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Basant Agro Tech (India) Ltd.

BSE: 524687 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE473E01021
BSE 00:00 | 25 Mar 4.08 0.14
(3.55%)
OPEN

4.05

HIGH

4.22

LOW

3.72

NSE 05:30 | 01 Jan Basant Agro Tech (India) Ltd
OPEN 4.05
PREVIOUS CLOSE 3.94
VOLUME 20756
52-Week high 7.85
52-Week low 3.60
P/E 5.51
Mkt Cap.(Rs cr) 37
Buy Price 4.00
Buy Qty 308.00
Sell Price 4.24
Sell Qty 200.00
OPEN 4.05
CLOSE 3.94
VOLUME 20756
52-Week high 7.85
52-Week low 3.60
P/E 5.51
Mkt Cap.(Rs cr) 37
Buy Price 4.00
Buy Qty 308.00
Sell Price 4.24
Sell Qty 200.00

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

Company auditors report

To

The Members of Basant Agro Tech (India) Limited

Report on the Financial Statements

We have audited the accompanying Ind AS financial statements of Basant Agro Tech (I)Ltd. (the Company) which comprise the Balance Sheet as at March 31 2018 the Statementof Profit and Loss (including the statement of other comprehensive income) the statementof cash flow and Statement of changes in equity for the year then ended and explanatoryinformation (herein after referred to as "Ind AS financial statement").

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 preparationand presentation of these Ind AS financial statements that give a true and fair view ofthe financial position financial performance including other comprehensive income cashflows and changes in equity of the Company in accordance with accounting principlesgenerally accepted in India including the Indian Accounting Standers (Ind AS) specifiedunder Section 133 of the Act read with the Companies (Indian Accounting Standers) Rules2015 as amended thereof This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the Ind AS financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards 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 of the Ind AS financial statements in accordance with theStandards on Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the Ind AS financialstatements are free from material misstatement. An audit involves performing procedures toobtain audit evidence about the amounts and the disclosures in the Ind AS financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the Ind AS financial statementswhether due to fraud or error. In making those risk assessments the auditor considersinternal financial control relevant to the Company's preparation of the Ind AS financialstatements that give a true and fair viewin order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theCompany's directors as well as evaluating the overall presentation of the Ind ASfinancial statements. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Ind AS financialstatements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe 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 March 31 2018 and its profit and total comprehensive income its cash flows andthe changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order 2016(the Order) issued by theCentral Government in terms of Section 143(11) of the Act we give "Annexure A"a statement on the matters specified in paragraphs 3 and 4 of the order

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 of the aforesaidInd AS financial statements;

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 including statement of othercomprehensive income the Cash Flow Statement dealt with by this Report are in agreementwith the books of account.

d) In our opinion the aforesaid Ind AS financial statements comply with the AccountingStandards specified under Section 133 of the with the Companies (Indian AccountingStanders) Rules 2015 as amended thereof;

e) On the basis of the written representations received from the directors as on March31 2018 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 from being appointed as a director in terms of Section 164 (2) ofthe Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and operating Controls refer to our separate 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 has disclosed the impact of pending litigations as at March 31 2018 onits financial position in its Ind AS financial statements as referred to in Note No.31 tothe Ind AS financial statements.

(ii) The Company did not have any long term contracts including derivative contractsfor which there were any material foreseeable losses:

(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 : 29th May 2018 Dated : 29th May 2018
Place : Mumbai Place : Mumbai

"Annexure A" to Independent Auditor's Report

Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

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 physicallyverified during the year by the Management at reasonable intervals. In our opinion andaccording to the information and explanations given to us the frequency of verificationisreasonable and the discrepancies were noticed on physical verification of the inventoryas compared to book records 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 2018 for the period of more than six months from the date they become payable(b) According to the information and explanation given to us and records of the Companyexamine by us the Custom duty demand of Rs. 18.46 lakhs have not been deposited on accountof a disputed pending before the Commissioner customs (Appeals) Mumbai (viii) According tothe records of the Company examined by us and the information and explanations given tous the Company has not defaulted in repayment of loans or borrowing to any financialinstitution or bank or Government or dues to debenture holders as the balance 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 statements and as per the information and explanations given bythe management 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 tothe Company.

(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 Act 1934. 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 : 29th May 2018 Dated : 29th May 2018
Place : Mumbai Place : Mumbai

"Annexure B" to the Independent Auditor's Report

(Referred to in our report of even date)

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

1. We have audited the internal financial controls over financial reporting of M/s.Basant Agro Tech (I) Limited ("the Company") as of March 31 2018 in conjunctionwith our audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. 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). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the CompaniesAct.

Auditors' Responsibility

3. 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 Controls and both issued by the ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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 judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. 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.

Meaning of Internal Financial Controls Over Financial Reporting

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that;

(a) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(b) 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

(c) provide reasonable assurance regarding prevention or timely detection ofunauthorised 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

7. 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

8. 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 and were operating effectively as at March 31 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

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 : 29th May 2018 Dated : 29th May 2018
Place : Mumbai Place : Mumbai