Mar 31, 2018
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statements of Radhe Developers (India) Limited, which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Ind AS Financial Statements The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone Ind AS Financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate 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 standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provision of the Act and the Rules made thereunder.
We conducted our audit in accordance 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 the audit to obtain reasonable assurance about whether the Standalone Ind AS financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Standalone Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the Standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the Standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs directors, as well as evaluating the overall presentation of the Standalone Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of the our information and according to the explanations given to us, the aforesaid Standalone Ind AS 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 including the Ind AS, of the state of affairs of the Company as at March 31, 2018 and its profits (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.
Report on Other legal and Regulatory Requirements
1. As required by Companies (Auditorâs Report) Order, 2016 issued by the Central Government of India in terms of Section 143(11) of the Act, we annex hereto a statement in Annexure A on the matters specified in paragraphs 3 and 4 of the said order.
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 best of 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 the Company so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss, the Cash Flow Statement and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account of the Company.
d) In our opinion, the aforesaid Standalone Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and Companies (Indian Accounting Standards) Rules, 2015, as amended.
e) On the basis of written representations received from the directors as on March 31, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, please refer to our separate report in Annexure B. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companyâs internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, 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 has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on the long term contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
ANNEXURE-A TO THE INDEPENDENT AUDITORâS REPORT
Referred to in the Auditors Report to the Members of Radhe Developers (India) Limited for the year ended March 31, 2018
i. The Company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets. The management has certified the physical verification of the fixed assets at reasonable intervals. No significant discrepancy was noticed on such verification. The Company does not own any immovable property.
ii. The stock of goods has been physically verified during the year at reasonable intervals by the management. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of account.
iii. The Company had not granted any loans to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013.
iv. In respect of loans, investments, guarantees and security, the provisions of section 185 and 186 of the Companies Act, 2013 have been complied with.
v. The Company has not accepted any deposits within the meaning of section 73 to 76 or any other relevant provisions of the Companies Act, 2013.
vi. The maintenance of cost records has not been specified by the Central Government under sub section (1) of section 148 of the Companies Act, 2013.
vii. To the best of our knowledge and according to the information and explanations given to us, the Company has been generally regular in depositing the undisputed statutory dues consisting of Provident fund, Employeesâ state insurance, income tax, sales tax, service tax, customs duty, excise duty, value added tax, cess and other statutory dues with the appropriate authorities. There are no dues in respect of income tax, sales tax, service tax, customs duty, excise duty or value added tax which have not been deposited on account of any dispute.
viii. The Company has not defaulted in repayment of loans or borrowings to a financial institutions, bank, Government or dues to debenture holders.
ix. In our opinion, the money raised by way of initial pubic offer or further public offer (including debt instruments) and term loans were applied for the purpose for which those were raised.
x. To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company or any fraud on the Company by its officers and employees has been noticed or reported during the year.
xi. The managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.
xii. The Company is not a Nidhi Company as defined in section 406 of the Companies Act, 2013.
xiii. In our opinion, all transactions with the related parties are in compliance with sections 177 and 188 of the Companies Act, 2013 and the details have been disclosed in the Financial Statements etc. as required by the applicable accounting standards.
xiv. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
xv. In case of non-cash transactions with directors or persons connected with him, if any, the provisions of section 192 of the Companies Act, 2013 have been complied with.
xvi. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
ANNEXURE-B TO THE INDEPENDENT AUDITORâS REPORT Referred to in the Auditors Report to the Members of Radhe Developers (India) Limited for the year ended March 31, 2018
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Radhe Developers (India) Limited (âthe Companyâ) as of March 31, 2018 in conjunction with our audit of the Standalone Ind AS financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs 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. 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 companyâs 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.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs 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 âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 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 auditorâs judgment, including the assessment of the risks of material misstatement of the Standalone Ind AS 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 Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Standalone Ind AS financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs 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 Standalone Ind AS financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companyâs assets that could have a material effect on the Standalone Ind AS financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the 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 March 31, 2018, 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 Chandabhoy & Jassoobhoy
Chartered Accountants
Firm Regn. No. 101648W
Gautam Shah
Place : Ahmedabad Partner
Date : May 25, 2018 Membership No. 012679
Mar 31, 2016
To, The Members of
Radhe Developers (India) Limited
1. Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Radhe Developers (India) Limited ("the Companyâ), which comprise the balance sheet as at 31st March, 2016, the statement of profit and loss, the cash flow statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
2. Management''s Responsibility for the Standalone Financial Statements
The companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone 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 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. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities; selection and application of appropriate 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 statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
3. Auditor''s Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance 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 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 the disclosures in the financial statements. The procedures selected depend on the auditorâs 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 financial control relevant to the Companyâs preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, 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 on the standalone financial statements.
4. Opinion
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 Act, 2013 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:-
i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2016;
ii. In the case of the Statement Profit and Loss Account, of the profit for the year ended on that date; and
iii. In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
5. Report on Other Legal and Regulatory Requirements
(i) As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure-A a statement on the matters specified in paragraphs 3 and 4 of the Order.
(ii) 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 best of 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 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 aforesaid standalone financial statements comply with the Accounting Standards specified under section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the directors as on 31st March, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) 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 in âAnnexure Bâ.
(g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 26 to the financial statements;
ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
ANNEXURE-A TO THE AUDITORS REPORT
Referred to in paragraph 5(i) of our Report of even date to the Members of the Radhe Developers (India) Limited for the year ended 31st March, 2016.
1. In respect of Fixed Assets :
(a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets on the basis of available information.
(b) As per the information and explanations given to us, the management at reasonable intervals during the year in accordance with a programme of physical verification physically verified the fixed assets and no material discrepancies were noticed on such verification as compared to the available records.
(c) As explained to us, the company does not have any immovable properties held as Fixed Assets.
2. In respect of its Inventories :
As per the information and explanations given to us, inventories were physically verified during the year by the management at reasonable intervals. No material discrepancies were noticed on such physical verification.
3. In respect of Loans and Advances granted during the year:
As regards the loans, the company has not granted any loans, secured or unsecured during the year under audit, to the companies firms and other parties covered in the register maintained under section 189 of the companies Act , 2013 and therefore, the clauses (iii) (a) to (c) of the companies (Auditorâs Report) Order, 2016 are not applicable.
4. Loans, Investments and guarantees:
According to the information and explanation given to us, the company had not given loan to any of the directors of the company hence the provisions of section 185 of The Companies Act, 2013 are not applicable. The company had given loans and Inter Corporate Deposit of Rs. 14,14,47,750/- to other parties during the year and the provisions of section 186 of The Companies Act, 2013 are complied with by the company.
5. During the year, the company has not accepted any deposits and hence the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under are not applicable to the company. Therefore clauses (v) of companies (Auditorâs Report) Order, 2016 is not applicable.
6. According to the information and explanations given to us, the company is not required to maintain cost records as required by the central government under sub section (1) of section 148 of the Companies Act, 2013. Hence clause (vi) of the (Auditorâs Report) Order, 2016 is not applicable.
7. In respect of Statutory Dues :
(a) According to the records of the Company, the company is by and large regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employeesâ state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect statutory dues were outstanding as at 31st March, 2016 for a period of more than six months from the date they became payable.
(b) According to the records of the company, the dues of income tax, sales tax, wealth tax or service tax or duty of customs or duty of excise or value added tax or cess which have not been deposited on account of disputes and the forum where the dispute is pending are as under:
Name of the Statute |
Nature of the Dues |
Year |
Amount (Rs.) |
Forum where dispute is pending |
Income Tax Act, 1961 |
Income Tax Demand |
2010-11 |
14,89,45,844 |
CIT (Appeals) Ahmedabad |
Income Tax Act, 1961 |
Income Tax Demand |
2011-12 |
2,11,45,393 |
CIT (Appeals) Ahmedabad |
Income Tax Act, 1961 |
Income Tax Demand |
2012-13 |
1,25,03,282 |
CIT (Appeals) Ahmedabad |
8. Based on our audit procedure and according to the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to a Financial Institutions, Banks or debenture holders.
9. According to the information and explanations given to us, the company had not raised any money by way of public issue during the year. According to the information and explanations given to us, and on an overall examination of the balance sheet of the company, in our opinion, the term loans taken during the year were applied for the purpose for which they were obtained
10. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud by the Company or any fraud on the company by itâs officer or employees has been noticed or reported during the course of our audit.
11. In our opinion and according to the information and explanations given to us, the company had paid managerial remuneration which is in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V of The Companies Act, 2013.
12. In our opinion and according to the information and explanations given to us, the provisions of special statute applicable to chit funds and nidhi / mutual benefit funds / societies are not applicable to the company. Hence, clause (xii) of the Companyâs (Auditorâs Report) Order, 2016 is not applicable.
13. In our opinion and according to the information and explanations given to us, the transactions entered by the company with related parties are in compliance with the provisions of section 177 and 188 of The Companies Act, 2013 and details thereof are properly disclosed in the financial statements.
14. The company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Hence, clause (xiv) of the Companyâs (Auditorâs Report) Order, 2016 is not applicable.
15. The company had not entered in to any non-cash transactions with the directors or persons connected with him during the year, hence section 192 of the Companiesâ Act , 2013 is not applicable and hence clause (xvi) of Companyâs (Auditorâs Report) Order, 2016 is not applicable.
16. As the company is not required to register under section 45-IA of Reserve Bank of India Act, 1934, hence, clause (xvi) of Companyâs (Auditorâs Report) Order, 2016 is 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 Actâ)
We have audited the internal financial controls over financial reporting of the Radhe Developers (India) Limited as of 31st March, 2016, in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Companyâs 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. 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 companyâs 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 Companyâs 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 âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 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 auditorâs 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 Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs 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 companyâs 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 companyâs 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 financial reporting, including the 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 31st March 2016, 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, R. Choudhary & Associates
Chartered Accountants,
FRN No. 101928W
Ramchandra Choudhary
Date : 23rd May, 2016 Partner
Place : Ahmedabad [M. No. 43979]
Mar 31, 2015
We have audited the accompanying financial statement of RADHE
DEVELOPERS (INDIA) LIMITED, which comprise the Balance sheet as at
March 31st, 2015, and the statement of Profit & Loss and cash flow for
the year ended, and a summary of significant accounting policies and
other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 ('the act") with respect to
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 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. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the asset of the Company and for preventing and
detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are rea- sonable and prudent; and design, implementation
and maintenance of internal financial control, that were operating
effec- tively 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.
Auditor's Responsibility
Our responsibility to express an opinion on these financial statements
based on our audit. We conducted our audit in accordance with the
Standards on Auditing as specified under section 143(10) of the Act.
Those Standards require that we comply with ethical requirements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidences 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; auditor
consid- ers internal control relevant to the company's preparation and
fair presentation of the financial statements in order to design audit
procedure that are appropriate in the circumstances but not for the
purpose of expressing an opinion on the effective- ness of the entity's
internal control. 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
explanation given to us, the financial statements give the information
required by the Act in the manner so required and give 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 31,2015;
b) In the case of the profit and loss account, of the Loss for the year
ended on that date; and
c) In the case of the cash flow Statement, of the cash for the year
ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's report) order, 2015 issued
by the Central Government of India in terms of sub section 11 of
section 143 of the Act, we give in Annexure a statement on the matters
specified in paragraphs 4 and 5 of the order.
2. As required by the section 143(3) of the Act, we report that:
a) We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit:
b) In our opinion proper book of accounts as required by law have been
kept by the company as far as appears from our examination of those
books.
c) The balance sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
section 133 of the Act, read with Rule 7 of the Companies (Accounts)
rules, 2014.
e) On the basis of written representation from the directors as on
March 31,2015, and taken on record by the Board of Directors, none of
the Directors is disqualified as on March 31,2015 from being appointed
as a director in terms of sub section (2) of section 164 of the Act.
f) With respect to other matters included in the Auditor's report and
to our best of our information and according to the explanation given
to us:
i) The company does not have any pending litigation which would impact
its financial position
ii) The company did not have any long term contracts including
derivatives contracts for which there were any material foreseeable
losses
iii) There are been no delay in transferring amounts, required to be
transferred, to the Investor Educa- tion and Protection Fund by the
Company.
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 3 of our Report of even date)
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we reported that:
1. In respect of its fixed assets:
a) The company has generally maintained proper records showing full
particulars including quantitative de- tails and situation of fixed
assets.
b) Major part of the fixed asset as explained to us, has been
physically verified during the year by the management. No material
discrepancy was noticed between book records and physical inventory.
2. In respect of its inventory:
a) As explained to us, the inventories were physically verified during
the year by the management at reason- able intervals.
b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the company and the nature of its business.
c) In our opinion and according to the information and explanation
given to us, the company has maintained proper records of its
inventories and no material discrepancies were found on physical
verification.
3. In respect of loans, secured or unsecured, granted or taken by the
company to/from companies, firms or other parties covered in the
register maintained under section 189 of the Companies Act, 2013
a) The Company has granted loans to one party covered in the register
maintained under section 189 of the Companies Act, 2013 ('the Act')
aggregate of Rs. 0.80 Lacs
b) The company has taken interest free loans from related party during
the year under review, the year-end balances of such loans taken
aggregate of ' 36.00 Lacs and the maximum amount involved during the
year was ' 225.60 Lacs
c) The terms of repayments of principal amounts and interest thereon in
respect of such loans are not stipulated hence we are not in a position
to comment on the same.
d) There are no overdue amounts of more than rupees one lakh in respect
of the loans granted to the bodies corporate listed in the register
maintained under section 189 of the Act
4. In our opinion and explanation given to us, there are generally
adequate internal control procedures commensurate with the size of the
company and the nature of its business, for the purchase of inventory
and fixed assets and for sale of goods and services. During the course
of our audit we have neither come across nor we have been informed of
any instances of major weakness in the aforesaid internal control
procedures and continuing failure on the part of management to take
course to take corrective course of action in this regards.
5. The company has not accepted deposits from public within the
meaning of section 173 to 176 of the Act and the Rules framed hereunder
and other relevant provision have been complied with during the year
under audit.
6. The company is not required to maintain the cost records as
prescribed by the central government under sub section (1) of the
section 148 of the Act.
7. In respect of Statutory Dues:
a) According to the books of accounts examined by us and also based on
representation received from the management, the company has been
regular in depositing undisputed due to the extent as applicable to the
company.
b) According to the information and explanation given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, custom duty, excise duty and cess were in arrears as at 31st
March, 2015 for a period of more than six months from the date they
become payable.
c) According to the information and explanation given to us, there is no
amount in investor education and protection fund required to be
transferred in accordance with the relevant provisions of the Companies
Act, 1956 and Rules made there under has been transferred to such fund
within time.
8. The company has accumulated losses at the end of the financial
year. The company has incurred cash losses during the immediately
preceding financial year.
9. In our opinion and according to the information and explanation
given to us, the Company has not defaulted in the payment of dues to
banks, financial institutions.
10. According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
11. In our opinion and according to the information and explanation
given to us the term loans have been applied for the purpose for which
they were obtained.
12. To the best of our knowledge and belief and according to the
information and explanation given to us, no fraud on or by the company
was noticed or reported during the year.
Sd/-
For, R. CHOUDHARY & ASSOCIATES
Chartered Accountants
RAMCHANDRA CHOUDHARY
Partner
Membership No. 43979
Place: Ahmedabad Firm Reg. No. 101928W
Date:30.05.2015
Mar 31, 2014
We have audited the accompanying financial statements of RADHE
DEVELOPERS (INDIA) LIMITED, which comprise the Balance Sheet as on 31st
March, 2014, the statement of Profit and Loss and Cash Flow Statement
for the year ended and the summary of significant accounting policies
and other explanatory information.
Managements 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 the Companies Act, 1956 (''the Act''). 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 a material misstatement,
whether due to fraud and 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 Standard on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform to audit to obtain reasonable
assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidences about
the amount and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessments of
the risks of the material misstatement of the financial statements,
whether due to fraud and 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.
An audit also includes evaluating the appropriateness of the 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 the audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
(i) In the case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2014
(ii) In the case of the Statement of Profit and loss, of the loss for
the year ended on the date; and
(iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order,2003 (''the
order''), as amended, 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 the 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 appears from our examination of those
books;
c. The balance Sheet, Statement of Profit and Loss 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 in
sub-section (3C) of section 211 of the Companies Act,1956; and
e. On the basis of written representations received from the directors
as on 31st March, 2014, and taken on record by the Board of Directors,
none of the Directors are disqualified as on 31 March 2014, from being
appointed as a Director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 3 of our Report of even date)
1. In respect of Fixed Assets:
a. The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b. Some of the fixed assets have been physically verified during the
year by the management in accordance with a programme of verification,
which in our opinion provides for physical verification of all the
fixed assets at reasonable intervals having regard to the size of the
company and nature of its business. According to the information and
explanations given to us no material discrepancies were noticed on such
verification.
c. The company has not disposed off substantial part of fixed assets
during the year under audit and thus the going concern concept of the
company has not been affected.
2. In respect if Inventory;
a. The inventory of work in process has been physically verified by the
Management during the year. In our opinion, the frequency of
verification is reasonable.
b. In our opinion, the procedures of physical verification of inventory
followed by the Management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. On the basis of our examination of the inventory records, in our
opinion, the Company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material.
3. In respect of loans, secured or unsecured, granted or taken by the
company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
a. The Company has granted Interest Free loans to one party covered in
the register maintained under section 301 of the Companies Act, 1956,
the year-end balances is Rs. 3.10 Lacs and the maximum amount involved
during the year was Rs. 42.03 Lacs.
b. The loans granted are interest free and other terms and condition of
such loans are, in our opinion are prima facie not prejudicial to the
interest of the Company. The loans have been granted to meet the
business requirements of the company. The company have recovered the
Loan amount during the financial year only, with excessive balance of
Rs. 3.10 Lacs
c. The terms on which the principle and interest are repayable are not
stipulated hence we are not in a position to comment on the same.
d. There is no overdue amount more than Rs. 1 Lakh in respect of loans
granted to the bodies corporate listed in the register maintained under
section 301 of the Act.
e. The company has taken interest free loans from related party during
the year under review, the year-end balances of such loans taken
aggregate of Rs. 36.97 Lacs and the maximum amount involved during the
year was Rs. 112.63 Lacs
f. The terms of repayments of principal amounts and interest thereon in
respect of such loans are not stipulated hence we are not in a position
to comment on the same.
4. 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 purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weakness in the internal controls system.
5. In respect of contracts or arrangements covered under section 301 of
the Companies Act, 1956:
a. Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the particulars of contracts or arrangements that needs to
be entered into the register maintained under section 301 have been so
entered.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the registers maintained under section 301
during the year have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time.
6. During the year under audit the company has accepted deposits from
public, in our opinion and according to information and explanation
given to us the provisions of section 58A and 58AA of the Companies
Act, 1956 and other relevant provision have been complied with.
7. In our opinion, the company does not have any formal internal audit
system.
8. According to the information and explanation provided to us, the
company is not required to maintain cost records pursuant to the rules
made by the Central Government for the maintenance of cost records
under Section 209 (1) (d) of the Companies Act, 1956.
9. In respect of Statutory Dues:
a. As per records of the company, the company is normally regular in
depositing with appropriate authorities undisputed statutory dues
including income tax, wealth tax, service tax and other statutory dues
applicable to it.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax and
other statutory dues applicable to it. There is no any undisputed
statutory due outstanding at the end of the financial year.
10. The company has accumulated losses at the end of the year. The
company has incurred cash losses during the immediately preceding
financial year.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders.
12. Based on our examination of documents and records and 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 and other securities.
13. The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual benefit Fund/Societies are not applicable to the
Company. Therefore, clause 4 (xiii) of the Companies (Auditor''s Report)
Order, 2003 is not applicable to the company.
14. Based on our examination of documents and records and information
and explanations given to us, the company is not dealing in or trading
in shares, debentures and other securities. Accordingly, provisions of
clause 4 (xiv) of the Companies (Auditors Report) Order, 2003 are not
applicable
15. As per the information provided to us, the company has not given
any guarantee for loans taken by others from bank or financial
institutions.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion, the company
has not availed any term loan during the year.
17. According to the information and explanations given to us, and on
an overall examinations of the balance sheet of the company, there are
no funds raised on short term basis that have been used for long term
basis.
18. The company has not made any preferential allotment of shares to
the parties and companies/firms covered in the register maintained
under section 301 of the Companies Act, 1956 which in our opinion are
not prima facie prejudicial to the interest of the company.
19. During the year, the company has not issued any debentures.
20. During the year, the company has not raised any money by way of
public issues.
21. To the best of our knowledge and belief and according to the
information and explanation given to us, no fraud on or by the company
has been noticed or reported during the year under audit.
For, R. CHOUDHARY & ASSOCIATES
Chartered Accountants
Sd/-
RAMCHANDRA CHOUDHARY
Place: Ahmedabad Partner
Date : 30-05-2014 Membership No. 43979
Firm Regn. No. 101928W
Mar 31, 2013
We have audited the accompanying financial statements of RADHE
DEVELOPERS (INDIA) LIMITED, which comprise the Balance Sheet as on 31st
March, 2013 , the statement of Profit and Loss and Cash Flow Statement
for the year ended and the summary of significant accounting policies
and other explanatory information.
Managements 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 the Companies Act, 1956 (''the Act''). 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 a material misstatement,
whether due to fraud and error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accor- dance
with the Standard on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform to audit to obtain reasonable
assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidences about
the amount and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessments of
the risks of the material misstatement of the financial statements,
whether due to fraud and 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.
An audit also includes evaluating the appropriateness of the 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 the audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
(i) In the case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2013
(ii) In the case of the Statement of Profit and loss, of the loss for
the year ended on the date; and
(iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order,2003 (''the
order''), as amended, issued by the Central Govern- ment 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 the 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 appears from our examination of those
books;
c. The balance Sheet, Statement of Profit and Loss 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 in
sub-section (3C) of section 211 of the Companies Act,1956; and
e. On the basis of written representations received from the directors
as on 31st March, 2013 and taken on record by the Board of Directors,
none of the Directors are disqualified as on 31 March 2013, from being
appointed as a Director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 3 of our Report of even date)
1. In respect of Fixed Assets:
a. The company has maintained proper records showing full particulars,
including quantitative details and situa- tion of fixed assets.
b. Some of the fixed assets have been physically verified during the
year by the management in accordance with a programme of verification,
which in our opinion provides for physical verification of all the
fixed assets at reason- able intervals having regard to the size of the
company and nature of its business. According to the information and
explanations given to us no material discrepancies were noticed on such
verification.
c. The company has not disposed off substantial part of fixed assets
during the year under audit and thus the going concern concept of the
company has not been affected.
2. In respect if Inventory;
a. The inventory of work in process has been physically verified by
the Management during the year. In our opinion, the frequency of
verification is reasonable.
b. In our opinion, the procedures of physical verification of
inventory followed by the Management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
c. On the basis of our examination of the inventory records, in our
opinion, the Company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material.
3. In respect of loans, secured or unsecured, granted or taken by the
company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
a. The Company has granted loans to two parties covered in the
register maintained under section 301 of the Companies Act, 1956, the
year-end balances is Rs. 3.85 Lacs and the maximum amount involved during
the year was Rs. 694.38 Lacs.
b. The loans granted are interest free and other terms and condition
of such loans are, in our opinion are prima facie not prejudicial to
the interest of the Company. The loans have been granted to meet the
business require- ments of the company. The company have recovered the
Loan amount during the financial year only, except outstanding balance
of Rs. 3.85 Lacs
c. The terms on which the principle and interest are repayable are not
stipulated hence we are not in a position to comment on the same.
d. There is no overdue amount more than Rs.1 Lakh in respect of loans
granted to the bodies corporate listed in the register maintained under
section 301 of the Act.
e. The company has not taken loans from any related party during the
year under review, the year-end balances of such loans taken aggregate
of Rs. Nil and the maximum amount involved during the year was Rs. Nil
f. The rate of interest and other terms and condition of such loans
are, in our opinion, prima facie not prejudicial to the interest of the
Company.
g. The terms of repayments of principal amounts and interest thereon
in respect of such loans are not stipulated hence we are not in a
position to comment on the same.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control proce- dures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weakness in the internal controls system.
5. In respect of contracts or arrangements covered under section 301
of the Companies Act, 1956:
a. Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the particulars of contracts or arrangements that needs to
be entered into the register maintained under section 301 have been so
entered.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursu- ance of contracts or
arrangements entered in the registers maintained under section 301
during the year have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time.
6. During the year under audit the company has accepted deposits from
public, in our opinion and according to information and explanation
given to us the provisions of section 58A and 58AA of the Companies
Act, 1956 and other relevant provision have been complied with.
7. In our opinion, the company does not have any formal internal audit
system.
8. According to the information and explanation provided to us, the
company is not required to maintain cost records pursuant to the rules
made by the Central Government for the maintenance of cost records
under Section 209 (1) (d) of the Companies Act, 1956.
9. In respect of Statutory Dues:
a. As per records of the company, the company is normally regular in
depositing with appropriate authorities undisputed statutory dues
including income tax, wealth tax, service tax and other statutory dues
applicable to it.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax and
other statutory dues applicable to it.
There is no any undisputed statutory due outstanding at the end of the
financial year.
10. The company has accumulated losses at the end of the year. The
company has incurred cash losses during the immediately preceding
financial year.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders.
12. Based on our examination of documents and records and 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 and other securities.
13. The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual benefit Fund/Societies are not applicable to the
Company. Therefore, clause 4 (xiii) of the Companies (Auditor''s Report)
Order, 2003 is not applicable to the company.
14. Based on our examination of documents and records and information
and explanations given to us, the company is not dealing in or trading
in shares, debentures and other securities. Accordingly, provisions of
clause 4 (xiv) of the Companies (Auditors Report) Order, 2003 are not
applicable
15. As per the information provided to us, the company has not given
any guarantee for loans taken by others from bank or financial
institutions.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion, term loans
availed by the company were prima facie applied for the purpose for
which loans are obtained.
17. According to the information and explanations given to us, and on
an overall examinations of the balance sheet of the company, there are
no funds raised that have been raised on short term basis.
18. The company has made any preferential allotment of shares to the
parties and companies/firms covered in the register maintained under
section 301 of the Companies Act, 1956 which in our opinion are not
prima facie prejudicial to the interest of the company.
19. During the year, the company has not issued any debentures.
20. During the year, the company has not raised any money by way of
public issues.
21. To the best of our knowledge and belief and according to the
information and explanation given to us, no fraud on or by the company
has been noticed or reported during the year under audit.
For, R. CHOUDHARY & ASSOCIATES
Chartered Accountants
Firm Regn. No. 101928W
Sd/-
RAMCHANDRA CHOUDHARY
Date: 30-05-2013 Partner
Place: Ahmedabad Membership No. 43979
Mar 31, 2012
1. We have audited the attached Balance Sheet of RADHE DEVELOPERS
(INDIA) LIMITED as at 31st March 2012, the Profit and Loss Account and
also the Cash Flow Statement for the year ended on that date annexed
thereto (together read as financial statements). These financial
statements are the responsibility of the Company's Management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. These Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit also
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As reHuired by the Companies (Auditors' Report) Order, 2003
issued by the Company Law Board in terms of section 227 (4 A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 & 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which are to
the best of our knowledge and belief, were necessary for the purpose of
our audit;
(ii) 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;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report; comply with the
accounting standards referred to in sub section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representation received from directors as
on 31st March 2012 and taken on records by the board of directors, we
report that none of the directors are disqualified as on 31st March,
2012 from being appointed as director of the company in terms of clause
(g) of subsection (1) of section 274 of the Companies Act, 1956; and
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, read together with the
notes thereon, give the information required by the Companies Act, 1956
in the manner so required and give a true and fair view
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012; and
(b) In the case of the Profit and Loss Account, of the Loss of the
Company for the year ended on that date; and
(c) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 3 of our Report of even date)
1. In respect of Fixed Assets:
a. The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b. Some of the fixed assets have been physically verified during the
year by the management in accordance with a programme of verification,
which in our opinion provides for physical verification of all the
fixed assets at reasonable intervals having regard to the size of the
company and nature of its business. According to the information and
explanations given to us no material discrepancies were noticed on such
verification.
c. The company has not disposed off substantial part of fixed assets
during the year under audit and thus the going concern concept of the
company has not been affected.
2. The company does not have inventories and therefore, the provisions
of clause 4(ii) of the Companies (Auditor's Report) Order, 2003 are
not applicable to the company.
3. In respect of loans, secured or unsecured, granted or taken by the
company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
a. The Company has granted loans to two parties covered in the
register maintained under section 301 of the Companies Act, 1956, the
year-end balances is Rs. 679.38 Lacs and the maximum amount involved
during the year was Rs. 1347.10 Lacs.
b. The loans granted are interest free and other terms and condition
of such loans are, in our opinion are prima facie not prejudicial to
the interest of the Company.
c. The terms on which the principle and interest are repayable are not
stipulated hence we are not in a position to comment on the same.
d. There is no amount which remains overdue amounts at the year-end.
e. The company has not taken loans from any related party during the
year under review, the year-end balances of such loans taken aggregate
of Rs. Nil and the maximum amount involved during the year was Rs. Nil
f. The rate of interest and other terms and condition of such loans
are, in our opinion, prima facie not prejudicial to the interest of the
Company.
g. The terms of repayments of principal amounts and interest thereon
in respect of such loans are not stipulated hence we are not in a
position to comment on the same.
4. 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 purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weakness in the internal controls system.
5. In respect of contracts or arrangements covered under section 301
of the Companies Act, 1956:
a. Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the particulars of contracts or arrangements that needs to
be entered into the register maintained under section 301 have been so
entered.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the registers maintained under section 301
during the year have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time.
6. During the year under audit the company has accepted deposits from
public, in our opinion and according to information and explanation
given to us the provisions of section 58A and 58AA of the Companies
Act, 1956 and other relevant provision have been complied with.
7. In our opinion, the company does not have any formal internal audit
system.
8. According to the information and explanation provided to us, the
company is not required to maintain cost records pursuant to the rules
made by the Central Government for the maintenance of cost records
under Section 209 (1) (d) of the Companies Act, 1956.
9. In respect of Statutory Dues:
a. As per records of the company, the company is normally regular in
depositing with appropriate authorities undisputed statutory dues
including income tax, wealth tax, service tax and other statutory dues
applicable to it.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax and
other statutory dues applicable to it.
Following are the outstanding statutory dues with to income tax payable
by the company Assessment Year Amount (Rs.)
A.Y 2005-06 5,10,822/-
A.Y 2006-07__3,13,533/-_
A.Y. 2007-08 80,762/-
10. The company has accumulated losses at the end of the year. The
company has incurred cash losses during the immediately preceding
financial year.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders.
12. Based on our examination of documents and records and 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 and other securities.
13. The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual benefit Fund/Societies are not applicable to the
Company. Therefore, clause 4 (xiii) of the Companies (Auditor's
Report) Order, 2003 is not applicable to the company.
14. Based on our examination of documents and records and information
and explanations given to us, the company is not dealing in or trading
in shares, debentures and other securities. Accordingly, provisions of
clause 4 (xiv) of the Companies (Auditors Report) Order, 2003 are not
applicable
15. As per the information provided to us, the company has not given
any guarantee for loans taken by others from bank or financial
institutions.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion, term loans
availed by the company were prima facie applied for the purpose for
which loans are obtained.
17. According to the information and explanations given to us, and on
an overall examinations of the balance sheet of the company, there are
no funds raised that have been raised on short term basis.
18. The company has made any preferential allotment of shares to the
parties and companies/firms covered in the register maintained under
section 301 of the Companies Act, 1956 which in our opinion are not
prima facie prejudicial to the interest of the company.
19. During the year, the company has not issued any debentures.
20. During the year, the company has not raised any money by way of
public issues.
21. To the best of our knowledge and belief and according to the
information and explanation given to us, no fraud on or by the company
has been noticed or reported during the year under audit.
For, R. CHOUDHARY & ASSOCIATES
Chartered Accountants
Firm Regn. No. 101928W
RAMCHANDRA CHOUDHARY
Date: 30-08-2012 Partner
Place: Ahmedabad
Membership No. 43979
Mar 31, 2011
1. We have audited the attached Balance Sheet of RADHE DEVELOPERS
(INDIA) LIMITED as at 31st March 2011, the Profit and Loss Account and
also the Cash Flow Statement for the year ended on that date annexed
thereto (together read as financial statements). These financial
statements are the responsibility of the Company's Management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. These Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit also
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditors' Report) Order, 2003 issued
by the Company Law Board in terms of section 227 (4 A) of the Companies
Act, 1956, we enclose in the Annexure a statement on the matters
specified in paragraphs 4 & 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which are to
the best of our knowledge and belief, were necessary for the purpose of
our audit;
(ii) 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;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report; comply with the
accounting standards referred to in sub section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representation received from directors as
on 31st March 2011 and taken on records by the board of directors, we
report that none of the directors are disqualified as on 31st March,
2011 from being appointed as director of the company in terms of clause
(g) of subsection (1) of section 274 of the Companies Act, 1956; and
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, read together with the
notes thereon, give the information required by the Companies Act, 1956
in the manner so required and give a true and fair view
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011; and
(b) In the case of the Profit and Loss Account, of the Loss of the
Company for the year ended on that date; and
(c) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 3 of our Report of even date)
1. In respect of Fixed Assets:
a. The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b. Some of the fixed assets have been physically verified during the
year by the management in accordance with a programme of verification,
which in our opinion provides for physical verification of all the
fixed assets at reasonable intervals having regard to the size of the
company and nature of its business. According to the information and
explanations given to us no material discrepancies were noticed on such
verification.
c. The company has not disposed off substantial part of fixed assets
during the year under audit and thus the going concern concept of the
company has not been affected.
2. The company does not have inventories and therefore, the provisions
of clause 4(ii) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the company.
3. In respect of loans, secured or unsecured, granted or taken by the
company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
a. The Company has granted loans to two parties covered in the
register maintained under section 301 of the Companies Act, 1956, the
year-end balances is Rs.245.50 Lacs and the maximum amount involved
during the year was Rs.454.16 Lacs.
b. The loans granted are interest free and other terms and condition
of such loans are, in our opinion are prima facie not prejudicial to
the interest of the Company.
c. The terms on which the principle and interest are repayable are not
stipulated hence we are not in a position to comment on the same.
d. There is no amount which remains overdue amounts at the year-end.
e. The company has not taken loans from any related party during the
year under review, the year-end balances of such loans taken aggregate
of Rs. Nil and the maximum amount involved during the year was Rs. Nil
f. The rate of interest and other terms and condition of such loans
are, in our opinion, prima facie not prejudicial to the interest of the
Company.
g. The terms of repayments of principal amounts and interest thereon
in respect of such loans are not stipulated hence we are not in a
position to comment on the same.
4. 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 purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weakness in the internal controls system.
5. In respect of contracts or arrangements covered under section 301
of the Companies Act, 1956:
a. Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the particulars of contracts or arrangements that needs to
be entered into the register maintained under section 301 have been so
entered.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the registers maintained under section 301
during the year have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time.
6. During the year under audit the company has accepted deposits from
public, in our opinion and according to information and explanation
given to us the provisions of section 58A and 58AA of the Companies
Act, 1956 and other relevant provision have been complied with.
7. In our opinion, the company does not have any formal internal audit
system.
8. According to the information and explanation provided to us, the
company is not required to maintain cost records pursuant to the rules
made by the Central Government for the maintenance of cost records
under Section 209 (1) (d) of the Companies Act, 1956.
9. In respect of Statutory Dues:
a. As per records of the company, the company is normally regular in
depositing with appropriate authorities undisputed statutory dues
including income tax, wealth tax, service tax and other statutory dues
applicable to it.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax and
other statutory dues applicable to it.
c. Following are the outstanding statutory dues with to income tax
payable by the company
Assessment Year Amount (Rs.)
A.Y. 2005-06 5,10,822/-
A.Y. 2006-07 3,13,533/-
A.Y 2007-08 80,762/-
10. The company has accumulated losses at the end of the year. The
company has incurred cash losses during the immediately preceding
financial year.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders.
12. Based on our examination of documents and records and 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 and other securities.
13. The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual benefit Fund/Societies are not applicable to the
Company. Therefore, clause 4 (xiii) of the Companies (Auditor's Report)
Order, 2003 is not applicable to the company.
14. Based on our examination of documents and records and information
and explanations given to us, the company is not dealing in or trading
in shares, debentures and other securities. Accordingly, provisions of
clause 4 (xiv) of the Companies (Auditors Report) Order, 2003 are not
applicable
15. As per the information provided to us, the company has not given
any guarantee for loans taken by others from bank or financial
institutions.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion, term loans
availed by the company were prima facie applied for the purpose for
which loans are obtained.
17. According to the information and explanations given to us, and on
an overall examinations of the balance sheet of the company, there are
no funds raised that have been raised on short term basis.
18. The company has not made any preferential allotment of shares to
the parties and companies/firms covered in the register maintained
under section 301 of the Companies Act, 1956 which in our opinion are
not prima facie prejudicial to the interest of the company.
19. During the year, the company has not issued any debentures.
20. During the year, the company has not raised any money by way of
public issues.
21. To the best of our knowledge and belief and according to the
information and explanation given to us, no fraud on or by the company
has been noticed or reported during the year under audit.
For, R. CHOUDHARY & ASSOCIATES
Chartered Accountants
RAMCHANDRA CHOUDHARY
Partner
Firm Regn. No. 101928W
Membership No. 43979
Place: Ahmedabad
Date : 10-08-2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of RADHE DEVELOPERS
(INDIA) LIMITED as at 31st March 2010, the Profit and Loss Account and
also the Cash Flow Statement for the year ended on that date annexed
thereto (together read as financial statements). These financial
statements are the responsibility of the Companys Man- agement. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. These Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit also
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presen- tation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Company Law Board in terms of section 227 (4 A) of the Companies
Act, 1956, we enclose in the Annexure a statement on the matters
specified in paragraphs 4 & 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which are to
the best of our knowledge and belief,
were necessary for the purpose of our audit;
(ii) 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;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report; comply with the
accounting standards referred to in sub section (3C) of section 211 of
the Compa- nies Act, 1956;
(v) On the basis of written representation received from directors as
on 31st March 2010 and taken on records by the board of directors, we
report that none of the directors are disqualified as on 31st March,
2010 from being appointed as director of the company in terms of clause
(g) of subsection (1) of section 274 of the Companies Act, 1956; and
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, read together with the
notes thereon, give the information required by the Companies Act, 1956
in the manner so required and give a true and fair view
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010; and
(b) In the case of the Profit and Loss Account, of the Loss of the
Company for the year ended on that date; and
(c) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 3 of our Report of even date)
1. In respect of Fixed Assets:
a. The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b. Some of the fixed assets have been physically verified during the
year by the management in accordance with a programme of verification,
which in our opinion provides for physical verification of all the
fixed assets at reasonable intervals having regard to the size of the
company and nature of its business. According to the information and
explanations given to us no material discrepancies were noticed on such
verification.
c. The companytias not disposed off substantial part of fixed assets
during the year under audit and thus the going concern concept of the
company has not been affected.
2. The company does not have inventories and therefore, the provisions
of clause 4(ii) of the Companies (Auditors Report) Order, 2003 are not
applicable to the company.
3. In respect of loans, secured or unsecured, granted or taken by the
company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
a. The Company has granted loans to two parties covered in the
register maintained under section 301 of the Companies Act, 1956, the
year-end balances is Rs. 309.11 and the maximum amount involved during
the year was Rs. 936.95 Lacs.
b. The loans granted are interest free and other terms and condition
of such loans are, in our opinion are prima facie not prejudicial to
the interest of the Company.
c. The terms on which the principle and interest are repayable are not
stipulated hence we are not in a position to comment on the same.
d. There is no amount which remains overdue amounts at the year-end.
e. The company has taken loans from one party during the year under
review, the year-end balances of such loans taken aggregate of Rs. Nil
and the maximum amount involved during the year was Rs. 4.27 Lacs.
f. The rate of interest and other terms and condition of such loans
are, in our opinion, prima facie not prejudicial to the interest of the
Company.
g. The terms of repayments of principal amounts and interest thereon
in respect of such loans are not stipulated hence we are not in a
position to comment on the same.
4. 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 purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weakness in the internal controls system.
5. In respect of contracts or arrangements covered under section 301
of the Companies Act, 1956:
a. Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the particulars of contracts or arrangements that needs to
be entered into the register maintained under section 301 have been so
entered.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the registers maintained under section 301
during the year have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time.
6. During the year under audit the company has accepted deposits from
public, in our opinion and according to information and explanation
given to us the provisions of section 58A and 58AA of the Companies
Act, 1956 and other relevant provision have been complied with.
7. In our opinion, the company does not have any formal internal audit
system.
8. According to the information and explanation provided to us, the
company is not required to maintain cost records pursuant to the rules
made by the Central Government for the maintenance of cost records
under Section 209 (1) (d) of the Companies Act, 1956.
9. In respect of Statutory Dues:
a. As per records of the company, the company is normally regular in
depositing with appropriate authorities undisputed statutory dues
including income tax, wealth tax, service tax and other statutory dues
appli- cable to it.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax and
other statutory dues applicable to it except income tax and fringe
benefit tax for the assessment year 2008-2009 amounting to Rs. 95.59
lacs and 0.42 Lacs respectively and interest thereon and in respect of
Assessment Year 2009-2010 the amount of fringe benefit tax of Rs. 0.52
lacs and interest thereon, were outstanding as at 31st March, 2008 for
a period of more than six months from the date they became payable.
Following are disputed statutory dues that have not been deposited on
account of mater pending before appropriate authority.
c. Following are disputed statutory dues that have not been deposited
on account of mater pending before appropriate authority.
Sr. No, Relevant Act Amount Nature of Dues Forum where dispute
Rs. in
Lacs is pending
1 Income Tax, 1961 4.55 Asst. Year
1996-97 Penalty
u/s. 271(1)(c) Comm. Of Income Tax
(Appeals)
2 Income Tax, 1961 20.00 Asst. Year
1996-97 Penalty
u/s. 221 Hble High Court of
Gujarat
10. The company has accumulated losses at the end of the year. The
company has incurred cash losses during the immediately preceding
financial year.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders.
12. Based on our examination of documents and records and 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 and other securities.
13. The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual benefit Fund/Societies are not applicable to the
Company. Therefore, clause 4 (xiii) of the Companies (Auditors Report)
Order, 2003 is not applicable to the company.
14. Based on our examination of documents and records and information
and explanations given to us, the company is not dealing in or trading
in shares, debentures and other securities. Accordingly, provisions of
clause 4 (xiv) of the Companies (Auditors Report) Order, 2003 are not
applicable
15. As per the information provided to us, the company has not given
any guarantee for loans taken by others from bank or financial
institutions.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion, term loans
availed by the company were prima facie applied for the purpose for
which loans are obtained.
17. According to the information and explanations given to us, and on
an overall examinations of the balance sheet of the company, there are
no funds raised that have been raised on short term basis.
18. The company has made any preferential allotment of shares to the
parties and companies/firms covered in the register maintained under
section 301 of the Companies Act, 1956 which in our opinion are not
prima facie preju- dicial to the interest of the company.
19. During the year, the company has not issued any debentures.
20. During the year, the company has not raised any money by way of
public issues.
21. To the best of our knowledge and belief and according to the
information and explanation given to us, no fraud on or by the company
has been noticed or reported during the year under audit.
For, R. CHOUDHARY & ASSOCIATES
Chartered Accountants
RAMCHANDRA CHOUDHARY
Partner
Firm Regn. No. 101928W
Membership No. 43979
Place: Ahmedabad
Date: 26-07-2010