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Basant Agro Tech (India) Ltd.

BSE: 524687 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE473E01021
BSE LIVE 11:51 | 06 Dec 7.30 0
(0.00%)
OPEN

8.08

HIGH

8.08

LOW

7.01

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 8.08
PREVIOUS CLOSE 7.30
VOLUME 12947
52-Week high 10.60
52-Week low 5.31
P/E 12.37
Mkt Cap.(Rs cr) 66.14
Buy Price 7.30
Buy Qty 2.00
Sell Price 7.32
Sell Qty 50.00
OPEN 8.08
CLOSE 7.30
VOLUME 12947
52-Week high 10.60
52-Week low 5.31
P/E 12.37
Mkt Cap.(Rs cr) 66.14
Buy Price 7.30
Buy Qty 2.00
Sell Price 7.32
Sell Qty 50.00

Basant Agro Tech (India) Ltd. (BASANTAGROTECH) - Auditors Report

Company auditors report

To

The Members of Basant Agro Tech (India) Limited Report on the Financial Statements

We have audited the accompanying financial statements of Basant Agro Tech (I) Ltd. (theCompany) which comprise the Balance Sheet as at March 31 2015 the Statement of Profitand Loss and Cash Flow Statement for the year then ended and a summary of significantaccounting policies and other explanatory information which we have signed under referenceto this report.

Management’s Responsibility for the 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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatements. An audit involves performing procedures to obtain audit evidence about theamounts and disclosures in the financial statements.

The procedures selected depend on the auditor’s judgment including the assessmentof the risks of material misstatement of the financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlrelevant to the Company’s preparation of the financial statements that give a trueand fair view in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on whether the Company hasin place an adequate internal financial controls system over financial reporting and theoperating effectiveness of such controls. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company’s directors as well as evaluating the overallpresentation of the financial statements. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thefinancial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 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 (Auditors’ Report) Order 2015(the Order) issued bythe Central Government in terms of Section 143(11) of the Act we give annexure astatement on the matters specified in paragraphs 3 and 4 of the order

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 financial statements comply with the AccountingStandards 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 March31 2015 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164 (2) ofthe Act.

f) 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 on its financialposition in its financial statements as referred to in Note No.30 to the financialstatements.

(ii) The Company did not have any long term contracts including derivative contractsfor which there were any material foreseeable losses :

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

Annexure to Independent Auditor’s Report

Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date) (i) In respect of its fixed assets:

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

(b) The Company has a programme of physical verification of all its fixed assets in aphased manner which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. In accordance with such a programme certain fixedassets were physically verified by the management during the year. According to theinformation and explanation given to us no material discrepancies were noticed on suchverification.

(ii) In respect of its inventories :

(a) As explained to us the inventories were physically verified during the year by theManagement at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the Management werereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) In our opinion and according to the information and explanations given to us theCompany has maintained proper records of its inventories. The discrepancies noticed onphysical verification of inventories as compared to book record were not material.

(iii) The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the Register maintained under Section 189 of the CompaniesAct 2013.

(iv) There is an adequate internal control system commensurate with the size of theCompany and the nature of its business with regard to purchases of inventory and fixedassets and the sale of goods and services. During the course of our audit we have notobserved any major weakness in such internal control system.

(v) According to the information and explanations given to us the Company has notaccepted any deposit from the public during the year.

(vi) We have broadly reviewed the cost records maintained by the Company pursuant tothe Companies (Cost Records and Audit) Rules 2014 as amended prescribed by the CentralGovernment under sub-section (1) of Section 148 of the Companies Act 2013 in a respectof fertilizers and are of the opinion that prima facie the prescribed cost records havebeen made and maintained. We have however not made a detailed examination of the costrecords with a view to determine whether they are accurate or complete.

(vii) According to the information and explanations given to us in respect ofstatutory dues :

(a) The Company has generally been regular in depositing undisputed statutory duesincluding provident fund employees’ state insurance income-tax sales tax wealthtax service tax customs duty excise duty value added tax cess and any other statutorydues with the appropriate authorities. There were no undisputed statutory dues in arrearsas at 31st March 2015 for the period of more than six months from the date they becomepayable.

(b) According to the record of the Company and information and explanation given to usby the management there no dues of Income Tax Sales Tax Service Tax Custom DutyWealth Tax Excise Duty which have been not deposited on account of any dispute. Exceptcustom duty demand pending before Commissioner Customs (Appeals) Mumbai of Rs. 18.46 lacs(Previous Year 26.46 lacs) for financial years 2009-10 and 2010-2011.

(c) The amounts required to be transferred to investor education and protection fund inaccordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and rulesmade thereunder has been transferred to such fund within time.

(viii) The Company does not have accumulated losses at the end of the financial yearand the Company has not incurred cash losses during the financial year covered by ouraudit and in the immediately preceding financial year.

(ix) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks.

(x) In our opinion and according to the information and explanations given to us theCompany has not given any guarantees for loans taken by others from banks and financialinstitutions.

(xi) In our opinion and according to the information and explanations given to us theterm loans have been applied by the Company during the year for the purposes for whichthey were obtained.

(xii) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company has been noticedor reported during the year.

FOR P. C. BARADIYA & CO. FOR P. C. BHANDARI & CO.
Chartered Accountants Chartered Accountants
Firm Reg. No.: 101017W Firm Reg. No.: 114079W
K. C. Kankariya P. C. Bhandari
Partner Partner
M.No.: 43951 M.No.: 39710
Place: Mumbai Dated: 28th May 2015

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