You are here » Home » Companies » Company Overview » Super Crop Safe Ltd

Super Crop Safe Ltd.

BSE: 530883 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE366G01022
BSE 00:00 | 22 Feb 19.15 0.40
(2.13%)
OPEN

18.90

HIGH

19.40

LOW

17.55

NSE 05:30 | 01 Jan Super Crop Safe Ltd
OPEN 18.90
PREVIOUS CLOSE 18.75
VOLUME 50909
52-Week high 37.75
52-Week low 15.05
P/E 14.29
Mkt Cap.(Rs cr) 76
Buy Price 18.15
Buy Qty 5000.00
Sell Price 19.40
Sell Qty 500.00
OPEN 18.90
CLOSE 18.75
VOLUME 50909
52-Week high 37.75
52-Week low 15.05
P/E 14.29
Mkt Cap.(Rs cr) 76
Buy Price 18.15
Buy Qty 5000.00
Sell Price 19.40
Sell Qty 500.00

Super Crop Safe Ltd. (SUPERCROPSAFE) - Auditors Report

Company auditors report

To the members of Super Crop Safe Limited

Report on the Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of Super Crop Safe Limited("the company") which comprise the Balance Sheet as at 31st March 2018 theStatement of Profit and Loss including Other Comprehensive Income the Cash FlowStatement and the Statement of Changes in Equity for the year then ended and a summaryof 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 Act2013 ("the Act") with respect to preparation ofthese Ind AS financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andstatement of changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) specifiedunder Section 133 of the Act read with rule 3 of the Companies (Indian AccountingStandards) Rules 2015 and Companies (Indian Accounting Standards) Amendment Rules 2016.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; the selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit.

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 of Ind AS financial statements in accordance with the Standardson Auditing issued by the Institute of Chartered Accountants of India as 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 Ind AS 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 theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on the effectiveness of the entity's internal control. An auditalso includes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the management as well as evaluatingthe overall presentation of the Ind AS financial statements.

We believe that the audit evidence obtained by us 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 Ind AS financial statements give the information 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 31stMarch 2018 its profit other comprehensive income its cash flows and changes in equityfor the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by 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 Act we give in the Annexure A a statement on the matters specified in paragraphs 3and 4 of the Order.

2. As required by Section 143(3) of the Act based on our audit 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 so far asit appears from our examination of those books;

(c) The Balance Sheet the Statement of Profit and Loss (including Other ComprehensiveIncome) the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the relevant books of account;

(d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards prescribed under Section 133 of the Act read with rule 3 of theCompanies (Indian Accounting Standards) Rules 2015 and Companies (Indian AccountingStandards) Amendment Rules 2016;

(e) On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 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 and the operating effectiveness of such controls refer to our separate Reportin "Annexure B"

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditor's) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. There were no pending litigations which would impact the financial position of theInd AS financial statements.

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

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company; and

For Naresh J. Patel & Co.
Chartered Accountants
(FRN:123117W)
Place: Ahmedabad Chintan N. Patel
Date: 30.05.2018 (Partner)
Membership No:110741

Annexure A to the Auditor's report

(i) (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As per the information given to us the fixed assets of the company have beenphysically verified by the management during the year and no material discrepancies werenoticed by the management on such verification.

(c) According to the information and explanations given by the management and on thebasis of our examination of the records of the company the title deeds of immovableproperty are held in the name of company.

(ii) As per the information and explanations given to us the management has conductedthe physical verification of inventory at reasonable intervals during the year and nomaterial discrepancies were noticed on such physical verification.

(iii) According to the information and explanation provided to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties listed in the register maintained under section 189 ofCompanies Act 2013. Accordingly the provisions of clause 3(iii) (a) (b) and (c) of theOrder are not applicable to the company and hence not commented upon.

(iv) According to the information and explanation provided to us the company has notransactions in nature of loans investments guarantees and security as per theprovisions of section 185 and 186 of the Companies Act 2013. Therefore paragraph 3(iv) ofthe Order is not applicable to the company.

(v) According to the information and explanation provided to us The company has notaccepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies(Acceptance of Deposits) Rules 2014 (as amended). Accordingly the provisions of clause3(v) of the Order is not applicable.

(vi) According to the information and explanation given to us maintenance of the costrecords prescribed by the Central Government under section 148(1) (d) of the CompaniesAct 2013 is not applicable. Therefore paragraph 3(vi) of the Order is not applicable tothe company.

(vii) (a) According to the records of the company undisputed statutory dues includingprovident fund employees' state insurance income-tax sales-tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues except Goodsand Services Tax income tax provident fund have been generally regularly deposited withthe appropriate authorities. Following undisputed amounts were payable in respect of theaforesaid dues which were outstanding as at 31st March 2018 for a period of more than sixmonths from the date those become payable:

Particulars Amount Period Due date Remarks if any
GST 185084 August'17 20.09.2017 Unpaid
116286 September'17 20.10.2017 Unpaid
52766 October'17 20.11.2017 Unpaid
Advance Tax 750000 AY. 17-18 15.06.2017 Unpaid
Advance Tax 1500000 AY. 17-18 15.09.2017 Unpaid

(b) According to information and explanations given to us following statutory dueshave not been deposited as on March 31 2018 on account of disputes:

Name of Statute Nature of Dues Amount (Rs.) Period for which amount relates Forum where dispute is pending
1 The Customs Act1956 Custom 1904760 FY 2012-13 Addl. Commissioner of Customs Ahmedabad
2 The Central Excise Act1944 Excise 952292 March 2010-August 2015 Add. Commissioner of Central Excise Ahmedabad-3

(viii) In our opinion and according to information and explanation given by themanagement the company has not defaulted in repayment of loans or borrowings to the bankor government. There are no dues which are payable to financial institutions. The companydid not have any debenture holders during the year.

(ix) According to the information and explanation given by the management the Companydid not raise any money by way of initial public offer or further public offer (includingdebt instruments) loans during the period. The company has utilized monies raised by wayof term loans for the purposes for which they were raised.

(x) Based on the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report no fraud by the Company or any fraud on the company byits officers or employees has been noticed or reported during the year.

(xi) According to the information and explanations given to us managerial remunerationhas been paid or provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with schedule V to companies Act.

(xii) In our opinion company is not a Nidhi company. Therefore the provisions ofclause 3(xii) of the order are not applicable to the company and hence not commented upon.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations given to us and on an overallexamination of the balance sheet the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence reporting requirements under clause 3(xiv) are not applicable tothe company and hence not commented upon.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him.

(xvi) According to the information and explanations given to us the provisions ofsection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the company.

For Naresh J. Patel & Co.
Chartered Accountants
(FRN:123117W)
Place: Ahmedabad Chintan N. Patel
Date: 30.05.2018 (Partner)
Membership No:110741

Annexure B to the Auditor's 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 SUPER CROPSAFE LIMITED ("the Company") as of 31 March 2018 in conjunction with our auditof the financial statements of the Company for the year ended on 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'). 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 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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

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 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 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Naresh J. Patel & Co.
Chartered Accountants
(FRN:123117W)
Place: Ahmedabad Chintan N. Patel
Date: 30.05.2018 (Partner)
Membership No:110741