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Narmada Macplast Drip Irrigation Systems Ltd.

BSE: 517431 Sector: Industrials
NSE: N.A. ISIN Code: INE060D01010
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NSE 05:30 | 01 Jan Narmada Macplast Drip Irrigation Systems Ltd
OPEN 6.81
PREVIOUS CLOSE 6.81
VOLUME 2
52-Week high 20.19
52-Week low 4.30
P/E 340.50
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.81
CLOSE 6.81
VOLUME 2
52-Week high 20.19
52-Week low 4.30
P/E 340.50
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Narmada Macplast Drip Irrigation Systems Ltd. (NARMADAMACPLAST) - Auditors Report

Company auditors report

To the Members of

Narmada Macplast Drip irrigation Systems Ltd

1. Opinion

We have audited the accompanying Ind AS financial statements of Narmada MacplastDrip irrigation Systems Ltd which comprise the Balance Sheet as at March 31 2021 theStatement of Profit and Loss (Including Other Comprehensive Income) the Cash FlowStatement 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 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 2021 its profit total comprehensiveincome its cash flows and the changes in equity for the year ended on that date.

Basis of Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under section 143(10) of the Act (SAs). Our responsibilities underthose Standards are further described in the Auditor’s Responsibility for the Auditof the Financial Statements section of our report.

We are independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India (ICAI) together with the ethical requirementsthat are relevant to our audit of the financial statements under the provisions of the Actand the Rules made 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 obtained by us is sufficient and appropriate to provide a basis for ouraudit opinion on the financial statements.

Key Audit Matters:

Key audit matters (‘KAM’) are those matters that in our professionaljudgment were of most significance in our audit of the financial statements of thecurrent period. These matters were addressed in the context of our audit of the financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

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; of the state of the affairs of the company as at31st March 2021 and its profits and cash flows for the year ended on thatdate.

2. Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in thesection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

3. Auditor’s Responsibility for the Financial Statements

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 there under.

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 anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Company’s preparation of thefinancial statements that give true and fair view in order to design audit procedure thatare 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 overallpresentations of 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.

4. Report on Other Legal and Regulatory Requirements

i. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of section (11) of section143 of the Companies Act2015 we give in the "Annexure-A" a statement onthe matters specified in the paragraphs 3 and 4 of the Order to the extent applicable.

ii. As required by section 143(3) of the Act we report that:

a. We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

b. In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books.

c. The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the relevant books of account.

d. In our opinion the aforesaid financial statements comply with the Indian AccountingStandards specified under section 133 of the Act read with the Rule 7 of the Companies(Accounts) Rules 2014.

e. On the basis of written representations received from the directors as on March 312021 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2021 from being appointed as a director in terms of section 164(2) of theAct.

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"; and

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 in our opinionand to the best of our information and accordance to the explanation given to us:

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 forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Hardik Kadia & Co.

Chartered Accountants

(Registration No. 145338W)

Date: 28th June 2021

Place: Ahmedabad

Hardik Kadia

Proprietor

M. No.: 179290

UDIN : 21179290AAAABX8256

Annexure-A to Independent Auditors’ Report

Referred to in Paragraph 5(i) under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date.

1. In respect of Fixed Assets

a. The Company has maintained proper records showing full particulars includingquantitative details and situations of its Fixed Assets.

b. The fixed assets are physically verified by the management at regular intervals andin our opinion is reasonable having regard to the size of Company and the nature of itsassets. Pursuant to the verification a portion of the fixed assets has been physicallyverified by the management during the year and no material discrepancies have been noticedon such 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.

2. In respect of its inventories:-

(a) Inventories have been physically verified by the management at reasonably regularintervals during the year.

(b) In my opinion and according to the information and explanation given to me theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company has maintained proper records of inventories. As explained to me therewere no material discrepancies noticed on physical verification of inventory as comparedto the book.

3 The Company has not granted loans to parties covered in the Register maintained underSection 189 of the Companies Act 2013. As such reporting requirements under this para arenot applicable for the reporting period.

4 In respect of loan the provisions of section 185 and 186 have been complied with.There are no loans to directors; there are no investments guarantees and securitiesrequiring compliance u/s 186 of the Companies Act 2013.

5 During the year the company has not accepted any deposits from public.

6 Company is not required to maintain cost records pursuant to section 148 (1) of theCompanies Act 2013.

7 In respect of Statutory Dues:

a. According to the information and explanations given to us and the records examinedby us the Company is generally regular in depositing undisputed statutory dues includingIncome Tax Cess and any other statutory dues with the appropriate authorities. Accordingto the information and explanations given to us there are no undisputed dues payable inrespect of above as at 31st March 2021 for a period of more than six months from the dateon which they became payable.

b. According to the information and explanations given to us and on the basis of ourexamination of books of account and record No disputed dues were outstanding as on31/03/2021.

8 As the Company has not availed any term loan the question of purpose and applicationdoes not arise.

9 No money has been raised by way of initial public offer or further public offer(including debt instruments).

10 To the best of our knowledge and according to the information and explanations givento us no material fraud on or by the Company has been noticed or reported during theyear.

11 The Company has not paid or provided managerial remuneration under section 197 ofthe Companies Act 2013 and hence the provision of paragraph 3(xi) of the Order is notapplicable to the Company.

12 The company is not a Nidhi company. As such The Nidhi rules 2014 are notapplicable.

13 All transactions with the related parties are in compliance with the sections 177and 188 of Companies Act 2013 where applicable and the details have been disclosed in thefinancial statements as required by applicable accounting standards.

14 The company has not made any preferential allotment or Private placement of sharesof fully or partly convertible debentures during the year under review.

15 The company has not entered into any non cash transactions with directors or personsconnected with it.

16 Company is not required to be registered u/s. 45-IA of the Reserve Bank of IndiaAct 1934.

For Hardik Kadia & Co.

Chartered Accountants

(Registration No. 145338W)

Date: 28th June 2021

Place: Ahmedabad

Hardik Kadia

Proprietor

M.No.: 179290

UDIN: 21179290AAAABX8256

Annexure-B to Independent Auditors’ Report

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 NarmadaMacplast Drip irrigation Systems Ltd ("the Company") as of 31 March 2021 inconjunction with our audit of the financial statements of the Company for the year endedon that 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 (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 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 Act 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 controlssystem over financial reporting of the Company.

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 authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial 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

31 March 2021 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.

For Hardik Kadia & Co.

Chartered Accountants

(Registration No. 145338W)

Date: 28th June 2021

Place: Ahmedabad

Hardik Kadia

Proprietor

M.No.: 179290

UDIN: 21179290AAAABX8256

.