| We have audited the accompanying financial statements of Parker
Agrochem Exports Ltd., which comprise the Balance Sheet as at 31st
March , 2014, the Statement of Profit and Loss and 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 Financial Statements
The Company's 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 ("the Act"). 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 the
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 the 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 the 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 the
explanations given to us, the 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:
in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014; in the case of the Statement of Profit
and Loss, of the profit of the Company for the year ended on that date,
and in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order, 2003("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
As required by Section 227(3) of the Act, we report that:
We have obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purposes of our
audit.
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.
The Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
In our opinion, the Balance Sheet, Statement of Profit and Loss, and
the Cash Flow Statement comply with the Accounting Standards referred
to in sub-section (3C) of section 211 of the Act.
On the basis of the written representations received from the directors
as on 31st March, 2014 taken on record by the Board of Directors, none
of the directors is disqualified as on 31st March, 2014 from being
appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Act.
The Annexure to the Auditors Report to the members of Parker Agrochem
Exports Limited for the year ended on 31st March, 2014.
We report as follows:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation
of fixed assets.
(b) The company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of two years. In our opinion, the periodicity of physical
verification is reasonable having regards to the size of the company
and the nature of its fixed assets. In accordance with this programme,
certain fixed assets were verified during the year and no material
discrepancies were observed on such verification.
(c) The fixed assets disposed off during the year were not substantial
and therefore do not affect the going concern assumption.
2. (a) As explained to us , the inventory has been physically verified
during the year by the management and frequency of verification is
reasonable. In our opinion and according to the information and
explanation given to us, the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(b) The company has maintained proper records of inventory. As
explained to us there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. The company has neither granted nor taken any loans, secured or
unsecured to or from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
4. In our opinion and according to the 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 with regard to purchase of inventory, fixed assets and with
regard to the sale of goods. During the Course of our audit, we have
not observed any major weakness in internal control system.
5. (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in section 301 of the act, have been entered in the
register required to be maintained under that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements referred to in (a) above and exceeding the value of rupees
five lakhs with the party aggregating during the year have made at
prices which are reasonable having regard to the prevailing market
prices at relevant time.
6. The company has not accepted any deposits from the public.
7. In our opinion the company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under clause (d) of sub section (1) of section 209 of the
Companies Act 1956 for any of the activity carried out by the company.
9. (a) According to the information and explanations given to us and
on the basis of our examination of the records of the company, the
amounts deducted/accrued in the books of accounts in respect of
undisputed statutory dues including Provident fund, Income tax, Sales
tax, Custom duty, Cess and other material statutory dues have been
regularly deposited during the year by the company with the appropriate
authorities.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident fund, Income tax,
Wealth tax, Sales tax, Custom duty, Excise duty, Cess and other
material statutory dues were in arrears as at 31/03/2014 for a period
of more than six month from the date they became payable.
(c) According to the information and explanation given to us, there are
no dues of Income tax, Wealth tax, Service tax, Custom duty and Cess
which have not been deposited with the appropriate authorities on
account of any dispute.
10. The company does not have accumulated losses exceeding fifty
percent of its net worth as at 31/03/2014.
11. In our opinion and according to information and explanations given
to us, the company has not defaulted in repayment of dues to its
bankers. The company did not have any outstanding dues to any financial
institutions during the year.
12. 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. In our opinion and according to the information and explanation
given to us the company has not chit fund/nidhi/ mutual benefit
fund/society.
14. Based on the Records examined by us and according to the
information and Explanations given to us, we are of the opinion that
the company is maintaining proper records of the transactions and
contracts of dealing in shares and securities and that the timely
entries have been made in this record. Based on our audit procedures
and to the best of our knowledge and belief and according to the
information and explanations given to us, the shares and securities
have been held by the company in its own.
15. According to information and explanation given to us, the company
has not given any guarantee for loans taken by others from banks or
financial institutions.
16. According to information and explanation given to us, the company
has not raised any term loan during the year under review.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we are of
the opinion that the funds raised on short-term basis have not been
used for long-term investment. No long-term funds have been used to
finance short-term assets except permanent working capital.
18. The company has not made any preferential allotment of shares to
companies/firms/parties covered in the register mentioned under section
301 of the Companies Act 1956.
19. According to the information and explanations given to us during
the period covered by our audit report, the company has not issued any
debentures.
20. The company has not raised any money by way of public issue during
the year.
21. To the best of our Knowledge and belief and According to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the courses of our audit.
For, WADHAWAN & CO.
CHARTERED ACCOUNTANTS
Firm Registration No. 129455W
sd/-
(AJIT A. WADHAWAN)
Place : Ahmedabad PARTNER
Date : 12th May, 2014 Membership No. 32886
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