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Bharat Rasayan Ltd.

BSE: 590021 Sector: Agri and agri inputs
NSE: BHARATRAS ISIN Code: INE838B01013
BSE LIVE 15:29 | 09 Dec 1770.00 -13.55
(-0.76%)
OPEN

1771.00

HIGH

1771.00

LOW

1770.00

NSE LIVE 15:31 | 09 Dec 1755.25 -31.00
(-1.74%)
OPEN

1797.20

HIGH

1797.20

LOW

1750.00

OPEN 1771.00
PREVIOUS CLOSE 1783.55
VOLUME 75
52-Week high 2130.60
52-Week low 810.00
P/E 17.72
Mkt Cap.(Rs cr) 752.25
Buy Price 1770.00
Buy Qty 4.00
Sell Price 1792.90
Sell Qty 1.00
OPEN 1771.00
CLOSE 1783.55
VOLUME 75
52-Week high 2130.60
52-Week low 810.00
P/E 17.72
Mkt Cap.(Rs cr) 752.25
Buy Price 1770.00
Buy Qty 4.00
Sell Price 1792.90
Sell Qty 1.00

Bharat Rasayan Ltd. (BHARATRAS) - Auditors Report

Company auditors report

To the Members of

BHARAT RASAYAN LIMITED

Report on the Financial Statements:

We have audited accompanying financial statements of BHARAT RASAYAN LIMITED ("theCompany") which comprise the Balance Sheet as at 31st March 2015 theStatement of Profit and Loss the Cash Flow Statement for the year ended as on 31stMarch 2015 and a summary of the 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 the preparationof these 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. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial control that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 underthe provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with Standards on Auditing specified under Section143(10) of the Act. Those Standards require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement. An audit involves performing procedures toobtain audit evidence about the amounts and the 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 controlsrelevant 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 control system over the financial reporting andthe operating effectiveness of such controls. An audit also includes evaluating theappropriateness of the 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 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 31stMarch 2015 and its profits 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 2015 ("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 statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable to the Company.

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 accounts 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 accounts.

(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) In our opinion there are no financial transactions or other matters which have anadverse effect on the functioning of the Company.

(f) On the basis of the written representations received from the Directors as on 31stMarch 2015 taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2015 from being appointed as Director in termsof Section 164(2) of the Act.

(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 has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any and as required on long-term contractsincluding derivative contracts.

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

For B.K.GOEL & ASSOCIATES
CHARTERED ACCOUNTANTS
Sd/-
(B.K.GOEL)
Proprietor
New Delhi Membership No.082081
May 29 2015 [Firm Regn. No. 016642N]

ANNEXURE TO THE AUDITOR’S REPORT

Referred to in paragraph 1 under the heading "Report on Other legal andRegulatory Requirements" of our report on even date:

(I) a. The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

b. As informed to us the fixed assets have been physically verified by the Managementat reasonable intervals and the discrepancies noticed during such physical verificationwere not material and the same have been properly dealt with in the books of accounts.

(II) a. Physical verification of inventory has been conducted at reasonable intervalsby the Management. In our opinion the frequency of verification is reasonable.

b. The procedures of physical verification of inventory followed by the Management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c. The Company is maintaining proper records of inventory and as informed to us nomaterial discrepancies were noticed on physical verification.

(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 Act.

(IV) In our opinion and according to the information and explanation given to us thereis an adequate internal control system commensurate with the size of the Company and thenature of its business for the purchase of inventory and fixed assets and for the sale ofgoods and services. During the course of audit we have not observed any continuingfailure to correct major weaknesses in internal control system.

(V) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of sections 73 to 76 and other relevantprovisions of the Companies Act 2013 and the Rules framed thereunder whereverapplicable with regards to the deposits accepted from the public. According to theinformation and explanations given to us no Order has been passed by the Company LawBoard or National Company Law Tribunal or Reserve Bank of India or any Court or any otherTribunal on the Company is respect of the said deposits.

(VI) The Central Government has specified maintenance of cost records under sub-section(1) of Section 148 of the Act and we are of the opinion that prima facie such accountsand records are made and maintained. We have not however made a detailed examination ofthe records with a view to determine whether they are accurate or complete.

(VII) (a) The Company is regular in depositing undisputed statutory dues includingprovident fund employees’ state insurance income-tax sales tax wealth taxservice tax duty of customs duty of excise value added tax or cess and any otherstatutory dues with the appropriate authorities. According to information and explanationgiven to us no other undisputed amounts payable in respect of statutory dues were inarrears as at 31st March 2015 for a period than six months from the date theybecome payable.

(b) According to information and explanation given to us there are no disputed amountsof excise duty value added tax service tax and income tax are pending for payment.

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

(VIII) The Company does not have any accumulated losses at the end of the financialyear and has not incurred cash losses in the current financial year and in the immediatelypreceding financial year;

(IX) In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to its bankers/ Financial Institutions. TheCompany did not have any outstanding debentures during the year;

(X) As informed to us the Company has not given any guarantee for loans taken byothers from bank or financial institutions;

(XI) In our opinion the term loans were applied for the purpose for which the loanswere obtained;

(XII) According to information and explanation given to us no fraud on or by theCompany has been noticed or reported during the course of our audit.

For B.K.GOEL & ASSOCIATES
CHARTERED ACCOUNTANTS
Sd/-
(B.K.GOEL)
Proprietor
New Delhi Membership No.082081
May 29 2015 [Firm Regn. No. 016642N]

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