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Anand Rayons Ltd.

BSE: 542721 Sector: Others
NSE: N.A. ISIN Code: INE02GA01012
BSE 00:00 | 01 Dec 54.20 -0.80
(-1.45%)
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55.10

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55.10

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NSE 05:30 | 01 Jan Anand Rayons Ltd
OPEN 55.10
PREVIOUS CLOSE 55.00
VOLUME 8785
52-Week high 307.00
52-Week low 45.10
P/E 27.51
Mkt Cap.(Rs cr) 81
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 55.10
CLOSE 55.00
VOLUME 8785
52-Week high 307.00
52-Week low 45.10
P/E 27.51
Mkt Cap.(Rs cr) 81
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Anand Rayons Ltd. (ANANDRAYONS) - Auditors Report

Company auditors report

To

The Members

ANAND RAYONS LIMITED

1 REPORT ON THE FINANCIAL STATEMENTS : -

OPINION : -

We have audited the financial statements of M/s. ANAND RAYONS LIMITED ("theCompany") which comprise the balance sheet as at 31st March 2022 and the statementof profit and loss (including other comprehensive income) the statement of changes inequity and the statement of cash flows for the year then ended and notes to the financialstatements including a summary of significant accounting policies and other explanatoryinformation.

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 theCompanies Act 2013 (‘Act’) in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at 31st March 2022 its Profit and cash flows for theyear ended on that date.

BASIS FOR OPINION : -

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor’sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI’s Code ofEthics.

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

KEY AUDIT MATTERS : -

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

There are no key audit matters to communicate in the Auditor's Report.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITORS’ REPORT THEREON: -

The Company’s Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board’s Report including Annexures to Board’s ReportBusiness Responsibility Report Corporate Governance and Shareholder’s Informationbut does not include the standalone financial statements and our auditor’s reportthereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

2 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 Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance totalcomprehensive income changes in equity and cash flows of the Company in accordance withthe Ind AS and other accounting principles generally accepted in India. Thisresponsibility also includes maintenance of adequate accounting 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 standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company’s ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company’s financialreporting process.

3 AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS: -

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor’s report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also : -

> Identify and assess the risks of material misstatement of the standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal controls.

> Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

> Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management’s use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on theCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor’s report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor’s report. However future events or conditions may cause theCompany to cease to

> Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor’s report unless law or regulation precludes public disclosure aboutthe matter or when in extremely rare circumstances we determine that a matter should notbe communicated in our report because the adverse consequences of doing so wouldreasonably be expected to outweigh the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS : -

As required by Section 143(3) of the Act based on our audit 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 purpose of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified 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 2022 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2022 from being appointed as a director in terms ofsection 164(2) of the Companies Act 2013.

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". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company’s internalfinancial controls over financial reporting.

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with the requirements of section 197(16) of the Act as amended in our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act. and

h) With respact to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit & Auditors) Rules 2014 in ouropinion and to the best of our information and according to the explanation given to us :-

i) The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial position.

ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts. and

iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

2 As required by the Companies (Auditor’s Report) Order 2020 ("theOrder") issued by the Central Government in terms of Section 143(11) of the Act wegive in "Annexure - B" a statement on the matters specified in paragraphs3 and 4 of the order.

For M. R. BOMBAYWALA & CO.
Chartered Accountants
CA Mukesh R. Bombaywala
Partner : Mem. No. 041562
PAN No. : ABIPB5899D
Firm Regi. No. : 123117W
SURAT : - 20th May 2022 UDIN : 22041562AJHNAV5382

ANNEXURE - "A" TO INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements’ section of our report to the Members of M/s. ANAND RAYONS LIMITED ofeven date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of M/s. ANANDRAYONS LIMITED ("the Company") as of 31st March 2022 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS : -

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control 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. 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 respective company’s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

AUDITOR’S RESPONSIBILITY : -

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. 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 was 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 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 internal financial controls system overfinancial reporting of the Company.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements.

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 to the best of our information and according to the explanations givento US the Company has In all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31st March 2022 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated In the Guidance Note on Audit of internal financialcontrols over financial reporting issued by the Institute of Chartered Accountants ofIndia.)

For M. R. BOMBAYWALA & CO.
Chartered Accountants
CA Mukesh R. Bombaywala
Partner : Mem. No. 041562
PAN No. : ABIPB5899D
Firm Regi. No. : 123117W
SURAT : - 20th May 2022 UDIN : 22041562AJHNAV5382

ANNEXURE - "B" TO INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1 under "Report on Other Legal and RegulatoryRequirements" section of our report of the members of ANAND RAYONS LIMITED of evendate)

(i) In respect of the Company’s Property Plant and Equipments : -

(a) (A) The company has maintained proper records showing full particulars includingquantitative details and situation of Property and Equipments. The company does not haveplant.

(B) The company does not have any intangible assets.

(b) The Property and Equipments of the Company were physically verified by themanagement at reasonable intervals during the year. According to the information andexplanations given to us and as examined by us no material discrepancies were noticed onsuch verification.

(c) The title deeds of all the immovable properties disclosed in the financialstatements are held in the name of the company.

(d) The company has not revalued its Property and Equipment (including Right of Useassets) or intangible assets or both during the year.

(e) On the basis of information made available and verification made by us noproceedings have been initiated or are pending against the company for holding any benamiproperty under the Benami Transactions (Prohibition) Act 1988 (45 of 1988) and rules madethereunder.

(ii) (a) Physical verification of inventory has been conducted at reasonable intervalsby the management. In our opininon the coverage and procedure of such verification by themanagement is appropriate. No discrepancies of 10% or more in the aggregate for each classof inventory were noticed.

(b) The company has been sanctioned working capital limits in excess of five crorerupees in aggregate from banks or financial institutions on the basis of security ofcurrent assets. The quarterly returns or statements filed by the company with such banksor financial institutions are in agreement with the books of account of the Company.

(iii) During the year the company has not provided loans or advances in the nature ofloans or stood guarantee or provided security to any other entity.

(iv) On the basis of information made available and verification of the same made byus in respect of loans investments guarantees and security all mandatory provisions ofsection 185 and 186 of the Companies Act 2013 have been complied with.

(v) In our opinion and according to the information and explanation given to us thecompany has not accepted deposits from the public.

(vi) According to the information and explanation given to us the maintenance of costrecords has not been prescribed by the Central Government under sub-section (1) of section148 of the Companies Act 2013 to the industry to which the company belongs.

(vii) In respect of statutory dues : -

(a) The company is regular in depositing undisputed statutory dues including ProvidentFund Employee State Insurance Income-tax Sales-tax Service Tax Wealth Tax Duty ofCustoms Duty of Excise Value Added Tax GST Cess and any other statutory dues whereverapplicable with the appropriate authorities.

(b) According to the information and explanation given to us there are no dues ofProvident Fund Employee State Insurance Income-tax Sales-tax Service Tax Wealth TaxDuty of Customs Duty of Excise Value Added Tax GST Cess and any other statutory dueswhich have not been deposited on account of any dispute.

(viii) In our opinion and explanation given to us there are no transactions which arenot recorded in the books of account have been surrendered or disclosed as income duringthe year in the tax assessments under the Income Tax Act 1961.

(ix) (a) The company has not defaulted in repayment of loans or other borrowings or inthe payment of interest thereon to any lender.

(b) The company is not a declared wilful defaulter by any bank or financial institutionor other lender.

(c) As per the information and explanation given to us term loans were applied for thepurpose for which the loans were obtained.

(d) As per the information and explanation given to us funds raised on short termbasis have not been utilised for long term purposes.

(e) As per the information and explanation given to us the company has not taken anyfunds from any entity or person on account of or to meet the obligations of itssubsidiaries associates or joint ventures.

(f) As per the information and explanation given to us the company has not raisedloans during the year on the pledge of securities held in its subsidiaries joint venturesor associate companies.

(x) (a) As per the information and explanation given to us no moneys are raised by wayof initial public offer or further public offer (including debt instruments) during theyear.

(b) As per the information and explanation given to us the company has not made anypreferential allotment or private placement of shares or convertible debentures (fullypartially or optionally convertible) during the year.

(xi) (a) As per the information and explanation given to us no fraud by the company orany fraud on the company has been noticed or reported during the year.

(b) As per the information and explanation given to us no report under sub-section(12) of Section 143 of the Companies Act has been filed by the auditors in Form ADT-4 asprescribed under rule 13 of Companies (Audit and Auditors) Rules 2014 with the CentralGovernment.

(c) As per the information and explanation given to us the auditor has not come acrossor found any whistle-blower complaints.

(xii) (a) As per the information and explanation given to us the Company is not Nidhicompany.

(xiii) As per the information and explanation given to us all transactions with therelated parties are in compliance with sections 177 and 188 of Companies Act 2013 whereapplicable and the details have been disclosed in the Financial Statements etc. asrequired by the applicable accounting standards.

(xiv) (a) As per the information and explanation given to us the company has aninternal audit system commensurate with the size and nature of its business;

(b) The reports of the Internal Auditors for the period under audit were considered byus as the statutory auditor.

(xv) As per the information and explanation given to us the company hasn’tentered into any noncash transactions with directors or persons connected with him.

(xvi) (a) The company is not required to be registered under section 45-IA of theReserve Bank of

India Act 1934.

(b) As per the information and explanation given to us the company has not conductedany Non-Banking Financial or Housing Finance activities without a valid Certificate ofRegistration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act1934.

(c) As per the information and explanation given to us the company is not a CoreInvestment Company (CIC) as defined in the regulations made by the Reserve Bank of India.

(d) As per the information and explanation given to us the Group does not have any CICas part of the Group.

(xvii) As per the information and explanation given to us the company has not incurredcash losses in the financial year and in the immediately preceding financial year.

(xviii) As per the information and explanation given to us there has been noresignation of the statutory auditors during the year.

(xix) On the basis of the financial ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and our knowledge of the Board of Directors and management plans weare of the opinion that no material uncertainty exists as on the date of the audit reportthat company is capable of meeting its liabilities existing at the date of balance sheetas and when they fall due within a period of one year from the balance sheet date.

(xx) (a) As per the information and explanation given to us provisions of sec. 135being corporate social responsibility are not applicable to the company as the companydoes not have

• net worth of rupees five hundred crore or

• turnover of rupees one thousand crore or more or

• a net profit of rupees five crore or more during the immidiately precedingfinancial year.

(xxi) There have been no qualifications or adverse remarks by the respective auditorsin the Companies (Auditor’s Report) Order (CARO) reports of the company which arerequired to be included in the consolidated financial statements.

For M. R. BOMBAYWALA & CO.
Chartered Accountants
CA Mukesh R. Bombaywala
Partner : Mem. No. 041562
PAN No. : ABIPB5899D
Firm Regi. No. : 123117W
SURAT : - 20th May 2022 UDIN : 22041562AJHNAV5382

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