You are here » Home » Companies » Company Overview » Anjani Foods Ltd

Anjani Foods Ltd.

BSE: 511153 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE096I01013
BSE 00:00 | 03 May 24.80 0
(0.00%)
OPEN

24.80

HIGH

24.80

LOW

24.80

NSE 05:30 | 01 Jan Anjani Foods Ltd
OPEN 24.80
PREVIOUS CLOSE 24.80
VOLUME 100
52-Week high 29.60
52-Week low 18.00
P/E
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 24.80
CLOSE 24.80
VOLUME 100
52-Week high 29.60
52-Week low 18.00
P/E
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Anjani Foods Ltd. (ANJANIFOODS) - Auditors Report

Company auditors report

TO

THE MEMBERS OF ANJANI FOODS LIMITED

Report on Standalone Financial Statements

We have audited the accompanying standalone financial statements of ANJANI FOODSLIMITED ("the Company") which comprise the Balance Sheet as at 31st March2017 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information(here in referred to as "the Standalone Financial Statements").

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143 (10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company's preparation ofthe standalone financial statements that give true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the standalone financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2017 and its loss and its cash flows for the year ended on that date.

Emphasis of Matter

Without qualifying our report we draw attention to Note No. 19 regarding drawing theaccounts on going concern basis for reasons mentioned in the note.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143 (3) of the Act and rules made thereunder we report that:

a) We have sought and obtained all the information and explanations which to the bestof 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 theCompany 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 Statementdealt with in this report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure A"; and

g) With respect to other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us:

• The company has no pending litigations as on March 31 2017 requiring disclosurein its financial statements

• The company is not required to make any provision as required under theapplicable law or accounting standards for material foreseeable losses if any onlong-term contracts including derivative contracts.

• There are no amounts which were required to be transferred to Investor Educationand Protection Fund.

• The company has provided requisite disclosures in the standalone financialstatements as to holdings as well as dealing in Specified Bank Notes during the periodfrom 8th November 2016 to 30th December 2016. Based on the audit procedures we reportthat the disclosures are in accordance with the books of accounts maintained by thecompany and as produced to us by the Management- Refer Note 24.

2. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the "Annexure B" a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

For M. Bhaskara Rao & Co.
Chartered Accountants
(Firm Registration NO.00459S)
(D. Bapu Raghavendra)
Place: Hyderabad Partner
Date : 29 May 2017 (Membership No.213274)

Annexure - A to the Auditors' Report

Report on the Internal Financial Controls under Clause (1) of Sub-section 3 of Section143 of the

Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of M/s.ANJANI FOODS LIMITED ("the Company") as of 31 March 2017 in conjunction withour audit of the financial statements 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 and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

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

Meaning of Internal Financial Controls over Financial Reporting

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

Opinion

In our opinion considering nature of business size of operation and organisationalstructure of the entity the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For M. Bhaskara Rao & Co.
Chartered Accountants
(Firm Registration No.00459S)
(D. Bapu Raghavendra)
Place: Hyderabad Partner
Date : 29 May 2017 (Membership No.213274)

Annexure - B to the Independent Auditors' Report

(Referred to in paragraph 1 under "Report on Other Legal and RegulatoryRequirements" section of our report of even date)

i) (a) The Company's fixed asset register showing full particulars including thequantitative details and situation of fixed assets is being maintained.

(b) As explained to us the management has physically verified the fixed assets atreasonable intervals. As reported to us there were no discrepancies found during suchverification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

ii) As per the information and explanations given to us the company has no inventoryand hence the provisions of clause 3(ii) of the Companies (Auditor's Report) Order 2016("the Order") are not applicable.

iii) The Company has granted a loan to its subsidiary company covered in the registermaintained under Section 189 of the Companies Act 2013 ("the Act").

a) In our opinion the rate of interest and other terms and conditions on which theloan had been granted to the body corporate listed in the register maintained underSection 189 of the Act were not prima facie prejudicial to the interest of the Company.

b) In the case of loans granted to the body corporate listed in the register underSection 189 of the Act the borrower has been repaying the principal and interest inaccordance to the terms and conditions as stipulated. The principal amount is due to theextent of Rs. 124.42 lakhs as at the balance sheet date.

c) There are no overdue amounts in respect of the loan granted to the company coveredin the register maintained under Section 189 of the Act.

iv) In our opinion and according to the information and explanations provided to usthe Company has complied with the provisions of Section 185 and 186 of the Act withrespect to loans and investments made.

v) The company has not accepted any deposits from the public during the year.

vi) In our opinion and according to the information and explanations given to us theCentral Government has not prescribed the maintenance of Cost Records under sub section(1) of section 148 of the Companies Act 2013.

vii) (a) According to the information and explanations given to us the company hasbeen generally regular in depositing the dues in respect of Provident Fund Employees'State Insurance Income Tax Wealth Tax Service Tax Customs duty Excise Duty ValueAdded Tax Cess and other statutory dues with the appropriate authorities and there wereno material amounts outstanding as at 31st March 2017 for a period of more than six monthsfrom the date they became payable.

(b) According to the information and explanations given to us there are no dues ofSales tax Value Added Tax Customs duty Service Tax Excise duty or Cess which have notbeen deposited on account of their being disputed by the company as at 31st March 2017.

viii) According to the information and explanations given to us the Company did nothave any loans or borrowings from banks financial institutions the Government ordebenture holders and hence the provisions of clause 3(viii) of the Companies (Auditor'sReport) Order 2016 are not applicable.

ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglypara 3(xi) of the Order is not applicable.

x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the managerial remuneration has beenpaid/provided in accordance with the provisions of section 197 read with Schedule V to theAct.

xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii) According to the information and explanations given to us the transactions withrelated parties are in compliance with sections 177 and 188 of the Act and are disclosedin the financial statements as required by the applicable accounting standards.

xiv) According to the information and explanations give to us the Company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the year.

xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xvi) According to the information provided to us the Company is not required to beregistered under section 45-IA of the Reserve Bank of India Act 1934. Accordingly theprovisions of paragraph 3(xvi) of the Order are not applicable.

For M. Bhaskara Rao & Co.
Chartered Accountants
(Firm Registration No.00459S)
(D. Bapu Raghavendra)
Place: Hyderabad Partner
Date : 29 May 2017 (Membership No.213274)