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Bhageria Industries Ltd.

BSE: 530803 | NSE: BHAGERIA |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE354C01027 | SECTOR: Dyes & Pigments

BSE Live

Dec 06, 11:13
253.75 -3.30 (-1.28%)
Volume
AVERAGE VOLUME
5-Day
3,861
10-Day
3,756
30-Day
5,488
583
  • Prev. Close

    257.05

  • Open Price

    245.00

  • Bid Price (Qty.)

    253.75 (2)

  • Offer Price (Qty.)

    254.95 (3)

NSE Live

Dec 06, 11:13
253.90 -2.80 (-1.09%)
Volume
AVERAGE VOLUME
5-Day
33,549
10-Day
34,841
30-Day
49,140
4,824
  • Prev. Close

    256.70

  • Open Price

    257.70

  • Bid Price (Qty.)

    253.90 (1973)

  • Offer Price (Qty.)

    254.15 (1)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

To, The Members,

BHAGERIA INDUSTRIES LIMITED,

(formerly known as Bhageria Dye-Chem Limited)

Report on the Financial Statements

We have audited the accompanying Financial Statements of BHAGERIA INDUSTRIES LIMITED (the Company) which comprise the Balance Sheet as at March 31st, 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these Financial Statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The procedures selected depend on the auditors'' judgment, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessment, the auditor considers internal control relevant to the Company''s preparation of the Financial Statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the company''s directors, as well as evaluating the overall presentation of the Financial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide 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 explanations gives to us, the aforesaid Standalone Financial Statements give the information required by the Act in the manner so required and give true and fair view in conformity with the accounting principles generally accepted in India , of the State of Affairs of the company as at March 31, 2016 and its Profit and its Cash Flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and explanation, which to the best of our knowledge and belief were necessary for the purpose of our audit.

(b) In our opinion, proper books of accounts as required by the law have been kept by the company so far as it appears from our examination of the books.

(c) The balance sheet, the Statement of Profit & Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of accounts.

(d) In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of written representation received from the directors as on 31st March, 2016 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016, from being appointed as a director in terms of Section 164(2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure A.

(g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and 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 financial position.

ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.

iii. There has been no delay in transferring amounts, required to be transferred, to 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 in terms of Section 143(11) Act , we give in Annexure B, a statement on the matters specified in paragraph 3 & 4 of the order, to the extent applicable.

ANNEXURE A TO THE AUDITOR''S REPORT

Annexure referred to in Para 1(f) of our Report of even date on the Standalone financial statements for the year ended 31st March 2016 of Bhageria Industries Limited (formerly known as Bhageria Dye-Chem Limited)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the Act)

We have audited the internal financial controls over financial reporting of Bhageria Industries Ltd (the Company) as of March 31, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended March 31, 2016.

Management''s Responsibility for Internal Financial Controls

The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors'' Responsibility

Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143 (10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance 168 Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.

Meaning Of Company''s Internal Financial Control Over Financial Reporting

A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

ANNEXURE B TO THE AUDITOR''S REPORT

Annexure referred to in Para 2 of our Report of even date on the financial statements for the year ended 31st March 2016 of BHAGERIA INDUSTRIES LIMITED (formerly known as Bhageria Dye-Chem Limited)

Report as per Sub-section 11 of Section 143 of the Companies Act, 2013 (the Act).

Based on the audit procedures performed for the purpose of reporting a true and fair view of the financial statements of the Company and taking into consideration the information and explanations given to us and the books and other records examined by us in the normal course of our audit, in our opinion and to the best of our knowledge we report that:

I. In respect to Fixed Assets :-

(a) The Company has maintained proper record showing full particulars including quantitative details and situation of its fixed assets.

(b) Fixed asset was physically verified during the year by the management, which in our opinion is considered reasonable. No material discrepancies were noticed on such verification.

(c) The title deeds of immovable properties are held in the name of the company.

II. In Respect of Inventory :-

The inventories have been physically verified during the year by the management. The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

III. The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under sec 189 of the Act. Therefore, the provision of Clause (III) and its sub-clauses of the order are not applicable to the company.

IV. There is no loan given, investments made or guarantees given or security provided by the Company to any entity covered under the provision of Section 185 and 186 of the Companies Act, 2013. Therefore, the provision of Clause (IV) of the order is not applicable to the company.

V. Since Company has not accepted public deposit for the year ended 31st March, 2016 therefore, Clause (v) of the order is not applicable to the company for the year.

VI. The Company has been prescribed to maintain cost records under section 148(1) of the Companies Act, 2013 by the Central Government and such accounts and records are maintained by the company.

VII (a) The Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty, Excise Duty, Cess, VAT and other material statutory dues with appropriate authorities. There were no undisputed amount payable as at 31st, March 2016 for a period of more than six months from the date they become payable.

(b) On the basis of examination of books of account, there is no dues of income tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty and Cess which is disputed and not deposited. The particulars of Dues of Sales tax as on 31st March, 2016 which has not been deposited on account of a dispute, are given below:-

Statute

Nature of Dues

Forum where Dispute is pending

Period to which amount relates

Amount Involved (Rs.In Lakhs)

31/03/16

31/03/15

The Maharashtra Value Added Tax,2002

Value Added Tax

Deputy Commissioner of Sales Tax (Appeals)

2006-07

1.48

1.48

The Maharashtra Value Added Tax,2002

Value Added Tax

Deputy Commissioner of Sales Tax (Appeals)

2008-09

2.37

2.37

The Maharashtra Value Added Tax,2002

Value Added Tax

Deputy Commissioner of Sales Tax (Appeals)

2010-11

1.40

1.40

The Gujarat Value Added Tax Act,2006

Sales-Tax

Gujarat Value Added Tax Tribunal, Ahmadabad

2008-09

8.81

The Gujarat Value Added Tax Act,2006

Sales-Tax

Assistant Commissioner of Sales Tax, Surat (Appeals)

2009-10

13.86

Total

14.06

19.11

VIII. The Company has not defaulted in repayment of dues to any financial institution or bank as at the balance sheet date.

IX. The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments). Term loans raised were applied for the purposes for which those were raised.

X. As explained to us, no fraud on or by the Company has been noticed or reported during the period covered by our audit.

XI. The managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provision of the section 197 read with the Schedule V to the Companies Act, 2013.

XII. This company is not a Nidhi Company therefore, Clause (XII) of the order is not applicable to the company.

XIII According to the information and explanations given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards

XIV According to the information and explanations given to us, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. therefore, Clause (XIV) of the order is not applicable to the Company.

XV According to the information and explanations given to us, the company has not entered into any non-cash transactions with directors or persons connected with him and therefore the provisions of section 192 of Companies Act are not applicable.

XVI The company is not required to be registered under section 45-lA of the Reserve Bank of India Act, 1934 therefore, Clause (XVI) of the order is not applicable to the Company.

For SARDA & PAREEK

Chartered Accountants

FRN 109262W

Gaurav Sarda

Partner

Memb No: 110208

Place: Mumbai

Date: 06th May, 2016