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Shree Pushkar Chemicals & Fertilizers Ltd.

BSE: 539334 Sector: Industrials
NSE: SHREEPUSHK ISIN Code: INE712K01011
BSE 00:00 | 24 Apr 2020 Shree Pushkar Chemicals & Fertilizers Ltd
NSE 05:30 | 01 Jan 1970 Shree Pushkar Chemicals & Fertilizers Ltd

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OPEN 87.00
PREVIOUS CLOSE 86.20
VOLUME 3582
52-Week high 172.90
52-Week low 57.00
P/E 9.36
Mkt Cap.(Rs cr) 258
Buy Price 82.20
Buy Qty 1000.00
Sell Price 86.70
Sell Qty 260.00
OPEN 87.00
CLOSE 86.20
VOLUME 3582
52-Week high 172.90
52-Week low 57.00
P/E 9.36
Mkt Cap.(Rs cr) 258
Buy Price 82.20
Buy Qty 1000.00
Sell Price 86.70
Sell Qty 260.00

Shree Pushkar Chemicals & Fertilizers Ltd. (SHREEPUSHK) - Auditors Report


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Company auditors report

To the Members of

Shree Pushkar Chemicals & Fertilisers Limited

Report on the Audit of Standalone Ind-AS Financial Statements

Opinion

We have audited the standalone Ind-AS financial statements of Shree Pushkar Chemicals& Fertilisers Limited (‘the Company’) which comprise the balance sheet asat March 31 2019 and the statement of Profit and Loss statement of changes in equityand statement of cash flows for the year then ended and notes to the Ind AS financialstatements including a summary of the significant accounting policies and otherexplanatory information (hereinafter referred to as ‘the standalone Ind AS financialstatements’).

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Ind AS financial statements give the informationrequired by the Companies Act 2013as amended ("the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the . Company as at March 312019and profit date changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor’s Responsibilities for the Audit ofthe Standalone Ind AS Financial Statements section of our report. We are independentof the Company in accordance with the Code of Ethics issued by the Institute ofChartered Accountants of India together with the ethical requirements that are relevant toour audit of the Ind AS financial statements under the provisions of the Companies Act2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for ouropinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Standalone Ind AS financial statements for the financialyear ended March 31 2019. These matters were addressed in the context of our audit of theStandaloneInd AS financial statements as a whole and in forming our opinion thereon andwe do not provide a separate opinion on these matters. We have determined the mattersdescribed below to be the key audit matters to be communicated in our report.

Key audit matters How our audit addressed the key audit matter
Revenue from contracts with customers (described in Note 2 (K) of the standalone Ind AS financialstatements)
Revenue from contracts with customers is recognised when control of the goods are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. We assessed the Company’s process to identify the impact of adoption of new revenue accounting standard.
The Company is engaged in manufacturing of dye and dye intermediaries through its various plants. It has developed procedures to record the revenue on the basis of the movement of the goods and revenue accrues as per Indian accounting standard 115. We assessed the design and tested the operating effectiveness of internal controls related to revenue recognition discounts and rebates.
We performed sample tests of individual sales transaction and traced to related documents considering the terms of dispatch.
Due to different terms with different customers and transaction price there is a risk that the revenue or discounts or rebates; and export incentives thereon might not be recorded correctly We tested cut-off procedures with respect to year- end sales transactions made.
Revenue is a key parameter to ascertain the Company’s performance. The Company focuses on revenue as a key performance measure which could create an incentive for revenue to be recognized before the risk and rewards have been transferred. We also performed monthly analytical procedures of revenue by streams to identify any unusual trends.
Accordingly due to the significant risk associated with revenue recognition in accordance with terms of Ind AS 115 ‘Revenue from contracts with customers’ it has been considered to be a key audit matter in our audit of these financial statements. Based on our combination of procedures involving enquiry and observation performance and inspection of evidence in respect of operation of these controls we have concluded that the revenue has been recognized in accordance with the relevant accounting standards.

Responsibilities of Management for the Standalone Ind AS Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (‘the Act’) with respect to the preparation ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance changes in equity and cash flows of the Companyin accordance with the accounting principles generally accepted in India including theaccounting standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe 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 Standalone Ind-AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the Standalone Ind AS 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.

Those Board of Directors are also responsible for overseeing the Company’sfinancial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Ind AS FinancialStatements

Our objectives are to obtain reasonable assurance about whether the Standalone Ind ASfinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor’s report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users basis of these Standalone Ind AS financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalone Ind ASfinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of suchcontrols.

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

• Conclude on the appropriateness of management’s use of the going concernbasis 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 financial statements or if such the Standalone Ind AS disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor’s report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of the Standalone IndAS financial statements disclosures and whether the Standalone Ind AS financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit. We alsoprovide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Standalone Ind AS financialstatements for the year ended March 31 2019 and are therefore the key 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 reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the "Annexure B" a statementon the matters specified in paragraphs 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 bestof our knowledge and belief were necessary for the purposes of our audit;

b) In our opinion proper books of account as required by law have been kept by theCompany 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 Statementdealt with by this Report are in agreement with the books of account;

d) In our opinion the aforesaid Standalone Ind AS financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Companies (IndianAccounting Standards) Rules 2015 as amended;

e) On the basis of the written representations received from the directors as on March31 2019 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2019 from being appointed as a director in terms of Section 164 (2) of theAct;

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company with reference to these Standalone Ind AS financial statementsand the operating effectiveness of such controls refer to our separate Report in"Annexure A";

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations as at March 31 2019 onits financial position in its Standalone Ind AS financial statements - Refer to Note 41 tothe Standalone Ind AS financial statements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses as at March 31 2019.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year ended March 31 2019.

For S. K. Patodia & Associates
Chartered Accountants
Firm Registration Number: 112723W
Arun Poddar
Place: Mumbai Partner
Date: May 20 2019 Membership Number: 134572

Annexure A to Independent Auditors’ Report

Referred to in paragraph 2(f) under the heading "Report on Other Legal andRegulatory Requirements" of our report of even date to the members of Shree PushkarChemicals & Fertilisers Limited Report on the Internal Financial Controls under Clause(i) of Sub-section 3 of Section 143 of the Act

1. We have audited the internal financial reporting of Shree Pushkar Chemicals& Fertilisers Limited controls over ("the Company") as of March 31 2019 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management’s Responsibility for Internal Financial Controls

2. The Company’s management is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls which 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.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting with reference to these standalone financial statementsbased on our audit. We conducted our audit in accordance with the Guidance Note on Auditof Internal Financial Controls Over Financial Reporting ("the Guidance Note")and the Standards on Auditing as specified under Section 143(10) of the Companies Act2013 to the extent applicable to an audit of internal financial controls and both issuedby the Institute of Chartered Accountants of India (ICAI). Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting with reference to these financial statements was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls reporting with reference to these financial statementsand their operating effectiveness. Our audit systemoverfinancial of internal financialcontrols over financial reporting included obtaining an under standing of internalfinancial controls over financial reporting with reference to these financial statementsassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting with reference to these financial statements.

Meaning of Internal Financial Controls Over Financial Reporting With Reference to theseFinancial Statements

6. A company's internal financial control over financial reporting with reference tothese financial statements is a process designed toprovidereasonableassuranceregardingthereliabilityoffinancialreporting and the preparationof financial statements for external purposes in accordance with generally acceptedaccounting principles. A company's internal financial control over financial reportingwith reference to these financial statements includes those policies and procedures that:

i. pertain to the maintenance of records that in reasonable detail accuratelyreflectthe transactions and and fairly dispositions of the assets of the company;

ii. provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

iii. provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting WithReference to these Financial Statements

7. Because of the inherent limitations of internal financial controls over financialreporting with reference to these financial statements including the possibility ofcollusion or improper management override of controls material misstatements due to erroror fraud may occur and not be detected. Also projections of any evaluation of theinternal financial controls over financial reporting with reference to these financialstatements to future periods are subject to the risk that the internal reporting withreference to these financial statements may become inadequate because of financial controlover financial changes in conditions or that the degree of compliance with the policiesor procedures may deteriorate.

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the Company has in all material respects an adequate internal financialcontrols system over financial reporting with reference to these financial statements andsuch internal financial controls over financial reporting with reference to thesefinancial statements were operating effectively as at March 31 2019 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For S. K. Patodia & Associates
Chartered Accountants
Firm Registration Number: 112723W
Arun Poddar
Place : Mumbai Partner
Date: May 20 2019 Membership Number: 134572

Annexure B to Independent Auditors’ Report

Referred to in paragraph 1 under the heading "Report on Other Legal and RegulatoryRequirements" of our report of even date to the members of Shree Pushkar Chemicals& Fertilisers Limited

i. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of property plant & equipment.

(b) All the property plant & equipment are physically verified by the managementaccording to a phased programme designed to cover all the items over a period of 3 yearswhich in our opinion is reasonable having regard to the size of the Company and thenature of its assets. No material discrepancies were noticed on such verification.

(c) The title deeds of immovable properties as disclosed in Note 3 on Property Plantand Equipment to the financial statements are held in the name of the Company.

ii. The physical verification of inventories has been conducted at reasonable intervalsby the management during the year. The discrepancies noticed on physical verification ofinventory as compared to book records were not material and have been appropriately dealtwith in the books of accounts.

iii. The Company has not granted any loan secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained underSection 189 of the Act. Therefore the provisions of the Clause 3(iii) of the said orderare not applicable to the Company.

iv. In our opinion and according to the information and explanations given to usprovisions of Section 185 and 186 of the Companies Act 2013 in respect of loans andadvances given investments made and guarantees and securities given have been compliedwith by the Company.

v. The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the Rules framed there under to the extentnotified.

vi. Pursuant to the rules made by the Central Government of India the Company isrequired to maintain cost records as specified under Section 148(1) of the Act in respectof its products. We have broadly reviewed the same and are opinion that prima facie theprescribed accounts and records have been made and maintained. We have not however madea detailed examination of the records with a view to determine whether they are accurateor complete.

vii. (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is generally regular in depositingundisputed statutory dues including provident fund income tax sales-tax service taxgoods and service tax duty of customs duty of excise value added tax cess and othermaterial statutory dues as applicable with the appropriate authorities.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of service tax and goods and service tax whichhave not been deposited on account of any dispute except as follows:

Name of the statute Nature of dues Amount (Rs. In Lakhs) Period to which the amount relates Forum where the dispute is pending
MVAT Act2002 Value Added Tax including interest 108.88 FY 2006-07 Sales Tax Appellate Tribunal
Income Tax Act 1961 Income Tax Demand 36.34 AY 2009-10 Income Tax Appellate Tribunal
Income Tax Act 1961 Income Tax Demand 6.06 AY 2010-11 Income Tax Appellate Tribunal
Income Tax Act 1961 Income Tax Demand 48.26 AY 2011-12 Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Income Tax Demand 57.97 AY 2012-13 Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Income Tax Demand 359.44 AY 2013-14 Commissioner of Income Tax (Appeals)
MVAT Act2002 Value Added Tax including interest 78.52 FY 2013-14 The Deputy Commissioner Of Sales Tax
Central Sales Tax Act1956 Central Sales Tax including interest 14.88 FY 2013-14 The Deputy Commissioner Of Sales Tax (Appeals)
Income Tax Act 1961 Income Tax Demand 13.02 AY 2014-15 Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Income Tax Demand 450.43 AY 2015-16 Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Income Tax Demand 67.00 AY 2016-17 Commissioner of Income Tax (Appeals)

viii. According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repaymentofloansorborrowingstoanyfinancialinstitution or banks at the balance sheet date. TheCompany does not have any loans or borrowings from Government. Further the Company hasnot issued any debentures.

ix. In our opinion and according to the information and explanations given to us theCompany has utilized the moneys raised by way of term loans for the purposes for whichthey were obtained. The Company has not raised any money by way of initial public offer/further public offer / debt instruments during the year.

x. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

xi. The Company has paid/provided managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.

xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto it the provisions of Clause 3(xii) of the Order are not applicable to the Company.

xiii. The Company has entered into transactions with related parties in compliance withthe provisions of Sections 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the financial statements as required under the IndianAccounting Standard (Ind-AS) 24 "Related Party Disclosures" specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

xiv. The Company has made preferential issue of equity shares during the year incompliance with the requirements of Section 42 of the Act. Further the amounts raisedhave been used for the purpose for which funds were raised.

xv. According to the records of the Company examined by us and the information andexplanation given to us the Company has not entered into any non-cash transactions withits directors or persons connected with him. Accordingly the provisions of Clause 3(xv)of the Order are not applicable to the Company.

xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For S. K. Patodia & Associates
Chartered Accountants
Firm Registration Number: 112723W
Arun Poddar
Place: Mumbai Partner
Date: May 20 2019 Membership Number: 134572


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