40562729 2022-01-01 2022-12-31 40562729 2022-01-01 2022-12-31 1 40562729 2022-01-01 2022-12-31 1 40562729 2022-01-01 2022-12-31 2 40562729 2022-01-01 2022-12-31 3 40562729 2022-01-01 2022-12-31 1 40562729 2022-01-01 2022-12-31 2 40562729 2021-01-01 2021-12-31 40562729 2022-12-31 40562729 2021-12-31 40562729 2021-12-31 fsa:ContributedCapitalMember 40562729 2021-12-31 fsa:RetainedEarningsMember 40562729 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 40562729 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 40562729 2022-12-31 fsa:ContributedCapitalMember 40562729 2022-12-31 fsa:RetainedEarningsMember iso4217:DKK Ramagundam P/S 40562729 Marianne Zenius-Dik Mathur Haldor Topsøes Alle 1, 2800 Kgs.Lyngby The Management and the Board of Directors have today considered and adopted the Annual Report of Ramagundam P/S for the financial year 2022. The Annual Report is prepared in accordance with the Danish Financial Statements Act. We consider the accounting policies applied ap-propriate, and the estimates made reasonable. In our opinion the financial statements give a true and fair view of the financial position of the Com-pany at December 31, 2022 and of the results of the Company operations for 2022. In our opinion, Management’s review includes a true and fair account of the issues it addresses as well as a description of the Company's most signif-icant risks and elements of uncertainty. We recommend that the Annual Report be adopted at the Annual General Meeting. Lyngby, Anders Hindum Anders Peter Frigaard Chairman Otto Vinther Christensen Anders Hindum To the Shareholders of Ramagundam P/S In our opinion, the Financial Statements give a true and fair view of the financial position of the Com-pany at 31 December 2022, and of the results of the Company’s operations for the financial year 1 January 2022 - 31 December 2022 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Ra-magundam P/S for the financial year 1 January 2022 - 31 December 2022, which comprise income statement, balance sheet, and notes, including a summary of significant accounting policies (“finan-cial statements”). We conducted our audit in accordance with Inter-national Standards on Auditing (ISAs) and the ad-ditional requirements applicable in Denmark. Our responsibilities under those standards and require-ments are further described in the Auditor’s Re-sponsibilities for the Audit of the Financial State-ments section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Den-mark, and we have fulfilled our other ethical re-sponsibilities in accordance with these require-ments. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management’s Re-view. Our opinion on the financial statements does not cover Management’s Review, and we do not ex-press any form of assurance conclusion thereon. In connection with our audit of the financial state-ments, our responsibility is to read Management’s Review and, in doing so, consider whether Man-agement’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be mate-rially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the infor-mation required under the Danish Financial State-ments Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Fi-nancial Statements and has been prepared in ac-cordance with the requirements of the Danish Fi-nancial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial State-ments Act, and for such internal control as Man-agement determines is necessary to enable the preparation of financial statements that 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 ap-plicable, matters related to going concern and us-ing the going concern basis of accounting in pre-paring the financial statements unless Manage-ment either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. 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 ISAs and the additional requirements applicable in Den-mark 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 ex-pected to influence the economic decisions of us-ers taken on the basis of these financial state-ments. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: - Identify and assess the risks of material mis-statement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and ob-tain audit evidence that is sufficient and appro-priate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one re-sulting from error as fraud may involve collu-sion, forgery, intentional omissions, misrepre-sentations, or the override of internal control. - Obtain an understanding of internal control rel-evant to the audit in order to design audit pro-cedures that are appropriate in the circum-stances, but not for the purpose of expressing an opinion on the effectiveness of the Com-pany’s internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of ac-counting estimates and related disclosures made by Management. - Conclude on the appropriateness of Manage-ment’s use of the going concern basis of ac-counting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw at-tention in our auditor’s report to the related dis-closures in the financial statements or, if such disclosures are inadequate, to modify our opin-ion. Our conclusions are based on the audit ev-idence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. - Evaluate the overall presentation, structure and contents of the financial statements, in-cluding the disclosures, and whether the finan-cial statements represent the underlying trans-actions and events in a manner that gives a true and fair view. We communicate with those charged with govern-ance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in in-ternal control that we identify during our audit. Copenhagen, PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Rikke Lund-Kühl State Authorised Public Accountant mne33507 Peter Skole-Sørensen State Authorised Public Accountant mne48515 Main activities The purpose of the Company according to the Arti-cles of Association is to acquire shares in Rama-gundam Fertilizers and Chemicals Ltd (RFCL), In-dia and carry out business related thereto which the General Partner deems incidental to the attain-ment of this aim. The Company is jointly owned by HT Ramagun-dam A/S (HTRA), Danish Agribusiness Fund I K/S (DAF) and Investeringsfonden for Udviklingslande (IFU). Currently, approximately 12% of the shares in RFCL are held by the Consortium constituting the three owners (HTRAS, DAF and IFU). Results The net result for the financial year 2022 was DKK 0 thousand. The company’s equity is negative with DKK 12 thousand. A transfer of the shares in RFCL currently held by the owners of Ramagundam P/S has not taken place in 2022 as Management and the Owners continuously explore the best possible way of transferring said shares to the Company. If the transfer of the shares in RFCL materializes it is Management’s assessment that the restoration of the Company’s equity should be achieved through the dividend and/or results from the investment. If it is not possible to transfer the shares in RFCL to the Company, the owners of the Company will make a capital increase or reconsider the purpose of the company. For the continuing support of the Company until such decision is made, which is expected in 2023, all three owners have granted a Letter of financial support stating that they will provide sufficient fund-ing to Ramagundam P/S in order for the Company to meet its obligations. The letter of financial sup-port is effective until May 31, 2024. The loss for this year and previous years has re- sulted in loss of more than 50% of the Company’s share capital, which will be treated on the General Assembly, including necessary decisions in ac-cordance with § 119 of the Danish Companies Act. true true Recognition and measurement Income is recognized in the income statement as earned. All expenses are recognized in the income statement. Assets are recognized in the balance sheet when it is probable that future economic benefits attributa-ble to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognized in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the bal-ance sheet date. Translation of foreign currency Transactions in foreign currencies are translated during the year at the exchange rates at the dates of transaction. Gains and losses arising due to dif-ferences between the rates at the transaction date and the rates at the dates of payment are recog-nized in financial income and expenses in the in-come statement. Receivables and payables in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognized in financial income and expenses in the income statement. Income statement Other external expenses Other external expenses comprise expenses for external assistance etc. Financial income and expenses Financial income and expenses comprise interest and realized and unrealized exchange adjust-ments. Balance sheet Financial liabilities Other debts are measured at amortized cost, mainly corresponding to nominal value. 0 8000 0 -8000 0 -8000 0 -8000 309000 199000 309000 199000 1000 2000 310000 201000 310000 201000 400000 400000 -412000 -412000 -12000 -12000 0 0 322000 213000 322000 213000 322000 213000 310000 201000 400000 -412000 -12000 0 0 0 400000 -412000 -12000 EquityThe company’s equity is negative. Management expects to restore the Company’s registered capital through own future earnings by acquisition of shares in Ramagundam Fertilizers and Chemicals Ltd (RFCL), India and with that dividend and result. If it is not possible to restore through own future earnings, the owners have granted a Letter of financial support stating that they will provide sufficient funding to Ramagundam P/S in order for the Company to meet its obligations. The letter of financial support is effective until May 31, 2024.The loss for this year and previous years has resulted in loss of more than 50% of the Company’s share capital, which will be treated on the General Assembly, including necessary decisions in accordance with § 119 of the Danish Companies Act. Subsequent eventsNo events materially affecting the Company's financial position at December 31, 2022 have occured after the balance sheet date. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-01-01 2022-12-31 2021-01-01 2021-12-31 2023-06-30 Reporting class B 2023-06-27 41853816 Topsoe A/S Haldor Topsøes Alle 1 2800 Kgs.Lyngby Opinion Basis for Opinion 2023-06-27 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab