THE MEMBERS OF RADFORD GLOBAL LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of RADFORD GLOBAL LIMITED("the Company") which comprise the Balance Sheet as at 31/03/2015the Statement of Profit and Loss for the year then ended and a summary of thesignificant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Companys 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 position andfinancial performance of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 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 of 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.
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 there under.
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 andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Companys preparation ofthe financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31/03/2015 and its Profit and its cash flows for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
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 ofthe Act we give in the annexure a statement on the matters specified in paragraph 3and 4of the order to the extent applicable.
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 bestof 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 theCompany so far as it appears from our examination of those books.
(c) The Balance Sheet the Statement of Profit and Loss and dealt with by this Reportare 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) On the basis of the written representations received from the directors as on 31/03/2015 taken on record by the Board of Directors none of thedirectors is disqualified as 31/03/2015 from being appointed as adirector in terms of Section 164 (2) of the Act.
(f) With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and accordingto the explanations given to us:
i. The Company did not have any pending litigations on its financial position in itsfinancial statements.
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii. The Company does not required to be transferred fund to the Investor Education andProtection Fund.
Annexure to the Independent Auditors Report
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)
(1) In Respect of Fixed Assets
(a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) Fixed assets have been physically verified by the management at reasonableintervals; No material discrepancies were noticed on such verification.
(2) In Respect of Inventory
(a) Physical verification of inventory has been conducted at reasonable intervals bythe management.
(b) Procedures for physical verification of inventory followed by the management isreasonable and adequate in relation to the size of the company and the nature of itsbusiness. There is no inadequacies in such procedures that should be reported.
(c) Company is maintaining proper records of inventory. No material discrepancies werenoticed on physical verification.
(3) Loans and advances to parties covered under section 189
In our opinion and according to the information and explanations given to us theCompany has neither granted nor taken any loans secured or unsecured to/ from thecompanies firms or other parties covered in the register maintained under Section 189 ofthe Companies Act 2013;
(a) The loans granted are re-payable on demand. As informed the company has notdemanded repayment of any such loan during the year thus there has been no default on thepart of the parties to whom the money has been lent. The payment of interest has beenregular.
(b) There is no overdue amount of any loans secured or unsecured to companies firmsor Qther parties covered in the register maintained under section 189 of the Companies Act
(4) Internal Control in reference to Purchase of Inventory and Fixed Assets and whetherthere is continue failure of Internal control
In our opinion and according to the information and explanations given to us there areadequate internal control system commensurate with the size of the company and the natureof its business for the purchase of inventory and fixed assets and for the sale of goodsand services. During the course of audit We have not observed continuing failure tocorrect major weaknesses in internal control system.
(5) Rules followed while accepting Deposits
No deposits within the meaning of Sections 73 to 76 or any other relevant provision ofthe Act and rules farmed thereunder have been accepted by the Company.
(6) Maintenance of cost records
The Company is not required to maintain cost records pursuant to the Rules made by theCentral Government for the maintenance of cost records under sub-section (I) of section148 of the Companies Act.
(7) According to the information and explanations given to us in respect of statutorydues
(a) The company is regular in depositing with appropriate authorities undisputedstatutory dues including Provident fund Employees' state insurance Income tax Servicetax and other material statutory dues applicable to it.
(b) According to the records of the Company there are no dues of provident fundemployees'state insurance income-tax sales-tax wealth tax service tax duty ofcustoms duty of excise value added tax or cess and any other statutory dues with theappropriate authorities that have been not been deposited on amount of any dispute.
(c) The Company does not required to be transferred fund to the Investor Education andProtection Fund.
(8) Company which has been registered for a period less than five years and accumulatedlosses are more than 50% of Net worth Reporting of cash Losses
The company does not have any accumulated losses at the end of the financial year andhas not incurred cash losses in the financial year and in the immediately precedingfinancial year.
(9) Default in Repayment of Loans taken from Bank or Financial Institutions
The company has not taken any loans from Bank or Financial Institutions
(10) Terms for Loans and Advances from Banks or Financial Institutions prejudicial tothe interest of the company
The company has not taken any loans from Bank or Financial Institutions thus thisclauses is not applicable.
(11) Application versus purpose of Term Loan.
During the year the Company has not taken any term loans..
(12) Reporting of Fraud During the Year Nature and Amount
According to the information and explanation given to us no fraud on or by the companyhas been noticed or reported during the year.
| ||FOR MNRD & Associates |
| ||Chartered Accountants |
| ||Firm Registration No: 126991W |
| ||Sd/- |
| ||Narayan Toshniwal |
|Date: 28th May2015 ||Partner |
|Place: Mumbai ||Membership No: 048334 |