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Best Agrolife Ltd.

BSE: 539660 Sector: Others
NSE: N.A. ISIN Code: INE052T01013
BSE 09:51 | 16 Dec 257.20 -2.90
(-1.11%)
OPEN

259.00

HIGH

267.00

LOW

255.00

NSE 05:30 | 01 Jan Best Agrolife Ltd
OPEN 259.00
PREVIOUS CLOSE 260.10
VOLUME 1293
52-Week high 278.05
52-Week low 11.00
P/E 233.82
Mkt Cap.(Rs cr) 205
Buy Price 255.00
Buy Qty 39.00
Sell Price 257.50
Sell Qty 30.00
OPEN 259.00
CLOSE 260.10
VOLUME 1293
52-Week high 278.05
52-Week low 11.00
P/E 233.82
Mkt Cap.(Rs cr) 205
Buy Price 255.00
Buy Qty 39.00
Sell Price 257.50
Sell Qty 30.00

Best Agrolife Ltd. (BESTAGROLIFE) - Auditors Report

Company auditors report

TO THE MEMBERS OF SAHYOG MULTIBASE LIMITED

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of SahyogMultibase Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2018 and the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Changes in Equity and the Statement of Cash Flows for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone 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 ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the Indian Accounting Standards(Ind AS) prescribed under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended and other accounting principles generallyaccepted in India.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone IndAS 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 standalone Ind AS financialstatements based on our audit. In conducting our audit we have taken into account theprovisions of the Act the accounting and auditing standards and matters which arerequired to be included in the audit report under the provisions of the Act and the Rulesmade thereunder and the Order issued under section 143(11) of the Act.

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone Ind AS financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the standalone Ind AS financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone Ind AS financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2018 and its loss total comprehensive income the changes inequity 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 Act we give in the Annexure A a statement on the matters specified in the paragraph3 and 4 of the Order.

2. As required by Section 143(3) of the Act based on our audit 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 including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the books of account.

d) in our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards prescribed under section 133 of the Act read with relevantrules issues thereunder.

e) on the basis of the written representations received from the directors of theCompany as on March 31 2018 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2018 from being appointed as a director in termsof Section 164(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". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company is subject to legal proceedings and claims which have arisen in theordinary course of business. The Management does not reasonably expect that these legalactions when ultimately concluded and determined will have a material and adverse effecton the Company's results of operations or financial condition.

ii. There are no material foreseeable losses on long term contracts includingderivative contracts therefore no such provision is required to be made.

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

For Akhil Mittal & Co.

FRN: 026177N

Chartered Accountants

(CA Akhil Mittal)

Partner

M. No. 517856

Date : 30th May 2018

Place : New Delhi

Annexure A to the Independent Auditors' Report

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the standalone Ind AS financial statements for the year ended 31st March 2018we report that:

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

(b) The Company has a regular program of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner. In accordance with this programcertain fixed assets were verified during the year and no material discrepancies werenoticed on such verification. In our opinion this periodicity of physical verification isreasonable having regard to the size of the Company and the nature of its assets.

(c) According to the information and explanation given to us and on the basis of ourexamination of the records of the company the title deeds of the immovable properties areheld in the name of the company.

(ii) (a) The management of the Company has conducted the physical verification ofinventory at reasonable intervals during the year. (b) The procedure of physicalverification of inventory followed by the management is reasonable and adequate inrelation to the size of the Company and nature of its business. (c) The Company hasmaintained proper records of inventory and no material discrepancies were noticed onphysical verification.

(iii) The Company has not granted any loans to companies firms or other partiescovered in the register maintained under section 189 of the Companies Act 2013 (‘theAct').

(iv) The company has not granted any loans under provisions of section 185 and hascomplied with provisions of section 186 of the Companies Act 2013 in respect of loansinvestments guarantees and security.

(v) The Company has not accepted any deposits from the public under provisions ofsections 73 to 76 or any other relevant provisions of the Companies Act' 2013.

(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the company is irregular in depositingundisputed statutory dues including provident fund employees' state insuranceincome-tax sales-tax service tax duty of customs duty of excise value added taxcess GST and other material statutory dues with the appropriate authorities. (b)According to the information and explanations given to us below given dues of income taxsales tax service tax excise duty value added tax and Cess have not been deposited withthe appropriate authorities on account of disputes:

S. No. Period of Demand Amount Involved Particulars of demand Appeal pending before
1 A.Y. 2012-13 Rs.1490130/- Income Tax Appeal. CIT (A) Kolkatta

(viii) ) In our opinion and according to the information and the explanations given tous the company has not defaulted in repayment of loans or borrowing to a financialinstitution bank Government or dues to debenture holders.

(ix) In our opinion and according to the information and the explanations given to usthe company has not raised any moneys by way of initial public offer or further publicoffer (including debt instruments) and term loans were applied for the purposes for whichthose are raised.

(x) In our opinion no material fraud by the company or on the Company by its officersor employees has been noticed or reported during the year under review.

(xi) In our opinion and according to the information and the explanations given to usand based on examination of 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 Companies Act.

(xii) In our opinion and according to information given to us the company is not anidhi Company. Accordingly paragraph 3(xii) of the order is not applicable.

(xiii) In our opinion and according to the information and the explanations given to usand based on our examination of the records of the company all transactions with therelated parties are in compliance with sections 177 and 188 of Companies Act 2013 whereever applicable and the details of such transactions have been disclosed in the notes tothe standalone Ind AS 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 or fully or partly convertible debentures duringthe year.

(xv) According to the information and the explanations given to us the company has notentered into any non-cash transactions with directors or persons connected with him underthe provisions of section 192 of Companies Act 2013

(xvi) According to the information and the explanations given to us the company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934

For Akhil Mittal & Co.

FRN: 026177N

Chartered Accountants

(CA Akhil Mittal)

Partner

M. No. 517856

Date : 30th May 2018

Place : New Delhi