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Basant Agro Tech (India) Ltd.

BSE: 524687 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE473E01021
BSE LIVE 15:40 | 22 Sep 6.94 -0.21
(-2.94%)
OPEN

7.00

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7.39

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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 7.00
PREVIOUS CLOSE 7.15
VOLUME 95146
52-Week high 11.99
52-Week low 6.10
P/E 11.38
Mkt Cap.(Rs cr) 63
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 7.00
CLOSE 7.15
VOLUME 95146
52-Week high 11.99
52-Week low 6.10
P/E 11.38
Mkt Cap.(Rs cr) 63
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

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 312016 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due 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 theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company’s directors as well as evaluating theoverall presentation of the financial statements. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe financial 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 March312016 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 2016(the Order) issued bythe Central Government in terms of Section 143(11) of the Act we give "AnnexureI" a statement 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 2016 taken on record by the Board of Directors none of the directors is disqualifiedas on March 312016 from being appointed as a director in terms of Section 164 (2) of theAct.

g) With respect to the adequacy of the internal financial controls over financialreporting of the Company and operating effectiveness of such controls refer to ourseparate Report in "Annexure" -II

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. 31 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.

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 Place: Mumbai
Dated: 30th May 2016 Dated: 30th May 2016

"Annexure I" 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.

(c) In our opinion and according to information and explanations given to us and on thebasis of an examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company.

(ii) In respect of its inventories:

As explained to us the inventories were physically verified during the year by theManagement at reasonable intervals. In our opinion and according to the information andexplanations given to us the frequency of verification is reasonable and no materialdiscrepancies were noticed on physical verification.

(iii) The Company has not granted any loans secured or unsecured to companies firms.Limited liability partnerships or other parties covered in the Register maintained underSection 189 of the Companies Act 2013. Therefore the provision of Clause 3 (iii) (iii)(a) (iii) (b) and (iii) (c ) of the said Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us theCompany has not granted any loans or provided any guarantees or security pursuant tosection 185 & 186 of the Companies Act 2013.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposit from the public in accordance with the provisions ofsection 73 to 76 or any other relevant provisions of the Act and rules framed thereunder.Accordingly paragraph 3(v) of the Order is not applicable to the Company.

(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 of the opinion that primafacie the prescribed accounts and records have been made and maintained. We have nothowever made a detailed examination of the cost records with a view to determine whetherthey 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 2016 for the period of more than six months from the date they becomepayable

(b) According to the information and explanation given to us and records of the Companyexamine by us the Custom duty demand of Rs 18.46 lacs have not been deposited on accountof a disputed pending before the Commissioner customs (Appeals) Mumbai

(viii) According to the records of the Company examined by us and the information andexplanations given to us the Company has not defaulted in repayment of loans or borrowingto any financial institution or bank or Government or dues to debenture holders as thebalance sheet date.

(ix) The Company has not raised any moneys by way of initial public offer furtherpublic offer (including debt instruments). The terms loans were applied for the purposesfor which those are raised.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per the information and explanations given bythe management we report that no fraud on or by the Company has been notices or reportedduring the year.

(xi) According to the information and explanations given to us the managerialremuneration has been paid or provided in accordance with the requisite approvals mandatedby the provisions of section 197 read with Schedule V to the Act.

(xii) In our opinion the Company is not a chit fund or a nidhi / mutual benefit fund /society. Therefore the provisions of clause 3(xii) of the Order are not applicable to theCompany.

(xiii) According to the information and explanations given to us all the transactionswith the related parties are in compliance with section 177 and 188 of Act whereapplicable and the details have been disclosed in the financial statements as required byapplicable accounting standard.

(xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or partly or fully convertible debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into noncashtransactions with directors or persons connected with him.

(xvi) According to information and explanations given to us the Company is notrequired to be registered under Section 45 IA of the Reserve Bank of India Act 1934.Accordingly paragraph 3(xvi) of the Order is not applicable to the Company.

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 Place: Mumbai
Dated: 30th May 2016 Dated: 30th May 2016

"Annexure II" to the Independent Auditor’s Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Act

1. We have audited the internal financial controls over financial reporting of M/s.Basant Agro Tech (I) Limited ("the Company") as of March 312016 in conjunctionwith our audit of the financial statements of the Company for the year 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 that 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.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing 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 judgement 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.

Meaning of Internal Financial Controls Over Financial Reporting

6. A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that;

(a) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(b) 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 authorizations of management and directors of the company; and

(c) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could havea material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

7. Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting and were operating effectively as at March 312016 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 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 Place: Mumbai
Dated: 30th May 2016 Dated: 30th May 2016