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Parker Agrochem Exports Ltd.

BSE: 524628 Sector: Others
NSE: N.A. ISIN Code: INE750B01010
BSE 00:00 | 15 Mar Parker Agrochem Exports Ltd
NSE 05:30 | 01 Jan Parker Agrochem Exports Ltd
OPEN 13.00
PREVIOUS CLOSE 13.00
VOLUME 300
52-Week high 15.20
52-Week low 11.40
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 12.87
Sell Qty 200.00
OPEN 13.00
CLOSE 13.00
VOLUME 300
52-Week high 15.20
52-Week low 11.40
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 12.87
Sell Qty 200.00

Parker Agrochem Exports Ltd. (PARKERAGROCHEM) - Auditors Report

Company auditors report

To the Members of Parker Agrochem Exports Ltd.

Report on the Financial Statements

We have audited the accompanying Ind AS financial statements of Parker AgrochemExports Ltd. which comprise the Balance Sheet as at 31st March 2018the Statement of Profit and Loss(Including other comprehensive income) the Cash FlowStatement and the Statement of change in Equity for the year then ended and a summary ofthe significant accounting policies and other explanatory information.

Management's Responsibility for the Ind AS Financial Statements

The Board of Directors is responsible to the matters stated in section 134(5) of theCompanies Act 2013 with respect to preparation of these Ind As financial statements thatgive a true and fair view of the financial position financial performance and cash flowsof the Company in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (Ind AS)specified under section 133 of theCompanies Act 2013 read with Rule 7 of Companies (Account) Rules 2014.

The Responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Companies Act 2013 for safeguarding the assets ofthe Company and for preventing and detecting frauds and other irregularities selectionand application of appropriate accounting policies making judgments and estimates thatare reasonable and prudent and the design implementation and maintenance of internalfinancial controls that operate effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. We have taken into account the applicable provisions of the Act theaccounting standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under. We conducted our audit ofthe company in accordance with the standards on Auditing (‘the Standards') specifiedunder Section 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherInd As the financial statements are free of material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of risks of material misstatement of the IndAs financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal controls relevant to the company's preparation of the IndAS financial 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 accounting policies used and the reasonableness of the accountingestimates made by the Directors of Company as well as evaluating the overall presentationof the Ind AS Financial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS Financial Statements

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including Ind AS of the financialPosition of the company as at 31st March2018 and its financial Performanceincluding other comprehensive income its cash flows and the changes in equity for theyear ended on the date:

Other matter

The Comparative financial information of the Company for the year ended 31stMarch 2017 and the transition date opening balance sheet as at 1st April 2016included in these Ind AS financial statements are based on the previously issuedstatutory financial statements prepared in accordance with the Companies(AccountingStandards) Rules 2006 audited by us for the year ended 31st March 2017 videreport dated 25th May 2017 and for the year ended 31st March 2016vide our report dated 25th May 2016 expressed an unmodified opinion on thosefinancial statements as adjusted for the differences in the accounting principles adoptedby the Company on transition to the Ind AS which have been audited by us.

Report on Other Legal and Regulatory Matter

As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the CompaniesAct 2013 vide Notification No. SO 1228 (E) dated 29th March 2016 read with the Companies(Removal of Difficulties) Order 2016 we give in the "Annexure-A" a statement onthe matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

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 Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid Ind AS Financial Statements comply with AccountingStandards specified under Section 133 of the Companies Act 2013 read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of written representations received from the directors as on 31stMarch 2018 and taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2018 from being appointed as a director interms of Section 164(2) of the Act.

(f) 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:

i. There are no pending litigations having impact on its financial position the Companyis required to disclose in its Ind AS Financial Statement.

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

iii. There was no amount required to be transferred to the Investor Education andProtection Fund by the Company.

(g) There are no observation or comments on financial transactions or matters duringthe year which have any adverse effect on the functioning of the company.

(h) 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".

For WADHAWAN & CO.
CHARTERED ACCOUNTANTS
Firm Registration No. 129455W
sd/-
(AJIT A. WADHAWAN)
Place : Ahmedabad PARTNER
Date : 25/05/2018 Membership No. 032886

Annexure - A to the Independent Audit's Report:

The Companies (Auditor's Report) Order 2016 ("the Order") issued by theCentral Government of India in terms of section 143(11) of the Companies act 2013 videnotification no. So 1228 (e) dated 29th March 2016 read with the Companies(Removal of Difficulties) Order 2016

Companies (Auditor's Report) Order 2016

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 and no 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 2018 for a period of more than six months fromthe date they became 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 tax and cess were in arrears as at 31stMarch 2018.

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 and explanations given to us thecompany has not defaulted in repayment of loans or borrowing to financial institutions orbanks Governments and explanations given to us and as per our examination the companyhas not raised money by way of initial public offer or further public offer (includingdebt instruments) and term loans were applied for the purposes for which those are raisedand therefore other disclosure requirements pertaining to this clause is not applicable.

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 approvals 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 & CO.
CHARTERED ACCOUNTANTS
Firm Registration No. 129455W
sd/-
(AJIT A. WADHAWAN)
Place : Ahmedabad PARTNER
Date : 25/05/2018 Membership No. 032886

Annexure - B to the Independent Auditor's Report

Report on internal financial controls under clause (i) of sub-section 3 of section 143of the Companies Act 2013 ("the act")

We have audited the internal financial controls over financial reporting of ParkerAgrochem Exports Limited as on 31stMarch 2018 in conjunction with our auditof Ind As financial statement of the company for the year ended on that date.

Management's Responsibility For Internal Financial Controls

The management is responsible for establishing and maintaining internal financialcontrols based on the internal control over financial reporting criteria established bythe company considering the essential components of internal control stated in GuidanceNote on Audit of Internal Financial Controls over Financial Reporting issued by the ICAI.

These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of accounting records and the timely preparation of reliablefinancial information as required under the Act.

Auditor's 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 the ICAI anddeemed to be prescribed under section 143(10) of the Act to the extent applicable to anaudit of internal financial controls both applicable to an audit of internal financialcontrols and both issued by the ICAI.

Those Standards and the Guidance Note require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether adequateinternal financial controls over financial reporting were established and maintained andif such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about adequacy of theinternal 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 company's internal financial controls system overfinancial 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

(a) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company

(b) 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

(c) 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 Limitation 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 errors 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 controlsover 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 opinions 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 31st March 2018 basedon the internal control over financial reporting criteria established by the companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by ICAI.

For WADHAWAN & CO.
CHARTERED ACCOUNTANTS
Firm Registration No. 129455W
sd/-
(AJIT A. WADHAWAN)
Place : Ahmedabad PARTNER
Date : 25/05/2018 Membership No. 032886