To the Members of RAJENDRA CATERERS & CONFECTIONERS LIMITED
Report on the standalone Financial Statements Opinion
We have audited the accompanying Standalone financial statements of which comprises the
Balance Sheet as at March 31,2023, the Statement of Profit and Loss, the Statement of
changes in Equity and the statement of cash flows for the year then ended, and notes to
the financial statements, including a summary of significant accounting policies and other
explanatory information.
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone financial statements give the information required
by the Companies Act 2013 in the manner so required and give a true and fair view in
conformity with the Indian Accounting Standards prescribed under Section 133 of the Act
read with Companies (Indian Accounting Standards) Rules 2015 as amended and other
accounting principles generally accepted in India, of the state of affairs of the Company
as at March 31, 2023, and loss and total comprehensive income and its cash flows for the
year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013. Our responsibilities under those
Standards are further described in the Auditor’s Responsibilities for the Audit of
the Financial Statements section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India together with the ethical requirements that arc relevant to our audit of the
financial statements under the provisions of the Companies Act, 2013 and the Rules there
under, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter
As more specifically explained in Note 2 to the financial statements, the Company has
not earned any revenue and incurred a loss of Rs. 2049.64 (in "000) resulting in an
accumulated loss of Rs. 55,451.99 (in ‘000) as of 31s1 March 2023. As a
result, the net worth of the Company has gone negative to Rs. 12,651.99 (in ‘000) as
of 31st March 2023.
The companys effort of identifying alternative business as stated in the earlier
report did not fetch any result. The going concern concept still continues to cast grave
concern. The management still reassures with no concrete evidence that the company will
turn around and relying on this the statement was prepared as a going concern
Key Audit Matters
Key Audit matters are those matters that in our professional judgement, were of most
significant in our Audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
Information other than the Standalone financial statements and Auditor’s Report
thereon
The Company’s Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the Board’s
Report including Annexures to Board’s Report Management Discussion and Analysis,
Report on Corporate Governance, Business Responsibility Report but does not include the
Standalone financial statements and our Auditor’s report thereon.
Our opinion on the standalone financial statements does not cover the other information
and we do not express any form of assurance thereon.
In connection with our audit of standalone financial statements our responsibility is
to read the other information and in doing so, consider whether the other information is
materially inconsistent with the Standalone financial statements or our knowledge obtained
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 material
misstatement of this orther information, we are required to report that fact. We have
nothing to report in this regard.
Responsibility of Management for the Standalone Financial Statements
The Company’s Board of Directors is responsible for the matters stated in section
134(5) of die Companies Act, 2013 with respect to the preparation of these standalone
financial statements that give a true and fair view of the financial position, financial
performance, changes in equip’ and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the accounting Standards
specified under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules,
2014 and the Companies (Accounting Standards) Rules, 2015, as amended This responsibility
also includes maintenance of adequate accounting records in accordance with the provisions
of the Act tor safeguarding of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate implementation
and maintenance of accounting policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the financial
statement that give a true and fair view and are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, management is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
Those Board of Directors arc also responsible for overseeing the company’s
financial reporting process
Auditor’s Responsibility for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes our opinion. Reasonable assurance is a
high level of assurance, but is not a guarantee that an audit conducted in accordance with
SAs will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
Report on other legal and Regulatory Requirements
1)As required by the Companies (Auditors Report) Order, 2020 issued by the Central
Government of India, we give in the Annexure A statement of the matters specified in
Section 143 (11) of the order.
2)As required by sectionl43(3) of the Act, based on our audit, 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 appears from our examination of those books.
c)the Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity, and
Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d)in our opinion, the Balance sheet, Statement of Profit and Loss, and Cash Flow
Statement comply with the Accounting Standards referred to section 133 of the Companies
Act, 2013.
e)on the basis of written representations received from the directors as on 31st March,
2023 and taken on record by the Board of Directors, none of the directors is disqualified
as on 31 March, 2023, from being appointed as directors in terms of Sub section (2) of
section 164 of the Companies Act, 2013.
f)The Company does not have any branch offices
g)With respect to the adequacy of the Internal Financial Controls Over Financial
Reporting of the Company and the operating effectiveness of such controls, refer to our
separate report "Annexure B".
h)The books of accounts have been maintained properly and no such matters arose during
the course of Audit which enables us for Qualification
i)No such matters came to light upon audit of financial transactions which may have an
adverse effect on the functioning of the Company
i)With respect to the other matters to be included in the Auditor’s Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in
our opinion and 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 financial
position.
.
ii)The Company did not have any long-term Contracts including derivative contracts for
which there were any material foreseeable losses.
iii) The Company docs not have any amounts required to be transferred to the investor
education and protection fund by the company.
iv)The company has not advanced any funds to or in any other persons or entities,
including foreign entities ("Intermediaries"), with the understanding, whether
recorded in writing or otherwise, that the Intermediary’ shall, whether, directly or
indirectly lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the company ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries other than those
disclosed in the notes to accounts.
v)The company has not received any funds from any persons or entities, including
foreign entities ("Funding Parties") with the understanding, whether recorded in
wilting or otherwise, that the company shall, whether, directly or indirectly, lend or
invest in other persons or endues identified in any manner whatsoever by or on behalf of
the funding Party ("Ultimate Beneficiaries") or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries other than those disclosed in the
notes to accounts.
vi)The company has not declared or paid any dividend during the year.
ANNEXURE(B) REFERRED TO IN PARAGRAPH 1 OF INDEPENDENT AUDITORS REPORT OF EVEN DATE TO
THE MEMBERS OF RAJENDRA CATERERS & CONFECTIONERS LIMITED ON THE FINANCIAL STATEMENTS
OF THE COMPANY FOR THE YEAR ENDED 31sr MARCH, 2023.
In terms of Companies (Auditors Report) Order 2020, issued by the Central Government
of India, in terms of section 143(11) of The Companies Act, 2013, we further report, on
the matters specified in paragraph 3 and 4 of the said Order, that: -
1)(i)
(a)The company is maintaining proper records showing full particulars, including
quantitative details and situation of Property, Plant & Equipment.
(b)The company does not have any intangible asset and hence the clause is not
applicable.
(ii)The Property, Plant & Equipment have been physically verified by the management
at reasonable intervals.
(iii)The title deeds of immovable properties shown in the financial statements are held
in the name of the company.
(iv)The company has not revalued its Property, Plant & Equipment or Intangible
assets or both during the year.
(v)No proceedings have been initiated against the company for holding benami property
under The Benami Transactions (Prohibition) Act, 1988 and rules made thereunder and the
details have been appropriately disclosed in the financial statements.
2)(i) No inventory held by the company and hence Physical verification of inventory is
not applicable.
(ii) No inventory is held by the company and hence the submission of quarterly
returns/statements by the company with banks/financial institutions is not applicable.
3)(i) The company has not made investments in, provided any guarantee or security
granted any loans or advances in the nature of loans, secured or unsecured to
companies, firms, LLPs, or any other parties.
4)The company has not given any loans or guarantees/made any investments within the
meaning of sections 185 & 186 of The Companies Act, 2013. The company had given
security towards Income Tax Demand the Title Deeds of the property owned by it.
5)The company has not accepted any deposits from the public in terms of Section 73 to
76 or any other relevant provisions of the Companies Act,2013.
6)The Central Government has not prescribed the maintenance of cost records under
Section 148(1) of the Act, for any of the products manufactured by the company.
7)(i) The company is regular in depositing undisputed statutory dues with appropriate
authorities.
(ii) According to records of the company, there are no statutory dues which have not
been deposited on account of any dispute, except the following:
| Name of the Statute |
Nature of Dues |
Amount (Rs in ‘000) |
Period to which the amount relates |
Forum where dispute is pending |
Amount paid
under
Protest |
| Income Tax Act |
Income tax demand |
6.19 |
AY 2001-02 |
Income tax department |
|
8)There are no transactions that are not recorded in the books of account to be
surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961;
9)(i) The Company has not obtained any loan from any Financial Institution or Bank
and hence, details regarding default in repayment of dues do not arise.
(ii)The company has not been declared as a willful defaulter by any bank or financial
institution or other lender.
(iii)The company has not availed any term loans and hence this clause is not applicable
(iv)The Company has not raised any funds on a short-term basis and hence this clause is
not applicable.
(v)the Company has not taken any funds from any entity or person on account of or to
meet the obligations of its subsidiaries, associates or joint ventures.
(vi)The Company has not raised any loans during the year on the pledge of securities
held in its subsidiaries, joint ventures or associate companies.
10)(i) The company has not made any initial public offer during the year.
(ii) The company has not made any preferential allotment or private placement of
shares/debentures during the year.
11)(i) Based upon the audit procedures performed and information and explanations given
to us by the management, we report that no fraud by the company or on the company by its
officers/employees have been noticed or reported during the course of our audit.
(ii) No report under sub-Section (12) of Section 143 of the Companies Act has been
filed by the auditors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and
Auditors) Rules 2014 with the Central Government.
(iii) No whistle-blower complaints received during the year by the Company.
12)The transactions entered into with related parties are in compliance with section
177 & 188 of The Companies Act 2013 and the details have been disclosed in the
financial statements as required by the applicable accounting standards.
13)(i) The company has an internal audit system commensurate with the size and
nature of its business.
(ii) The reports of the Internal Auditors for the period under audit has been
considered.
14)The company has not entered into any non-cash transactions with directors or persons
connected with directors, during the year.
15)(i) The company is not required to be registered under section 45-1A of The Reserve
Bank of India Act, 1934.
(ii)The Company is not conducted any Non-Banking Financial or Housing Finance
activities without a valid Certificate of Registration (CoR) from the Reserve Bank of
India as per the Reserve Bank of India Act 1934.
(iii)The Company is not a Core Investment Company (CIC) as defined under the
Regulations by the Reserve Bank of India. Hence the clause (iii) and (iv) is not
applicable.
16)The company has incurred cash losses of Rs. 534 (in 000) in the Financial Year and
Rs. 547 (in 000) in the immediately preceding Financial Year.
17)There has not been any resignation of the statutory auditors during the year.
18)On the basis of the financial ratios, aging and expected dates of realization of
financial assets and payment of financial liabilities, other information accompanying the
financial statements, the auditors knowledge of the Board of Directors and management
plans, we
are of the opinion that no material uncertainty exists as on the date of the audit
report that company is capable of meeting its liabilities existing at the date of balance
sheet as and when they fall due within a period of one year from the balance sheet date.
19)(i) There ar e no ongoing projects for the company and hence this clause is not
applicable (ii) There are no projects in hand for the company and hence this clause is not
applicable
20)No consolidated financials for the company and hence this clause is not applicable.
21)The company is not a Nidhi Company and hence not applicable.
Annexure - B to the Auditors Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of RAJENDRA
CATERERS & CONFECTIONERS LIMITED as of 31 March 2023 in conjunction with our audit
of the standalone financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities
include the design, implementation and maintenance of adequate internal financial controls
that were operating effectively for ensuring the orderly and efficient conduct of its
business, including adherence to companys policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as
required under the Companies Act, 2013
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the
Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the
"Guidance
Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed
under sectjon 143(10) of the Companies Act, 2013, to the extent applicable to an audit of
internal financial controls, both applicable to an audit of Internal Financial Controls
and, both issued by the Institute of Chartered Accountants of India. Those Standards and
the Guidance Note
require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether adequate internal financial controls over
financial reporting was established and maintained and if such controls operated
effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness.
Our audit of internal financial controls over financial reporting included obtaining an
understanding of internal financial controls over financial reporting, assessing the risk
that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The procedures selected
depend on the auditors judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting.
S
Meaning of Internal Financial Controls Over Financial Reporting
A company’s internal financial control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles. A company’s internal financial control over
financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the
company’s assets that could have a material effect on the financial statements.
Inherent Limitations of internal Financial Controls
Overfinancial Reporting Because of the inherent limitations of internal financial
controls over financial reporting, includingthe possibility of collusion or improper
management override of controls, material misstatements due to error or fraud may occur
and not be detected. Also,
projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at 31 March 2022, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
For UPPILIAPPAN V & CO Chartered Accountants
|
V.UPPILIAPPAN |
|
PROPRIETOR |
|
Membership No: 225471 |
| Place : Chennai |
|
| Date : 31/05/2023 |
|
| UDIN: 23225471BGYX8734 |
|
+91-9892691696
