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Super Crop Safe Ltd.

BSE: 530883 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE366G01022
BSE 10:12 | 09 Jul 8.89 0.10
(1.14%)
OPEN

9.07

HIGH

9.07

LOW

8.66

NSE 05:30 | 01 Jan Super Crop Safe Ltd
OPEN 9.07
PREVIOUS CLOSE 8.79
VOLUME 13083
52-Week high 24.75
52-Week low 7.25
P/E 8.16
Mkt Cap.(Rs cr) 36
Buy Price 8.80
Buy Qty 1000.00
Sell Price 8.89
Sell Qty 65.00
OPEN 9.07
CLOSE 8.79
VOLUME 13083
52-Week high 24.75
52-Week low 7.25
P/E 8.16
Mkt Cap.(Rs cr) 36
Buy Price 8.80
Buy Qty 1000.00
Sell Price 8.89
Sell Qty 65.00

Super Crop Safe Ltd. (SUPERCROPSAFE) - Auditors Report

Company auditors report

To the members of Super Crop Safe Limited

Report on the Audit of the Standalone Financial Statements

We have audited the standalone financial statements of Super Crop Safe Limited(“the Company”) which comprise the balance sheet as at 31st March 2019 and thestatement of profit and loss statement of changes in equity and statement of cash flowsfor the year then ended and notes to the financial statements including a summary ofsignificant accounting policies and other explanatory information [herein to referred as“the financial statements”]

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 (“the Act”) in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in India ofthe state of affairs of the Company as at March 31 2019 and its profit/loss changes inequity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide 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.

We have determined the matters described below to be key audit matters to becommunicated in our report.

Description of key audit Matter Auditors' Response
1. Evaluation of uncertain tax positions The Company is subject to periodic challenges by local tax authorities on a range of tax matters during the normal course of business including indirect tax matters. Our audit approach consisted of obtaining and understanding of key uncertain tax positions and also read and analysed select key correspondences by management for key uncertain tax positions
These involve significant management judgement to determine the possible outcome of the uncertain tax positions consequently having an Impact on related accounting and disclosures in the financial statement. Discussed with appropriate senior management and evaluated management's underlying key assumptions in estimating the tax provisions and assessed Management's estimate of possible outcome of the disputed cases.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 (“the Act”) with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of 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.

In preparing the financial statements the Board of Directors is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe Board of Directors either intends to liquidate the Company or to cease operations orhas no realistic alternative but to do so.

Those 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 skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control the audit in order to design auditprocedures 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 auditthe company findings has adequate internal financial controls system inplace and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting 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 financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial informationof the entities or business activities within the Group to express an opinion on thefinancial statements. We are responsible for the direction supervision and performance ofthe audit of the financial statements of such entities included in the financialstatements.

• Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materially and qualitative factors in (i) Planning the scope of our auditwork and in evaluating the results of our work; and (ii)to evaluate the effect of anyidentified misstatements in the financial statements to

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant any significant deficiencies ininternal 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 with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) 2016 (“the Order”) issuedby the Central Government of India in terms of sub-section (11) of section 143 of theCompanies Act 2013 we give in the Annexure A statement on the matters specified inparagraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act based audit we report that:

(a) We have sought and obtained all the information explanations which to the best ofour knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion proper books of account as law have been kept by the Company so faras it appears from our examination of those books and proper returns adequate for thepurposes of our audit have been received from the branches not visited by us.

(c) The Balance Sheet the Statement of Profit and Loss the Statement of Changes inEquity and the Cash Flow Statement dealt with by this Report are in agreement with thebooks of account and with the returns received from the branches not visited by us.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 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 of the Company and the operating effectiveness of such controls refer to ourOrderseparate Report in “Annexure B”.

(g) Wit h 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: on our

i. The Company does not have any pending litigations which would impact its financialposition. and

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

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

For Naresh J. Patel & Co.
Chartered Accountants
(FRN: 123227W)
Place: Ahmedabad Chintan N. Patel
Date: 30.05.2019 (Partner)
Membership No: 110741

Annexure A to the Auditor's report

Referred to in Paragraph 1 under ‘Report on other Legal & RegulatoryRequirements' section of our report to the members of Super Crop Safe Limited of evendate.

(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 of the company have been physicallyverified by the management during the year and no material discrepancies were noticed bythe management on such verification.

(c) According to the information and given by the management and on the basis of ourexamination of the records of the company the title deeds of immovable property are heldin the name of company.

(ii) As per the information and explanations given to us the of management hasconducted the physical verification inventory at reasonable intervals during the year andno material discrepancies were noticed on such physical verification

(iii) According to the information and explanation to us the Company has not grantedany loans secured or unsecured to companies firms Limited Liability Partnerships orother parties listed in the register maintained under section 189 of Companies Act 2013.Accordingly the provisions of clause 3(iii) (a) (b) and (c) of the Order are notapplicable 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 assetsto us The company hasnot accepted any deposits within the meaning of Sections 73 to 76 of the Act and theCompanies (Acceptance of Deposits) Rules 2014 (as amended). Accordingly the provisionsof clause 3(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 exceptprovided Goods and Services Tax income tax provident fund have been generally regularlydeposited with the appropriate authorities. Following undisputed amounts were payable inrespect of the aforesaid dues which were outstanding as at 31st March 2019 for a periodof more than six months from the date those become payable:

Particulars Amount Period Due date Remarks if any
TDS (26Q) 107572 April2018 07.05.2018 Unpaid
48081 May2018 07.06.2018 Unpaid
63188 June2018 07.07.2018 Unpaid
57815 July2018 07.08.2018 Unpaid
61368 August2018 07.09.2018 Unpaid
TDS (24Q) 205109 June2018 07.07.2018 Unpaid
121630 July2018 07.08.2018 Unpaid
122956 August2018 07.09.2018 Unpaid
Advance Tax 1313809 AY. 2018-19 15.06.2018 Unpaid
2627617 AY. 2018-19 15.09.2018 Unpaid
EPF 227448 April2018 15.05.2018 Unpaid
226742 May2018 15.06.2018 Unpaid
231150 June2018 15.07.2018 Unpaid
226088 July2018 15.08.2018 Unpaid
231236 August2018 15.09.2018 Unpaid

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

(ix) According to the information and explanation the management the Company did notraise any money by way of initial public offer or further public offer (including debtinstruments) loans during the period. The company has utilized monies raised by way ofterm loans for the purposes for which they were raised.

(x) Based on the audit procedures performed purpose of reporting the true and fair viewof the financial statements and according to the information and explanations given by themanagement we report no fraud by the Company or any fraud on the company by its officersor employees has been noticed or reported during the year.

(xi) According to the information and explanations us managerial remuneration has beenpaid or provided in accordance with the requisite approvals mandated by the provisions ofsection 197 read with schedule V to companies Act.

(xii) In our opinion company is not a Nidhi Therefore the provisions of clause 3(xii)of the order andare 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 byapplicable 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 made preferential allotment during thetheyear under review and requirement of section 42 of the companies Act 2013 have beencomplied with and the amount raised have been used for the purpose for which funds wereraised.

(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-cashtotransactions 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: 123227W)
Place: Ahmedabad Chintan N. Patel
Date: 30.05.2019 (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 2019 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 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 the accounting records and the timely preparation ofreliable financial information 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 controls 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 (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 2019 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: 123227W)
Place: Ahmedabad Chintan N. Patel
Date: 30.05.2019 (Partner)
Membership No: 110741