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Dhanuka Agritech Ltd.

BSE: 507717 | NSE: DHANUKA | Series: NA | ISIN: INE435G01025 | SECTOR: Pesticides & Agro Chemicals

BSE Live

Aug 13, 16:00
820.65 -0.35 (-0.04%)
Volume
AVERAGE VOLUME
5-Day
12,349
10-Day
9,550
30-Day
11,878
9,286
  • Prev. Close

    821.00

  • Open Price

    827.00

  • Bid Price (Qty.)

    821.00 (45)

  • Offer Price (Qty.)

    822.35 (46)

NSE Live

Aug 13, 15:56
821.35 0.70 (0.09%)
Volume
AVERAGE VOLUME
5-Day
145,922
10-Day
103,140
30-Day
149,347
72,895
  • Prev. Close

    820.65

  • Open Price

    827.00

  • Bid Price (Qty.)

    821.35 (66)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

INDEPENDENT AUDITORS'' REPORT

To,

The Members of

Dhanuka Agritech Limited

Report on the Indian Accounting Standard (Ind AS) Standalone Financial Statements

We have audited the accompanying standalone financial statements of Dhanuka Agritech Limited (“the Company”), which comprise the Balance Sheet as at 31st March, 2018 and 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 significant accounting policies and other explanatory information.

Management''s Responsibility for the 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 Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in the equity of the Company in accordance with the Indian Accounting Standards (Ind AS) as prescribed under section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India. 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; 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 Standalone Ind AS 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 Ind AS financial statements based on our audit. In conducting 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 and the order issued under Section 143(11) of the Act.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143 (10) of the Act and other applicable authoritative Prouncements issued by the Institute of Chartered Accountants of India. Those standards and pronouncements require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amount and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor''s judgment, including assessment of the risk of material misstatement of the standalone Ind AS 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 standalone Ind AS 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 standalone Ind AS 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 Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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,(including total comprehensive income), the changes in equity and its cash flows for the year ended on that date.

Other Matter

The financial information of the Company for the year ended March 31, 2018 and the transition date opening Balance Sheet as at April 1 2016 included in these standalone Ind AS financial statements, are based on the previously issued statutory financial statements for the years ended March 31, 2017 and March 31, 2016 prepared in accordance with the Companies (Accounting Standards) Rules, 2006 (as amended) which were audited by M/s Dinesh Mehta & Co, Chartered Accountants FRN: 000220N, on which we expressed an unmodified opinion dated May 19, 2017 and May 24, 2016 respectively. The adjustments to those financial statements for the differences in accounting principles adopted by the Company on transition to the Ind AS have been audited by us. Our opinion is not qualified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors'' Report) Order, 2016 (''the order'') issued by the Central Government of India in terms of sub - section (11) of section 143 of the Act (hereinafter referred to as the “order”) , and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure B 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 purpose of our audit of the standalone Ind AS financial statements.

(b). In our opinion proper books of account as required by law relating to preparation of the aforesaid standalone Ind AS financial statements have been kept by the Company so far it appears from our examination of those books;

(c). The balance sheet, the statement of profit and loss including other comprehensive income, Statement of Changes in Equity and the cash flow statement dealt with by this Report are in agreement with the books of account maintained for the purpose of preparation of standalone Ind AS financial statements.

(d). In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian 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 representation 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 of the company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.

(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 as amended, in our opinion and to the best of our knowledge and belief and according to the information and according to the explanations given to us:

(i). The company has disclosed the impact, if any, of pending litigations as at 31st March 2018 on its financial position in its standalone Ind AS financial statements. - Refer Note No 36;

(ii) There are no foreseeable losses on long term contracts including derivative contracts as at 31st March 2018. Hence, company has not made any provision, as required under the applicable law or Indian accounting standards.

(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31st March 2018.

Annexure A to Independent Auditors'' Report

Referred to in paragraph 2 (f) of the Independent Auditors'' Report of even date to the members of Dhanuka Agritech Limited on the Standalone Ind AS financial statements for the year ended 31st March 2018

1. Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of section 143 of the Companies Act, 2013 (''the Act'').

We have audited the internal financial controls over financial reporting of Dhanuka Agritech Limited (“the Company”) as on 31st March 2018 in conjunction with our audit of the Standalone Ind AS financial statements of the Company for the year ended on that date.

2. Management''s Responsibility for Internal Financial Controls

The Board of Directors of Company 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 (ICAI). 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 Company''s 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.

3. Auditors'' Responsibility

Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance Note”) and the Standards On Auditing specified under Section 143 (10) of the Act to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and both issued by ICAI. 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 controls based on the assessed risk. 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.

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

4. Meaning of Internal Financial Controls over Financial Reporting

A Company''s 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 Company''s internal financial control over financial reporting includes those policies and procedures that (i) pertain to the Maintained of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) 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 authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company''s assets that could have a material effect on the financial statements.

5. 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.

6. Opinion

In our opinion, the company has, in all material respects, an adequate internal financial controls over financial reporting were operating effectively as at 31st 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.

Annexure B to the Independent Auditors'' Report

I As required by the Companies (Auditor''s Report) Order 2016, (the Order) issued by the Central Government of India in terms of sub section (11) of Section 143 of the Companies Act, 2013, and in terms of information and explanations given to us and also on the basis of such checks as we considered appropriate, we report on the matters specified in paragraphs 3 and 4 of the said order as follows:-

(i). (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) The Company has a program of verification to cover all the items of fixed assets in a phased manner which in our opinion is reasonable having regard to the size of the company and the nature of its assets. Pursuant to the program, certain fixed assets were physically verified by the Management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us, the records examined by us and based on the examination of the conveyance deeds provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are free hold, are held in the name of the Company as at the Balance Sheet date.

(ii) The Physical verification of inventory (excluding goods in transit and stock lying with third parties) has been conducted at reasonable intervals by the Management during the year. The discrepancies noticed on physical verification of inventory as compared to book records were not material.

(iii) As per information and explanations given to us the Company has not granted any loans, secured or unsecured to the companies, firms or other parties covered in the register under section 189 of the Companies Act, 2013 (''the Act''), therefore paragraph 3 (iii) (a), (iii) (b) and (iii) (''c) of the order are not applicable to the company.

(iv). In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the grant of loans, making investments and providing guarantees and securities, as applicable.

(v) As per information and explanation given to us, the Company has not accepted any deposits during the year and does not have any unclaimed deposits as at 31st March 2018 and therefore, the provisions of the clause 3(v) of the order are not applicable to the Company.

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

(vii).(a) According to the information and explanations given to us and on the basis of our examination of records of the company, amount deducted / accrued in books of accounts in respect of , undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income-tax, wealth-tax, service tax, sales tax, customs duty, excise duty, cess and other material statutory dues applicable to it have generally been regularly deposited with the appropriate authorities.

Although there are no material outstanding undisputed statutory dues as at the last day of the financial year ended on 31-03-2018 for a period of more than six months from the date they become payable.

(b) According to the information and explanation given to us, the following dues of Excise Duty and cess, Service Tax and Cess and Income Tax and Cess have not been deposited on account of some dispute with the concerned authority:

(Rs. In lacs)

Nature of Dues

Amount

Period to which the amount relates

Forum where dispute pending

Service Tax

140.25

Jan 2005 to Aug 2007

Addl. / Dy. Commissioner

Service Tax

36.00

Oct 2008 to March 2009

CESTAT, Delhi

Central Excise

9.41

1996

Addl. / Dy. Commissioner

Central Excise

48.21

1999-2000

CESTAT, Chandigarh

Central Excise

14.60

2010-2011

CESTAT, Delhi

Central Excise

357.31

Jan 2014-Sep 15

CESTAT, Chandigarh

Central Excise

132.70

Jan 2012-Sept 2016

CESTAT, Ahmedabad

Central Excise

103.23

Oct 2015-March 2016

Commissioner, Jammu

Central Excise

105.85

June 2010-Jan 2014

Commissioner, Jammu

WB -VAT

19.95

2009-10

WB Appellate Tribunal

Bihar-VAT

14.89

2008-09

Asstt. Commissioner

U.P-VAT

7.21

2016-2017

Commissioner

Gujarat VAT

138.00

2012-2013

Joint Commissioner

(viii). According to the information and explanations given to us, the company has not defaulted in the repayment of loans and borrowing to a Financial Institution, Bank or Government. Further, there are no debenture holders during the year. Hence reporting under clause 3 (viii) of the order is not applicable to the Company.

(ix) The Company has not raised any moneys by way of initial public offer, further public offer (including debt instruments) and term loans during the year. Accordingly, Paragraph 3 (ix) of the order is not applicable to the company.

(x) 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 the information and explanations given to us, we have neither come across any instance of material fraud by the Company or on the Company by its officers or employees, noticed or reported during the year, nor have been informed of any such case by the management.

(xi) According to the information and explanation given to us and based on our examination of the records of the Company, the Company has paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company. Hence, reporting under clause 3(xii) of the order is not applicable to the company.

(xiii) In our opinion and according to the information and explanations given to us, the Company is in compliance with section 177 and 188 of the Companies Act, 2013 where applicable for all transactions with related parties and the details of the related party transactions have been disclosed in the standalone Ind AS financial statements as required by the applicable Ind AS.

(xiv) According to the information and explanations given to us and based on our examination of the records of the

Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Hence, reporting under clause 3(xiv) of the order is not applicable to the company.

(xv) In our opinion and according to the information explanations given to us, during the year the company has not entered into any non-cash transactions with its directors or persons connected to its directors and hence provisions of Section 192 of the Companies Act, 2013 are not applicable to the company.

(xvi) The Company is not required to be registered under Section 45 - IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi) of the order is not applicable to the company.

For Ambani & Associates LLP

Chartered Accountants

FRN:016923N

Sd/-

Hitesh Ambani

Place : Gurugram Designated Partner

Date : 22nd May, 2018 Membership No.506267