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Radix Industries (India)

BSE: 531412|ISIN: INE576N01014|SECTOR: Miscellaneous
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VOLUME 54
Radix Industries (India) is not listed on NSE
« Mar 14
Auditor's Report (Radix Industries (India)) Year End : Mar '15
 We have audited the accompanying financial statements of RADIX
 INDUSTRIES (INDIA) LIMITED (the Company), which comprise the Balance
 Sheet as at March 31, 2015, and the Statement of Profit and Loss and
 Cash Flow Statement for the year then ended, and a summary of
 significant accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements:
 
 The Management 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 assets 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 reasonable and prudent; and design, implementation
 and maintenance of internal financial control, 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.
 
 Auditor''s Responsibility:
 
 Our responsibility is to express an opinion on these 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 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 financial statements
 are free from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on the auditor''s judgment, including the assessment of
 the risks of material misstatement of the financial statements, whether
 due to fraud or error. In making those risk assessments, the auditor
 considers internal financial control relevant to the Company''s
 preparation of the financial statements that give true and fair view in
 order to design audit procedures that are appropriate in the
 circumstances. An audit also includes evaluating the appropriateness of
 accounting policies used and 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 on the financial
 statements.
 
 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:
 
 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 Statement of Profit and Loss, of the profit for
 the year ended on that date; and
 
 c.  in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date
 
 Report on Other Legal and Regulatory Requirements:
 
 1.  As required by the Companies (Auditor''s Report) Order, 2015 (the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 3 and 4 of the Order.
 
 2.  As required by section 143(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, the Statement of Profit and
 Loss, and the Cash Flow Statement 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 written representations received 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 Section 164(2) of the Companies
 Act, 2013.
 
 f.  With respect to the other matters included in the Auditor''s Report
 and to our 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 as on reporting date.
 
 ii.  The Company did not have any long-term contracts including
 derivatives contracts for which there were any material foreseeable
 losses.
 
 iii. There were no amounts which required to be transferred, to the
 Investor Education and Protection Fund by the Company.
 
 Annexure to the Auditor''s Report:
 
 (i) (a) According to the information and explanations furnished to us,
 the company has maintained proper records showing full particulars
 including quantitative details and situation of its fixed assets.
 
 (b) According to the information and explanations furnished to us, the
 company has physically verified its fixed assets during the period and
 no material discrepancies were noticed on such verification carried out
 during the period.
 
 (ii) (a) According to the information and explanations furnished to us,
 the company has physically verified its inventories during the period
 under report. In our opinion, the frequency and extent of such
 verification is reasonable.
 
 (b) In our opinion the procedures of physical verification of
 inventories followed by the management are reasonable and adequate in
 relation to the size of the company and the nature of its business.
 
 (c) According to the information furnished to us, the company is
 maintaining proper records of its inventory. The discrepancies if any
 noticed on verification of inventories between the physical stocks and
 the book records were not material, and have been properly dealt with
 in the books of account.
 
 (iii) According to the information and explanations furnished to us,
 the company has not granted any loans, secured or unsecured to
 companies, firms or other parties covered in register maintained under
 Section 189 of the Companies Act 2013. Consequently, the provisions of
 clauses iii (a) and iii (b) of the order are not applicable to the
 Company.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there are adequate internal control systems commensurate
 with the size of the company and the nature of its business with regard
 to purchase of inventory, fixed assets and with regard to the sale of
 goods and services. Further, during the course of our audit, we have
 not come across any instances of major weaknesses in internal control
 systems.
 
 (v) According to the information and explanations given to us, the
 company has not accepted any deposits covered under the provisions of
 section 73 to 76 or any other relevant provisions of the Act. Further,
 according to the information furnished to us, no order has been passed
 on the company by the Company Law Board or National Company Law
 Tribunal or Reserve Bank of India or any Court or any other Tribunal
 for non-compliance with the provisions of Sections 73 to 76 of the
 Companies Act, 2013.
 
 (vi) According to the information and explanations given to us, the
 requirement of Sec.148 (1) of the Companies Act, 2013 with regard to
 the maintenance of cost records do not apply to this company.
 
 (vii) (a) According to the information and explanations furnished to us
 and according to the books and records produced for our examination, in
 our opinion, the company is regular in depositing with the appropriate
 authorities, the undisputed statutory dues including Provident Fund,
 Employees'' State insurance, Income Tax, Sales Tax, Wealth Tax, Service
 Tax, Custom Duty, Excise duty, Value added tax and other material
 statutory dues wherever applicable to it and further there are no
 undisputed statutory dues that were outstanding, as at the date of the
 Balance Sheet, for a period of more than six months from the date they
 became payable.
 
 (b) According to the information and explanations furnished to us and
 according to the records of the company, the company has no disputed
 dues on account of Income Tax, Wealth Tax, Service Tax, Sales Tax,
 Customs Duty, Excise Duty, Value added tax or Cess pending remittance
 as at March 31, 2015.
 
 (c) According to the information and explanations furnished to us and
 according to the records of the company, the company has not requires
 to transfer any amount to Investor education and protection fund in
 accordance with the relevant provisions of the Companies Act, and rules
 made there under during the year and hence reporting requirement of
 clauses vii (c) of the order are not applicable to the Company.
 
 (viii) The company had no accumulated losses at the end of the year
 under report and it did not incur cash losses during the financial year
 or in the immediately preceding financial year.
 
 (ix) According to the information and explanations given to us, there
 were no defaults in repayment of dues to financial institutions, banks
 or debenture holders at the date of balance sheet.
 
 (x) According to the information and explanations furnished to us, the
 company has not given any guarantee for loans taken by others from any
 banks or financial institutions during the period and also there are no
 such outstanding guarantees as on date of balance sheet.
 
 (xi) The company has not obtained any term loans from Banks and
 Financial Institutions. Hence reporting requirement in terms of Clauses
 (xi) does not arise during the period under report.
 
 (xii) According to the information and explanations furnished to us,
 and based on the audit procedures generally adopted by us, we report
 that, during the period, no fraud on or by the company has been noticed
 or reported that is either significant or could have caused a material
 misstatement in the financial statements.
 
                                             For CHEVUTURI ASSOCIATES
                                                Chartered Accountants
                                                 Firm Reg. No.000632S
 
 Place: Tanuku
 Date: 6th May, 2015
 
                                        (CA. Srinivasa Rao Cherukuri)
                                                             Partner
                                                        M. No.209237
 
 
 
Source : Dion Global Solutions Limited
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