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Nagarjuna Agri Tech Ltd.

BSE: 531832 Sector: Others
NSE: N.A. ISIN Code: INE793H01017
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NSE 05:30 | 01 Jan Nagarjuna Agri Tech Ltd
OPEN 6.28
PREVIOUS CLOSE 6.28
VOLUME 10
52-Week high 8.80
52-Week low 3.71
P/E 18.47
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.28
CLOSE 6.28
VOLUME 10
52-Week high 8.80
52-Week low 3.71
P/E 18.47
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Nagarjuna Agri Tech Ltd. (NAGAGRITECH) - Auditors Report

Company auditors report

To

The Members of NagarjunaAgrit ech Limited

Report on the Financial Statements

We have audited the accompanying financial statements of NagarjunaAgri tech Limited("the Company") which comprise the Balance Sheet as at 31st March 2017 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

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 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 of 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.

Auditor's Responsibility

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

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe 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.

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

In our opinion and to the best of our information and according to the explanationsgiven to us theaforesaid financial statements give the information required by the Act inthe manner sorequired and give a true and fair view in conformity with the accountingprinciples generally accepted inlndia of the state of affairs of the Company as at 31stMarch 2017 and itsprofit and its cash flowsfor the year ended on that date.

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 is terms of sub-section (11) of Section 143 ofthe Act se give in the "Annexure A" a statement on the matters specified inParagraphs 3 and 4 of the Order.

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 ourknowledge 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 asit appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by thisReport are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandardsspecified 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 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on31st March 2017 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 theCompany and the operating effectiveness of such controls refer to ourseparate Report in"Annexure B".

(g) With respect to the other matters to be included in the Auditor's Report inaccordance withRule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of ourinformation and according to the explanations given to us:

i) The Company has disclosed the impact of pending litigations on its financialposition in itsfinancial statements - Refer Note No. 2.29 to the financial statements;

ii) The Company did nothave any long-term contracts including derivative contracts forwhich there were anymaterial foreseeable losses.

iii) The Company does not have any amounts required to be transferred to the InvestorEducation and Protection Fund.

iv) The Company had provided requisite disclosure in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 08.11.2016 to30.12.2016 and these are in accordance with the books of accounts maintained by Company.

For AMAR & RAJU
CHARTERED ACCOUNTANTS
Firm Registration No: 0000925
(P. VENKATA RAMANA)
Partner
Membership No: 203346
Place: Hyderabad
Date: 29.05.2017

Annexure - A

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL

STATEMENTS OF

NAGARJUNA AGRITECH LIMITED

Referred to in Paragraph 1 under "Report on Other Legal and RegulatoryRequirements" section of our

Report

i) a) The Company has maintained proper records showing full particulars includingquantitative

details and situation of fixed assets on the basis of available information.

b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and the nature of its assets. No material discrepancieswere 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 t he company has acquired land in the name ofindividuals. The Rules in Karnataka State do not permit the companies to hold agriculturalland in their names. However the company has entered into agreement with the respectiveindividuals for execution of necessary legal documents in respect of the title of theland. The consideration for purchase of said land has already been paid out of thecompany's funds hence treated as an asset of the company. (Refer Note No: 2.2 8 of Notesto the financial statements).

ii) The Company does not hold any physical inventories. Thus paragraph 3(ii) of theOrder is not applicable to the Company.

iii) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintainedU/Sec.189 of the Act.

iv) In our opinion and according to the information and explanations given to us inrespect of loans investments guarantees and security the Company has complied with theprovisions of Section 185 and 186 of the Act.

v) According to the information and explanations given to us the Company has notaccepted any deposits from the public and accordingly the provisions of Clause (v) ofparagraph 3 of the Companies (Auditor's Report) Order 2016 are not applicable to theCompany.

vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the activities rendered by the Company

vii) a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues

Including Income Tax and other statutory dues applicable to it.

According to the information and explanations given to us no undisputed amounts payablein respect of Income Tax and other statutory dues applicable to it were in arrears as at31 March 2017 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us there are no dues ofIncome Tax and other statutory dues applicable to it which have not been deposited withthe appropriate authorities on account of any dispute

viii) The Company does not have any loans or borrowings from any financial institutionbanks government or debenture holders during the year. Accordingly paragraph 3(viii) ofthe Order is not applicable.

ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

x) In our opinion and according to the information and explanations given to us nofraud by the Company and no fraud on the company by its officers or employees has beennoticed or reported during the course of audit.

xi) During the year the Company has not paid or provided any managerial remuneration.Thus paragraph 3(xi) of the Order is not applicable to the Company.

xii) Since the Company is not a Nidhi Company the provisions of Clause (xii) ofparagraph 3 of the Companies (Auditor's Report) Order 2016 are not applicable to theCompany.

xiii) In our opinion and according to the information and explanations given to us alltransactions with the related parties are in compliance with sections 177 and 188 ofCompanies Act and as required by the applicable accounting standards the details of thetransactions with the related parties have been disclosed in the notes to the financialstatements. (Refer Note No: 2.24 of Notes to the financial statements)

xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv) In 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 him.

xvi) In our opinion and according to the information and explanations given to us theCompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

For AMAR&RAJU
CHARTERED ACCOUNTANTS
Firm Registration No: 000092S
(P. VENKATA RAMANA)
Partner
Membership No: 203346
Place: Hyderabad
Date: 29.05.2017

Annexure - B

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONE FINANCIALSTATEMENTS OF NAGARJUNA AGRITECH LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of NagarjunaAgritech Limited ("the Company") as of March 31 2017 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat date.

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 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 Companies Art 2013.

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") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Art 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe 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.

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

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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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 financia I statements.

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.

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 31 2017 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of InternalFinancial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India".

For AMAR & RAJU
CHARTERED ACCOUNTANTS
Firm Registration No: 000092S
(P. VENKATA RAMANA)
Partner
Membership No: 203346
Place: Hyderabad
Date: 29.05.2017