SENSEX NIFTY
Radix Industries (India) | Auditor's Report > Miscellaneous > Auditor's Report from Radix Industries (India) - BSE: 531412, NSE: N.A
YOU ARE HERE > MONEYCONTROL > MARKETS > MISCELLANEOUS > AUDITORS REPORT - Radix Industries (India)
Radix Industries (India)
BSE: 531412|ISIN: INE576N01014|SECTOR: Miscellaneous
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Aug 28, 12:35
357.00
2 (0.56%)
VOLUME 130
Radix Industries (India) is not listed on NSE
« Mar 12
Auditor's Report (Radix Industries (India)) Year End : Mar '13
Report on the Financial Statements:
 
 We have audited the accompanying financial statements of RADIX
 INDUSTRIES (INDIA) LIMITED (the Company), which comprise the Balance
 Sheet as at March 31, 2013, 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:
 
 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 material misstatement,
 whether due to fraud or error.
 
 Auditor''s Responsibility:
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on the auditor''s judgment, including the assessment of
 the risks of material misstatement of the financial statements, whether
 due to fraud or error.
 
 In making those risk assessments, the auditor considers internal
 control relevant to the Company''s preparation and fair presentation of
 the financial statements in order to design audit procedures that are
 appropriate in the circumstances. An audit also includes evaluating the
 appropriateness of accounting policies used and the reasonableness of
 the accounting estimates made by management, as well as evaluating the
 overall presentation of the financial statements. We believe that the
 audit evidence we have obtained is sufficient and appropriate to
 provide a basis for our audit opinion.
 
 Opinion:
 
 In our opinion and to the best of our information and according to the
 explanations given to us, 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 31,2013;
 
 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, 2003 (the
 Order) issued by the Central Government of India in terms of
 sub-section (4A) of section 227 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the Order.
 
 2.  As required by section 227(3) of the Act, we report that:
 
 a.  we have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit;
 
 b.  in our opinion proper books of account as required by law have been
 kept by the Company so far as 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 subsection (3C) of section 211 of the Companies Act, 1956;
 
 e.  On the basis of written representations received from the directors
 as on March 31, 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2013, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of the Companies Act, 1956.
 
 f.  Since the Central Government has not issued any notification as to
 the rate at which the cess is to be paid under section 441A of the
 Companies Act, 1956 nor has it issued any Rules under the said section,
 prescribing the manner in which such cess is to be paid, no cess is due
 and payable by the Company.
 
 Annexure to the Auditor''s Report
 
 1.1 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.
 
 1.2 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.
 
 1.3 According to the information and explanations furnished to us, the
 company has not disposed of a substantial part of its fixed assets
 during the period under report.
 
 2.1 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.
 
 2.2 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.
 
 2.3 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.
 
 3.1 According to the information and explanations furnished to us, the
 company has not granted any loans to companies, firms or other parties
 covered by the register maintained under Section 301 of the Companies
 Act 1956, at the beginning of the period under report or during the
 period under report, and consequently reporting under sub-clauses b, c
 and d of clause 4 (iii) of the Order does not arise during the period
 under report.
 
 3.2 According to the information and explanations furnished to us, the
 company has not taken any loans from directors or from the parties who
 is covered by the register maintained under section 301 of the
 Companies Act, 1956.  Hence the reporting requirement in terms of
 clause e,f,g of 4 (iii) of the said order does not arise.
 
 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 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 system that in our opinion require correction but have
 so continued without correction
 
 5.  In our opinion and according to the information and explanations
 given to us, the transactions which have been entered into, pursuant to
 contracts that have been entered in register maintained under section
 301 of the companies Act, 1956, during the year under report, have been
 made at prices which are reasonable having regard to prevailing market
 prices at the relevant time.
 
 6.  According to the information and explanations given to us, the
 company has not accepted any deposits covered under the provisions of
 section 58A, 58AA 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 58A and 58AA of the
 Companies Act, 1956.
 
 7.  In our opinion, the company has an internal audit system
 commensurate with the size and nature of its business.
 
 8.  We have broadly reviewed the books of account and records
 maintained by the Company 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, wherever prescribed, and we are of the
 opinion that prima facie the prescribed accounts and records have been
 made and maintained. However, we are not required to and have not
 carried out a detailed audit of the same.
 
 9.1 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 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.
 
 9.2 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 or Cess pending remittance as at March 31,
 2013.
 
 10 The company has accumulated losses of Rs. 55,66,483 at the end of
 the financial year, and it did not incur cash losses during the
 financial year covered by our audit and in the immediate preceding
 financial year.
 
 11. 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.
 
 12.  According to the information and explanations given to us, the
 company has not granted any loans or advances on the basis of security
 by way of pledge of shares, debentures, and other securities.
 
 13.  In our opinion and according to the information and explanations
 furnished to us, the company is not a chit fund or a nidhi / mutual
 benefit fund / society and hence, the requirements of clause 4(xiii) of
 the Companies (Auditor''s Report) Order, 2003 are not applicable to the
 company during the period under report.
 
 14.  In our opinion and according to the information and explanations
 furnished to us, the company is not dealing in or trading in shares,
 securities, debentures and other investments. Accordingly, the
 requirements of clause 4(xiv) of the Companies (Auditor''s Report)
 Order, 2003 are not applicable to the company during the period under
 report under report.
 
 15.  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.
 
 16.  The company has not obtained any term loans from Banks and
 Financial Institutions.  Hence reporting requirement in terms of
 Clauses (xvi) does not arise during the period under report.
 
 17.  In our opinion and according to the information and explanations
 furnished to us, and on an overall examination of Balance Sheet of the
 company, we are of the opinion that considering the internal accruals
 of the company during the period under report, funds raised by the
 company on short term basis have prima facie not been used for long
 term applications, except for permanent working capital.
 
 18.1 According to the information and explanations furnished to us,
 pursuant to section 81(1 A) and other applicable provisions, if any,
 under the Companies Act 1956 the company has made preferential
 allotment of shares of Rs. 7,00,00,000 divided into 70,00,000 equity
 shares of Rs. 10/- each at their board meeting held on 3rd September,
 2012 in pursuance of the resolution passed by the share holders through
 postal ballot on 28-08-2012, of which 52,20,000 equity shares allotted
 to two related parties covered by the register maintained under section
 301 of the Companies Act, 1956 and 17,80,000 equity shares allotted to
 other parties.
 
 18.2 Further according to the information and explanations furnished to
 us, the price of Rs. 10/- per share at which preferential allotment of
 shares has been made is not prejudicial to the interest of the company.
 
 19. According to the information and explanations given to us, the
 company has not issued any debentures during the period under report.
 
 20.  The company has not raised any monies through public issue of its
 securities during the period under report, and the question of end use
 of such monies did not arise during the period under report.
 
 21.  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
 
                                 Sd/- 
 
                                (CA. Srinivasa Rao Cherukuri)
 
 Place : Tanuku                  Partner
 
 Date .06.05.2013                M.No.209237
Source : Dion Global Solutions Limited
Quick Links for radixindustriesindia
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.