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Basant Agro Tech (India) Ltd.

BSE: 524687 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE473E01021
BSE 15:41 | 02 Jul 4.85 -0.24
(-4.72%)
OPEN

5.08

HIGH

5.08

LOW

4.55

NSE 05:30 | 01 Jan Basant Agro Tech (India) Ltd
OPEN 5.08
PREVIOUS CLOSE 5.09
VOLUME 105425
52-Week high 5.44
52-Week low 2.00
P/E 5.57
Mkt Cap.(Rs cr) 44
Buy Price 4.80
Buy Qty 2000.00
Sell Price 4.93
Sell Qty 975.00
OPEN 5.08
CLOSE 5.09
VOLUME 105425
52-Week high 5.44
52-Week low 2.00
P/E 5.57
Mkt Cap.(Rs cr) 44
Buy Price 4.80
Buy Qty 2000.00
Sell Price 4.93
Sell Qty 975.00

Basant Agro Tech (India) Ltd. (BASANTAGROTECH) - Auditors Report

Company auditors report

To The Members of Basant Agro Tech (India) Limited Opinion

We have audited the standalone financial statements of Basant Agro Tech (India)Limited ("the Company") which comprise the balance sheet as at 31st March2019 and the statement of Profit and Loss statement of changes in equity and statementof cash flows for the year then ended and notes to the financial statements including asummary of significant policies and other explanatory information

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 Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in India ofthe state of affairs of the Company as at March 31 2019 and profit/loss changes inequity and its cash flows for the year ended on that date

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon.There are no other key auditmatters and we do not provide a separate opinion on these matters.

Responsibility of Management for Standalone Financial Statements

The Company's management & Board of Directors is responsible for the matters statedin section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance changes in equity and cash flows of the Companyin accordance with the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of 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 controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements management and Board of Director are responsiblefor assessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Board of Directors is also responsible for overseeing the company's financial reportingprocess.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

Report on Other Legal and Regulatory Requirements

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 mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

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 the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in terms of Section164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

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 does not have any pending litigations which would impact its financialposition except as stated otherwise.

ii. The Company did not have any long-term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does not arise.

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

For Amar Bafna & Associates For Gautam R. Agarwal & Associates
Chartered Accountants Chartered Accountants
Firm Reg. No. 114854W Firm Reg. No. 139859W
Amar Bafna Gautam Agarwal
M. No. 048639 M. No. 149292
Dated : 30th May 2019
Place : Mumbai

Annexure – A to the Auditors‘ Report

(i) In respect of its fixed assets:

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

b. The Company has a regular programme of physical verification of all its fixed assetsby which fixed asset have been verified by the management according to the program ofperiodical physical verification in a phased manner which in our opinion is reasonablehaving regard to the size of the Company and the nature of its fixed assets. Thediscrepancies noticed on such physical verification were not material.

c. In our opinion and according to information and explanations given to us and on thebasis of an examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company.

(ii) In respect of its inventories:

As explained to us the inventories were physically verified during the year by theManagement at reasonable intervals. In our opinion and according to the information andexplanations given to us the frequency of verification is reasonable and thediscrepancies were noticed on physical verification of the inventory as compared to bookrecords were not material.

(iii) The Company has not granted any loans secured or unsecured to companies firmsLimited liability partnerships or other parties covered in the Register maintained underSection 189 of the Companies Act 2013. Therefore the provision of Clause 3 (iii)(iii)(a) (iii) (b) and (iii) (c) of the said Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us theCompany has not granted any loans or provided any guarantees or security pursuant tosection 185 & 186 of the Companies Act 2013.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposit from the public in accordance with the provisions ofsection 73 to 76 or any other relevant provisions of the Act and rules framed thereunder.Accordingly paragarpgh 3(v) of the Order is not applicable to the Company.

(vi) Pursuant to the rules made by the Central Government of India the Company isrequired to maintain cost records as specified under section 148 (1) of the Act in respectof its products. We have broadly reviewed the same and are of the opinion that primafacie the prescribed accounts and records have been made and maintained. We have nothowever made a detailed examination of the cost records with a view to determine whetherthey are accurate or complete.

(vii) According to the information and explanations given to us in respect ofstatutory dues:

(a) The Company has generally been regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income-tax sales tax wealth taxservice tax customs duty excise duty value added tax cess and any other statutory dueswith the appropriate authorities. There were no undisputed statutory dues in arrears as at31st March 2019 for the period of more than six months from the date they become payable

(viii) According to the records of the Company examined by us and the information andexplanations given to us the Company has not defaulted in repayment of loans or borrowingto any financial institution or bank or Government or dues to debenture holders as thebalance sheet date.

(ix) The Company has not raised any moneys by way of initial public offer furtherpublic offer (including debt instruments). The terms loans were applied for the purposesfor which those are raised.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial and as per the information and explanations given by themanagement we report that no fraud on or by the Company has been notices or reportedduring the year.

(xi) According to the information and explanations given to us the managerialremuneration has been paid or provided in accordance with the requisite approvals mandatedby the provisions of section 197 read with Schedule V to the Act.

(xii) In our opinion the Company is not a chit fund or a nidhi / mutual benefit fund /society. Therefore the provisions of clause 3(xii) of the Order are not applicable to theCompany.

(i) According to the information and explanations given to us all the transactionswith the related parties are in compliance with section 177 and 188 of Act whereapplicable and the details have been disclosed in the financial statements as required byapplicable accounting standard.

(ii) 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 or partly or fully convertible debentures duringthe year.

(iii) 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.

(iv) According to information and explanations given to us the Company is not requiredto be registered under Section 45 IA of the Reserve Bank of India Act1934. Accordinglyparagraph 3(xvi) of the Order is not applicable to the Company.

For Amar Bafna & Associates For Gautam R. Agarwal & Associates
Chartered Accountants Chartered Accountants
Firm Reg. No. 114854W Firm Reg. No. 139859W
Amar Bafna Gautam Agarwal
M. No. 048639 M. No. 149292
Dated : 30th May 2019
Place : Mumbai

Annexure – "B" to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

In conjunction with our audit of the standalone financial statements of the Company asof and for the year ended 31 March 2019 we have audited the internal financial controlsover financial reporting of Basant Agro Tech (India) Limited. ("TheCompany").

Management's Responsibility for Internal Financial Controls

The Respective Board of Directors of the Company are responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India("ICAI''). These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required 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 accordance with the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting (the "Guidance Note") issued by ICAIand the Standards on Auditing issued by ICAI and deemed to be prescribed under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively 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.

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 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

2. provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

3. provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 31 March 2019 based on thereporting criteria established by the Company considering the essential components ofinternal internalcontrolover financial control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the ICAI.

For Amar Bafna & Associates For Gautam R. Agarwal & Associates
Chartered Accountants Chartered Accountants
Firm Reg. No. 114854W Firm Reg. No. 139859W
Amar Bafna Gautam Agarwal
M. No. 048639 M. No. 149292
Dated : 30th May 2019
Place : Mumbai