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Bhagiradha Chemicals & Industries Ltd.

BSE: 531719 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE414D01019
BSE LIVE 15:40 | 02 Dec 156.95 2.30
(1.49%)
OPEN

159.00

HIGH

159.00

LOW

145.30

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 159.00
PREVIOUS CLOSE 154.65
VOLUME 4358
52-Week high 185.00
52-Week low 87.00
P/E
Mkt Cap.(Rs cr) 79.26
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 159.00
CLOSE 154.65
VOLUME 4358
52-Week high 185.00
52-Week low 87.00
P/E
Mkt Cap.(Rs cr) 79.26
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bhagiradha Chemicals & Industries Ltd. (BHAGIRADHACHEM) - Auditors Report

Company auditors report

To the Members of

Bhagiradha Chemicals & Industries Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Bhagiradha Chemicals &Industries Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2016 and the Statement of Profit and Loss and the Cash Flow Statement for theyear then ended and a summary of significant accounting policies and other explanatoryinformation.

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 preparation andpresentation of these financial statements that give a true and fair view of the financialposition financial performance and cash fl ows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified Under Section 133 of Companies Act 2013 read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; 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 the accounting records relevant to the preparation andpresentation of the financial statements that give a true and 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 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 there under.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe 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 financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has a place an adequate financial controlssystem over financial reporting and the operating effectiveness of such controls. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the 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 at31-03-2016 and its loss and its cash fl ows for the year ended on that date.

Report on Other Legal & Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the Annexure - ‘A’ astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

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 Statement of Profit and Loss and Cash Flow Statement dealt withby 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 Companies Act 2013 read with Rule 7 of theCompanies (Accounts) Rules 2014;

e) on the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of section 164 of theCompanies Act 2013;

f) With respect to the adequacy of Internal Financial Controls over Financial reportingof the Company and the operating effectiveness of such controls refer to our separatereport in "Annexure - B"

g) With respect to the other matters to be included in the Auditors’ Report inaccordance with Rule 11 of the Companies (Audit & Auditors) Rule 2014 in our opinionand to the best of our information & according to the explanations given to us:

i. The Company does not have any pending litigations as at 31.03.2016 which wouldimpact its financial position.

ii. The Company did not have any long term contracts including derivative contracts asat 31.03.2016 for 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 R Kankaria & Uttam Singhi
Chartered Accountants
Firm Reg. No. 000442S
Uttam Kumar Singhi
Place : Hyderabad Partner
Date : 25-05-2016 M. No. : 027481/ICAI

ANNEXURE "A" TO THE AUDITOR’S REPORT

Referred to in paragraph 1 under the head "Report on other legal & regulatoryrequirements" of our report of even date.

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

b. All the Fixed assets have been physically verified by the management during theyear. According to the information and explanations given to us no material discrepancieswere noticed on such verification.

c. As per the documents verified by us and explanation given to us all the Title Deedsof immovable properties are held in the name of the company.

ii). The inventory has been physically verified during the year by the management inour opinion the frequency of verification is reasonable. No material discrepancies havebeen noticed on physical verification of stocks as compared to book records.

iii). The company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnership or other parties who are covered in the register maintainedunder section 189 of Companies Act 2013 accordingly Clause (iii a) (iii b) and (iii c)of Paragraph 3 of the Order are not applicable.

iv) According to the information and explanations given to us the Company has notgranted any loans guarantees and security and made investments as per section 185 &186 of the Companies Act 2013.

v) According to the information and explanations given to us the Company has notaccepted any deposits from the public as per the directives issued by the Reserve Bank ofIndia and as per the provisions of section 73 to 76 or any other relevant provisions ofthe Companies Act 2013 and the rules framed there under.

vi) The company has maintained cost records as specified by the Central Governmentunder section 148(1) of the Companies Act 2013.

vii) (a) According to the information & explanations given to us none of theundisputed statutory dues including Provident Fund Employees State Insurance Income TaxSales Tax Service Tax Custom Duty Excise Duty Value Added Tax Cess and any otherStatutory Dues were outstanding as at last day of the financial year concerned for aperiod of more than six months.

(b) According to the information & explanations given to us there is no dues inrespect of disputed amount to be deposited in respect of Income Tax Sales Tax ServiceTax Custom Duty Excise Duty Value Added Tax as on 31st March 2016.

viii) According to the information and explanations given to us the company has notdefaulted in repayment of loans or borrowing to the financial institutions bankgovernment or dues to debenture holders.

ix) In our opinion and according to the information and explanations given to us thecompany has not raised money by way of initial public offer or further public offer(including debt instruments) and term loans during the year.

x) According to the information and explanations given to us no fraud by the Companyor any fraud on the company by its officers/employees has been noticed or reported duringthe course of our audit.

xi) According to the information and explanations given to us the Company has paid andprovided managerial remuneration during the year as per the provisions of Section 197 readwith Schedule V to the Companies Act.

xii) According to the information and explanations given to us the Company is not aNidhi Company. Accordingly Clause (xii) of Paragraph 3 of the Order is not applicable.

xiii) According to the information and explanations given to us all transactions withthe related party are in compliance with section 177 & 188 of Companies Act 2013 andthe same has been disclosed in financial statements as required by the AccountingStandards.

xiv) According to the information and explanations given to us the company has notmade preferential allotment or private placement of shares or fully or partly convertibledebentures during the year.

xv) According to the information and explanations given to us the company has notentered into Non Cash Transactions with directors or persons connected with him during theyear.

xvi) According to the information and explanations given to us company is not requiredto be registered under section 45-IA of Reserve Bank Of India.

For R. Kankaria & Uttam Singhi
Chartered Accountants
Firm Reg. No. 000442S
Uttam Kumar Singhi
Place : Hyderabad Partner
Date : 25-05-2016 M. No. 027481/ICAI.

Report on Internal Financial Controls over Financial Reporting

Annexure "B" to the Independent Auditor’s Report of even date on theFinancial Statements of Bhagiradha Chemicals & industries Limited Report on theInternal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of theCompanies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of BhagiradhaChemicals & Industries Limited ("the Company") as of March 31 2016 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company’s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor’s Responsibility

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 Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe 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 judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

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

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 (1) pertain to themaintenance of records that in reasonable detail accurately and fairly refl ect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

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

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 were operating effectively as at March 31 2016 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 R Kankaria & Uttam Singhi
Chartered Accountants
Firm Reg. No. 000442S
Uttam Kumar Singhi
Place : Hyderabad Partner
Date :25.05.2016 M. No.027481/ICAI

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