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Bharat Rasayan Ltd.

BSE: 590021 Sector: Agri and agri inputs
NSE: BHARATRAS ISIN Code: INE838B01013
BSE LIVE 15:40 | 23 Feb 2370.70 30.00
(1.28%)
OPEN

2340.00

HIGH

2450.00

LOW

2323.50

NSE LIVE 15:54 | 23 Feb 2393.20 34.10
(1.45%)
OPEN

2384.00

HIGH

2450.00

LOW

2330.00

OPEN 2340.00
PREVIOUS CLOSE 2340.70
VOLUME 362
52-Week high 2450.00
52-Week low 820.25
P/E 21.32
Mkt Cap.(Rs cr) 1007.55
Buy Price 2381.00
Buy Qty 20.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2340.00
CLOSE 2340.70
VOLUME 362
52-Week high 2450.00
52-Week low 820.25
P/E 21.32
Mkt Cap.(Rs cr) 1007.55
Buy Price 2381.00
Buy Qty 20.00
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 at 31st March 2016 the Statement ofProfit and Loss the Cash Flow Statement for the year ended on 31st March 2016 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 Ac 2013 ("the Act") with respect to the preparation& presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting 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. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement 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 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 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 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 2016 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 statement on the matters specified inparagraphs 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 2016 taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2016 from being appointed as Director in terms of Section164(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/-
New Delhi (B.K.GOEL)
May 30 2016 Proprietor
Membership No.082081
[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. 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. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable have regard to the size of the Company and thenature of its assets.

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.

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 during the year bythe Management at reasonable intervals and no material discrepancies were noticed onphysical 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 theCompany has complied with the provisions of Section 185 & 186 of the Act with respectto 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 thereunder 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' stateinsurance 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 in arrears asat 31.03.2016 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 1956 and rules madethereunder 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 notissued any debentures.

(IX) The Company did not raise any money by way of initial public offer or furtherpublic offer (Including debit instruments). As informed to us the term loans were appliedfor the purposes 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 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 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 177 and 188 of the Act where applicable and details of such transactionshave been disclosed in the financial statements as required by the applicable accountingstandards.

(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 fully 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 non -cashtransactions with Directors or persons connected with him. Accordingly paragraph 3(xv) ofthe orders is not applicable.

(XVI) As informed to us the Company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934.

For B.K.GOEL & ASSOCIATES
CHARTERED ACCOUNTANTS
Sd/-
New Delhi (B.K.GOEL)
May 30 2016 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 2016 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 its business including adherence to accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 responsible 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 control over financial reportingis a process designed to provide reasonable assurance regarding the reliability offinancial reporting and the preparation of financial statements for external purpose inaccordance with generally accepted accounting principles. A Company's internal financialcontrol over financial reporting includes those policies and procedures that (1) pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthe transactions 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 expenditure 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 2016.

For B.K.GOEL & ASSOCIATES
CHARTERED ACCOUNTANTS
Sd/-
New Delhi (B.K.GOEL)
May 30 2016 Proprietor
Membership No.082081
[Firm Regn. No. 016642N]