Statement (i): Correct.
The holders of the Bharat Ratna rank 7th in the Indian order of precedence, which is accurate as per the official protocol list.
Statement (ii): Incorrect.
Sir M. Visvesvaraya was one of the first recipients of the Bharat Ratna in 1955, but not the only or first person to receive it.
He shared the award with two others: C. Rajagopalachari and Dr. S. Radhakrishnan in the same year. Hence, calling him "the first person" is factually wrong.
Therefore, only statement (i) is correct.
Hence, the correct answer is option (A).