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Bhageria Industries Ltd.

BSE: 530803 Sector: Industrials
NSE: BHAGERIA ISIN Code: INE354C01027
BSE 00:00 | 20 Mar 275.20 -2.65
(-0.95%)
OPEN

277.50

HIGH

280.00

LOW

274.10

NSE 00:00 | 20 Mar 275.15 -4.20
(-1.50%)
OPEN

273.00

HIGH

279.85

LOW

273.00

OPEN 277.50
PREVIOUS CLOSE 277.85
VOLUME 518
52-Week high 364.60
52-Week low 211.00
P/E 8.36
Mkt Cap.(Rs cr) 600
Buy Price 268.00
Buy Qty 1.00
Sell Price 289.40
Sell Qty 24.00
OPEN 277.50
CLOSE 277.85
VOLUME 518
52-Week high 364.60
52-Week low 211.00
P/E 8.36
Mkt Cap.(Rs cr) 600
Buy Price 268.00
Buy Qty 1.00
Sell Price 289.40
Sell Qty 24.00

Bhageria Industries Ltd. (BHAGERIA) - Auditors Report

Company auditors report

To The Members of

BHAGERIA INDUSTRIES LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of BHAGERIA INDUSTRIESLIMITED (“the company”) which comprise the Balance Sheet as at 31st March2018 the Statement of Profit and Loss (including other comprehensive income) theStatement of Cash Flow and the statement of changes in equity for the year then ended anda summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 (“the Act”) with respect to the preparation of theseStandalone financial statements that give a true and fair view of the financial positionfinancial performance including other comprehensive income cash flows and changes inequity of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards (Ind AS) prescribed under Section 133 ofthe Act read with relevant rule issued there under.

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 the 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 standalone financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under and the orderissued under section 143 (11) of the Act.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe standalone financial statements are free from material misstatement.

Anauditinvolvesperformingprocedurestoobtainauditevidenceabout the amounts anddisclosures in the standalone financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thestandalone financial statements whether due to fraud or error. In making those riskassessments; the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by Company's Directors as well as evaluating the overallpresentation of the standalone financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

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 Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including the Ind AS of the financialposition of the Company as at 31st March 2018 and its financial performance includingOther Comprehensive Income its Cash Flows and the Changes in Equity for the year ended onthat date.

Report on other Legal and Regulatory Requirements

1. As required by section 143(3) of the Act we report that: a) We havesought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit; b) In our opinionproper books of account as required by law have been kept by the Company so far as itappears from our examination of those books; c) The Balance Sheet the Statement of Profitand Loss including Other Comprehensive Income the Statement of Cash Flow and theStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account; d) In our opinion the aforesaid Standalone Financial Statements comply withthe Accounting Standards specified under Section 133 of the Act 2013 read with relevantrule issued there under; e) On the basis of the written representations received from thedirectors as on 31st March 2018 and taken on record by the Board of Directors none ofthe directors is disqualified as on 31st March 2018 from being appointed as a directorin terms of Section 164(2) of the Act; f) With respect to the adequacy of the internalfinancial controls over financial reporting of the company and the operating effectivenessof such controls refer to our separate report in “ Annexure A” to thisreport; and g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit & Auditors) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us:i. The Company has disclosed the impact of pending litigations on its financial positionin its financial statements in Note No. 45. ii. The Company did not have any long-termcontracts including derivatives contracts for which there were any material foreseeablelosses. iii. There has been no delay in transferring amounts required to be transferredto the Investor Education and Protection Fund by the Company

2. As required by the Companies (Auditor's Report) Order 2016 (“the Order”)issued by the Central Government of India in terms of Section 143(11) of the Act we givein “Annexure B” statements on the matter specified in paragraphs 3 and 4of the Order to the extent applicable.

For MRB & Associates
Chartered Accountants
Firm Registration Number: 136306W
Manish R Bohra
Proprietor Place: Mumbai
Membership Number: 058431 Date: May 4 2018

Annexure - A to the Independent Auditors' Report

(Referred to in paragraph 1(f) under “Report on Other Legal and RegulatoryRequirements” section of our report to the members of

Bhageria Industries Limited

Report on the internal financial controls under clause (i) of subsection 3 of section143 of the companies act 2013 (“the act”)

We have audited the internal financial controls over financial reporting of BHAGERIAINDUSTRIES LIMITED (“the Company”) as of 31st March 2018 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include 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 company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation 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 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. 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. Our audit involves performing procedures to obtainaudit evidence about the adequacy of the internal financial controls system over financialreporting and their operating effectiveness. Our audit of internal financial controls overfinancial reporting included obtaining an understanding of internal financial controlsover financial reporting assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. We believe that the audit evidence we have obtained are sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over 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 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 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 andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 to the best of our information and according to explanations given tous the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31st March 2018 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For MRB & Associates
Chartered Accountants
Firm Registration Number: 136306W
Manish R Bohra
Proprietor Place: Mumbai
Membership Number: 058431 Date: May 4 2018

Annexure - B to the Independent Auditors' Report

Referred to in paragraph 2 under “Report on Other Legal and RegulatoryRequirements” section of our report to the members of

Bhageria Industries Limited

Based on audit procedure performed for the purpose of reporting the true and fair viewof the financial statements of the Company and taking into consideration the informationand explanations given to us and the books and other records examined by us in the normalcourse of our audit in our opinion and to the best of our knowledge we report that: I. Inrespect of its fixed assets: - a. The company is maintaining proper records showing fullparticulars including quantitative details and situation of fixed assets; b. The fixedassets have been physically verified by the management at reasonable intervals and nomaterial discrepancies were noticed on such verification; c. All title deeds of immovableproperties are held in the name of the company.

II. In Respect of inventory a. The inventories have been physically verified during theyear by the management. The procedures of physical verification of inventories followed bythe management are reasonable and adequate in relation to the size of the company and thenature of its business. b. During such verification no material discrepancies wherenoticed.

III. According to the information and explanations given to us the company has grantedunsecured loan to one body corporate covered in a the Register maintained under section189 of the Companies Act 2013 in the respect of which: a) The terms and conditions ofthe grant of such loans are in our opinion prima facie not prejudicial to the company'sinterest. b) The schedule of repayment of principal and payment of interest has beenstipulated and repayments are receipt of principal amount and interest have been regularas per stipulation.

c) There is no amount outstanding as at the year end.

IV. In our opinion and according to the information and explanations provided to usprovisions of section 185 and 186 of the Companies Act 2013 in respect of loans toentities in which directors are interested have been complied with by the Company.

V. The Company has not accepted any public deposit for the year ended 31st March 2018.

VI. As we have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records undersection 148(1) of the Companies Act 2013 related to the manufacturing activities andare of the opinion that prima facie the specified accounts and records have been made andmaintained. However we have not made a detailed examination of the same.

VII. In respect of statutory dues:-

(a) The Company has been generally regular in depositing undisputed statutory duesincluding Provident Fund Investor Education and Protection Fund Employees' StateInsurance Income-Tax Sales-Tax Service Tax Wealth Tax Custom Duty Excise Duty ValueAdded Tax Goods and Service Tax Cess and any other material statutory dues withappropriate authorities. The Company did not have any undisputed amount payable in thisrespect at 31st March 2018 for a period of more than six months from the date when theybecome payable.

(b) On the basis of examination of books of account there is no dues of income taxWealth Tax Service Tax Customs Duty Excise Duty and Cess which is disputed and notdeposited. The particulars of Dues of Sales tax as on 31st March 2018 which has not beendeposited on account of a dispute are given below-

Statute Nature of dues Forum where dispute is pending Period to which the amount relates Amount (Rs.in Lakhs) Previous Year (Rs.in Lakhs)
The Maharashtra Value Deputy Commissioner of
VAT
Added Tax 2002 Dales Tax (Appeals) 2006-07 1.48 1.48
The Maharashtra Value Deputy Commissioner of
VAT
Added Tax 2002 Dales Tax (Appeals) 2008-09 2.37 2.37
The Maharashtra Value Deputy Commissioner of
VAT
Added Tax 2002 Dales Tax (Appeals) 2010-11 1.4 1.4
The Gujarat Value Added Gujarat Value Added Tax Tribunal
Sales Tax
Tax Act 2006 Ahmedabad 2008-09 8.81 8.81
Customs Act 1962 Additional Commissioner of Customs
Custom Duty
(Preventive) Mumbai 2011-12 16.33 16.33
Customs Act 1962 Additional Commissioner of Customs
Custom Duty
(Preventive) Mumbai 2012-13 16.96 16.96
Customs Act 1962 Additional Commissioner of Customs
Custom Duty
(Preventive) Raigad Maharashtra 2005-06 0.23 0.23
Customs Act 1962 Additional Commissioner of Customs
Custom Duty
(Preventive) Raigad Maharashtra 2006-07 0.26 0.26
Customs Act 1962 Additional Commissioner of Customs
Custom Duty
(Preventive) Raigad Maharashtra 2007-08 1.09 1.09

VIII. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to a financial institutions or banks.

IX. The Company has not raised money by way of initial public offer or further publicoffer (including debt instruments) and term loans during the year.

X. In our opinion and according to the information and explanations given to us nofraud by the company or any fraud on the Company by its officers or employees has beennoticed or reported during the year.

XI. Managerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

XII. The Company is not a Nidhi company and hence reporting under clause 3(xii) of theorder is not applicable to the company.

XIII. According to the information and explanations provided by the managementtransactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the FinancialStatements as required by the applicable accounting standards.

XIV. According to the information and explanations given to us the company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review.

XV. According to information and explanations given to us the Company has not enteredinto any non- cash transactions with directors or persons connected with him thereforeclause (xv) of order is not applicable.

XVI. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934 therefore clause (xvi) of the order is not applicable to thecompany.

For MRB & Associates
Chartered Accountants
Firm Registration Number: 136306W
Manish R Bohra
Proprietor Place: Mumbai
Membership Number: 058431 Date: May 4 2018