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Parker Agrochem Exports Ltd.

BSE: 524628 Sector: Others
NSE: N.A. ISIN Code: INE750B01010
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NSE 05:30 | 01 Jan Parker Agrochem Exports Ltd
OPEN 9.35
PREVIOUS CLOSE 9.35
VOLUME 1
52-Week high 13.15
52-Week low 9.35
P/E
Mkt Cap.(Rs cr) 4
Buy Price 12.60
Buy Qty 5.00
Sell Price 9.60
Sell Qty 1348.00
OPEN 9.35
CLOSE 9.35
VOLUME 1
52-Week high 13.15
52-Week low 9.35
P/E
Mkt Cap.(Rs cr) 4
Buy Price 12.60
Buy Qty 5.00
Sell Price 9.60
Sell Qty 1348.00

Parker Agrochem Exports Ltd. (PARKERAGROCHEM) - Auditors Report

Company auditors report

To the Members of

Parker Agrochem Exports Ltd.

Report on the audit of the financial statements

Opinion

We have audited the accompanying financial statements of Parker Agrochem ExportLimited ("the Company") which comprise the balance sheet as at March 312019 and the Statement of Profit and Loss and statement of cash flows for the year thenended and notes to the financial statements including a summary of significantaccounting 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 (‘Act') in the manner so required and give a true and fair viewin conformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2019 its Lossand cash flows for the yearended on that 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 Standardsare further 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

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these 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 but does not include the financial statementsand 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 section 134(5) of the Act with respect to the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the accounting standards specified under section 133 of the Act. 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 statement that givea true and fair view and are free from material misstatement whether due to fraud orerror.

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 responsibilities for the audit of the financial statements

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 scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 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 reasonableness ofaccounting estimates and related disclosures made by management.

- Conclude 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.

- Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions 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 Companies Act 2013 we give in the Annexure "A" a statement on the mattersspecified in paragraphs 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 the statement of profit and loss and the cash flow statementdealt with by this report are 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 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) 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". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting;

(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 according to the explanations given to us;

a. The Company does not have any pending litigations which would impact its financialposition;

b. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and

c. The Company is not required to transfer any amount to the Investor Education andProtection Fund as there is no such amount.

3. In our opinion the managerial remuneration for the year ended 31st March 2019 hasbeen paid/provided to its Directors by the Company in accordance with the provisions ofSection 197 of the Act.

For Wadhawan Pandya & Co.
CHARTERED ACCOUNTANTS
Firm Registration No.112155W
sd/-
(Kailash G Moondra)
Place : Ahmedabad PARTNER
Date : 25th May2019 Membership No. 100007

Annexure - A to the Independent Audit's Report:

(Referred to in paragraph 1 under ‘Report on other legal and regulatoryrequirements' section of our report to the members of Parker Agrochem Exports Limited

1. a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b. As informed to us fixed assets have been physically verified by the management atreasonable intervals andno material discrepancies were noticed on such verification.

c. As per the information and explanation given to us all the title deeds of theImmovable properties of Company are held in the name of the company.

2. a. The inventory has been physically verified at reasonable intervals during theyear by the management and no material discrepancies were noticed.

b. The Company is maintaining proper record of inventory. The discrepancies noticed onverification between physical stock and the book records were not material.

3. In respect of loans secured or unsecured granted by the Company to CompaniesFirms Limited Liability Partnership or other parties covered in the Register maintainedunder Section 189 of the Companies Act 2013 according to the information andexplanations given to us:

a. The terms and conditions of the grant of such loans are not prejudicial to theinterest of the Company.

b. The Schedule of repayment of principal and payment of interest has been stipulatedand as per examination repayments or receipts are regular.

c. There are no overdue amounts in respect of principal and interest amount outstandingwhich is for more than ninety days.

4. The Company with respect to loans investments guarantees and security hadcomplied with the provisions pertaining to section 185 and 186 of the Companies Act 2013.

5. As per the information and explanation given to us and as per our examination ofbooks of accounts the company has not accepted any deposit hence there is nocontravention of the directives issued by the Reserve Bank of India and the provisions ofSection 73 to 76 or any other relevant provision of the Companies Act 2013 and the rulesframed there under. As there is no such contraventions noticed by us and as no order isissued against the company by National Company law Tribunal or Reserve Bank of India orany other court or any other tribunal and therefore other disclosure requirementpertaining to this clause is not applicable.

6. The Central Government has not prescribed the maintenance of cost records in respectof the Company under Section 148(1) of the Companies Act 2013.

7. a. The company is generally depositing with appropriate authorities undisputedstatutory dues including provident fund employees' state insurance income tax salestax wealth tax service tax - duty of customs duty of excise value added tax Cess andother material statutory dues applicable to it. According to the information andexplanations given to us no undisputed amounts payable in respect of income tax wealthtax service tax sales tax duty of custom duty of excise value added tax and cess werein arrears as at 31st March 2019 for a period of more than six months from the date theybecame payable.

b. According to the information and explanation given to us and based on records of thecompany no disputed amount is payable in respect of income tax wealth tax service taxsales tax custom duty excise duty value added taxGST and cess were in arrears as at31st March 2019.

8. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of loans or borrowing to financial institutions orbanks Governments or due to debenture holders.

9. In Our Opinion and according to the information the information and explanationsgiven to us the company has not defaulted in repayment of loans or borrowing to financialinstitutions or banks Governments and explanations given to us and as per our examination the company has not raised money by way of initial public offer or further public offer(including debt instruments) and term loans were applied for the purposes for which thoseare raised and therefore other disclosure requirements pertaining to this clause is notapplicable.

10. Based upon the audit procedures performed by us to the best of our knowledge andbelief and according to the information and explanations given to us no fraud on thecompany by its officers or employees has been noticed or reported during the year.

11. The Company had paid Managerial remuneration as provided in accordance with therequisite approval mandated by the provisions of section 197 read with schedule V to thecompanies Act 2013.

12. As the Company is not a Nidhi Company no comments are required to be offered underthis clause.

13. The transactions which are made with related parties or vice-versa is in compliancewith sections 177 and 188 of the companies act 2013 and details has been disclosed in thefinancial statements made by the company during the year as per the applicable Indianaccounting standards.

14. The Company had not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review and hence thequestion of compliance with the requirement under section 42 of the companies act 2013and the utilization of the amount for the purpose for which the funds were raised does notarise.

15. The Company had not entered into any non-cash transactions with directors orpersons connected with him during the year under review and therefore other disclosurerequirements pertaining to this is not applicable.

16. The Company is a not an NBFC company and therefore registration requirement withunder Section 45-IA of Reserve Bank of India Act 1934 is not applicable to the company.

For Wadhawan Pandya & Co.
CHARTERED ACCOUNTANTS
Firm Registration No.112155W
sd/-
(Kailash G Moondra)
Place : Ahmedabad PARTNER
Date : 25th May2019 Membership No. 100007

Annexure - B to the Independent Auditor's Report

(Referred to in paragraph 2 (f) under ‘Report on other legal and regulatoryrequirements' section of our report to the Members of Parker Agrochem Exports Limited ofeven date)

Report on the internal financial controls over financial reporting under clause (i) ofsub – section 3 of section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ParkerAgrochem Exports Limited as at March 31 2019 in conjunction with our audit of thefinancial statements of the Company for the year ended on that date.

Management's responsibility for internal financial controls

The board of directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the standards on auditing prescribed under Section 143 (10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. Thosestandards and the guidance note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting were established and maintained and if suchcontrols 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 judgement including the assessment of the risks ofmaterial misstatement in 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 control 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 (i) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (ii) 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 authorizations ofmanagement and directors of the company; and (iii) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

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 of 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 and according to the information and explanations given to us theCompany has in all material respects an adequate internal financial control system overfinancial reporting and such internal financial controls over financial reporting wereoperating effectively as at March 31 2019 based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India.

For Wadhawan Pandya & Co.
CHARTERED ACCOUNTANTS
Firm Registration No.112155W
sd/-
(Kailash G Moondra)
Place : Ahmedabad PARTNER
Date : 25th May2019 Membership No. 100007