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Bharat Rasayan Ltd.

BSE: 590021 Sector: Agri and agri inputs
NSE: BHARATRAS ISIN Code: INE838B01013
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OPEN 11274.55
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VOLUME 440
52-Week high 14362.90
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P/E 26.83
Mkt Cap.(Rs cr) 4,822
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OPEN 11274.55
CLOSE 11590.65
VOLUME 440
52-Week high 14362.90
52-Week low 9482.75
P/E 26.83
Mkt Cap.(Rs cr) 4,822
Buy Price 0.00
Buy Qty 0.00
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 Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of BHARATRASAYAN LIMITED ("the Company") which comprise the standalone Balance Sheetas at March 312022 the standalone Statement of Profit and Loss (including OtherComprehensive Income) standalone Statement of Changes in Equity and standalone Statementof Cash Flows for the year then ended and notes to the standalone financial statementsincluding a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us aforesaid standalone Ind AS Financial Statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended (IND AS) and other accounting principles generallyaccepted in India of the Standalone state of affairs of the Company as at March 312022and Standalone profit Standalone total comprehensive income Standalone changes in equityand its Standalone cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those standards are further described in the Auditor's Responsibilities for theAudit of the Standalone Financial Statements section of our report. We are independent ofthe Company in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India together with the ethical requirements that are relevant to our auditof the financial 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 on thestandalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of Standalone Ind AS Financial Statements for thefinancial year ended March 31 2022. These matters were addressed in the context of ouraudit of Standalone Ind AS Financial Statements as a whole and in forming our opinionthereon and we do not provide a separate opinion on these matters. We have determined thematters described below to be the key audit matters to be communicated in our report:

KEY AUDIT MATTERS AUDITORS' RESPONSES
REVENUE RECOGNITION PRINCIPAL AUDIT PROCEDURES PERFORMED
Refer to note 2.12 'Revenue recognition' note 36 'Key sources of estimation uncertainty' and note 2 'Revenue from operations' to the standalone financial statements. We obtained an understanding of the company's process policies and procedures in making the estimates
The management is required to make certain judgments in respect of revenue recognition. • We understood the revenue recognition process evaluated the design and implementation of internal controls relating to revenue recognized.
Revenue from sale of goods is recognized when the control of goods is transferred to the customers. In accordance with the accounting policy control is transferred either when the product is delivered to the customer's site or when the product is shipped depending on the applicable terms. • We selected samples and tested the operating effectiveness of internal controls relating to transfer of control. We carried out a combination of procedures involving enquiry observation and inspection of evidence in respect of operation of these controls.
Management is required to consider historical experience specific contractual terms and future expectations of revenue to determine these estimates. • We evaluated and tested the design and operating effectiveness of controls related to these estimates by studying the market conditions and obtaining an understanding of key contractual agreements.
Revenue recognition involves significant management judgements and estimates and has accordingly been identified as a key audit matter. Also factors such as the current and expected operating environment the action of third parties have a significant impact on management's judgment. • We tested the relevant information technology general controls automated controls and the related information used in recording and disclosing revenue.
• In respect of the selected sample of transactions:
• We obtained the customer contracts and understood the terms and conditions including delivery and shipping terms.
• We tested whether the revenue is recognized upon transfer of control to customer.
• We tested the location stock reports from Company warehouses where applicable for confirmation on sales quantity made during the year.
• We tested on a sample basis (including for sales near to the period end) the acknowledgments of customers.
• We assessed relevant disclosures in the standalone financial statements of the Company.
• We considered the accuracy of management's estimates in previous years by comparing historical accrued liabilities with their subsequent settlement.

Information Other than the Standalone Financial Statements andAuditor's Report Thereon

• The Company's Management & Board of Directors is responsiblefor the other information. The other information obtained at the date of this Auditor'sReport is in Director's Report Corporate Governance Report and Management Discussion& Analysis Report but does not include the Standalone Ind AS Financial Statements andour Auditor's Report thereon.

• Our opinion on Ind AS financial statements does not cover theother information and we do not express any form of assurance conclusion thereon.

• In connection with our audit of the Standalone financialstatements our responsibility is to read the other information and in doing so considerwhether the other information is materially inconsistent with the financial statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated. If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report the fact. Wehave nothing to report in this regard.

Management's Responsibility for the Standalone Financial Statements TheCompany's Board of Directors is responsible for the matters stated 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) Standalone changes in equityand Standalone cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and 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 ofStandalone Ind AS Financial Statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing Standalone Ind AS financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternatives but to do so.

The Board of Directors is also responsible for overseeing the Company'sfinancial reporting process.

Auditor's Responsibility for the Audit of Standalone FinancialStatements

Our objectives are to obtain reasonable assurance about whetherStandalone Ind AS Financial Statements as a whole are free from material misstatementwhether due to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance. Misstatements can arise from fraud orerror and are considered material if individually or in the aggregate they couldreasonably be expected to influence the economic decisions of users taken on the basis ofthese Standalone Ind AS Financial Statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has an adequate internal financial controls system in place and theoperating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained we are of theopinion that the company is able to continue as a going concern. Our conclusions are basedon the audit evidence obtained up to the date of our Auditor's Report.

• Evaluate the overall presentation structure and content of thefinancials including the disclosures and whether Standalone Ind AS financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in Standalone Ind ASfinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of Standalone Ind AS financialstatements may be influenced. We consider quantitative materiality and qualitative factorsin (i) planning the scope of our audit work and evaluating the results of our work; and

(ii) evaluating the effect of any identified misstatements in thefinancial statements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of Standalone Ind ASfinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our Auditor's Report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2020("the Order") issued by the Central Government of India in terms of sub-section(11) of section 143 of the Companies Act 2013 we give in the "Annexure A"statement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

2. As required by Section 143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of our auditof the aforesaid Standalone financial statements.

(b) In our opinion proper books of account as required by law relatingto the preparation of aforesaid Standalone Ind AS Financial Statements have been kept sofar as it appears from our examination of those books and the reports of the otherauditors.

(c) The Standalone Balance Sheet the Standalone Statement of Profitand Loss (including other comprehensive income) the Standalone Statement of Changes inEquity and the Standalone Cash Flow Statement dealt with by this Report are in agreementwith the relevant books of account maintained for the purpose of preparation of theStandalone financial statements.

(d) In our opinion aforesaid Standalone Ind AS Financial Statementscomply with the accounting standards specified under Section 133 of the Act; read withrule 7 of the Companies (Accounts) Rules 2014.

(e) On the basis of the written representations received from theDirectors as of 31st March 2022 taken on record by the Board of Directors none of theDirectors is disqualified as of 31st March 2022 from being appointed as Director in termsof Section 164(2) of the Act;

(f) With respect to the adequacy of the internal financial controlswith reference to Standalone Ind AS Financial Statements of the Company and the operatingeffectiveness of such controls refer to our separate Report in "Annexure B".Our report expresses an unmodified opinion on the adequacy and operating effectiveness ofthe Company's internal financial controls over financial reporting;

(g) With respect to the other matters to be included in the Auditor'sReport in accordance with the requirements of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its Directors during theyear is in accordance with the provisions of section 197 of the Act;

(h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us:

(i) The Company has no pending litigations having a material adverseimpact on its financial position in its Standalone Ind AS Financial Statements.

(ii) The Company did not have any material foreseeable losses on itslong-term contracts the company did not have any long-term derivative contracts.

(iii) There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

(iv) (a) The management has represented to the best of its knowledgeand belief other than as disclosed in the notes to the accounts that no funds have beenadvanced or loaned or invested (either from borrowed funds or share premium or any othersources or kind of funds) by the company to or in any other person(s) or entity(ies)including foreign entities ("Intermediaries") with the understanding whetherrecorded in writing or otherwise that the Intermediary shall whether directly orindirectly lend or invest in other persons or entities identified in any manner whatsoeverby or on behalf of the company ("Ultimate Beneficiaries") or provide anyguarantee security or the like on behalf of the Ultimate Beneficiaries.

(b) The management has represented to the best of its knowledge andbelief other than as disclosed in the notes to the accounts that no funds have beenreceived by the Company from any person(s) or entity(ies) including foreign entities("Intermediaries") with the understanding whether recorded in writing orotherwise that the Intermediary shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of thecompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries.

(c) Based on the reasonable and appropriate audit procedures consideredin the circumstances nothing has come to our notice that has caused us to believe thatthe representations under sub-clause (i) and (ii) contain any material mis-statement.

(v) The dividend declared by the Company is in compliance with sec.123of the Act.

(a) The final dividend proposed in the previous year declared and paidby the Company during the year is in accordance with Section 123 of the Act asapplicable.

(b) No interim dividend was declared and paid by the Company during theyear.

(c) The Board of Directors of the Company have proposed final dividendfor the year which is subject to the approval of the members at the ensuing Annual GeneralMeeting. The amount of dividend proposed is in accordance with section 123 of the Act asapplicable.

3. The MCA vide Notification No. G.S.R. 235(E) Dated: 31.03.2022 theCompanies (Accounts) Second Amendment Rules 2022 has extended the implementation of AuditTrail software to a financial year commencing on or after April 1 2023 earlier suchprovision was applicable from April 01 2022.

ANNEXURE-A TO THE INDEPENDENT AUDITORS' REPORT ON STANDALONE INDAS FINANCIAL STATEMENTS OF BHARAT RASAYAN LIMITED REFERRED TO IN PARAGRAPH 1 UNDERTHE HEADING "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OURREPORT OF EVEN DATE:

(I) (a) The Company is maintaining proper records showing fullparticulars including quantitative details and situation of property plant equipmentand investment properties.

(b) The Company has a regular programme of physical verification of itsproperty plant equipment and investment properties by which these are verified in aphased manner over a period of three years. In accordance with this program certainproperties plants equipment and investment properties were verified during the year andno material discrepancies were noticed during such verification. In our opinion thisperiodicity of physical verification is reasonable having regard to the size of thecompany and the nature of its assets.

(c) According to the information and explanations given to us and onthe basis of our examination of the records of the company the title deeds of immovableproperties are held in the name of the company.

(d) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has not revaluedits Property Plant and Equipment (including Right of Use assets) or intangible assets orboth during the year.

(e) According to the information and explanations given to us and onthe basis of our examination of the records of the company no proceedings have beeninitiated or are pending against the company for holding any benami property under theBenami Property Transaction (Prohibition) Act 1988 (as amended in 2016) and rules madethereunder.

(II) (a) As explained to us the inventories except for goods intransit and stocks lying with third parties have been physically verified by theManagement at reasonable intervals during the year. In respect of stocks lying with thethird parties at the year-end written confirmations have been obtained and forgoods-in-transit bill of lading/subsequent evidence of receipts has been linked withinventory records. In our opinion the frequency of such verification is reasonable andthe procedure and coverage followed by the management is appropriate. The discrepanciesnoticed during such physical verification were not more than 10% or more in the aggregatefor each class of inventory.

(b) According to the information and explanations given to us and onthe basis of our examination of the records of the company the company has beensanctioned limits exceeding ' 5 crores. Monthly stock statements are filed with the banksand the deviation in the stock statement is duly checked it has been observed that nomaterial deviation in stock has been found.

(III) According to the information and explanations given to us TheCompany has not made an investment in provided any guarantee or security or granted anyloans or advances in the nature of loans secured or unsecured to companies firmsLimited liability Partnerships or any other parties. Therefore the disclosures undersub-clauses 3(iii)(a) to 3(iii)(f) are not applicable.

(IV) According to the information explanations and representationsprovided by the Management and based upon audit procedures performed we are of theopinion that in respect of loans and investments the Company has complied with theprovisions of the Section 185 and 186 of the Companies Act 2013.The Company has notprovided any guarantees or security as specified under Section 185 and 186 of theCompanies Act 2013.

(V) In our opinion and according to the information and explanationsgiven to us the company has not accepted any deposits and hence the directives issued bythe Reserve Bank of India and the provisions of sections 73 to 76 or any other relevantprovisions of the Act and the rules framed there under are not applicable to the company.Accordingly the provisions of clause 3 (V) of the Order are not applicable to theCompany.

(VI) We have broadly reviewed the books of account maintained by theCompany pursuant to the rules prescribed by the Central Government of India for themaintenance of cost records under subsection 1 of Section 148 of the Companies Act 2013and are of the opinion that prima facie the prescribed records and accounts have beenmade and maintained. However we have not carried out a detailed examination of suchrecords with a view to determining whether they are accurate or complete.

(VII) (a) In our opinion the Company has generally been regular indepositing undisputed statutory dues including Provident Fund Employees' StateInsurance Income Tax Goods and Service Tax Customs Duty Cess and other materialstatutory dues applicable to it with the appropriate authorities.

According to the information and explanations given to us noundisputed amount payable in respect of Provident Fund Employees' State InsuranceIncome-tax Sales tax Service tax GST Duty of Customs Duty of Excise Value Added Taxor Cess and any Other Material Statutory Dues were outstanding at the year-end for aperiod of more than six months from the date they became payable as at March 31 2022.

(b) According to the records of the Company no dues of Income TaxSales Tax Service Tax GST Duty of Custom Duty of Excise Value Added Tax and Cesswere outstanding as of March 312022 except the following under Income Tax Act on accountof pending rectification applications towards taxes already paid for which credit notallowed / Demands already Rectified by the Assessing Offer but still not deleted on IncomeTax Portal /processing errors subject to rectifications and consequential levy of interestthereon.

Name of the Statute Nature of Dues Amount Period to which Amount Relates Forum where the Dispute is Pending
The Income Tax Act 1961 Income Tax ' 40.33 Lakhs AY 2018-19 CIT Appeals Faceless Appeals Scheme Delhi
The Income Tax Act 1961 Income Tax ' 0.07 Lakhs A Y 2019-20 Assessing Officer Delhi
The Income Tax Act 1961 Income Tax ' 11.93 Crores plus interest A Y 2020-21 Pending Rectification Assessing Officer Delhi as well as CIT Appeals (Faceless)

(VIII) According to the information and explanations given to us andon the basis of our examination of the records of the company the company has notsurrendered or disclosed any transaction previously unrecorded as income in the books ofaccount in the tax assessments under the Income Tax Act 1961 as income during the year.

(IX) (a) In our opinion and according to the information andexplanations given to us the Company has not defaulted in repayment of loans or otherborrowings or in the payment of interest thereon to any lender.

(b) The company is not declared a willful defaulter by any bank orfinancial institution or another lender.

(c) The term loans raised by the company were applied for the purposefor which the loans were obtained.

(d) The funds raised by the company on a short-term basis have beenutilized for short-term purposes.

(e) The company has not taken any funds from any entity or person onaccount of or to meet the obligations of its subsidiaries associates or joint ventures.

(f) During the year the company has not raised any loans during theyear on the pledge of securities held in its subsidiaries joint ventures or associatecompanies.

(X) According to the information and explanations given to us

(a) The Company did not raise any money by way of an initial publicoffer or further public offer (Including debt instruments). Hence reporting under clause3(x)(a) of the Order is not applicable.

(b) During the year the company has not made any preferentialallotment or private placement of shares or convertible debentures (fully partially oroptionally) and hence reporting under clause 3(x)(b) of the Order is not applicable.

(XI) a) 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.

(b) No report under sub-section (12) of section 143 of the CompaniesAct has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit andAuditors) Rules 2014 with the Central Government during the year and upto the date ofthis report.

(c) As explained to us there are no whistleblower complaints receivedby the Company during the year (and upto the date of this report) while determining thenature timing and extent of our audit procedures.

(XII) In our opinion and according to the information and explanationsgiven to us the Company is not a Nidhi company. Accordingly clause 3 (xii) of the Orderis not applicable to the Company and hence not commented upon.

(XIII) According to the information and explanations given to us andbased on our examination of the records of the company transactions with the relatedparties are in compliance with section 177 and 188 of the Act where ever applicable anddetails of such transactions have been disclosed in Standalone Financial Statements asrequired under Indian Accounting Standard (Ind AS) 24 Related Party Disclosures specifiedunder Sec. 133 of the Act.

(XIV) (a) In our opinion the Company has an adequate internal auditsystem commensurate with the size and the nature of its business.

(b) We have considered the internal audit reports for the year underaudit issued to the Company during the year and till date in determining the naturetiming and extent of our audit procedures.

(XV) According to the information and explanations given to us andbased on our examination of the records of the company the company has not entered intoany non-cash transactions with Directors or persons connected with them and henceprovisions of section 192 of the Companies Act 2013 are not applicable to the Company.Accordingly provisions of clause 3 (xv) of the orders are not applicable.

(XVI) According to the information and explanations given to us andbased on our examination of the records of the company: -

(a) The Company is not required to be registered under Section 45-IA ofthe Reserve Bank of India Act 1934. Hence reporting under clause 3(xvi)(a) and (b) ofthe Order is not applicable.

(b) The Company has not carried on any Non-Banking Financial or HousingFinancing Activities (NBFC or HFC) without having a valid registration certificate fromRBI.

(c) The Company is not a Core Investment Company (CIC) as defined inthe regulations made by the Reserve Bank of India. Accordingly clause 3(xvi)(c) of theOrder is not applicable.

(d) In our opinion there is no core investment company within theGroup (as defined in the Core Investment Companies (Reserve Bank) Directions 2016) andaccordingly reporting under clause 3(xvi)(d) of the Order is not applicable.

(XVII) The company has not incurred cash losses in the financial yearand in the immediately preceding financial year.

(XVIII) There has been no instance of any resignation of the statutoryauditors of the company occurring during the year.

(XIX) On the basis of the financial ratios aging and expected dates ofrealization of financial assets and payment of financial liabilities other informationaccompanying the financial statements the auditor's knowledge & the Board ofDirectors and management plans we report that no material uncertainty exists as on thedate of the audit report and the company is capable of meeting its liabilities at the dateof Balance Sheet as and when they fall due within a period of one year from the date ofBalance Sheet. We however state that this is not an assurance as to the future viabilityof the Company. We further state that our reporting is based on the facts up to the dateof the audit report and we neither give any guarantee nor any assurance that allliabilities falling due within a period of one year from the balance sheet date will getdischarged by the Company as and when they fall due.

(XX) According to the information and explanations given to us and therecords examined by us we report that there is no amount remaining unspent undersub-section (5) of section 135 of the Companies Act pursuant to any project. Accordinglyreporting under clause 3(xx)(a) and 3(xx)(b) of the Order are not applicable for the year.

(XXI) There have been NO qualifications or adverse remarks by therespective auditors in the Companies (Auditor's Report) Order (CARO) reports of thecompanies included in the consolidated financial statements.

ANNEXURE-B TO THE INDEPENDENT AUDITORS' REPORT

ON STANDALONE IND AS FINANCIAL STATEMENTS OF BHARAT RASAYAN LIMITED

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OFSUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT 2013 ("THE ACT") AS REFERREDTO IN PARAGRAPH 2(F) OF 'REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS'

We have audited the internal financial controls with reference toStandalone Financial Statements of BHARAT RASAYAN LIMITED ("the Company")as of March 312022 in conjunction with our audit of Standalone Ind AS FinancialStatements 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 andmaintaining internal financial controls based on the internal control with reference toStandalone Financial Statements criteria established by the company considering theessential components of internal controls stated in the Guidance Note on Audit of InternalFinancial Controls with reference to Standalone Ind AS Financial Statements issued by theInstitute of Chartered Accountants of India ("ICAI'). These responsibilities includedthe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Company's InternalFinancial Controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls. With referenceto financial statements (the "Guidance Note") and the Standards on Auditingissued by ICAI and deemed to be prescribed under section 143 (10) of the Companies Act2013 to the extent applicable to an audit of internal financial controls both applicableto an audit of Internal Financial Controls and essential components stated in GuidanceNote issued by 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 controlswith reference to Standalone Financial Statements was established and maintained and ifsuch controls operated effectively in all material respects.

Our Audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial control system with reference to StandaloneFinancial Statements and their operating effectiveness. Our audit of internal financialcontrols with reference to Standalone Ind AS Financial Statements included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal controls based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risk of materialmisstatement of the financial statements whether due to fraud or error.

We believe that the audit evidences we have obtained is 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 with reference to Standalone IndAS Financial Statements is a process designed to provide reasonable assurance regardingthe reliability of financial reporting and the preparation of Standalone Ind AS FinancialStatements for external purposes in accordance with generally accepted accountingprinciples. A company's internal financial controls with reference to Standalone Ind ASFinancial Statements includes those policies and procedures that (1) pertain to themaintenance of records in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of StandaloneInd AS Financial Statements in accordance with generally accepted accounting principlesand that receipts and expenditure of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the financialstatements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to Standalone Ind AS Financial Statements to future periods are subject to therisk that the internal financial controls with reference to Standalone Ind AS FinancialStatements may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system with reference to Standalone Ind AS FinancialStatements and such internal financial controls with reference to Standalone Ind ASFinancial Statements were operating effectively as at March 31 2022 based on theinternal financial controls with reference to Standalone Ind AS Financial Statementscriteria established by the Company considering the essential components of internalcontrols stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India.

For R.D.GARG & CO. CHARTERED ACCOUNTANTS
FIRM REG. NO. 001776N
Sd/-
NEW DELHI R.D. Garg
MAY 26 2022 Proprietor
UDIN : 22007526AJQUGD4002 Membership No 007526

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