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Bharat Agri Fert & Realty Ltd.

BSE: 531862 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE842D01011
BSE LIVE 15:40 | 26 May 81.90 1.60
(1.99%)
OPEN

80.10

HIGH

82.00

LOW

80.10

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 80.10
PREVIOUS CLOSE 80.30
VOLUME 651
52-Week high 95.00
52-Week low 65.30
P/E
Mkt Cap.(Rs cr) 43
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 80.10
CLOSE 80.30
VOLUME 651
52-Week high 95.00
52-Week low 65.30
P/E
Mkt Cap.(Rs cr) 43
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bharat Agri Fert & Realty Ltd. (BHARATAGRI) - Auditors Report

Company auditors report

To the Members of

BharatAgri Pert and Realty Limited

Report on the Standalone financial statements

We have audited the accompanying standalone financial statements of BharatAgri Pertand Realty Limited ('the Company') which comprise the balance sheet as at 31"March 2016 the statement of profit and loss and the cash flow statementfor the year endedon that date and a summary of significant accounting policies and other explanatoryinformation.

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 Act2013 ("the Act") with respect to the preparation andpresentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including theAccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 ("the Rules"). This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and are free from material misstatement whether due tofraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased onour audit.

We have taken into account the provisions of the Actthe accounting and auditingstandards and matters which are required to be included in theaudit report under theprovisions of the Act and the Rules made thereunder and the Order under Section 143(11) oftheAct.

We conducted our audit in accordance with the Auditing Standards 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 standalone financial statements arefree from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial controls relevant to the Company'spreparation of the standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made bythe Company's Directors as well asevaluating the overall presentation of the standalone financial statements.

i We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion 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 31st March 2016and its loss and its cashflows for the year ended on that date.

Report onOther Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the 'Annexure A" a statement on the matters specified inthe paragraphs 3and 4 ofthe Order.

2. As required by Section 143 (3)of theAct 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 sheetthe statement of profit and loss and the cash flow statement dealt with by this Report arein agreement with the books of account; 35

(d) in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133of theAct readwith Rule 7of the Companies(Accounts) Rules 2014;

(e) on the basis of the written representations received from the directors as on 31March 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on 31s' March 2016 from being appointed as a director in terms of Section164 (2) of theAct; (f) with respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate report in "Annexure B";and

(g) with respect to the other matters to be included in the Independent Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous: the Companydo not have any pending litigation; there are no material foreseeablelosses arising out of any long-term contracts for which provision is required to be madeunder any law or accounting standards. The Company has not entered into any long termderivative contracts; and; there has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

For OESAISAKSENA& ASSOCIATES
CharteredAccountants
(Firm's Registration No: 102358W)
Sd/-
Dr.S.N.Desai
Place: Mumbai Partner
Date: 30"May 2016 Membershi p No:32546

Annexure -A to the Independent Auditors' Report

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the standalone financial statements for the year ended 31 March 2016 we report that:

(i) n respect of Companys fixed assets: I

(a) The Company has generally maintained proper records showing full particularsincluding quantitative details and situation offixed assets.

(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. In ouropinion this periodicity of physical verification is reasonable having regard to the sizeof the Company and the nature of its assets. In accordance with this programme certainfixed assets were verified during the year and no material discrepancies were noticed onsuch verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) in respect Company's inventories:

The inventory except goods-in-transit has been physically verified by the managementat reasonable intervals during the year. In our opinion the frequency of suchverification is reasonable. The discrepancies noticed on verification between thephysicalstocks and the book records were not material.

(iii) in respect of loans granted to parties covered in register maintained undersection 189 of theAct:

The Company has granted loans to a company (associate) covered inthe registermaintained under section 189 oftheAct. (a) In our opinion the rate of interest and otherterms and conditions on which the loans had been granted to the company covered in theregister maintained under Section 189 of the Act are not prima facie prejudicial to theinterest of the Company.

(b) Schedule of repayment of principal ahd payment of interest has been stipulated.Quarterly interest payment with one-year moratorium is stipulated. Hence interest is notdue during the financial year under audit. Principal is repayable within a period of fiveyears from the date of disbursement.

(c) As the principal is repayable within five years and interest is payable withone-year moratorium question of overdue do notarise.

(iv) In our opinion and according to the information and explanations given to us theCompany has not granted any loans secured or unsecured or provided any guarantees orsecurity to parties covered under section 185 of the Act. The Company has complied withthe provisions of section 186 of the Act in respect of the loans given investments made.The Company has not given guarantees or security to the company (associate) covered undersection 186 of theAct.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits fromthe public.Accordingly paragraph3 (v)oftheOrder is notapplicableto the Company.

(vi) We have broadly reviewed the books of accounts and records maintained by theCompany pursuant to the Rules prescribed by the Central Government under sub section (1)of section 148 of the Act and are of the opinion that prima facie the prescribed accountsand records have been made and maintained. However we have not made a detailedexamination of the records.

(vii) in respect of statutory dues:

(a) According to the information and explanations given to us and on the basis of ourexamination of the records of the

Company amounts deducted/ accrued in the books of account in respect of undisputedstatutory dues including provident fund income-tax value added tax duty of excise dutyof customs service tax professional tax cess and other material statutory dues havebeen generally regularly deposited during the year by the Company with the appropriateauthorities. According to the information and explanations given to us no undisputedamounts payable in respect of provident fund income tax value added tax duty of exciseduty of customs service tax professional tax cess and other material statutory dueswerein arrears asat 31 March 2016for a periodof more thansix monthsfrom the date they becamepayable.

(b) According to the information and explanations given to us there are no materialstatutory dues which have not been deposited with the appropriate authorities on accountof any dispute.

(viii)ln our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of loans or borrowings to banks. The Companydoes not have any loans or borrowings from financial institutions or government andhasnotissuedany debentures.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year.Accordinglyparagraph 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to theAct.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company.

Accordingly paragraph 3(xii) of the Order is not applicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Actwhere applicable. The details of suchrelated party transactions have been disclosed in the standalone financial statements asrequired under Accounting standard (AS) 18 Related Party Disclosure specified underSection 133 of the Act read with Rule 7 of the

Companies (Accounts) Rules 2014.

(xiv) According to the information and explanations give 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 fully or partly convertible debenturesduringthe 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 non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi)The Company is not required to be registered under section 45-IA of the ReserveBank of India.Act 1934. Accordingly paragraph 3(xvi) of the Order is not applicable.

For DESAI SAKSENA& ASSOCIATES
CharteredAccountants
(Firm's Registration No: 102358W)
Sd/-
Dr.S.N.Desai
Place: Mumbai Partner
Date: 30" May 2016 Membershi p No: 32546

Annexure - B to the Independent Auditors' Report for the year ended 31" March2016 on the Financial Statement:

(Referred to in our report of even date)

Report on the Internal Financial Controls over financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Act

We have audited the internal financial controls over financial reporting of BharatAgri Pert and Realty Limited ("theCompany") as of 31sl March 2016 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on 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 controls over financial reporting criteriaestablished by the Company considering the essential components of internal controlsstated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India ('ICAI') (the'Guidance Note'). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors' 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 Standards onAuditing prescribed under Section 143(10) of theAct and the GuidanceNote to the extent applicable to an audit of internal financial controls. Those Standardsand the Guidance Note require that we comply with the ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 standalone financial statements whether due to fraud orerror.

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 controls systemover financial reporting.

Meaningof Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the standalone 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 and to the best of our information and according to the explanationsgiven to us the Company has in all material respects an adequate internal financialcontrols system overfinancial reporting and such internal financial controls overfinancialreporting were operating effectively as at 31" March 2016 based on the internalcontrols over financial reporting criteria established by the Company considering theessential components of internal controls stated in the Guidance Note.

For DESAISAKSENA &ASSOCIATES
CharteredAccountants
(Firm's Registration No: 102358W)
Sd/-
Dr.S.N.Desai
Place: Mumbai Partner
Date: 30m May 2016 Membershi p No: 32546