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Radhe Developers (India) Ltd.

BSE: 531273 Sector: Infrastructure
NSE: N.A. ISIN Code: INE986B01036
BSE 00:00 | 05 Mar 8.96 0.08
(0.90%)
OPEN

8.71

HIGH

9.33

LOW

8.70

NSE 05:30 | 01 Jan Radhe Developers (India) Ltd
OPEN 8.71
PREVIOUS CLOSE 8.88
VOLUME 5546
52-Week high 14.85
52-Week low 7.59
P/E
Mkt Cap.(Rs cr) 23
Buy Price 8.96
Buy Qty 1.00
Sell Price 9.01
Sell Qty 50.00
OPEN 8.71
CLOSE 8.88
VOLUME 5546
52-Week high 14.85
52-Week low 7.59
P/E
Mkt Cap.(Rs cr) 23
Buy Price 8.96
Buy Qty 1.00
Sell Price 9.01
Sell Qty 50.00

Radhe Developers (India) Ltd. (RADHEDEVELOP) - Auditors Report

Company auditors report

To

The Members of

Radhe Developers (India) Limited

Ahmedabad

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements of RADHE DEVELOPERS(INDIA) LIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2020 the statement of Profit and Loss (including other comprehensive income)the statement of changes in equity and statement of Cash Flows for the year then endedand notes to the financial statements including a summary of significant accountingpolicies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2020 the loss and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit of standalone financial statements in accordance with theStandards on Auditing (SAs) specified under section 143(10) of the Companies Act 2013.Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. Weare independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India together with the ethical requirements thatare relevant to our audit of the financial statements under the provisions of theCompanies Act 2013 and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

Emphasis on matter

We draw attention to Note No. 45(II) to the standalone financial statements asregarding management evaluation of COVID-19 impact on the future performance of thecompany. Our opinion is not modified in respect of this matter.

Management's responsibility for the Standalone 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 standalone financial statements that give a true and fair view of the financialposition financial performance total comprehensive income changes in equity and cashflows of the

Company in accordance with Ind AS and other accounting principles generally accepted inIndia including the accounting Standards specified under section 133 of the Act. 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 statement that givea true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of 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 including Other ComprehensiveIncome Statement of Changes in Equity and the Cash Flow Statement dealt with by thisReport are in agreement with the books of account.

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

e) On the basis of the written representations received from the directors as on 31stMarch 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2020 from being appointed as a director in terms of Section164 (2) of the Act. f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B".

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. The Company does not have any pending litigations 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.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For Chandabhoy & Jassoobhoy Partner Chartered Accountants Membership No. 100932Firm Regn. No. 101648W

Place : Ahmedabad Date : 22nd June 2020

ANNEXURE-A TO THE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

RADHE DEVELOPERS (INDIA) LIMITED FOR THE YEAR ENDED 31ST MARCH 2020

i. The Company has maintained proper records showing full particulars includingquantitative details and situation of the fixed assets. The management has certified thephysical verification of the fixed assets at reasonable intervals. No significantdiscrepancy was noticed on such verification. The Company does not own any immovableproperty.

ii. The stock of goods has been physically verified during the year at reasonableintervals by the management. The discrepancies noticed on verification between thephysical stocks and the book records were not material and have been properly dealt within the books of account.

iii. The Company has not granted any loans to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013. iv. In respect of loans investments guarantees and security theprovisions 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 orany other relevant provisions of the Companies Act 2013.

vi. The maintenance of cost records has not been specified by the Central Governmentunder sub section (1) of section 148 of the Companies Act 2013.

vii. To the best of our knowledge and according to the information and explanationsgiven to us the Company has been generally regular in depositing the undisputed statutorydues consisting of Provident fund Employees' state insurance income tax sales taxservice tax customs duty excise duty value added tax cess and other statutory dueswith the appropriate authorities. There are no dues in respect of income tax sales taxservice tax customs duty excise duty or value added tax which have not been deposited onaccount of any dispute.

viii. The Company has not defaulted in repayment of loans or borrowings to a financialinstitutions bank Government or dues to debenture holders.

ix. In our opinion the money raised by way of initial pubic offer or further publicoffer (including debt instruments) and term loans were applied for the purpose for whichthose were raised.

x. To the best of our knowledge and according to the information and explanations givento us no fraud by the Company or any fraud on the Company by its officers and employeeshas been noticed or reported during the year.

xi. The managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act 2013. xii. The Company is not a Nidhi Company as defined in section 406 ofthe Companies Act 2013.

xiii. In our opinion all transactions with the related parties are in compliance withsections 177 and 188 of the Companies Act 2013 and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards.

xiv. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review.

xv. In case of non-cash transactions with directors or persons connected with him ifany 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 ReserveBank of India Act 1934.

For Chandabhoy & Jassoobhoy Partner Chartered Accountants Membership No. 100932Firm Regn. No. 101648W

Place : Ahmedabad Date : 22nd June 2020

ANNEXURE-B TO THE INDEPENDENT AUDITOR'S REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of RADHEDEVELOPERS (INDIA) LIMITED ("the Company") as of 31st March 2020in conjunction with our audit of the standalone financial statements of the Company forthe year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2020based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Chandabhoy & Jassoobhoy Partner Chartered Accountants Membership No. 100932Firm Regn. No. 101648W

Place : Ahmedabad Date : 22nd June 2020

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