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Walpar Nutritions Ltd.

BSE: 535385 Sector: Agri and agri inputs
NSE: WALPAR ISIN Code: INE0G2G01015
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Walpar Nutritions Ltd. (WALPAR) - Auditors Report

Company auditors report

TO THE MEMBERS

TO THE MEMBERS OF WALPAR NUTRITIONS LIMTIED

OPINION

We have audited the accompanying standalone financial statements ofWALPAR NUTRITIONS LIMITED (“the Company”) which comprise the Standalone BalanceSheet as at March 31 2021 the Standalone Statement of Profit and Loss for the year endedon March 31 2021 the Standalone Cash flow statement for the year ended &and asummary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2021 its Profit / (loss) and its cash flows forthe year ended on that date.

BASIS FOR OPINION

We conducted our audit of the financial statements in accordance withthe standards on Auditing specified under section 143(10) of the Act (SAs)& otheraccounting principles prescribed under Section 133 of the Companies Act 2013 as amended.Our responsibilities under those standards are further described in the Auditor'sresponsibilities for the audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India (ICAI) together with the independence requirements thatare relevant to our audit of the financial statements under the provision of the Act andthe Rules made thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the ICAI's Code of Ethics. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouropinion on the standalone financial statements.

KEY AUDIT MATTERS

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

Reporting of key audit matters as per SA 701 Key Audit Matters are notapplicable to the Company as it is an unlisted company.

INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS ANDAUDITOR'S REPORT THEREON

The company's board is responsible for the preparation of theother information. The other information comprises the additional information but does notinclude the financial statements and our auditor's report thereon. Our opinion on thefinancial statements does not cover the other information and we do not express any formof assurance conclusion thereon.

In connection with our audit of the Standalone financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained during the course of our audit or otherwise appears to be materiallymisstated.

If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONEFINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (“the Act”) with respect tothe preparation of these Standalone financial statements to give a true and fair view ofthe financial position financial performance & cash flows of the Company inaccordance with accounting principles generally accepted in India. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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.

In preparing the financial statements management is responsible forassessing the company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the company or to ceaseoperations or has no realistic alternative but to do so.

The board of directors are responsible for overseeing thecompany's financial reporting process.

AUDITOR'S RESPONSIBILITY FOR THE AUDIT OF STANDALONE FINANCIALSTATEMENTS

Our objectives are to obtain reasonable assurance about whether theStandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decision of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgement and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatements of theStandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

Obtain an understanding of internal financial controls relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

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

Conclude on the appropriateness of management's use of goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on thecompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause thecompany to cease to continue as a going concern.

Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonable knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the Standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonable be expected to outweigh the public interest benefits of suchcommunications.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

As required by Section 143(3) of the Act based on our audit we reportthat:

a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit;

b) In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books; c) TheBalance Sheet the Statement of Profit and Loss& Cash Flow Statement dealt with bythis Report are in agreement with the books of account;

d) In our opinion the aforesaid Standalone financial statements complywith the accounting standards specified under Section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2014;

e) On the basis of the written representations received from thedirectors as on March 31 2021 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2021 from being appointed as a director interms of Section 164 (2) of the Act;

f) With respect to the adequacy of internal financial control overfinancial reporting of the company & the operating effectiveness of such controlsrefer to our separate report in Annexure “A”. Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the company's internalfinancial controls over financial reporting.

g) With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of Section 197(16) of the Actas amended: In our opinion and to the best of our information and according to theexplanation given to us the remuneration paid by the company to its directors during theyear is in accordance with the provision of Section 197 of the Act.

h) With respect to other matters to be included in the Auditor'sReport in accordance with Rule 11 of the companies (Audit and Auditors) Rules 2014 asamended in our opinion and to the best of our information and according to the explanationgiven to us:

(i) The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements.

(ii) The Company has made provision as at March 31 2021 as requiredunder the applicable law or accounting standards for material foreseeable losses if anyon long-term contracts including derivative contracts.

(iii)The Company is not liable to transfer any amounts to the InvestorEducation and Protection Fund during the year ended March 31 2021.

As required by ‘the Companies (Auditors Report) Order 2016'issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act (hereinafter referred to as the “Order”) and on the basis of suchchecks of the books and records of the Company as we considered appropriate and accordingto the information and explanation given to us we give in the Annexure “B” astatement on the matters specified in paragraph 3 and 4 of the Order.

ANNEXURE “A” TO THE AUDITOR'S REPORT

Report on the Internal Financial Control under clause (i) of subsection 3 of Section 143 of companies Act 2013 (‘The Act')

We have audited the internal financial control over financial reportingof Walpar Nutritions Limited (‘the company') as of 31st March 2021 inconjunction with our audit of the standalone financial statement of the company for theyear ended on that date.

Management Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls 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 Control overFinancial Reporting 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 including adherence to company's policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting 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 ICAI and the standards on auditingprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

(2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors of thecompany; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the company's assets thatcould have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 31 2021 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 Control Over Financial Reporting issued by the Institute ofChartered Accountants of India.

ANNEXURE “B” TO THE AUDITOR'S REPORT REFERRED TO INPARAGRAPH OF OUR REPORT OF EVEN DATE

On the basis of such checks as we considered appropriate and accordingto the information and explanations given to us during the course of our audit we reportthat:

1) a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets;

(b) The Fixed Assets have been physically verified by the management ina phased manner designed to cover all the items over a period of three years which inour opinion is reasonable having regard to the size of the company and nature of itsbusiness. Pursuant to the program a portion of the fixed asset has been physicallyverified by the management during the year and no material discrepancies between the booksrecords and the physical fixed assets have been noticed.

(c) The title deeds of immovable properties are held in the name of thecompany.

2) (a) The management has conducted the physical verification ofinventory at reasonable intervals.

b) The discrepancies noticed on physical verification of the inventoryas compared to books records which has been properly dealt with in the books of accountwere not material.

3) The Company has not granted any loans secured or unsecuredto companies firms Limited Liability partnerships or other parties covered in theRegister maintained under section 189 of the Act. Accordingly the provisions of clause 3(iii) (a) to (C) of the Order are not applicable to the Company and hence not commentedupon.

4) In our opinion and according to the information andexplanations given to us the company has complied with the provisions of section 185 and186 of the Companies Act 2013 in respect of loans investments guarantees and security.

5) The Company has not accepted any deposits from the public andhence the directives issued by the Reserve Bank of India and the provisions of Sections 73to 76 or any other relevant provisions of the Act and the Companies (Acceptance ofDeposit) Rules 2016 with regard to the deposits accepted from the public are notapplicable.

6) As informed to us the maintenance of Cost Records has notbeen specified by the Central Government under sub-section (1) of Section 148 of the Actin respect of the activities carried on by the company.

7) (a) According to information and explanations given to us andon the basis of our examination of the books of account and records the Company has beengenerally regular in depositing undisputed statutory dues including Provident FundEmployees State Insurance Income-Tax Sales tax Service Tax Duty of Customs Duty ofExcise Value added Tax Cess and any other statutory dues with the appropriateauthorities. According to the information and explanations given to us no undisputedamounts payable in respect of the above were in arrears as at March 31 2021 for a periodof more than six months from the date on when they become payable.

b) According to the information and explanation given to us there areno dues of income tax sales tax service tax duty of customs duty of excise valueadded tax outstanding on account of any dispute.

8) In our opinion and according to the information andexplanations given to us the Company has not defaulted in the repayment of dues to banks.The Company has not taken any loan either from financial institutions or from thegovernment and has not issued any debentures.

9) Based upon the audit procedures performed and the informationand explanations given by the management the company has not raised moneys by way ofinitial public offer or further public offer excluding debt instruments and term Loansduring the year.

10) Based upon the audit procedures performed and the information andexplanations given by the management we report that no fraud by the Company or on thecompany by its officers or employees has been noticed or reported during the year.

11) Based upon the audit procedures performed and the information andexplanations given by the management the managerial remuneration has been paid orprovided in accordance with the requisite approvals mandated by the provisions of section197 read with Schedule V to the Companies Act;

12) In our opinion the Company is not a Nidhi Company. Therefore theprovisions of clause 3 (xii) of the Order are not applicable to the Company.

13) In our opinion all transactions with the related parties are incompliance with section 177 and 188 of Companies Act 2013 and the details have beendisclosed in the Financial Statements as required by the applicable accounting standards.

14) Based upon the audit procedures performed and the information andexplanations given by the management the company has made preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review. The requirement of section 42 of the Companies Act 2013 have been compliedwith and the amount raised have been used for the purposes for which the funds wereraised.

15) Based upon the audit procedures performed and the information andexplanations given by the management the company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly the provisions ofclause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.

16) In our opinion the company is not required to be registered undersection 45 IA of the Reserve Bank of India Act 1934 and accordingly the provisions ofclause 3 (xvi) of the Order are not applicable to the Company and hence not commentedupon.

For A Y & Company
Chartered Accountants
FRN: 020829C
SD/-
CA Arpit Gupta
Partner
M. NO.: 421544
UDIN: 21421544AAAACZ2307
Place: Gandhinagar
Date: 30.10.2021

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