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Bharat Rasayan Ltd.

BSE: 590021 Sector: Agri and agri inputs
NSE: BHARATRAS ISIN Code: INE838B01013
BSE LIVE 15:40 | 18 Dec 3681.85 45.90
(1.26%)
OPEN

3784.00

HIGH

3798.50

LOW

3564.20

NSE 15:29 | 18 Dec 3717.45 90.05
(2.48%)
OPEN

3635.00

HIGH

3734.95

LOW

3505.25

OPEN 3784.00
PREVIOUS CLOSE 3635.95
VOLUME 357
52-Week high 3999.00
52-Week low 1530.00
P/E 24.44
Mkt Cap.(Rs cr) 1,565
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3784.00
CLOSE 3635.95
VOLUME 357
52-Week high 3999.00
52-Week low 1530.00
P/E 24.44
Mkt Cap.(Rs cr) 1,565
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

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 2017 the Statement ofProfit and Loss the Cash Flow Statement for the year ended on 31st March 2017 and asummary of the significant accounting policies and other explanatory information.

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 preparation& presentation of these financial statements that give a true and fair view of thestate of affairs (financial position) profit or loss (financial performance) and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the Accounting Standards specified under Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014. 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 control that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material 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 accordancewith Standards on Auditing specified under Section 143(10) of the Companies Act 2013.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial 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 of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial controls relevant to the company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial control systemover financial reporting and the operating effectiveness of such controls. 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 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 usthe aforesaid financial statements give the information required by the Act inthe 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 31stMarch2017 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 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Companies Act 2013 we give in the Annexure A a statement on the matters specifiedin paragraphs 3 and 4 of the Order to the extent applicable.

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 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 2017 taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2017 from being appointed as Director in terms of Section164(2) of the Act. (g) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operative effectiveness of such controlsrefer to our separate report in "Annexure B".

(h) 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) TheCompany has made provision as required under the applicable law or accounting standardsfor material foreseeable losses if any and as required on long-term contracts includingderivative contracts.

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

(III) The Company has provided requisite disclosures in the financial statements asregards its holding and dealing in Specified Bank Notes as defined in NotificationS.O.3407E dated November 8 2016 to December 30 2016. Based on the audit proceduresperformed and the representations provided to us by the management we report that thedisclosures are in accordance with the books of accounts maintained by the Company andprovided to us by the Management.

For B.K.GOEL & ASSOCIATES
CHARTERED ACCOUNTANTS
Sd/-
NEW DELHI (B.K.GOEL)
MAY 30 2017 Proprietor
Membership No.082081
[Firm Regn. No. 016642N]

Referred to in paragraph 1 under the heading "Report on Other Legal andRegulatory Requirements" of our report of even date: (I). a. The Company ismaintaining proper records showing full particulars including quantitative details andsituation of fixed assets; b. The Company has a regular programme of physical verificationof its fixed assets by which fixed assets are verified in a phased manner over a period ofthree years. In accordance with this programme certain fixed assets were verified duringthe year and no material discrepancies were noticed on such verification. In our opinionthis periodicity of physical verification is reasonable have regard to the size of thecompany and the nature of its assets. c. According to the information and explanationsgiven to us and on the basis of our examination of the records of the company the titledeeds of immovable properties are held in the name of the company.

As informed to us the fixed assets have been physically verified by the Management atreasonable intervals and the discrepancies noticed during such physical verification werenot material and the same have been properly dealt with in the books of accounts.

(II) As explained to us the inventories were physically verified by the Management atreasonable intervals and the discrepancies noticed during such physical verification werenot material and the same have been properly dealt with in the books of accounts.

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

(IV) In our opinion and according to the information and explanation given to us thecompany has complied with the provisions of Sections 185 & 186 of the Act withrespect in respect to the Loans & Investments made.

(V) In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits and hence the directives issued by Reserve Bank ofIndia and the provisions of Sections 73 to 76 or any other relevant provisions of the Actand the rules framed there under are not applicable to the company.

(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) According to the information and explanations given to us and on the basis ofour examination of the records of the company amounts deducted / accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employees'state insurance income-tax sales tax wealth tax service tax duty of customs duty ofexcise value added tax or cess and any other material statutory dues were not in arrearsas at 31.03.2017 for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us there are no materialdues of duty of customs which have not been deposited with the appropriate authorities onaccount of any dispute.

(c) The amounts required to be transferred to investor education and protection fund inaccordance with the relevant provisions of the Companies Act 2013 and Rules made thereunder have been transferred to such fund within time.

(VIII) The Company has not defaulted in repayment of loans or borrowings to banks/financial institutions.

The Company has not borrowed funds from Government and has not issued any debentures.(IX) The Company did not raise any money by way of initial public offer or further publicoffer (including debt instruments). As informed to us the term loans were applied for thepurposes for which those are raised.

(X) According to the information and explanations given to us no fraud by the Companyor any fraud on the Company by its officers or employees has been noticed or reportedduring the year. (XI) According to the information and explanations given to us and basedon our examination of the records of the Company the Company has paid / provided formanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of Section 197 read with Schedule V to the Act.

(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 notapplicable.

(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 Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(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 of full or partly 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 any non-cashtransactions with Directors or persons connected with them. Accordingly paragraph 3(xv)of the Orders is not applicable. (XVI)As informed to us the company is not required to beregistered under Section 45-IA of the Reserve Bank of India Act 1934.

For B.K.GOEL & ASSOCIATES
CHARTERED ACCOUNTANTS
Sd/-
NEW DELHI (B.K.GOEL)
MAY 30 2017 Proprietor
Membership No.082081
[Firm Regn. No. 016642N]

ANNEXURE-B TO THE AUDITOR'S REPORT

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION143 OF THE COMPANIES ACT 2013 ("THE ACT")

We have audited the internal financial controls over financial reporting of BHARATRASAYAN LIMITED ("the Company") as of 31st March 2017 in conjunction with ouraudit of the financial statements of the Company for the year 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 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 ("ICAI'). Theseresponsibilities included 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 accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

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 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 Control 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 control 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 risk ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidences we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of 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 purpose 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 andexpenditure 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 31st March 2017 based on theinternal financial control over financial reporting criteria established by the companyconsidering the essential components of internal controls stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For B.K.GOEL & ASSOCIATES
CHARTERED ACCOUNTANTS
Sd/-
(B.K.GOEL)
Proprietor
NEW DELHI Membership No.082081
MAY 30 2017 [Firm Regn. No. 016642N]