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Raashi Fertilizers Ltd.

BSE: 524009 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: N.A.
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Raashi Fertilizers Ltd. (RAASHIFERT) - Auditors Report

Company auditors report

RAASHI FERTILIZERS LIMITED ANNUAL REPORT 2004-2005 AUDITORS' REPORT To. The Share Holders, M/s. Raashi Fertilizers Limited. (1) We have audited the attached Balance Sheet of M/S RAASHI FERTILIZERS LIMITED. As at March 31st 2005 and also the annexed Profit & Loss Account of the Company for the year ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date. These financial statements are 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 indian. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit 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 a reasonable basis for our opinion. (3) As required by the Companies (Auditor's Report) Order, 2003 (The Order) issued by the Central Government of India in terms of Sec. 227(4A) of the Companies Act, 1956, we enclose herewith an Annexure on the matters specified in paragraphs 4 and 5 of the said Order. Further to our comments in the Annexure referred to 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 & 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 Accounts, and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3c) if Section 211 of the Companies Act, 1956. E. On the basis of written representations received from the Directors as on 31st March 2005. and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March 2005, from being appointed as Director in terms of clause (g) of sub-section (1) of Section. 274 of the Companies Act. 1956. F. In our opinion, the profit and loss account and balance sheet comply with the mandatory accounting standard referred to in sub-section (3C) of section 211 of the companies Act, 1956. In our opinion to the best of our information and according to the explanation given to us, the said accounts together with the notes thereon give the information required by the companies Act, 1956 in the manner so required and give a true and fair view. i. In the case of the Balance Sheet, of the state of affairs of the company's as at 31st March 2005. And ii. In the case of the Profit & Loss account, of the Lass of the Company for the year ended on that date. iii. In the case of the Cash Flow Statement, of the cash Flows for the year ended on that date. FOR B.M. JHAVERI & CO. CHARTERED ACCOUNTANTS BHUPENDRA M. JHAVERI. Proprietor. Membership No. 15855. Place : Mumbai. Dated : 11-7-2005 The Annexure referred to in paragraph 2 of our report to the members of M/S. RAASHI FERTILIZERS LIMITED for the year ended 31st March, 2005. We report that : 1. The Company has maintained proper records showing full particulars including quantitative details and location of fixed assets. Some of the fixed assets of the Company were physically verified during the year by the management in accordance with a programme of verification, the frequency of which is reasonable. To the best of our knowledge, no significant discrepancies were noticed on such verification. As per the records of the Company, substantial part of fixed assets has been disposed off during the year 2. The stocks of finished goods, stock in process, stores and consumables and raw materials have been physically verified during the year by the management. The procedures of physical verification. In our opinion, are reasonable and adequate in relation to the size of the Company and nature of its business. 3. On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material. 4. In our opinion, the Company has neither granted nor taken any loans, secured or unsecured from companies firms or other parties listed in the Register maintained under Section 301 of the Companies Act 1956. 5. 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 for the purchase of inventory and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls. 6. In our opinion, and according to the information and explanation given to us the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956, and aggregating during the year to Rs. 5,00,000 or more in respect of each party, have been made at prices which are reasonable having regard to prevailing market prices as available with the Company. 7. The Company has not accepted any deposits from the public in terms of Section 58A and 58AA of the Act and the Rules framed there under. 8. In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its business. 9. We have broadly reviewed the books of account maintained by the Company pursuant to the order issued by the Central Government for maintenance of cost records under Section 209(1) (d) of the Act in respect of Cables and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not however, made a detailed examination of the records with a view to determine whether they are accurate and complete. 10. According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance Income tax, Sales tax, Wealth tax, Customs duty, Excise duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2005 for a period of more than six months from the date they become payable. 11. The Company have accumulated losses as at the end of the financial year. The Company has incurred cash losses in the preceding year and in the year under review. Total loss to be carried forward is Rs. 1,548.25 Lacs as on 31st March, 2005. 12. In our opinion, on the basis of audit procedures and on the information and explanations institutions of banks or debenture holders as may be applicable thereto. 13. Based on examination of documents and records made available to us and on the basis of information and explanations given to us, the Company has not granted any loans and advances on the security by way of pledge of shares, debentures and other securities. 14. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of The Order are not applicable to the Company. 15. In our opinion, the Company is not dealing in or trading in shares, securities / debentures and other investments. Accordingly the provision of clause 4(xiv) of The order is not applicable to the Company. 16. Based on examination of documents and records made available to us and on the basis of information and explanations given to us, the Company has not given any guarantee or loans taken by others from banks or financial institutions. 17. The Company has not taken any term loans during the year and hence, our requirement of reporting, regarding application of term loan in terms of Clause (xvi) of the Order lose not arise. 18. The funds raised on short-term basis have not been used for long-term investments and vice versa. 19. During the year the Company has not made any preferential allotment of shares to any parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956. 20. The Company has not issued any debentures during the year. 21. The Company has not raised any money through a public issue during the year. 22. Based upon the audit procedures performed and on the basis of information and explanations given to us by the management we report that no fraud on or by the Company has been noticed or reported during the course of our audit. FOR B.M. JHAVERI & CO. CHARTERED ACCOUNTANTS BHUPENDRA M. JHAVERI. Proprietor. Membership No. 15855. Place : Mumbai. Dated : 11-7-2005