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Addi Industries Ltd.

BSE: 507852 Sector: Industrials
NSE: N.A. ISIN Code: INE757C01021
BSE LIVE 15:16 | 25 Nov 7.32 0
(0.00%)
OPEN

7.32

HIGH

7.32

LOW

7.32

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 7.32
PREVIOUS CLOSE 7.32
VOLUME 200
52-Week high 8.08
52-Week low 4.00
P/E 56.31
Mkt Cap.(Rs cr) 7.91
Buy Price 7.32
Buy Qty 200.00
Sell Price 0.00
Sell Qty 0.00
OPEN 7.32
CLOSE 7.32
VOLUME 200
52-Week high 8.08
52-Week low 4.00
P/E 56.31
Mkt Cap.(Rs cr) 7.91
Buy Price 7.32
Buy Qty 200.00
Sell Price 0.00
Sell Qty 0.00

Addi Industries Ltd. (ADDIINDS) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR’S REPORT

To the Members of

M/S ADDI INDUSTRIES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of M/S ADDI INDUSTRIES LIMITED("the Company") which comprise the Balance Sheet as at March 31 2015 and theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary 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 stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by Company's directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 312015;

(b) in the case of the Statement of Profit and Loss of the Profit for the year endedon that date; and

(c) In the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act2013 we give in the Annexure a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Companies Act 2013 we report that:

a. We have obtained all the information and explanations which to the best of ourknowledge 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 theCompany so far as appears from our examination of those books and further proper returnsadequate for the purpose of audit has been received from the branches not visited by us;

c. The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account;

d. In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e. In our opinion there are no financial transactions or matters that may have adverseeffect on the functioning of the Company

f. On the basis of written representations received from the directors as on March312015 and taken on record by the Board of Directors we report that none of thedirectors is disqualified as on March 312015 from being appointed as a director in termsof sub-section (2) of section 164 of the Companies Act 2013;

g. With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. On the basis of written representation received from the management of the Companyno litigation is pending against the Company’s which would impact its financialposition.

ii. The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

ill. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund.

For S. R. Dinodia & Co. LLP
Chartered Accountants
Regn. No. 001478N/N500005
SANDEEP DINODIA
Place : New Delhi Partner
Date : 30.05.2015 M. No. 083689

ANNEXURE TO THE AUDITORS’ REPORT

(Referred to in Paragraph 1 under the heading of "Report on other Legal &Regulatory Requirements" of our report of even date)

RE: M/S ADDI INDUSTRIES LIMITED

i) (a) In the earlier years the fixed assets register of the company was misplaced andthe company is still in the process of

retrieval and updating the fixed assets register. The same still needs to be updated inline with the prescribed requirements.

(b) As explained to us physical verification of major fixed assets has been conductedby the management at appropriate intervals. In our opinion the program is reasonablehaving regard to the size of the Company and the nature of the fixed assets. Further inview of our comments in para (a) above the discrepancies if any between the bookrecords and the physical verification has not been ascertained.

ii) (a) On the basis of information and explanation provided by the managementinventories have been physically verified by the management during the year. In ouropinion the frequency of physical verification followed by the management is reasonable.

(b) The procedures of physical verification of inventories followed by the managementare reasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) In our opinion the Company is maintaining proper records of inventory. No materialdiscrepancies were noticed on verification between the physical stocks and the bookrecords.

iii) According to the information and explanations given to us the Company had notgranted loan to any of the Company covered in the register maintained under section 189 ofthe Companies Act 2013 Therefore the provisions of clause 3(iii) (a) to (b) of theCompanies (Auditor’s Report) Order 2015 are not applicable to the Company.

iv) In our opinion and according to the information and explanations given to us thereare adequate internal control systems commensurate with the size of the Company and thenature of its business. Further on the basis of our examination of the books and recordsof the Company carried out in accordance with the generally accepted auditing practicesthere is no continuing failure to correct the weaknesses in the aforesaid internal controlsystems.

v) In our opinion and according to the information and explanation given to us sincethe company has not accepted any deposits therefore the question of the compliance of anydirectives issued by the Reserve Bank of India and the provisions of sections 73 to 76 orany other relevant provisions of the Companies Act and the rules framed there under doesnot arise.

vi) There are no cost records prescribed by the Central Government under sub section(1) of section 148 of the Companies Act 2013 for operations carried on by the Company.Therefore the provisions of clause 3(vi) of the Companies (Auditor’s Report) Order2015 are not applicable to the company.

vii) (a) The company is regular in depositing with appropriate authorities undisputedstatutory dues including income tax and other material statutory dues applicable to it.According to the information and explanation given to us employees’ state insurancewealth tax custom duty excise duty value added tax other cess etc. are not applicableto the current operations of the company. Further no undisputed amounts were payable inrespect of income tax and other statutory dues were outstanding as at 31stMarch2015 for a period of more than six months from the date they became payable.

. (b) According to the records of the Company examined by us and the information andexplanations given to us the particulars of dues of income tax and other statutory dueswhich have not been deposited on account of any dispute are as follows:

S. No. Name of the Statute Nature of Dues Amount (Rs.) Period to which the amt. relates Forum where the dispute is pending
1 ESI Act ESI 7742020 During 1995-1996 to 1998-1999 Civil court Ghaziabad

(c) On the basis of information and explanations given to us by the management noamount was required to be transferred to investor education and protection fund inaccordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and rulesmade there under.

viii) The Company has accumulated losses as at 31s1 March 2015 which areless than fifty per cent of its net worth. During the financial year 2014-15 the companyhas not incurred cash losses whereas in the preceding year the company has incurred cashlosses.

ix) There were no dues payable to any financial institution or bank or debentureholders during the year. Therefore; the provisions of clause 3 (ix) of the Companies(Auditor’s Report) Order 2015 are not applicable to the company.

x) On the basis of information and explanation provided the Company has not givenguarantee for loans taken by other from the bank during the year.

xi) The company has not taken any term loans during the year. Therefore the provisionsof clause 3(xi) of the Companies (Auditor’s Report) Order 2015 are not applicable tothe company.

xii) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India we haveneither come across any instance of fraud on or by the Company noticed or reported duringthe year nor have been informed of such case by the management.

For S. R. Dinodia & Co. LLP
Chartered Accountants
Regn. No. 001478N/N500005
SANDEEP DINODIA
Place : New Delhi Partner
Date : 30.05.2015 M. No. 083689

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