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Raghuvansh Agrofarms Ltd.

BSE: 538921 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE865P01016
BSE 12:34 | 17 Aug 377.00 15.00
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NSE 05:30 | 01 Jan Raghuvansh Agrofarms Ltd
OPEN 376.00
PREVIOUS CLOSE 362.00
VOLUME 13750
52-Week high 466.00
52-Week low 99.30
P/E 98.18
Mkt Cap.(Rs cr) 449
Buy Price 350.00
Buy Qty 625.00
Sell Price 0.00
Sell Qty 0.00
OPEN 376.00
CLOSE 362.00
VOLUME 13750
52-Week high 466.00
52-Week low 99.30
P/E 98.18
Mkt Cap.(Rs cr) 449
Buy Price 350.00
Buy Qty 625.00
Sell Price 0.00
Sell Qty 0.00

Raghuvansh Agrofarms Ltd. (RAGHUVANSHAGRO) - Auditors Report

Company auditors report

TO THE MEMBERS OF RAGHUVANSH AGROFARMS LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying Standalone financial statements of RAGHUVANSHAGROFARMS LIMITED ("the company") which comprises the Balance Sheet as at 31stMarch 2021 the Statement of Profit and Loss (including Other Comprehensive Income) theCash Flow Statement and the Statement of Changes in Equity (not present Hence NOTAPPLICABLE) for the year then ended and a summary of significant accounting policies andother explanatory information.

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 Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder Section 133 of the Act.

This responsibility also includes the maintenance of adequate accounting records inaccordance with the provision 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 financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the standalone Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Standalone Ind AS financialstatements based on our audit. In conducting our audit we have taken into account theprovisions of the Act the accounting and auditing standards and matters which arerequired to be included in the audit report under the provisions of the Act and the Rulesmade thereunder. We conducted our audit of the standalone Ind AS financial statements inaccordance 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 theaudit to obtain reasonable assurance about whether the standalone Ind AS financialstatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone Ind AS financial statements. The procedures selected dependon the auditor's judgment including the assessment of the risks of material misstatementof the standalone Ind AS financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theCompany's preparation of the standalone Ind AS financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by Company's Directors as well asevaluating the overall presentation of the standalone Ind AS 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 Ind AS financial statements.

Emphasis of Matters

a] We draw attention to Notes to the standalone financial results which states that themanagement has made an assessment of the impact of COVID-19 on the Company's operationsfinancial performance and position as at and for the year ended March 31 2021 and hasconcluded that there is no impact which is required to be recognized in the standaloneannual financial statements. Accordingly no adjustments have been made to the standalonefinancial results.

b] As stated in Note no.7 & 8 to the Notes on account the balances of TradePayables Other Current Liabilities and other personal accounts are subject toconfirmation and reconciliation if any.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects/possible effects of the matter described in the basisof Qualified Opinion in above paragraphs the aforesaid standalone Ind AS financialstatements give the information required by the Act in the manner so required and give atrue and fair view in conformity with the accounting principles generally accepted inIndia

a] In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch2021

b] In the case of the Statement of Profit & Loss of the Profit for the year endedon that date;

c] In the case of the Cash Flow Statement of the Cash flows for the year ended on thatdate; and

d] In the case of the Income of the Comprehensive Income for the year ended on thatdate.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report] Order 2016(‘the Order'] andissued 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 in paragraphs 3and 4 of the said Order to the extent applicable.

2. 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 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 including Other ComprehensiveIncome the Cash Flow Statement and statement of Changes in Equity dealt with by thisReport are in agreement with the books of account;

d] Except for the effects/possible effects of the matter described in the Basis ofQualified Opinion Paragraph the aforesaid standalone Ind AS Financial Statements complywith the Accounting Standards specified under Section 133 of the Act;

e] On the basis of written representations received from the directors as on 31 March2021 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2021 from being appointed as a director in terms of Section 164(2] of theAct;

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 B and

g] With respect to the other matter 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. We have been informed that the Company does not have any pending litigation whichwould impact its financial position.

ii. We have been informed that the Company did not have any long-term contractsincluding derivatives contracts for which there were any material foreseeable losses.

iii. We have been informed that there were no amounts which required to be transferredby the company to the Investor Education and Protection Fund.

ANNEXIJRE A TO INDEPENDENT AUDITORS' REPORT:

RE: RAGHUVANSH AGROFARMS LIMITED

Referred to in paragraph 1 under 'Report on Other Legal & Regulatory Requirement'section of our report of even date:

We report that-

I. a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Fixed Assets.

b) The Company has a regular program of physically verifying all the fixed assets bywhich fixed assets are verified at the end of financial year accordance with thisprogram fixed assets were verified during the year. In our opinion this periodicity ofphysical verification is reasonable having regard to the size of the Company and thenature of its assets. No material discrepancies were noticed on such verification.

c) According to the information and explanations given to us the title deeds ofimmovable properties as disclosed in Note 10 to the standalone financial Statements areheld in the name of the company except for the following:

LESSOR ADDRESS OF PROPERTY AGREEMENT DATE REMARK
Sanjeevani Fertilizers and Chemicals Pvt. Ltd. Village - Gaur Pathak Pokhrayan District - Rama Bai Nagar Bhognipur Old Kanpur 01.10.2014& 16.05.2017 The property is on lease and the lease agreement is in the name of the company.
MP Audyogik Kendra Vikas Nigam (Indore) Limited Free Press House 1st Floor 3/54 Press Complex Agra- Mumbai Marg Indore (MP) 02.05.2015

Mone of the properties as mentioned above have actually been acquired by the company.These are on lease.

II. The inventory has been physically verified by the management at reasonableintervals during the year and no discrepancies were noticed on such verification. In ouropinion the procedure for physical verification of inventory is reasonable and adequatein relation to size of the company whereas frequency of such verification is alsoreasonable. Proper records of inventory have been maintained by the company and nomaterial discrepancies have been noticed on its physical verification.

III. a) In our opinion and according to the information and explanation given to usthe company has not granted loans to any companies firms or other parties covered inRegister maintained under section 189 of the Companies Act 2013 and therefore paragraph3(iii) of the Order is not applicable.

b) In our opinion and according to the information and explanation given to us thereis no overdue amount towards the principal and interest.

IV. In our opinion and according to the information and explanation given to us thecompany has complied with the provisions of Section 185 & 186 of the Act with respectto loans and investments made.

V. The company has not accepted any deposits from the public in accordance with theprovisions of section 73 to 76 of the Act and the rules framed there under. Accordinglyparagraph 3(v) of the order is not applicable to the company.

VI. In our opinion and according to the information and explanations given to us thecompany is not required to maintain cost records pursuant to the Rules made by the CentralGovernment u/s 148 (1) of the Companies Act 2013.

VII. a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is regular in depositing theundisputed statutory dues including income tax sales tax value added tax goods andservices tax cess and other material statutory dues as applicable with the appropriateauthorities.

According to the information and explanations given to us no undisputed amountspayable in respect of income tax sales tax value added tax goods and services tax cessand other material statutory dues were in arrears as at 31st March 2021 for theperiod of more than six months from the date they became payable.

b) According to the information and explanations given to us there are no dues ofincome tax sales tax value added tax goods and services tax cess which have not beendeposited with the appropriate authorities on account of any dispute.

VIII. According to the information and explanations given to us the company has notdefaulted in repayment of Loan or borrowings to bank during the year. The company has notborrowed from Government or any Debenture holder during the year.

IX. In our opinion and according to the information and explanations given to us thecompany has not raised any money by way of initial public offer further public offer(including debt instrument) and term loan during the year. Accordingly paragraph 3 (ix)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 given to us and based on ourexamination of the records the company has paid/provided for managerial remuneration inaccordance with the requisite approvals mandated by the provision of section 197 read withSchedule V of the Act.

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 and based on ourexamination of the records of the company the transactions with the related parties arein compliance with section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the Standalone financial statements as required by theapplicable accounting standards.

XIV. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not made any preferentialallotment or private placement or shares or fully or partly convertible debentures duringthe 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 noncashtransactions with directors or persons connected with them. Accordingly paragraph 3 (xv)of the Order is not applicable.

XVI. According to the information and explanations given to us the company is notregistered under section 45- IA of the Reserve Bank of India Act 1934

ANNEXURE - B TO THE INDEPENDENT AUDITORS' 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 controls over financial reporting of RAGHUVANSHAGROFARMS LIMITED ("the Company") as of March 31st2021 in conjunctionwith our audit of the standalone Ind AS financial statements of the Company for the yearended 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'). 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 Company's policies the safeguarding ofits 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 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 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 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 inaccordance 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.

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 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 31 March 2021 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 KAMAL GUPTA ASSOCIATES
CHARTERED ACCOUNTANTS
(FRN. 000752C)
C.A. NEHAAGARWAL
(PARTNER)
(MRN 406713)
Place: Kanpur
Date: 25/06/2021
UDIN:21406713AAAABE8039

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