Mar 31, 2018
Report on the Ind AS Financial Statements
We have audited the accompanying Ind AS financial statements of Super Crop Safe Limited (âthe companyâ) which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss, including Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity, for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act,2013 (âthe Actâ) with respect to preparation of these Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and statement of changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, read with rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; the selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these Ind AS financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit of Ind AS financial statements in accordance with the Standards on Auditing, issued by the Institute of Chartered Accountants of India, as specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entityâs internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the Ind AS financial statements.
We believe that the audit evidence obtained by us is sufficient and appropriate to provide 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 explanations given to us the Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2018, its profit, other comprehensive income, its cash flows and changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 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 best of 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 as it appears from our examination of those books;
(c) The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account;
(d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act, read with rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016;
(e) On the basis of the written representations received from the directors as on 31st March, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2018 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ,
(g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditorâs) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. There were no pending litigations which would impact the financial position of the Ind AS financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company; and
(i) (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) As per the information given to us, the fixed assets of the company have been physically verified by the management during the year and no material discrepancies were noticed by the management on such verification.
(c) According to the information and explanations given by the management and on the basis of our examination of the records of the company, the title deeds of immovable property are held in the name of company.
(ii) As per the information and explanations given to us, the management has conducted the physical verification of inventory at reasonable intervals during the year and no material discrepancies were noticed on such physical verification.
(iii) According to the information and explanation provided to us, the Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other 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 not applicable to the company and hence not commented upon.
(iv) According to the information and explanation provided to us, the company has no transactions in nature of loans, investments, guarantees and security as per the provisions of section 185 and 186 of the Companies Act, 2013. Therefore paragraph 3(iv) of the Order is not applicable to the company.
(v) According to the information and explanation provided to us, The company has not accepted 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 clause 3(v) of the Order is not applicable.
(vi) According to the information and explanation given to us, maintenance of the cost records prescribed by the Central Government under section 148(1) (d) of the Companies Act, 2013 is not applicable. Therefore paragraph 3(vi) of the Order is not applicable to the company.
(vii) (a) According to the records of the company undisputed statutory dues including provident fund, employeesâ state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues except Goods and Services Tax, income tax, provident fund have been generally regularly deposited with the appropriate authorities. Following undisputed amounts were payable in respect of the aforesaid dues which were outstanding as at 31st March, 2018 for a period of more than six months from the date those become payable:
Particulars |
Amount |
Period |
Due date |
Remarks, if any |
GST |
1,85,084 |
Augustâ17 |
20.09.2017 |
Unpaid |
1,16,286 |
Septemberâ17 |
20.10.2017 |
Unpaid |
|
52,766 |
Octoberâ17 |
20.11.2017 |
Unpaid |
|
Advance Tax |
7,50,000 |
AY. 17-18 |
15.06.2017 |
Unpaid |
Advance Tax |
15,00,000 |
AY. 17-18 |
15.09.2017 |
Unpaid |
(b) According to information and explanations given to us, following statutory dues have not been deposited as on March 31, 2018 on account of disputes:
Sr. no |
Name of Statute |
Nature of Dues |
Amount (Rs.) |
Period for which amount relates |
Forum where dispute is pending |
1 |
The Customs Act,1956 |
Custom |
19,04,760 |
FY 2012-13 |
Addl. Commissioner of Customs, Ahmedabad |
2 |
The Central Excise Act,1944 |
Excise |
9,52,292 |
March 2010-August 2015 |
Add. Commissioner of Central Excise, Ahmedabad-3 |
(viii) In our opinion and according to information and explanation given by the management, the company has not defaulted in repayment of loans or borrowings to the bank or government. There are no dues which are payable to financial institutions. The company did not have any debenture holders during the year.
(ix) According to the information and explanation given by the management, the Company did not raise any money by way of initial public offer or further public offer (including debt instruments) loans during the period. The company has utilized monies raised by way of term loans for the purposes for which they were raised.
(x) Based on the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, we report no fraud by the Company or any fraud on the company by its officers or employees has been noticed or reported during the year.
(xi) According to the information and explanations given to us, managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V to companies Act.
(xii) In our opinion company is not a Nidhi company. Therefore, the provisions of clause 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 our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us and on an overall examination of the balance sheet, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and hence, reporting requirements under clause 3(xiv) are not applicable to the company and hence not commented upon.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him.
(xvi) According to the information and explanations given to us, the provisions of section 45-IA of the Reserve Bank of India Act, 1934 are not applicable to the company.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of SUPER CROP SAFE LIMITED (âthe Companyâ) as of 31 March, 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companyâs 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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For Naresh J. Patel & Co.
Chartered Accountants
(FRN:123117W)
Place: Ahmedabad Chintan N. Patel
Date: 30.05.2018 (Partner)
Membership No:110741
Mar 31, 2016
Report on the Standalone Financial Statements
We have audited the acCompanying standalone financial statements of SUPER CROP SAFE LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Management''s Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with 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 to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2016, and its profit and its cash flows 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 (''the Order'') issued by the Central Government of India in terms of subsection (11) of section 143 of the Act, we give in the Annexure A, a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.
2. 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 best of 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 the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
(d) In our opinion, subject to G and O of Significant policies, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the directors as on 31st March, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure B.
(g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial position
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
ANNEXURE A TO THE AUDITOR''S REPORT
1. a) The Company has maintained proper records to show full particulars including quantitative details and situations of fixed assets.
b) As per information given to us, the fixed assets of the Company have been physically verified by the management during the year and no material discrepancies were noticed by the management on such verification.
c) According to information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company except land situated at Himatpura admeasuring 10,421 sq. mtrs amounting to Rs. 32,00,000. As explained to us, said land being agriculture land is held in the name of a Director who is a farmer.
2. a) As per information and explanations given to us, physical verification of finished goods, stores, spare parts and raw materials have been conducted by the management at the reasonable intervals.
b) No material discrepancies were noticed.
3. The Company has not granted any secured or unsecured loan to the companies, firms, limited liability partnership or other parties listed in the register maintained under Section 189 of the Companies Act, 2013.
4. The Company has not any transactions in the nature of loans, investments, guarantees and security as per the provisions of section 185 and 186 of the companies Act, 2013. Therefore paragraph 3(iv) of the Order is not applicable to the Company.
5. According to the information and explanation given to us, the Company has not accepted any deposits from the public. Therefore paragraph 3(v) of the Order is not applicable to the Company.
6. According to the information and explanation given to us, maintenance of the cost records prescribed by the Central Government under section 148(1)(d) of the Companies Act, 2013 is not applicable. Therefore paragraph 3(vi) of the Order is not applicable to the Company.
7. a) According to the records of the Company undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues except provident fund and income tax have been generally regularly deposited with the appropriate authorities. Following undisputed amounts were payable in respect of the aforesaid dues which were outstanding as at 31st March, 2016 for a period of more than six months from the date those become payable:
Name of the Statute |
Nature of Dues |
Amount (Rs in thousand) |
Period to which the Amount relates |
Due Date |
Date of Payment |
Remarks, if any |
Income Tax |
Advance Tax |
354 |
A.Y. 2016-17 |
15.06.2016 |
- |
Unpaid |
Income Tax |
Advance Tax |
708 |
A.Y. 2016-17 |
15.09.2016 |
- |
Unpaid |
Total |
|
1062 |
|
|
|
|
b) According to information and explanations given to us, following statutory dues have not been deposited as on March 31,2016 on account of disputes:
Sr No. |
Name of Statute |
Nature of Dues |
Amount (Rs) |
Period for which amount relates |
Forum where dispute is pending |
1 |
Central Sales Tax Act, 1956 |
CST/VAT |
405809 |
FY 2009-10 |
Dy Commissioner of Commercial Tax Appeal-2 |
2 |
Central Sales Tax Act, 1956 |
CST/VAT |
520009 |
FY 2010-11 |
Dy Commissioner of Commercial Tax Appeal-2 |
|
TOTAL |
|
925818 |
|
|
8. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of loans or borrowings to financial institutions, bank, government or debenture holders.
9. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and the term loans during the period. Therefore paragraph 3(ix) of the Order is not applicable to the Company.
10. According to the information and explanations given to us, no fraud by the Company or any fraud on the Company by its officers or employees has been noticed or reported during the year.
11. According to the information and explanations given to us, managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V to companies Act.
12. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
13. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has made preferential allotment during the year under review and requirement of section 42 of the companies Act 2013 have been complied with and the amount raised have been used for the purposes for which funds were raised.
14. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him.
For, Parimal S Shah & Co
Chartered Accountants
(FRN: 107591W)
(Parimal S Shah)
Place : Ahmedabad Proprietor
Date : 30.05.2016 Membership No. 038507
Mar 31, 2015
We have audited the accompanying standalone financial statements of
SUPER CROP SAFE LIMITED ("the Company"), which comprise the Balance
Sheet as at 31st March, 2015, the Statement of Profit and Loss, the
Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with 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
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial
reporting and the operating effectiveness of such controls. An audit
also includes evaluating the appropriateness of the accounting policies
used and the reasonableness of the accounting estimates made by the
Company's Directors, as well as evaluating the overall presentation of
the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015, and its profit and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ('the
Order') issued by the Central Government of India in terms of sub-
section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. 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 best of 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 the Company so far as it appears from our examination of
those books;
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, subject to G and O of Significant policies, the
aforesaid standalone financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company does not have any pending litigations which would
impact its financial position
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE AUDITOR'S REPORT
(i) (a) The Company has maintained proper records to show full
particulars including quantitative details and situations of fixed
assets.
(b) As per information given to us, the fixed assets of the company
have been physically verified by the management during the year and no
material discrepancies were noticed by the management on such
verification.
(ii) (a) As per information and explanations given to us, physical
verification of finished goods, stores, spare parts and raw
materials have been conducted by the management at the reasonable
intervals.
(b) The procedures of physical verification of the stock followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory,
discrepancies noticed on physical verification have been properly dealt
with in the books of accounts.
(iii) (a) The company has not granted any secured or unsecured loan to
the companies, firms or other parties listed in the register maintained
under Section 189 of the Companies Act, 2013.
(iv) In our opinion and according to information and explanations given
to us there are adequate internal control procedures commensurate with
the size of the company and the nature of its business for purchase of
inventory, fixed assets and for the sale of the goods. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal control.
(v) According to the information and explanation given to us, the
Company has not accepted any deposits from the public. Therefore this
clause is not applicable.
(vi) We have broadly reviewed the cost records maintained by the
Company pursuant to the Companies (Cost Records and Audit) Rules, 2014
prescribed by the Central Government under section 148(1)(d) of the
Companies Act, 2013 and are of the opinion that, prima facie, the
prescribed cost records have been maintained. We have, however not made
a detailed examination of the cost records with a view to determine
whether they are accurate or complete.
(vii) (a) According to the records of the company undisputed statutory
dues including provident fund, employees' state insurance, income-tax,
sales-tax, wealth tax, service tax, duty of customs, duty of excise,
value added tax, cess and any other statutory dues except provident fund
and income tax have been generally regularly deposited with the
appropriate authorities. According to information and explanations given
to us, No undisputed amounts, except advance income tax of Rs 4,95,000,
payable in respect of the aforesaid dues were outstanding as at 31st
March, 2015 for a period of more than six months from the date those
become payable.
(b) According to information and explanations given to us, following
statutory dues have not been deposited as on March 31, 2015 on account
of disputes:
Sr Name of Statute Nature of Amount Period for which
No. Dues (Rs) amount relates
1 Central Sales Tax Act,1956 CST/VAT 405809 FY 2009-10
2 Central Sales Tax Act,1956 CST/VAT 520009 FY 2010-11
TOTAL 925818
Sr Name of Statute Forum where dispute is pending
No.
1 Central Sales Tax Act,1956 Dy Commissioner of Commercial Tax
Appeal-2
2 Central Sales Tax Act,1956 Dy Commissioner of Commercial Tax
Appeal-2
TOTAL
(c) According to the records of the company, there are no amounts that
are due to be transferred to investor education and protection fund in
accordance with the relevant provisions of the Companies Act, 1956 (1
of 1956) and rules made there under.
(viii) The Company has no accumulated losses and has not incurred any
cash losses during the financial year covered by our audit or in the
immediately preceding financial year.
(ix) Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
(x) In our opinion and according to the information and explanations
given to us the company has not given any guarantee for loans taken by
others from bank or financial institutions.
(xi) In our opinion, and according to the information and explanations
given to us, the term loans were applied for the purpose for which the
loans were obtained.
(xii) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
financial year.
For, Parimal S. Shah & C0.
Chartered Accountants
FRN : 107591W
(Parimal S. Shah)
Place : Ahmedabad Proprietor
Date : 30.05.2015 M. No. 038507
Mar 31, 2014
We have audited the accompanying financial statements of SUPER CROP
SAFE LIMITED which comprise the Balance Sheet as at 31st March, 2014
and the Statement of Profit and Loss and Cash Flow Statement for the
year ended, and a summary of significant accounting policies and other
explanatory information.
Management Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the Accounting Standards notified under the Companies Act, 1956 ("the
Act") read with the General Circular 15/2013 dated 13th September 2013
of the Ministry of Corporate Affairs in respect of section 133 of the
Companies Act, 2013. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the Financial Statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to
explanations given to us, financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(i) in case of Balance Sheet, of the State of affairs of the company as
at 31st March, 2014,
(ii) in case of statement of profit and loss, of the profit for the
year ended on that date and
(iii) in case of Cash flow statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 (the
Order), issued by the Central Government in terms of Section 227 (4A)
of the Act, we give in the Annexure a statement on the matters
Specified in paragraph 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that;
(a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit,
(b) in our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examinations of
those books,
(c) the Balance sheet, Statement of profit and loss and cash flow
statement dealt with by this report are in agreement with the books of
account,
(d) Subject to G and O of Significant Accounting Policies, the Balance
Sheet, Profit and Loss account and Cash Flow Statement comply with the
accounting standards notified under the Companies Act, 1956 read with
the General Circular 15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of section 133 of the Companies Act, 2013.
(e) On the basis of written representation received from the directors,
as on 31st March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2014 from being
appointed as director in terms of clause (g) of sub section (1) of
Section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT Re: SUPER CROP SAFE LIMITED
2013-14 Referred to in Paragraph 1 of Report on Other Legal and
Regulatory Requirements of our report of even date.
1. (a) The company has maintained proper records to show full
particulars including quantitative details and situations of fixed
assets.
(b) As per information given to us, the fixed assets of the company
have been physically verified by the management during the year and no
material discrepancies were noticed by the management on such
verification.
(c) The Company has not disposed off a substantial part of fixed assets
during the year.
2. (a) As per information and explanations given to us, physical
verification of finished goods, stores, spare parts and raw materials
have been conducted by the management at the reasonable intervals.
(b) The procedure of physical verification of stock followed by the
management are reasonable and adequate in relation to size of the
company and nature of its business.
(c) The Company is maintaining proper records of inventory,
discrepancies noticed on physical verification have been properly dealt
with in the books of accounts.
3. (a) In our opinion the company has neither accepted nor granted any
secured or unsecured loans from or to the companies, firms or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956.
(b) There being no loans accepted or granted the clauses (b), (c), (d)
(f) & (g) of clause (iii) are not applicable.
4. In our opinion and according to information and explanations given
to us the internal control procedure, for purchase of inventory and
fixed assets and for the sale of the goods, is commensurate with the
size of the company and nature of its business. During the course of
audit, we have not observed any continuing failure to correct major
weaknesses in internal control.
5. (a) In our opinion and according to information and explanations
given to us, transactions that need to be entered into a Register
in pursuance of section 301 of the Companies Act, 1956 have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the companies act, 1956 and exceeding Rs.500000, in respect of any
party, during the year have been made at prices which are reasonable,
having regard to prevailing market prices at the relevant time.
6. The company has not accepted any deposits from the public,
attracting the provisions of section 58A and 58AA of the companies Act,
1956 and the Companies (acceptance of Deposits) Rules, 1975.
7. In our opinion internal audit system of the company is commensurate
with the size and nature of its business.
8. We have broadly reviewed the cost records maintained by the company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) Of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
9. (a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Investor Education and Protection
Fund, Employees'' State Insurance, Income Tax,Sales Tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues
except Income Tax have been generally regularly deposited with the
appropriate authorities.
(b) According to information & explanations given to us, no undisputed
amounts, except Advance Income tax of Rs 10,83,082, payable in respect
of aforesaid dues were in arrears, as at 31st March, 2014 for a period
of more than six months from the date they become payable and other
material statutory dues applicable to it.
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
11. In our opinion and according to explanations given to us, the
Company has not defaulted in repayment of dues to a financial
institution or bank.
12. According to the information and explanations given to us the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. According to information and explanations given to us the company
has not given any guarantee for loans taken by others from bank and
financial institutions.
14. The Company has raised new terms loans during the year. The term
loans outstanding at the beginning of the year and those raised during
the year had been applied for the purposes for which they were raised.
15. According to information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short term basis have been used for long term
investment.
16. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act during the year.
17. The company has not issued any debentures during the year.
18. During the year, the company has not raised any money by way of
public issue.
19. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the financial
year, nor have we been informed of such case by the Management.
20. Clauses (xiii) regarding special statute applicable to chit fund
etc, and (xiv) regarding dealing in shares/securities of paragraph 4 of
the Companies (Auditor''s Report) Order, 2003 (The Order), are not
applicable to the Company for the year under audit.
For, Parimal S. Shah & C0.
Chartered Accountants
FRN : 107591W
(Parimal S. Shah)
Place : Ahmedabad Proprietor
Date : 29.05.2014 M. No. 38507
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of SUPER CROP
SAFE LIMITED which comprise the Balance Sheet as at 31st March, 2013
and the Statement of Profit and Loss and Cash Flow Statement for the
year ended, and a summary of significant accounting policies and other
explanatory information.
Management Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the Accounting Standards referred to in Sub section (3C) of section 211
of the Companies Act, 1956.This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the Financial Statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements. We believe that the
audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to
explanations given to us, financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(i) in case of Balance Sheet, of the State of affairs of the company as
at 31st March, 2013,
(ii) in case of statement of profit and loss, of the profit for the
year ended on that date and
(iii) in case of Cash flow statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 (the
Order), issued by the Central Government in terms of Section 227 (4A)
of the Act, we give in the Annexure a statement on the matters
Specified in paragraph 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that;
(a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit,
(b) in our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examinations of
those books,
(c) the Balance sheet, Statement of profit and loss and cash flow
statement dealt with by this report are in agreement with the books of
account,
(d) Subject to G and O of Significant Accounting Policies, the Balance
sheet, profit and loss statement and cash flow statement comply with
the accounting standards referred to in section 211(3C) of the
Companies Act, 1956.
(e) On the basis of written representation received from the directors,
as on 31st March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2013 from being
appointed as director in terms of clause (g) of sub section (1) of
Section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT RE: SUPER CROP SAFE LIMITED 2012-13
Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date
1. (a) The company has maintained proper records to show full
particulars including quantitative details and situations of fixed
assets.
(b) As per information given to us, the fixed assets of the company
have been physically verified by the management during the year and no
material discrepancies were noticed by the management on such
verification.
(c) The Company has not disposed off a substantial part of fixed assets
during the year.
2. (a) As per information and explanations given to us, physical
verification of finished goods, stores, spare parts and raw materials
have been conducted by the management at the reasonable intervals.
(b) The procedure of physical verification of stock followed by the
management are reasonable and adequate in relation to size of the
company and nature of its business.
(c) The Company is maintaining proper records of inventory,
discrepancies noticed on physical verification have been properly dealt
with in the books of accounts.
3. (a) In our opinion the company has neither accepted nor granted any
secured or unsecured loans from or to the companies, firms or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956.
(b) There being no loans accepted or granted the clauses (b), (c), (d)
(f) & (g) of clause (iii) are not applicable.
4. In our opinion and according to information and explanations given
to us the internal control procedure, for purchase of inventory and
fixed assets and for the sale of the goods, is commensurate with the
size of the company and nature of its business. During the course of
audit, we have not observed any continuing failure to correct major
weaknesses in internal control.
5. (a) In our opinion and according to information and explanations
given to us, transactions that need to be entered into a Register in
pursuance of section 301 of the Companies Act, 1956 have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the companies act, 1956 and exceeding Rs.500000, in respect of any
party, during the year have been made at prices which are reasonable,
having regard to prevailing market prices at the relevant time.
6. The company has not accepted any deposits from the public,
attracting the provisions of section 58A and 58AA of the companies Act,
1956 and the Companies (acceptance of Deposits) Rules, 1975.
7. In our opinion internal audit system of the company is commensurate
with the size and nature of its business.
8. We have broadly reviewed the cost records maintained by the company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
9. (a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Sales Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty, Cess and other statutory dues except Privident fund
and Income Tax have been generally regularly deposited with the
appropriate authorities.
(b) According to information & explanations given to us, no undisputed
amounts, except Advance Income tax of Rs 1,175,162, payable in respect
of aforesaid dues were in arrears, as at 31st March, 2013 for a period
of more than six months from the date they become payable and other
material statutory dues applicable to it.
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
11. In our opinion and according to explanations given to us, the
Company has not defaulted in repayment of dues to a financial
institution or bank.
12. According to the information and explanations given to us the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. According to information and explanations given to us the company
has not given any guarantee for loans taken by others from bank and
financial institutions.
14. The Company has raised new terms loans during the year. The term
loans outstanding at the beginning of the year and those raised during
the year had been applied for the purposes for which they were raised.
15. According to information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short term basis have been used for long term
investment.
16. The Company has made preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act during the year and same is not prejudicial to the interest of
the company being said preferential allotment is in consonance with
SEBI (Disclosures and Investor Protection) Guidelines, 2000.
17. The company has not issued any debentures during the year.
18. During the year, the company has not raised any money by way of
public issue.
19. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the financial
year, nor have we been informed of such case by the Management.
20. Clauses (xiii), (xiv) of paragraph 4 of the Companies (Auditor''s
Report) Order, 2003 (The Order), are not applicable to the Company for
the year under audit.
For, Parimal S. Shah & CO.
Chartered Accountants
FRN : 107591W
(Parimal S. Shah)
Place : Ahmedabad Proprietor
Date : 28.05.2013 M. No. 38507
Mar 31, 2012
We have audited the attached Balance Sheet of SUPER CROP SAFE LIMITED
as at 31st March, 2012 and the Profit and Loss Statement and also the
Cash Flow Statement for the year ended on that date, annexed thereto.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Companies (Auditor's Report) Order, 2003, as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004,
issued by the Central Government in terms of Section 227 (4A) of the
Companies Act 1956, and on the basis of such checks of the books and
records of the Company as we considered appropriate and according to
information and explanations given to us, we enclose in the Annexure a
statement on the matters Specified in paragraph 4 and 5 of the said
Order.
Further to our comments in Annexure referred to above, We report that ;
(a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit,
(b) in our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examinations of the
books,
(c) the Balance sheet, profit and loss Statement and cash flow
statement dealt with by this report are in agreement with the books of
account,
(d) Subject to G, M and 0 of Significant Accounting Policies, the
Balance sheet, profit and loss statement and cash flow statement comply
with the accounting standards referred to in section 211(3C) of the
Companies Act, 1956.
(e) On the basis of written representation received from the directors,
as on 31st March 2012, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March
2012 from being appointed as director in terms of clause (g) of sub
section (1) of Section 274 of the Companies Act, 1956.
(f) Subject to foregoing, in our opinion and to the best of our
information and according to explanations given to us, financial
statements read together with notes, give the information required by
the Companies Act, 1956 in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India:
(i) in case of Balance Sheet of the State of affairs of the company as
at 31st March, 2012,
(ii) in case of profit and loss statement of the profit for the year
ended on that date and
(iii) in case of Cash flow statement of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT RE: SUPER CROP SAFE LIMITED 2011-12
Referred to in Paragraph 3 of our report of even date.
1. (a) The company has maintained proper records to show full
particulars including quantitative details and situations of fixed
assets.
(b) As per information given to us, the fixed assets of the company
have been physically verified by the management during the year and no
material discrepancies were noticed by the management on such
verification.
(c) The Company has not disposed off a substantial part of fixed assets
during the year.
2. (a) As per information and explanations given to us, physical
verification of finished goods, stores, spare parts and raw materials
have been conducted by the management at the reasonable intervals.
(b) The procedure of physical verification of stock followed by the
management are reasonable and adequate in relation to size of the
company and nature of its business.
(c) The Company is maintaining proper records of inventory,
discrepancies noticed on physical verification have been properly dealt
with in the books of accounts.
3. (a) In our opinion the company has neither accepted nor granted any
secured or unsecured loans from or to the companies, firms or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956.
(b) There being no loans accepted or granted the clauses (b), (c), (d)
(f) & (g) of clause (iii) are not applicable.
4. In our opinion and according to information and explanations given
to us the internal control procedure, for purchase of inventory and
fixed assets and for the sale of the goods, is commensurate with the
size of the company and nature of its business. During the course of
audit, we have not observed any continuing failure to correct major
weaknesses in internal control.
5. (a) In our opinion and according to information and explanations
given to us, transactions that need to be entered into a Register in
pursuance of section 301 of the Companies Act, 1956 have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the companies act, 1956 and exceeding Rs. 500000, in respect of any
party, during the year have been made at prices which are reasonable,
having regard to prevailing market prices at the relevant time.
6. The company has not accepted any deposits from the public,
attracting the provisions of section 58A and 58AA of the companies Act,
1956 and the Companies (acceptance of Deposits) Rules, 1975.
7. In our opinion internal audit system of the company is commensurate
with the size and nature of its business.
8. We have broadly reviewed the cost records maintained by the company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(l)(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
9. (a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Sales Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty, Cess and other statutory dues except Income Tax have
been generally regularly deposited with the appropriate authorities.
(b) According to information & explanations given to us, no undisputed
amounts payable in respect of aforesaid dues were in arrears, as at
31st March, 2012 for a period of more than six months from the date
they become payable and other material statutory dues applicable to it.
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
11. In our opinion and according to explanations given to us, the
Company has not defaulted in repayment of dues to a financial
institution or bank.
12. According to the information and explanations given to us the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. According to information and explanations given to us the company
has not given any guarantee for loans taken by others from bank and
financial institutions.
14. The Company has not raised new terms loans during the year. The
term loans outstanding at the beginning of the year had been applied
for the purposes for which they were raised.
15. According to information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short term basis have been used for long term
investment.
16. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956.
17. The company has not issued any debentures during the year.
18. During the year, the company has not raised any money by way of
public issue.
19. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the financial
year, nor have we been informed of such case by the Management.
20. Clauses (xiii), (xiv) of paragraph 4 of the Companies (Auditor's
Report) (Amendment) Order, 2004 are not applicable to the Company for
the year under audit.
For, Parimal S. Shah & CO.
Chartered Accountants
FRN : 107591W
(Parimal S. Shah)
Proprietor
M. No. 38507
Place : Ahmedabad
Date : 13th July, 2012
Mar 31, 2010
We have audited the attached Balance Sheet of SUPER CROP SAFE LIMITED
as at 31st March, 2010 and the Profit and Loss Account and also the
Cash Flow Statement for the year ended on that date, annexed thereto.
These financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Companies (Auditors Report) Order, 2003, as
amended by the Companies (Auditors Report) (Amendment) Order 2004.
issued by the Central Government in terms of Section 227(4A) of the
Companies Act 1956, and on the basis of such checks of the books and
records of the Company as we considered appropriate and according to
information and explanations given to us. we enclose in the Annexure a
statement on the matters specified in paragraph 4 and 5 of the said
Order.
Further to our comments in Annexure referred to above. We report that:
(a) We have obtained all the information and explanations which is to
the best of our knowledge and belief were necessary for the purpose
of our audit,
(b) In our opinion, proper books of Accounts as required by law have
been kept by the Company so far as appears from our examinations of the
books.
(c) The Balance sheet, profit and loss Account and cash flow statement
dealt with by this report are in agreement with the books of account,
(d) Subject to Note 7,12 & 14 of Schedule 15 and 7(a) of Schedule 16,
the Balance sheet, profit & loss account and cash flow statement comply
with the accounting standards referred to in section 211 (3C) of the
Companies Act, 1956.
(e) On the basis of written representation received from the directors,
as on 31st March 2010, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March
2010 from being appointed as director in terms of clause (g) of sub
section (1) of Section 274 of the Companies Act, 1956.
(f) Reference is also invited to the NOTE No 2, of Schedule 15,
regarding confirmations from Sundry Debtors and Note No 7(a) of
Schedule 16 regarding overstatement of profit by Rs 172180 on account
of non capitalizing Government Grant.
(g) Subject to foregoing, in our opinion, and to the best of our
information and according to explanations given to us, financial
statements read together with notes in schedule -16 give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in confirmity with the
accounting principles generally accepted in India:
(i) In case of Balance Sheet of the State of affairs of the company as
at 31st March, 2010.
(ii) In case of profit and loss account of the Profit for the year
ended on that date and
(iii) In case of Cash flow statement of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
RE : SUPER CROP SAFE LIMITED 2009-10
Referred to in Paragraph 3 of our report of even date.
1. (a) The Company has maintained proper records to show full
particulars including quan titative details and situations of fixed
assets,
(b) As per information given to us, the fixed assets of the company
have been physically verified by the management during the year and no
material discrepancies were noticed by the management on such
verification.
(c) The Company has not disposed off a substantial part of fixed assets
during the year.
2. (a) As per information and explanations given to us, physical
verification of finished goods, stores , spare parts and raw materials
have been conducted by the management at the reasonable intervals.
(b) The procedure of physical verification of stock followed by the
management are reasonable and adequate in relation to size of the
company and nature of its business.
(c) The Company is maintaining proper records of inventory,
discrepancies noticed on physical verification have been properly dealt
with in the books of accounts.
3. (a) In our opinion the Company has neither accepted nor granted any
secured or unsecured loans from or to the companies, firms or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956.
(b) There being no loans accepted or granted the clauses (b), (c) and
(d) are not applicable.
4. In our opinion and according to information and explanations given
to us the internal control procedure, for purchase of inventory and
fixed assets and for the sale of the goods, is commensurate with the
size of the company and nature of its business. During the course of
audit, we have not observed any continuing failure to correct major
weaknesses in internal control.
5. (a) In our opinion and according to information and explanations
given to us, transactions that need to be entered into a Register in
pursuance of section 301 of the Companies Act, 1956 have been so
entered.
(b) In our opinion and according to the informations and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding Rs. 500000, in respect of any
party, during the year have been made at prices which are reasonable,
having regard to prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public,
attracting the provisions of section 58A and 58AA of the Companies
Act, 1956 and the companies (acceptance of Deposits) Rules, 1975.
7. In our opinion internal audit system of the company is commensurate
with the size and nature of its business.
8. As informed to us, the Central Government has not prescribed
maintenance of cost records under section 209(1) (d) of the Companies
Act, 1956.
9. (a) The Company is not regular in depositing with appropriate
authorities undisputed statutory dues applicable to it including
Provident Fund, Income Tax.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, custom duty, excise duty and cess were in arrears, as at 31st
March, 2010 for a period of more than six months from the date they
become payable and other material statutory dues applicable to it.
(c) According to the information and explanations given to us, there
are no disputes for any statuatory dues and hence question of non
deposit of dues with appropriate authorities does not arise.
10. In our opinion, the accumulated losses of the Company are not more
than fifty percent of its net worth. The Company has incurred cash
losses during the financial year covered by this audit and in the
financial year immediately preceding such financial year.
11. In our opinoin and according to explanations given to us, the
Company has not defaulted in repayment of dues to a financial
institution or bank.
12. According to the information and explanations given to us the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. According to information and explanations given to us the Company
has not given any guarantee for loans taken by others from bank and
financial institutions.
14. The Company has applied the term loans for the purpose for which
it was obtained.
15. According to informations and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we report
that on funds raised on short term basis have been used for long term
investment.
16. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Act during the year and same is not prejudical to the
interest of the company being said pref- erential allotment is in
consonance with SEBI (Disclosures and Investor Protection) Guidelines,
2000.
17. The Company has not issued any debentures during the Year.
18. During the year, the Company has not raised any money by way of
public issue.
19. During the course of our examination of the books and records of
the Company carried out in accordance with generally accepted auditing
practices in India and according to informations and explanations given
to us we have neither come across any instance of fraud on or by
Company, noticed or reported during the financial year, nor have we
been informed of such case by the Management.
20. Clauses (xiii), (xiv) of paragraph 4 of the Companies (Auditors
Report) (Amend- ment) Order, 2004 are not applicable to the Company for
the year under audit.
Place : Ahmedabad For, PARIMAL S. SHAH & CO.,
Date : 03.05.2010 CHARTERED ACCOUNTANTS
(PARIMAL S. SHAH)
PROPRIETOR
M. No. 38507