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Bazel International Ltd.

BSE: 539946 Sector: Financials
NSE: N.A. ISIN Code: INE217E01014
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Bazel International Ltd. (BAZELINTERNATIO) - Auditors Report

Company auditors report

TO THE MEMBERS OF BAZEL INTERNATIONAL LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of BAZEL INTERNATIONALLIMITED ("the Company") which comprise the Balance Sheet as at 31st March2017 the Statement of Profit and Loss the Cash Flow Statement for the yea tl an endedand a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone 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 financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting 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 Tl ;s responsibility also includes maintenance of adequateaccounting records in accordance wsth pie provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting pole es. making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of tire accoui nm i . rd: . relevant to the preparation andpresentation of the financial statemenis that give r true fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these stanceone hi a iaal stelcim. rttsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the and t reportunder the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing Section 143(10) ofthe Act. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about wfn tl the financial statements arefree from material misstatement. An audit involves performing procedures to obtain auditevidence about the amounts and the disclosures in the financial statements. The proceduresselected depend on the auditor's judgment including line assessment of the risks ofmaterial misstatement of the financial statement whether fraud or error. In making thoserisk assessments the auditor considers internal I'mare .1 control relevant to theCompany's preparation of the financial statements that g ve n iruo and fair view in orderto design audit procedures that are appropriate in the circufflstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements .We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 March 2017 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 (Auditor's Report) Order 2016' issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act (hereinafterreferred to as the "Order")we give in the Annexure 'I' a statement on thematters 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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act.

(f) In our opinion the company has in all material respects reasonably adequateinternal financial controls system over financial reporting keeping in view the size ofthe company and nature if its business. Such Internal financial controls over thefinancial reporting were operating effectively as on 31.03.2017 based on the internalcontrol over financial reporting criteria established by the company considering theessential components of internal control stated in the Guidance

Note Audit of Internal Financial Controls Over Financial Reporting " issued by Theinstitute of Chartered accountants of India.

(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 does not have any pending litigations on its financial position in itsfinancial statements.

ii. According to the information and explanations provided to us the Company did nothave any long-term contracts including derivative contracts for which there were anymaterial foreseeable losses.

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

iv. The company had provided requisite disclosures in its Note No. 29 to the financialstatements as to holdings as well as dealings in Specified Bank Notes during the periodfrom 8th November2016 to 30th December 2016. Based on audit procedures and relying onthe management representation we report that the disclosures are in accordance with thebooks of account and records by the Company and as produced by the Management.

For KRISHAN RAKESH & CO.
CHARTERED ACCOUNTANTS
Firm Regn. No. 009088N
PLACE : DELHI (K.K.GUPTA)
DATED : 30/05/2017 PARTNER
M. No. 087891