The Members of SC Agrotech Ltd
(formerly known as Sheel international Ltd) Delhi
Report on the Financial Statements
We have audited the accompanying financial statements of SC Agrotech Ltd ("theCompany") which comprise the Balance Sheet as at 31st March 2019 the Statement ofProfit and Loss for the year and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information. Management'sResponsibility for the Financial StatementThe Company's Board of Directors is responsiblefor the matters stated in Section 134(5) of the Companies Act 2013 ("the Act")with respect to the preparation of these financial statements that give a true and fairview of the financial position and financial performance of the Company in accordance withthe accounting 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 accorda nce 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
i mplementation 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.
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 accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether the financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and the disclosures in the financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe f inancial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the
Company's preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on whether the Company has in place an adequateinternal financial control system over financial reporting and the operating effectivenessof such controls. An audit also includesevaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation 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 f inancial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the informtion required by the Act inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31March 2019 and its profit for the year ended on that date.
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 sub-section (11) ofsection 143 of the Act we give in the Annexure "A" a statement on the mattersspecified in the paragraph 3 and 4 of the Order to the extent applicable. As required bySection 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 ouropinion proper books of account as required by law have been kept by the Company so faras it appears from our examination of those books and the company does not have anybranches from which it is required to obtain proper returns adequate for the purpose ofthis audit.
c) The Balance Sheet and the Statement of Profit and Loss dealt with by this Report arein 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) The observation or comments by the auditor has not any adverse effects on thefinancial statement of the company
f) On the basis of the written representations received from the directors as onMarch31 2019 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2019 from being appointed as a director in terms of Section164(2) of the Act.
g) With respect to the adequacy of the internal financial controls over financialreporting the company and operating effectiveness of such controls refer to our separatereport in annexure "B
h) There is no such qualification or adverse remarks regarding maintenance of accountsand other matters therewith.
i) 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 opinion and to the best of our information andaccording to the explanations given to us:
1) On the basis of written representations received from management as on March31 2019 The Company is not involved in any litigations pending as at 31st March 2019 onits financial positions in its financial statements.
2) The Company does not have any long-term contracts including derivativecontracts for which there were any material foreseeable losses.
3) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
|For Manoj Sangeeta & Associates |
|Chartered Accountants |
|Place:New Delhi |
|Date : 28th May 2019 |