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Parker Agrochem E Ltd.

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Dec 03, 16:00
4.46 0.00 (0.00%)
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249
10-Day
194
30-Day
532
175
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    4.46

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    4.46 (1925)

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NSE Live

Dec 27, 11:22
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Parker Agrochem E is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008 2007 2006

Auditor's Report

We have audited the attached Balance-Sheet of PARKER AGROCHEM EXPORTS LTD., as on 31st March 2007 and the Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of Companys management.-Our responsibility is to express an opinion on these financial statements based on our audit. 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 statements. 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. As required by the Companies Auditors Order, 2003 issued by the Central Government of India in terms of Sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order. Further to our comments in the Annexure referred to above, we report that: i) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of audit; ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from examination of the books; iii) The Balance-Sheet and Profit and Loss Account dealt with by the report are in agreement with the books of account; iv) In our opinion, the Profit & Loss Account and the Balance Sheet comply with the accounting standards referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956; v) on the basis of written representations received from the directors of the company as at March 31, 2007 and taken on record by the board of directors, we report that no director is disqualified as on 31st March 2007 from being appointed as director of the company under clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; i) In our opinion and to the best of our information and according to the explanation given to us, the accounts, read together with Notes thereon mentioned in, Schedule 22 give the information required by the Companies Act, 1956, in the manner so required and gives a true and fair view in conformity withthe accounting principles generally accepted in India. a) in the case of Balance-Sheet, of the state of affairs of the company as at 31st March, 2007; and b) in the case of the Profit & Loss Account, of the Profit for the year ended on that date. c) in the case of Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE REFERRED TO IN THE AUDITORS REPORT TO THE SHAREHOLDERS OF PARKER AGROCHEM EXPORTS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2007 (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) As informed to us by the management Fixed assets have been physically verified by them during the year. On the basis of explanations provided to us and on the basis of the records provided to us we opine that the procedure of physical verification of fixed assets is reasonable having regard to the size of the Company and the nature of its assets. As informed to us and on the basis of records provided to us we found that no material discrepancies were noticed on such verification. (c) During the year, Company has not disposed of any substantial / major part of fixed assets. (ii) (a) As explained to the us, the inventory has been physically verified during the year by the management. In our opinion the frequency of verification is reasonable. (b) In our opinion and as per information and explanations given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. (c) As per the information and explanations given to us and on the basis of documents provided to us, we opine that the Company is maintaining proper records of inventory and no material discrepancies were noticed during the year. (iii) (a) The company has granted loans to two Companies covered in the Register, maintained under section 301 of the Companies Act, 1956 aggregating to Rs. 26986135/- The Company has taken loan from six parties covered in the Register maintained under section 301 of the Act, aggregating to Rs.29574212/- (including opening balance of Rs. Nil). However at the year end the outstanding loan amount is Rs. NIL in both the cases of loan given or loan taken, (b) According to the information and explanations given to us, in our opinion, the rate of interest and other terms and conditions of above loans given or taken by the Company, secured or unsecured, are not prima facie prejudicial to the interest of the Company. (c) According to the information and explanations given to us, the Company to whom loans and advances in the nature of loan have been given, is repaying the principal amount as stipulated and also regular in payment of interest. (d) In respect of loans taken, the company has taken reasonable steps for payments principle and interest in respect of overdue amounts of more then Rupees one lakh each. There are no overdue amounts of more than Rupees one lakh each in respect of loan given. (iv) In our opinion and as per information and explanations given to us, there are adequate internal control procedure commensurate with the size of the company and the nature of its business with regard to the purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, no major weakness has been noticed in the internal control. (v) (a) In our opinion and as per information and explanations given to us, transactions. that need to be entered into a register in pursuance of section 301 of the Act, have been so entered; (b) In our opinion and as per information and explanations given to us, the transactions exceeding Rupees five lakh each have been made at prices, which are reasonable having regard to the prevailing market prices at the relevant time; (This information is required only in case of transactions exceeding the value of five lakh rupees in respect of any party and in any one financial year) (vi) In our opinion and as per information and explanations given to us, the Company has complied with the provisions of Sec.58 A and 58AA of the Companies Act, 1956 and rules framed there under with regard to deposits accepted from public, (vii) The internal audit system of the Company needs to be strengthen to make it commensurate with the size of the Company and its nature of business, (viii) The maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act. (ix) (a) According to the records, of the Company and information and explanations given to us, the company has been regular in depositing undisputed statutory dues including Investor Education and Protection Fund, Income-tax, Sales-tax, Wealth Tax, Custom Duty, Cess and any other statutory dues with the appropriate authorities. (b) According to the information and explanations provided to us there were no disputed demands payable in respect of Sales Tax, Income Tax, Custom Tax, Wealth tax, Excise Duty, Cess etc. However in case of Income Tax the list of disputed demand is as follows. Nature of Nature of Dues Amount Rs. Period Forum where dispute is the. Statute pending Income Tax Income Tax NIL A.Y. 2004-05 At CIT Appeals Act, 1961 Ahmedabad (x) The Company does not have accumulated losses exceeding fifty percent of its net worth at the end of the year and the Company has not incurred cash losses during the current and the immediately preceding financial year, (xi) Based on our audit procedures and on the basis of information and explanations given by the management, we are of the opinion that the Company has not defaulted in the repayment of dues to a financial institution or bank or debenture holders, (xii) According to the records, of the Company and information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities, (xiii) The provisions of any Special Statute applicable to Chit Fund, Nidhi Fund or any Mutual Benefit/ Societies are not applicable to the Company, (xiv) 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 timely entries have been made in these records. 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 name, (xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks and financial institutions, (xvi) As explained to us and on the basis of the records provided to us, Company has not availed any Term Loan Facility during the year, (xvii) According to the Cash Flow Statement and records examined by us and according to the information and explanation given to us, on overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investment and vice versa, (xviii) 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, during the year so the clause is not applicable to the Company, (xix) The Company has not issued debenture during the year so the clause is not applicable to the Company, (xx) The Company has not raised money by any public issues during the year so the clause is not applicable to the Company, (xxi) 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 was noticed or reported during the year. for N.U.Shah & Associates, Chartered Accountants 30.06.2007 SamirM. Shah Ahmedabad Partner