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Anjani Foods Ltd.

BSE: 511153 | NSE: | Series: NA | ISIN: INE096I01013 | SECTOR: Finance - Leasing & Hire Purchase

BSE Live

Dec 06, 11:14
141.00 -5.90 (-4.02%)
Volume
AVERAGE VOLUME
5-Day
608
10-Day
787
30-Day
1,232
284
  • Prev. Close

    146.90

  • Open Price

    144.00

  • Bid Price (Qty.)

    140.10 (100)

  • Offer Price (Qty.)

    141.00 (78)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
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0
  • Prev. Close

    -

  • Open Price

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Anjani Foods is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008 2007 2006

Auditor's Report

We have audited the accompanying financial statements of Raasi Enterprises Limited (the Company), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub section (3C) of section 211 of Companies Act, 1956. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: a. in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014; b. in the case of the Statement of Profit and Loss, of the loss for the year ended on that date; and c. in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Emphasis of Matter We draw attention to the following note to the financial statements: Note No 18. Regarding the sale of fixed assets, the future plans of the company based on which the accounts have been drawn on going concern basis. Our opinion is not qualified in respect of the above matter. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by section 227(3) of the Act, 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 purpose of our audit; b. In our opinion proper books of account as required by law have been kept by the 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 Flow Statement dealt with by this report are in agreement with the books of account; d. In our opinion, the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; e. On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub- section (1) of section 274 of the Companies Act, 1956. RE: RAASI ENTERPRISES LIMITED Referred to in paragraph 3 of our report of even date i. (a) The company has compiled the fixed assets register showing full particulars including quantitative details, location and situation of the fixed assets. (b) No physical verification of fixed assets was carried out by the management during the year; hence we are unable to comment on the discrepancies, if any. (c) According to the information and explanations given to us, the company has disposed off substantial part of fixed assets comprising of Buildings situated at Bimavaram, W.G. District and hence, fundamental assumption of going concern will not be effected - refer no. 19 notes on account. ii. According to the information and explanations given to us, there are no inventories. Therefore the provisions of Clause 4 (ii) (a), (b) and (c) of Companies (Auditor''s Report) Order, 2003 as amended are not applicable to the Company. iii. (a) According to the information and explanations given to us, the Company has not granted unsecured loans to the parties covered in the Register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 397.25 lakhs and year-end balance of such loans was Rs. 142.25 lakhs. However the maximum amount outstanding in respect of loans were granted earlier years. (b) According to the information given to us, the terms and conditions of such loan is prima facie not prejudicial to the interest of the Company. Since the loans granted are repayable on demand, question of overdue amounts does not arise. Therefore commenting under Clause 4 (iii) (c) and (d) of Companies (Auditor''s Report) Order, 2003 as amended does not arise. (e) According to the information and explanations given to us, the Company has not taken unsecured loan from the parties covered in Register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 499.41 lakhs and year end balance was Rs. 17.91lakhs. However the maximum amount outstanding in respect of loans were granted earlier years. (f) Since the loans taken are repayable on demand, question of overdue amounts does not arise. Therefore commenting under Clause 4 (iii) (g) of Companies (Auditor''s Report) Order, 2003 as amended does not arise. iv. 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 with regard to purchase of fixed assets, sale of goods and services. In our opinion and according to the information given to us, there is no continuing failure to correct major weaknesses in the Internal Control System of the Company. v. (a) In our opinion and according to the information and explanations given to us, and based on the representations by the management, there are no transactions that need to be entered into the register in pursuance of Section 301 of the Companies Act, 1956. Accordingly clause (v) (b) of this order is not applicable to the Company for the current year. vi. The company has not accepted any deposits from the public. vii. The Company has no internal audit system in vogue. viii. In our opinion and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of Cost Records under Section 209 (1) (d) of the Companies Act, 1956 for the activities of the Company. Therefore, the provisions of clause 4(viii) of Companies (Auditor''s Report) Order, 2003 as amended are not applicable to the Company. ix. (a) According to the information and explanations given to us, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and any other applicable statutory dues with the appropriate authorities. According to information and explanation given to us, there are no arrears of statutory dues as at 31st March, 2014 which are outstanding for a period of more than six months from the date they became payable except an amount of Rs. 0.62 lakhs (Previous Year Rs. 0.62 lakhs) towards Investor Education and Protection Fund and an amount Rs. 0.67 lakhs towards Tax Deducted at source. (b) According to the information and explanations given to us, there are no dues of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty and Cess which have not been deposited on account of any dispute except as stated below: Name of the Nature of dues Amount Forum where statute (Rs. in lakhs) dispute is pending Income Tax Disputed of tax demand 6.80 Commissioner for the AY - 1998-99 Income Tax (Appeals), Hyderabad. Disputed tax demand 1.78 Commissioner towards lease income Income Tax from buildings for the (Appeals), AY - 2004-05 Hyderabad. x. The company has no accumulated losses as on 31st March 2014. The company has not incurred any cash losses in the financial year under report and in the immediately preceding financial year. xi. According to the information and explanation given to us, the company has not defaulted in repayment of dues to financial institutions and banks. xii. According to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures or other securities. xiii. The company is not a Chit Fund/Nidhi/Mutual Benefit Fund/Society. Therefore, the provisions of clause 4(xiv) of Companies (Auditor''s Report) Order, 2003 as amended are not applicable to the Company. xiv. The company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4(xiv) of Companies (Auditor''s Report) Order, 2003 as amended are not applicable to the Company. xv. In our opinion and according to the information and explanations given to us during the course of the audit, the company has not given any guarantee for loans taken by others from bank or financial institutions. xvi. In our opinion and according to the information and explanations given to us, term loans were applied for the purpose for which the loans were obtained. xvii. On the basis of an overall examination of the balance sheet of the company in our opinion and according to information and explanation given to us, there are no funds raised on short term basis which have been used for long term investment. xviii. During the year under report the company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956. xix. The company has not issued any debentures. xx. The Company has not raised any money by public issue during the year. xxi. In accordance with the information and explanations given to us and our examination of books and records, no fraud on or by the company has been noticed or reported during the year. For M. Bhaskara Rao & Co., Chartered Accountants Firm Registration No.00459S V. Raghunandan Place: Hyderabad Partner Date : 29.05.2014 Membership No.26255