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Raj Agro Mills Ltd.

BSE: 530291 Sector: Industrials
NSE: N.A. ISIN Code: INE791C01012
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NSE 05:30 | 01 Jan Raj Agro Mills Ltd
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VOLUME 250
52-Week high 7.21
52-Week low 4.96
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 7.00
CLOSE 7.00
VOLUME 250
52-Week high 7.21
52-Week low 4.96
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Raj Agro Mills Ltd. (RAJAGROMILLS) - Auditors Report

Company auditors report

To The Members of Raj Agro Mills Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Raj Agro Mills Limited("the Company") which comprise the Balance Sheet as at 31st March2017 and the statement of Profit and Loss and the Cash Flow Statement for the year endedon that date and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Financial Statements

The Company's management is responsible for the matters stated in section 134(5) of theCompanies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

This responsibility also includes maintenance of adequate records in accordance withthe provisions of the Act for safeguarding the assets of the company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive true and fair view and are free from material misstatement whether due to fraud orerror.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into accounts the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and Rules made there-under.

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 financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorsconsider internal control relevant to the Company's preparation and fair presentation ofthe financial statements that give true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies and principles used and the reasonableness of theaccounting estimates made by management as well as evaluating the overall presentation ofthe financial statement.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2017 its losses and its 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 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure "A" a statement on the matters specified inparagraphs 3 and 4 of the said Order.

2. As required under the provisions of section 143(3) of the Act we report that;

a) We have obtained all the information and explanations which to the best ofour 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 bythe 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 FlowStatement dealt with by 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 Companies Act 2013 read with Rule 7 of theCompanies (Accounts) Rules 2014;

e) On the basis of written representations received from the directors as on 31stMarch 2017 and 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 termsof section 164(2) of the Act;

f) With reference to adequacy of internal financial control over financialreporting of company and operating effectiveness of such controls refer to our separatereport in Annexure "B'; and.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition. ii The Company did not have any long-term contracts including derivativecontracts for which there were any material foreseeable losses. iii There is no suchamount which is required to be transferred to the Investor Education and Protection Fundby the Company. iv. The company has provided requisite disclosures in its financialstatements as to holdings as well as dealing in Specified Bank Notes during the periodfrom 8th November 2016 to 30th December 2016 and these are inaccordance with the books of accounts maintained by the company. Refer note no.20 tostandalone financial statements. For & on behalf of P. C. Goyal & Co. CharteredAccountants

Sd/- Place: Ludhiana

CA. P.C. Goyal Date: 29.05.2017

(Partner)

M. No. 080377 FRN:002368N

Annexure- A to the Audit Report

Referred to in paragraph 1 of our Report on Other Legal and Regulatory

(i) (a) The company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

(b) Since the company has sold all its remaining fixed assets during the year assuch no question of physical verification by the management arises. According toinformation and explanation given to us the company has so far not made any plan toreplace such fixed assets that has been sold. In view of said sale of the assets thecompany has no plans to maintain going concern status in near future.

(c) The company does not own any immovable property.

(ii) There is no business operation in the company as such it is not having any stockinventory in view of which nothing requires to be given under this para.

(iii) The Company has not granted any loan secured or unsecured to the companiesfirms Limited Liability Partnerships or other parties covered in the register maintainedunder section 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to us thecompanies has not provided any loans investments guarantees and security stated insection 185 and 186 of the Companies Act 2013.

(v) In our opinion and according to the information and explanations given to us thecompany has not accepted any deposit from the public therefore the provisions of clause(v) of paragraph 3 of the Order is not applicable to the company.

(vi) In our opinion and according to information and explanations given to us theCompanies (Cost Records and Audit) Rules 2014 are not applicable to the Company. Hencethe maintenance of cost accounts and records are not required.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the books of accounts the company has been regular in depositing withappropriate authorities undisputed statutory dues including Provident fund Employee'sstate insurance Income tax Vat/CST Service Tax Custom Duty Excise duty Cess andother material statutory dues applicable to it.

According to the information and explanations given to us no undisputed amountspayable in respect of the aforesaid dues were in arrears as at 31.03.2017 for a period ofmore than six months from the date of becoming payable.

(b) According to the information and explanation given to us and as per recordsof the company as at 31st March 2017 the following are the particulars ofdues on account of sales tax penalty matters that have not been deposited on account ofany dispute:

Name of the statute Nature the dues of Amount (in Rs.) Period the relates to which amount Forum where dispute pending

 

The VAT 2005 Punjab ACT Penalty u/s 51(7)(b) 35500/- Fin 2007 Year 2006- Appeal before (Enforcement) Bathinda Deputy Excise & Taxation Cum Joint Director

However according to information and explanation given to us a sum of Rs.8875/- wasdeposited on 22.07.2006 against the above demand.

(viii) The Company does not have any loans or borrowings from any financialinstitution banks government or debenture-holders during the year. Accordinglyparagraph 3(viii) of the Order is 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. Accordinglyparagraph 3(ix) of the Order is not applicable.

(x) According to information and explanation given to us no material fraud by thecompany or on the company by its officers or employees has been noticed or reported duringthe year.

(xi) According to information and explanation given to us and based on our examinationof records of the company the company has not paid or provided any managerialremuneration during the year. Accordingly paragraph 3(xi) of the Order is not applicable.

(xii) In our opinion the company is not a chit fund or a nidhi company. Accordinglyparagraph 3(xii) of the Order is not applicable.

(xiii) According to information and explanation given to us and based on ourexamination of records of the company during the year under review the company has notentered into any transactions with the related parties in terms of section 177 and 188 ofthe Act. Accordingly the provisions of clause (xiii) of paragraph 3 of the Order are notapplicable to the company.

(xiv) The company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year.

(xv) According to information and explanation given to us and based on our examinationof records of the company during the year under review the company has not entered intonon-cash transactions with directors or persons connected with him.

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act1934.

For & on behalf of P. C. Goyal & Co.

Chartered Accountants

Sd/- Place: Ludhiana

CA. P.C. Goyal Date: 29.05.2017

(Partner)

M. No. 080377 FRN:002368N

Annexure- B to the Audit Report

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section143 of the companies Act 2013 (‘the Act')

We have audited the internal financial control over the financial reporting of"Raj Agro Mills Limited" (‘the company') as of 31st March 2017in conjunction with our audit of the standalone financial statements of the company forthe year ended on that date:

Management 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'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the Company's policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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 the ICAI and deemed to beprescribed under section 143(10) of the companies act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting were established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls systems over financial reporting and their operatingeffectiveness. Out 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 auditors' judgment 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 for our audit opinion on the company's internal financial controls system overfinancial reporting.

Meaning of Internal Financial control 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) Pertains to maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company;

2) Provide reasonable assurance that the transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorization of the management and directors of the Company; and

3) Provide reasonable assurance regarding prevention of timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of 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 procedure may deteriorate.

Opinion

In our opinion and based on present financial structure the company has in allmaterial aspects and adequate internal financial controls systems over financialreporting and such internal controls over financial reporting were operating effectivelyas at 31st March 2017 based on the internal controls over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India.

For & on behalf of P. C. Goyal & Co.

Chartered Accountants

Sd/- Place: Ludhiana

CA. P.C. Goyal Date: 29.05.2017

(Partner)

M. No. 080377 FRN:002368N

RAJ AGRO MILLS LIMITED

C-8/419 Sector 8 Near Madhuban Chowk Rohini New Delhi-85 CIN:L15149DL1990PLC040532