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

Company auditors report

To THE MEMBERS M P AGRO INDUSTRIES LIMITED VADODARA

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of M P Agro Industries Limited("the Company") which comprise the Balance Sheet as at March 31 2019the Profit and Loss Statement and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

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 theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2019 the profit and total comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountantsof India together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Sr. No. Key Audit Matter Auditors' Response
1 Accuracy of recognition presentation and disclosures of Revenues in view of adoption of Ind AS 115 We assessed the Company's process to identify the impact of adoption of the new revenue accounting standards.
The application of the new revenue accounting standard involves certain key judgments relating to identification ofdistinct performance obligations determination of transaction price of the identified performance obligations the appropriateness of the basis used to measure revenue recognized over a period. Our audit approach consisted testing of the design and operating effectiveness of the internal controls and substantive testing of samples by selecting samples of invoices and vouchers for a variety of revenues and capital expenditure for the purpose of revenue reorganization appropriateness of the transaction price and their basis over a period.

Information Other than the Financial Statements and Auditor's 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 ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information 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. 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 Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance total comprehensiveincome changes in equity and cash flows of the Company in accordance with the Ind AS andother accounting principles generally accepted in India. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; 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 standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

In preparing the standalone 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.

Auditors' Responsibility

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 standalone financial statements.

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

• Identify and assess the risks of material misstatement of the 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.

• 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 financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually 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 financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen 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.

Report on Other Legal and Regulatory Requirements

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

2. As required by Section143(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 Statement of Cash Flow dealt with by thisReport are in agreement with the relevant books of account.

d. In our opinion the aforesaid financial statements comply with the Ind AS specifiedunder 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 2019 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2019 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. 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 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.

For PARIKH SHAH CHOTALIA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Reg. No. 118493W
CA VIJAY M. PARIKH (Mem. No.031773)
VADODARA30thMay 2019 PARTNER

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR AUDITORS' REPORT OF EVEN DATE ON THEFINANCIAL STATEMENTS FOR THE YEAR ENDED31STMARCH 2019OFM 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.Accordingly the provisions of Clause 3(ii) of the Companies Auditor's Report Order 2016are not applicable to the Company.

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/s189 of the Companies Act 2013during theyear under report. Consequently no comments are necessary on Para (iii)(a)& (b) of CARO 2016.

iv. Loans Advances and Guarantees

ln 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.

iv. 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.

v. 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.

vi. 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.

vii. Default in payments of dues

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

viii. 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 initial public offer or furtherpublic offer.

ix. 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.

x. 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 Vto the CompaniesAct 2013.

xi. 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.

xii. Related Party Transactions:

ln 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.

xiii. 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.

xiv. Non Cash Transaction

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

xv. Registration under RBI Act

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

For PARIKH SHAH CHOTALIA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Reg. No.118493W
CA VIJAY M. PARIKH(Mem. No. 031773)
VADODARA30thMay 2019 PARTNER

.