Mar 31, 2014
We have audited the accompanying financial statements of Raasi
Enterprises Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2014, the Statement of Profit and Loss and the Cash
Flow Statement for the year then ended and a summary of significant
accounting policies and other explanatory information. Management''s
Responsibility for the Financial Statements
Management is responsible for the preparation of these 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 Standards referred to in sub section (3C) of section 211
of Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control 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 conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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 auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b. in the case of the Statement of Profit and Loss, of the loss for
the year ended on that date; and
c. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Emphasis of Matter
We draw attention to the following note to the financial statements:
Note No 18. Regarding the sale of fixed assets, the future plans of the
company based on which the accounts have been drawn on going concern
basis.
Our opinion is not qualified in respect of the above matter.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books;
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this report are in agreement with the
books of account;
d. In our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement comply with the Accounting Standards
referred to in subsection (3C) of section 211 of the Companies Act,
1956;
e. On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub- section (1) of
section 274 of the Companies Act, 1956.
RE: RAASI ENTERPRISES LIMITED
Referred to in paragraph 3 of our report of even date
i. (a) The company has compiled the fixed assets register showing full
particulars including quantitative details, location and situation of
the fixed assets.
(b) No physical verification of fixed assets was carried out by the
management during the year; hence we are unable to comment on the
discrepancies, if any.
(c) According to the information and explanations given to us, the
company has disposed off substantial part of fixed assets comprising of
Buildings situated at Bimavaram, W.G. District and hence, fundamental
assumption of going concern will not be effected - refer no. 19 notes
on account.
ii. According to the information and explanations given to us, there
are no inventories. Therefore the provisions of Clause 4 (ii) (a), (b)
and (c) of Companies (Auditor''s Report) Order, 2003 as amended are not
applicable to the Company.
iii. (a) According to the information and explanations given to us, the
Company has not granted unsecured loans to the parties covered in the
Register maintained under Section 301 of the Companies Act, 1956. The
maximum amount involved during the year was Rs. 397.25 lakhs and
year-end balance of such loans was Rs. 142.25 lakhs. However the
maximum amount outstanding in respect of loans were granted earlier
years.
(b) According to the information given to us, the terms and conditions
of such loan is prima facie not prejudicial to the interest of the
Company. Since the loans granted are repayable on demand, question of
overdue amounts does not arise. Therefore commenting under Clause 4
(iii) (c) and (d) of Companies (Auditor''s Report) Order, 2003 as
amended does not arise.
(e) According to the information and explanations given to us, the
Company has not taken unsecured loan from the parties covered in
Register maintained under Section 301 of the Companies Act, 1956. The
maximum amount involved during the year was Rs. 499.41 lakhs and year
end balance was Rs. 17.91lakhs. However the maximum amount outstanding
in respect of loans were granted earlier years.
(f) Since the loans taken are repayable on demand, question of overdue
amounts does not arise. Therefore commenting under Clause 4 (iii) (g)
of Companies (Auditor''s Report) Order, 2003 as amended does not arise.
iv. In our opinion and according to the information and explanations
given to us there are adequate internal control procedures commensurate
with the size of the Company and the nature of its business with regard
to purchase of fixed assets, sale of goods and services. In our opinion
and according to the information given to us, there is no continuing
failure to correct major weaknesses in the Internal Control System of
the Company.
v. (a) In our opinion and according to the information and
explanations given to us, and based on the representations by the
management, there are no transactions that need to be entered into the
register in pursuance of Section 301 of the Companies Act, 1956.
Accordingly clause (v) (b) of this order is not applicable to the
Company for the current year.
vi. The company has not accepted any deposits from the public.
vii. The Company has no internal audit system in vogue.
viii. In our opinion and according to the information and explanations
given to us, the Central Government has not prescribed the maintenance
of Cost Records under Section 209 (1) (d) of the Companies Act, 1956
for the activities of the Company. Therefore, the provisions of clause
4(viii) of Companies (Auditor''s Report) Order, 2003 as amended are not
applicable to the Company.
ix. (a) According to the information and explanations given to us, the
Company is regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees''
State Insurance, Sales Tax, Wealth Tax, Service Tax, Customs Duty,
Excise Duty, Cess and any other applicable statutory dues with the
appropriate authorities. According to information and explanation given
to us, there are no arrears of statutory dues as at 31st March, 2014
which are outstanding for a period of more than six months from the
date they became payable except an amount of Rs. 0.62 lakhs (Previous
Year Rs. 0.62 lakhs) towards Investor Education and Protection Fund and
an amount Rs. 0.67 lakhs towards Tax Deducted at source.
(b) According to the information and explanations given to us, there
are no dues of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise
Duty and Cess which have not been deposited on account of any dispute
except as stated below:
Name of the Nature of dues Amount Forum where
statute (Rs. in lakhs) dispute is
pending
Income Tax Disputed of tax demand 6.80 Commissioner
for the AY - 1998-99 Income Tax
(Appeals),
Hyderabad.
Disputed tax demand 1.78 Commissioner
towards lease income Income Tax
from buildings for the (Appeals),
AY - 2004-05 Hyderabad.
x. The company has no accumulated losses as on 31st March 2014. The
company has not incurred any cash losses in the financial year under
report and in the immediately preceding financial year.
xi. According to the information and explanation given to us, the
company has not defaulted in repayment of dues to financial
institutions and banks.
xii. According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures or other securities.
xiii. The company is not a Chit Fund/Nidhi/Mutual Benefit
Fund/Society. Therefore, the provisions of clause 4(xiv) of Companies
(Auditor''s Report) Order, 2003 as amended are not applicable to the
Company.
xiv. The company is not dealing in or trading in shares, securities,
debentures and other investments. Therefore, the provisions of clause
4(xiv) of Companies (Auditor''s Report) Order, 2003 as amended are not
applicable to the Company.
xv. In our opinion and according to the information and explanations
given to us during the course of the audit, the company has not given
any guarantee for loans taken by others from bank or financial
institutions.
xvi. In our opinion and according to the information and explanations
given to us, term loans were applied for the purpose for which the
loans were obtained.
xvii. On the basis of an overall examination of the balance sheet of
the company in our opinion and according to information and explanation
given to us, there are no funds raised on short term basis which have
been used for long term investment.
xviii. During the year under report the company has not made any
preferential allotment of shares to parties and companies covered in
the Register maintained under Section 301 of the Companies Act, 1956.
xix. The company has not issued any debentures.
xx. The Company has not raised any money by public issue during the
year.
xxi. In accordance with the information and explanations given to us
and our examination of books and records, no fraud on or by the company
has been noticed or reported during the year.
For M. Bhaskara Rao & Co.,
Chartered Accountants
Firm Registration No.00459S
V. Raghunandan
Place: Hyderabad Partner
Date : 29.05.2014 Membership No.26255
Mar 31, 2013
Report on Financial Statements
We have audited the accompanying financial statements of Raasi
Enterprises Limited ("the Company"), which comprise the Balance
Sheet as at March 31, 2013, the Statement of Profit and Loss and
the Cash Flow Statement for the year then ended and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these 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 Standards referred to in sub section (3C) of section 211
of Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control 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 conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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 auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the 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, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books;
c. the Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this report are in agreement with the
books of account;
d. in our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement comply with the Accounting Standards
referred to in subsection (3C) of section 211 of the Companies Act,
1956;
e. On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure
Re: Raasi Enterprises Limited
Referred to in paragraph 3 of our report of even date
i. (a) The company has compiled the fixed assets register showing full
particulars including quantitative details, location and situation of
the fixed assets.
(b) No physical verification of fixed assets was carried out by the
management during the year; hence we are unable to comment on the
discrepancies, if any.
(c) According to the information and explanations given to us, the
company has not disposed off substantial part of fixed assets and
hence, reporting on the going concern status in this regard does not
arise.
ii. According to the information and explanations given to us, there
are no inventories.
Therefore the provisions of Clause 4 (ii) (a), (b) and (c) of
Companies(Auditor''s Report) Order, 2003 as amended are not applicable
to the Company.
iii. (a) According to the information and explanations given to us,
the Company has granted unsecured loans to two parties covered in the
Register maintained under Section 301 of the Companies Act, 1956. The
maximum amount involved during the year was Rs.447.20 lakhs and year
end balance of such loans was Rs.342.37 lakhs.
(b) According to the information given to us, the terms and conditions
of such loan is prima facie not prejudicial to the interest of the
Company. Since the loans granted are repayable on demand, question of
overdue amounts does not arise. Therefore commenting under Clause 4
(iii) (c) and (d) of Companies (Auditor''s Report) Order, 2003 as
amended does not arise.
(e) According to the information and explanations given to us, the
Company has taken unsecured loan from two parties covered in Register
maintained under Section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 123.02lakhs and year end
balance was Rs. 119.52lakhs.
(f) Since the loans taken are repayable on demand, question of overdue
amounts does not arise. Therefore commenting under Clause 4 (iii) (g)
of Companies (Auditor''s Report) Order, 2003 as amended does not arise.
iv. In our opinion and according to the information and explanations
given to us there are adequate internal control procedures commensurate
with the size of the Company and the nature of its business with regard
to purchase of fixed assets, sale of goods and services. In our opinion
and according to the information given to us, there is no continuing
failure to correct major weaknesses in the Internal Control System of
the Company.
v. (a) In our opinion and according to the information and
explanations given to us, and based on the representations by the
management, there are no transactions that needs to be entered into the
register in pursuance of Section 301 of the Companies Act, 1956.
Accordingly clause (v) (b) of this order is not applicable to the
Company for the current year.
vi. The company has not accepted any deposits from the public.
vii. The Company has no internal audit system in vogue.
viii. (d) In our opinion and according to the information and
explanations given to us, the Central Government has not prescribed the
maintenance of Cost Records under Section 209 (1) of the Companies Act,
1956 for the activities of the Company. Therefore, the provisions of
clause 4(viii) of Companies (Auditor''s Report) Order, 2003 as amended
are not applicable to the Company.
ix. (a) According to the information and explanations given to us, the
Company is regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees''
State Insurance, Sales Tax, Wealth Tax, Service Tax, Customs Duty,
Excise Duty, Cess and any other applicable statutory dues with the
appropriate authorities. According to information and explanation given
to us, there are no arrears of statutory dues as at 31st March, 2013
which are outstanding for a period of more than six months from the
date they became payable except an amount of Rs. 0.62 lakhs (Previous
Year Rs. 0.62 lakhs) towards Investor Education and Protection Fund and
an amount Rs.2.27 lakhs towards Tax Deducted at source.
(b) According to the information and explanations given to us, there
are no dues of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise
Duty and Cess which have not been deposited on account of any dispute
except as stated below:
Name of the Nature of dues Amount Forum where dispute is
statute (Rs. in
lakhs) pending
Disputed of tax
demand for the AY - 6.80 Commissioner Income Tax
1998-99 (Appeals), Hyderabad.
Income Tax
Disputed tax demand
towards lease 1.78 Commissioner Income Tax
income from
buildings for the
AY - (Appeals), Hyderabad.
2004-05
x. The company has no accumulated losses as on 31st March 2013. The
company has not incurred any cash losses in the financial year under
report and in the immediately preceding financial year.
xi. According to the information and explanation given to us, the
company has not defaulted in repayment of dues to financial
institutions and banks.
xii. According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures or other securities.
xiii. The company is not a Chit Fund/Nidhi/Mutual Benefit Fund/Society.
Therefore, the provisions of clause 4(xiv) of Companies (Auditor''s
Report) Order, 2003 as amended are not applicable to the Company.
xiv. The company is not dealing in or trading in shares, securities,
debentures and other investments. Therefore, the provisions of clause
4(xiv) of Companies (Auditor''s Report) Order, 2003 as amended are not
applicable to the Company.
xv. In our opinion and according to the information and explanations
given to us during the course of the audit, the company has not given
any guarantee for loans taken by others from bank or financial
institutions.
xvi. In our opinion and according to the information and explanations
given to us, term loans were applied for the purpose for which the
loans were obtained.
xvii. On the basis of an overall examination of the balance sheet of
the company in our opinion and according to information and explanation
given to us, there are no funds raised on short term basis which have
been used for long term investment.
xviii. During the year under report the company has not made any
preferential allotment of shares to parties and companies covered in
the Register maintained under Section 301 of the Companies Act, 1956.
xix. The company has not issued any debentures.
xx. The Company has not raised any money by public issues during the
year.
xxi. In accordance with the information and explanations given to us
and our examination of books and records, no fraud on or by the company
has been noticed or reported during the year.
For M.Bhaskara Rao & Co.,
Chartered Accountants
Firm Registration No.00459S
V.Raghunandan
Place: Hyderabad Partner
Date: 28th May 2013 Membership No.26255
Mar 31, 2012
1. We have audited the attached Balance Sheet of Raasi Enterprises
Limited (formerly Raasi Finance & Investment Limited) as at 31st March
2012, the Profit and Loss Account and also Cash Flow Statement for the
year ended on that date, annexed thereto. These financial statements
are the responsibility of the Company's management. Our responsibility
is to express an opinion on these financial statements based * on our
audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards , require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003, issued
by the Central Government of India in terms of Sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the annexure referred to in paragraph 3
above, we report that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
b) In our opinion, proper books of accounts as required by law, have
been kept by the Company so far as appears from our examination of
those books.
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the applicable
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956.
e) On the basis of written representations received from the directors
as on 31st March, 2012 and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March
2012 from being appointed as a director in terms of clause (g) of
sub-section (1) to Section 274 of Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with significant
accounting policies and other notes thereon give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
i. in the case of the Balance Sheet, of the state of affairs of the
company as at 31st March 2012;
ii. in the case of the Profit and Loss Account, of the profit of the
company for the year ended on that date; and
iii. in the case of the Cash Flow Statement of the cash flow for the
year ended on that date.
RE: RAASI ENTERPRISES LIMITED
Statement referred to in Paragraph (3) of our report of even date
i. (a) The company has compiled the fixed assets register showing full
particulars including quantitative
details, location and situation of the fixed assets.
(b) No physical verification of fixed assets was carried out by the
management during the year; hence we are unable to comment on the
discrepancies, if any.
(c) According to the information and explanations given to us, the
company has not disposed off substantial part of fixed assets and
hence, reporting on the going concern status in this regard does not
arise. ,
ii. According to the information and explanations given to us, there
are no inventories. Therefore the provisions of Clause 4 (ii) (a), (b)
and (c) of Companies (Auditor's Report) Order, 2003 as amended are not
applicable to the Company.
iii. (a) According to the information and explanations given to us, the
Company has granted interest free unsecured loans to four parties
covered in the Register maintained under Section 301 of the Companies
Act, 1956. The maximum amount involved during the year was Rs.91.70 lakhs
and year end balance of such loans was Rs.91.70akhs.
(b) According to the information given to us, the terms and conditions
of such loan is prima facie not prejudicial to the interest of the
Company. Since the loans granted are repayable on demand, question of
overdue amounts does not arise. Therefore commenting under Clause 4
(iii) (c) and (d) of Companies (Auditor's Report) Order, 2003 as
amended does not arise.
(e) According to the information and explanations given to us, the
Company has taken interest free unsecured loan from three parties
covered in Register maintained under Section 301 ofthe Companies Act,
1956. The maximum amount involved during the year was Rs.116.52lakhs and
year end balance was Rs.113.02lakhs.
(f) Since the loans taken are repayable on demand, question of overdue
amounts does notarise. Therefore commenting under Clause 4 (iii) (g) of
Companies (Auditor's Report) Order, 2003 as amended does not arise.
iv. In our opinion and according to the information and explanations
given to us there are adequate internal control procedures commensurate
with the size of the Company and the nature of its business with regard
to purchase of fixed assets, sale of goods and services. In our opinion
and according to the information given to us, there is no continuing
failure to correct major weaknesses in the Internal Control System of
the Company.
v. (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts and arrangements
referred to in Section 301 of the Companies Art, 1956 that need to be
entered in the register maintained under the said section have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements to be entered in the register maintained under Section 301
of the Companies Art, 1956 and exceeding the value of five lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
vi. The company has not accepted any deposits from the public.
vii. The Company has no internal audit system in vogue.
viii. In our opinion and according to the information and explanations
given to us, the Central Government has not prescribed the maintenance
of Cost Records under Section 209 (1) (d) ofthe Companies Act, 1956 for
the activities of the Company. Therefore, the provisions of clause
4(viii) of Companies (Auditor's Report)
Order, 2003 as amended are not applicable to the Company.
ix. (a) According to the information and explanations given to us, the
Company is regular in depositing
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees' State Insurance, Sales Tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty, Cess and any other applicable
statutory dues with the appropriate authorities. According to
information and explanation given to us, there are no arrears of
statutory dues as at 31st March, 2012 which are outstanding for a
period of more than six months from the date they became payable except
an amount of Rs.0.62 lakhs (Previous Year Rs.0.62 lakhs) towards Investor
Education and Protection Fund.
(b) According to the information and explanations given to us, there
are no dues of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise
Duty and Cess which have not been deposited on account of any dispute
except as stated below:
Name of the Nature of dues Amount Forum where
statute (Rsin lakhs) dispute is pending
Income Tax Disputed of tax
demand for the 6.80 Commissioner Income Tax
AY - 1998-99 (Appeals), Hyderabad.
Disputed tax
demand towards 1.78 Commissioner Income Tax
lease income
from buildings (Appeals), Hyderabad.
for the AY -
2004-05
x. The company has no accumulated losses as on 31st March 2012. The
company has not incurred any cash losses in the financial year under
report and in the immediately preceding financial year.
XT. According to the information and explanation given to us, the
company has not defaulted in repayment of dues to financial
institutions and banks.
xii. According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures or other securities.
xiii. The company is not a Chit Fund/Nidhi/Mutual Benefit
Fund/Society. Therefore, the provisions of clause 4(xiv) of Companies
(Auditor's Report) Order, 2003 as amended are not applicable to the
Company.
xiv. The company is not dealing in or trading in shares, securities,
debentures and other investments. Therefore, the provisions of clause
4(xiv) of Companies (Auditor's Report) Order, 2003 as amended are not
applicable to the Company.
xv. In our opinion and according to the information and explanations
given to us during the course of the audit, the company has not given
any guarantee for loans taken by others from bank or financial
institutions.
xvi. In our opinion and according to the information and explanations
given to us, term loans were applied for the purpose for which the
loans were obtained.
xvii. On the basis of an overall examination of the balance sheet of
the company in our opinion and according to information and explanation
given to us, there are no funds raised on short term basis which have
been used for long term investment.
xviii. During the year under report the company has not made any
preferential allotment of shares to parties and companies covered in
the Register maintained under Section 301 of the Companies Act, 1956.
xix. The company has not issued any debentures.
xx.- The Company has not raised any money by public issues during the
year.
xxi. In accordance with the information and explanations given to us
and our examination of books and records, no fraud on or by the company
has been noticed or reported during the year.
for M. Bhaskara Rao & Co.,
Chartered Accountants
Firm Reg No: 000459S
V.Raghunandan
Place: Hyderabad (Partner)
Date : 14.08.2012 Membership No. 26255
Mar 31, 2011
1. We have audited the attached Balance Sheet of Raasi Enterprises
Limited (formerly Raasi Finance & Investment Limited) as at 31st March
201 1, the Profit and Loss Account and also Cash Flow Statement for the
year ended on that date, annexed thereto. These financial statements
are the responsibility of the Company's management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003, issued
by the Central Government of India in terms of Sub-section (4A) of
Section 227 of the Companies Act, 1 956, we enclose in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the annexure referred to in paragraph 3
above, we report that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
b) In our opinion, proper books of accounts as required by law, have
been kept by the Company so far as appears from our examination of
those books.
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agree ment with the books of account.
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the applicable
Accounting Standards referred to in sub-section (3C) of Section 21 1 of
the Companies Act, 1 956.
e) On the basis of written representations received from the directors
as on 31st March, 201 1 and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31 st March
201 1 from being appointed as a director in terms of clause (g) of
sub-section (1) to Section 274 of Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with significant
accounting policies and other notes thereon give the information
required by the Companies Act, 1 956, in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India:
i) in the case of the Balance Sheet, of the state of affairs of the
company as at 31st March 201 1;
ii) in the case of the Profit and Loss Account, of the profit of the
company for the year ended on that date; and
iii) in the case of the Cash Flow Statement of the cash flow for the
year ended on that date.
Statement referred to in Paragraph (3) of our report of even date
01. (a) The company has compiled the fixed assets register showing
full particulars including quantitative details, location and situation
of the fixed assets.
(b) No physical verification of fixed assets was carried out by the
management during the year; hence we are unable to comment on the
discrepancies, if any.
(c) According to the information and explanations given to us, the
company has not disposed off substantial part of fixed assets and
hence, reporting on the going concern status in this regard does not
arise.
02. According to the information and explanations given to us, there
are no inventories. Therefore the provisions of Clause 4 (ii) (a), (b)
and (c) of Companies (Auditor's Report) Order, 2003 as amended are not
applicable to the Company.
03. (a)According to the information and explanations given to us, the
Company has granted unsecured loan to one party covered in the Register
maintained under Section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 93.70 lakhs and year end balance
of such loan was Rs. 16.34 lakhs.
(b)According to the information given to us, the terms and conditions
of such loan is prima facie not prejudicial to the interest of the
Company.
03. (a)According to the information and explanations given to us, the
Company has granted unsecured loan to one party covered in the Register
maintained under Section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 93.70 lakhs and year end balance
of such loan was Rs. 16.34 lakhs.
(b)According to the information given to us, the terms and conditions
of such loan is prima facie not prejudicial to the interest of the
Company.
(c)The party is regular in repaying the principal amounts as stipulated
and has been regular in the payment of interest.
(d)There is no overdue amount of loan granted to the Company listed in
the register maintained under Section 301 of the Companies Act, 1 956.
(e)According to the information and explanations given to us, the
Company has taken interest free unsecured loan from one party covered
in Register maintained under Section 301 of the Companies Act, 1956.
The maximum amount involved during the year was Rs. 1 1.84 lakhs and year
end balance was Rs. NIL.
(f) Since the loans taken are repayable on demand, question of overdue
amounts does not arise. Therefore com- menting under Clause 4 (iii) (g)
of Companies (Auditor's Report) Order, 2003 as amended does not arise.
04. In our opinion and according to the information and explanations
given to us there are adequate internal control procedures commensurate
with the size of the Company and the nature of its business with regard
to purchase of fixed assets, sale of goods and services. In our opinion
and according to the information given to us, there is no continuing
failure to correct major weaknesses in the Internal Control System of
the Company.
05. (a)In our opinion and according to the information and
explanations given to us, the particulars of contracts and arrangements
referred to in Section 301 of the Companies Act, 1956 that need to be
entered in the register maintained under the said section have been so
entered.
(b)In our opinion and according to the information and explanations
given to us, and based on representations made by the management, there
are no transactions (except clause 4 (iii) above) made in pursuance of
contracts or arrangements entered in the register maintained under
Section 301 of the Companies Act, 1956 aggregating during the year to Rs.
5,00,000/- and above in respect of each party.
06. The company has not accepted any deposits from the public.
07. The Company has no internal audit system in vogue.
08. In our opinion and according to the information and explanations
given to us, the Central Government has not prescribed the maintenance
of Cost Records under Section 209 (1) (d) of the Companies Act, 1956
for the activities of the Company. Therefore, the provisions of clause
4(viii) of Companies (Auditor's Report) Order, 2003 as amended are not
applicable to the Company.
09. (a) According to the information and explanations given to us, the
Company is regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees'
State Insurance, Sales Tax, Wealth Tax, Service Tax, Customs Duty,
Excise Duty, Cess and any other applicable statutory dues with the
appropriate authorities. According to information and explanation given
to us, there are no arrears of statutory dues as at 31st March, 201 1
which are outstanding for a period of more than six months from the
date they became payable except an amount of Rs. 0.62 lakhs (Previous
Year Rs. 0.62 lakhs) towards Investor Education and Protection Fund which
was outstanding for a period of more than seven years.
(b)According to the information and explanations given to us, there are
no dues of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty
and Cess which have not been deposited on account of any dispute except
as stated below.
Name of the Amount Forum where
statute Nature of dues (in lakhs) dispute is pending
Commissioner Income Tax
(Appeals),Hyderabad
Disputed of tax
demand for the
AY - 1998-99 6-80
Income Tax
Disputed tax demand
towards lease income
from building for 1.78 Commissioner Income Tax
(Appeals),Hyderabad
the AY - 2004-05
10. The company has no accumulated losses as on 31st March 201 1. The
company has not incurred any cash losses in the financial year under
report and in the immediately preceding financial year.
11. According to the information and explanation given to us, the
company has not defaulted in repayment of dues to financial
institutions and banks.
12. According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures or other securities.
13. The company is not a Chit Fund/Nidhi/Mutual Benefit Fund/Society.
Therefore, the provisions of clause 4(xiv) of Companies (Auditor's
Report) Order, 2003 as amended are not applicable to the Company.
14. The company is not dealing in or trading in shares, securities,
debentures and other investments. Therefore, the provisions of clause
4(xiv) of Companies (Auditor's Report) Order, 2003 as amended are not
applicable to the Company.
15. In our opinion and according to the information and explanations
given to us during the course of the audit, the company has not given
any guarantee for loans taken by others from bank or financial
institutions.
1 6. In our opinion and according to the information and explanations
given to us, term loans were applied for the purpose for which the
loans were obtained.
17. On the basis of an overall examination of the balance sheet of the
company in our opinion and according to information and explanation
given to us, there are no funds raised on short term basis which have
been used for long term investment.
18. During the year under report the company has not made any
preferential allotment of shares to parties and companies covered in
the Register maintained under Section 301 of the Companies Act, 1956.
19. The company has not issued any debentures.
20. The Company has not raised any money by public issues during the
year.
21. In accordance with the information and explanations given to us
and our examination of books and records, no fraud on or by the company
has been noticed or reported during the year.
For M.Bhaskara Rao & Co.,
Chartered Accountants
Firm Reg No: 000459S
V.Raghunandan
Place Hyderabad partner
Date : 12.08.2011
Membership No.26255
Mar 31, 2010
1. We have audited the attached Balance Sheet of Raasi Enterprises
Limited (formerly Raasi Finance & Investment Limited) as at 31 st March
201 0, the Profit and Loss Account and Cash Flow Statement of the
Company for the year ended on that date both annexedthereto. These
financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003, issued
by the Central Government of India in terms of Sub- section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the annexure a
statement on the matters specified in paragraphs 4.and 5 of the said
Order.
4. Further to our comments in the annexure referred to in paragraph 3
above, we report that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
b) In our opinion, proper books of accounts as required by law, have
been kept by the Company so far as appears from our examination of
those books.
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the applicable
Accounting Standards referred to in sub-section (3C) of Section 21 1 of
the Companies Act, 1956.
e) Based on the written representations received from the directors as
on 31st March, 2010 and taken on record by the Board of Directors, we
report that none of the Directors is disqualified as on 31st March 2010
from being appointed as a director in terms of clause (g) of
sub-section (1) to Section 274 of Companies Act, 1 956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with significant
accounting policies and subject to note 5 regarding reconciliation and
confirmation of Sundry Creditors, Unsecured Loans, Loans and Advances
and other notes thereon give the information required by the Companies
Act, 1 956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:
i) in the case of the Balance Sheet, of the state of affairs of the
company as at 31st March 2010;
ii) in the case of the Profit and Loss Account, of the profit of the
company for the year ended on that date; and
iii) in the case of the Cash Flow Statement of the cash flow for the
year ended on that date.
Re: RAASI ENTERPRISES LIMITED Statement referred to in Paragraph (3) of
our report of even date
01.(a) The company has compiled the fixed assets register showing full
particulars including quantitative details, location and situation of
the fixed assets.
(b) No physical verification of fixed assets was carried out by the
management during the year; hence we are unable to comment on the
discrepancies, if any.
(c) In our opinion, the Company has not disposed off substantial part
of the fixed assets during the year and the going concern status of the
company is not affected.
02.(a) The company has no inventories. Hence, the question of
conducting physical verification by the management at reasonable
intervals and the reasonableness of frequency of such verification does
not arise.
(b) As there are no inventories, the question of reasonableness and
adequacy of the procedures of physical verification followed by the
management does not arise.
(c) As there are no inventories, the question of maintenance of proper
records of inventory and discrepancies on physical verification does
not arise.
03.(a) According to the information and explanations given to us, the
Company has granted unsecured loan to M/s Anjani Portland Cement
Limited covered in the Register maintained under Section 301 of the
Companies Act, 1956. The maximum amount involved during the year was
Rs.25,23,832/- and year end balance of the loans granted to such party
is Rs.93,70,274/-.
(b) According to the information given to us, the terms and conditions
of such loan is prima facie not prejudicial to the interest of the
Company.
(c) The party is regular in repaying the principal amounts as
stipulated and has been regular in the payment of interest.
(d) There is no overdue amount of loan granted to the Company listed in
the register maintained under Section 301 of the Companies Act,l 956.
(e) According to the information and explanations given to us, the
Company has not taken any loans, secured or unsecured from Companies,
firms or other parties covered in the Register maintained under Section
301 of the Companies Act, 1 956. Accordingly, the provisions of clause
(ii) (e), (f) and (g) of the Companies (Auditors Report) Order,2003
are not applicable to the Company.
04. In our opinion and according to the information and explanations
given to us there are adequate internal control procedures commensurate
with the size of the Company and the nature of its business with regard
to purchase of fixed assets, sale of goods and services. During the
course of our audit, we have not observed any major weaknesses in the
Internal Controls.
05. (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts and arrangements
referred to in Section 301 of the Companies Act, 1 956 that need to be
entered in the register maintained under the said section have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions (excluding loans reported under
Paragraph-03 above) made in pursuance of contracts or arrangements
entered in the register maintained under Section 301 of the Companies
Act, 1956 aggregating during the year to Rs 5,00,000/- and above in
respect of each party.
06. The company has not accepted any deposits from the public during
the year.
07. The Company has no internal audit system in vogue.
08. In our opinion and according to the information and explanations
given to us, the Central Government has not prescribed the maintenance
of Cost Records under Section 209 (1) (d) of the Companies Act, 1 956
for the activities of the Company.
09. (a) In our opinion and according to the information and
explanations given to us, the Company is generally regular in
depositing the Provident Fund dues with the appropriate authorities.
According to the information and explanations given to us, the
provisions of Employees State Insurance Act, Sales Tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty and Cess are not applicable to
the company at present. The total amount of unclaimed dividends
outstanding for more than seven years and payable to Investor Education
and Protection Fund account is Rs 61,780/ - (Previous Year Rs
7,90,875/-)
(b) According to the information and explanations given to us, there
are no undisputed amounts payable in respect of income tax, wealth tax,
sales tax, customs duty and excise duty outstanding as at 31st March
201 0 for a period of more than six months from the date they became
payable.
(c) According to the information and explanations given to us, there
are no dues of Sales Tax, Customs duty, Wealth Tax, Service Tax, Excise
duty & Cess, which have not been deposited on account of any dispute
except Income Tax Demand amounting to Rs.6.80 lakhs for the Assessment
year 1 998-99 as on 31st March 201 0 (Previous Year.Rs.6.80 lakhs)
which has not been paid as the matter is under appeal with Commissioner
of Income Tax (Appeals) and Rs.4.78lakhs/- (Previous Year Rs.4.78
lakhs/-) towards lease income from buildings in respect of which the
company has filed an appeal with Commissioner Income Tax (Appeals).
10. The company has no accumulated losses as on 31st March 2010.
Further, it has not incurred cash losses in the financial year under
report and in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the company has not
defaulted in repayment of dues to financial institutions and banks.
12. According to the information and explanations given to us during
the course of the audit, the company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures or other securities.
13. The provisions of any special Statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund / Societies are not applicable to the
Company.
14. In our opinion and according to the information and explanations
given to us during the course of the audit, the company does not deal
or trade in shares, securities, debentures or other investments.
15. In our opinion and according to the information and explanations
given to us during the course of the audit, the company has not given
any guarantee for loans taken by others from bank or financial
institutions.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion, term loans
availed by the Company were, prima facie, applied by the Company during
the year for the purposes for which the loans were obtained. During the
year the company has taken a term loan from a Nationalised Bank, which
was utilized for the purpose for which it was availed.
17. During the year the company has not raised any funds on short-term
basis, hence the question of its applicability for long-term investment
does not arise.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956.
19. According to the information and explanations given to us during
the year, no debentures have been issued by the Company hence the
question of creation of securities does not arise.
20. The Company has not raised any money by public issues during the
year; hence the question of disclosure and verification of end-use of
such money does not arise.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the course of our audit.
For M.Bhaskara Rao & Co.,
Chartered Accountants
V.Raghunandan
Date: 14.08.2010 Partner
Membersh.p No.26255
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