Mar 31, 2015
We have audited the accompanying standalone financial statements of RAGHUVANSH AGROFARMS LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information,
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters 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.
Our responsibility is to express an opinion on these standalone 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 the 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 financial 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 the 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.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as at 31st March, 2015, and its profit/loss and its cash flows for the year ended on that date.
Emphasis of Matters
We draw attention to the following matters in the Notes to the financial statements: i) Para No. 5 pertaining to Related Party Disclosure. And
ii) Para No. 7 pertaining to Disclosure in Two Subsidiary Companies.
Our opinion is not modified in respect of these matters.
Other Matter NIL
Our opinion is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
As required by Section 143 (3) of the Act, we report that:
(a) We have sought and 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 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 [and with the returns received from the branches not visited by us].
(e) 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. .
(f) On the basis of the written representations received from the directors as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act.
(g) 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".
(h) 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 for which there were any material foreseeable losses. iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company
Annexure to the Auditors' Report
The Annexure referred to in our report to the members of RAGHUVANSH AGROFARMS
LIMITED for the year ended on March 31, 2015.
We report that:
(a) Whether the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assetsRs,
Yes. Proper records have been maintained by the company showing full particulars
including quantitative details of Fixed Assets.
(b) Whether these fixed assets have been physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so, whether the same have been properly dealt with in the books of accountRs,
Yes. The management has been verifying the fixed assets physically at reasonable intervals and no discrepancies were noticed on such verifications.
(a) Whether physical verification of inventory has been conducted at reasonable intervals by the managementRs,
Yes. The management has conducted physical verification of inventories at reasonable intervals and no discrepancies were noticed on such verifications.
(b) Are the procedures of physical verification of inventory followed by the management reasonable and adequate in relation to the size of the company and the nature of its businessRs, If not, the inadequacies in such procedures should be reported.
Yes. In our opinion the procedures of physical verification of inventory followed by the management reasonable and adequate in relation to the size of the company.
(c) Whether the company is maintaining proper records of inventory and whether any material discrepancies were noticed on physical verification and if so, whether the same have been properly dealt with in the books of account;
Yes. Proper records of inventory have been maintained by the company and no material discrepancies have been noticed on its physical verification.
Clause (iii): Whether the company has granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act. If so,
(a) Whether receipt of the principal amount and interest accrued also regular; and
Yes. The company is in regular receipt of principle amount and interest accrued on all the loans granted both secured and unsecured.
(b) If overdue amount is more than rupees one lakh, whether reasonable steps have been taken by the company for recovery of the principal and interest;
There are no overdue amounts in respect of both principal and interest.
Clause (IV): Is there an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. Whether there is a continuing failure to correct major weaknesses in internal control systemRs,
Yes. There does exist an adequate internal control commensurate with the size and nature of the business, for the purchase of inventory and fixed assets and for the sale of goods and services. No major weaknesses in internal control system have been observed.
Clause (V): In case the company has accepted deposits, whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under, where applicable, have been complied withRs, If not, the nature of contraventions should be stated; If an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal, whether the same has been complied with or notRs,
Company has not accepted any deposit from the public during the year.
Clause (VI): Where maintenance of cost records has been specified by the Central Government under subsection(1) of section 148 of the Companies Act, whether such accounts and records have been made and maintainedRs,
Maintenance of cost records has not been specified Central Government under subsection(1) of section 148 of the Companies Act.
(a) is the company regular in depositing undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities and if not, the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable, shall be indicated by the auditor.
Yes. The company is regular in depositing all such undisputed statutory dues with the appropriate authorities.
(b) in case dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute, then the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not constitute a dispute).
There are no such un deposited dues.
(c) Whether the amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under has been transferred to such fund within time.
There are no amounts required to be transferred in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956)
Clause (VIII): whether in case of a company which has been registered for a period not less than five years, its accumulated losses at the end of the financial year are not less than fifty per cent of its net worth and whether it has incurred cash losses in such financial year and in the immediately preceding financial yearRs,
Company does not have any accumulated losses.
Clause (IX): Whether the company has defaulted in repayment of dues to a financial institution or bank or debenture holdersRs, If yes, the period and amount of default to be reported;
No. The company has not defaulted in repayment of dues to a financial institution or bank or debenture holders.
Clause (X): Whether the company has given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof is prejudicial to the interest of the company;
No. The company has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof is prejudicial to the interest of the company.
Clause (XI): Whether term loans were applied for the purpose for which the loans were obtainedRs,
The company has not taken any Term Loans.
Clause (XII): whether any fraud on or by the company has been noticed or reported during the year; If yes, the nature and the amount involved is to be indicated.
No fraud has been noticed or reported, neither on nor by the company.
For Naval Kapur & Co.
CA Naval Kapur