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Radhe Developers (India) Ltd.

BSE: 531273 Sector: Infrastructure
NSE: N.A. ISIN Code: INE986B01036
BSE 00:00 | 27 Feb 14.00 0.45
(3.32%)
OPEN

14.40

HIGH

14.40

LOW

13.55

NSE 05:30 | 01 Jan Radhe Developers (India) Ltd
OPEN 14.40
PREVIOUS CLOSE 13.55
VOLUME 354
52-Week high 16.22
52-Week low 7.55
P/E
Mkt Cap.(Rs cr) 35
Buy Price 13.55
Buy Qty 349.00
Sell Price 14.27
Sell Qty 45.00
OPEN 14.40
CLOSE 13.55
VOLUME 354
52-Week high 16.22
52-Week low 7.55
P/E
Mkt Cap.(Rs cr) 35
Buy Price 13.55
Buy Qty 349.00
Sell Price 14.27
Sell Qty 45.00

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

Company auditors report

To

The Members of

Radhe Developers (India) Limited

Ahmedabad

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of RadheDevelopers (India) Limited which comprise the Balance Sheet as at March 31 2018 theStatement of Profit and Loss (including Other Comprehensive Income) the Cash FlowStatement and the Statement of Changes in Equity for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Ind AS 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 Ind AS Financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the Indian Accounting Standards(Ind AS) specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 and the Companies (Indian Accounting Standards) Rules 2015 asamended. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit.

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 theprovision 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 Standalone Ind AS financial statements are free from material misstatement. An auditinvolves performing procedures to obtain audit evidence about the amounts and thedisclosures in the Standalone Ind AS financial statements. The procedures selected dependon the auditor's judgment including the assessment of the risks of material misstatementof the Standalone Ind AS financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theCompany's preparation of the Standalone Ind AS financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company's directors as well asevaluating the overall presentation of the Standalone Ind AS financial statements.

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

Opinion

In our opinion and to the best of the our information and according to the explanationsgiven to us the aforesaid Standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of thestate of affairs of the Company as at March 31 2018 and its profits (including othercomprehensive income) its cash flows and the changes in equity for the year ended on thatdate.

Report on Other legal and Regulatory Requirements

1. As required by Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of Section 143(11) of the Act we annex hereto a statement inAnnexure A on the matters specified in paragraphs 3 and 4 of the said order.

2. 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 the Cash Flow Statement and theStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account of the Company.

d) In our opinion the aforesaid Standalone Ind AS financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 and Companies (Indian Accounting Standards) Rules 2015as amended.

e) On the basis of written representations received from the directors as on March 312018 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2018 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of internal financial controls over financial reportingof the Company and the operating effectiveness of such controls please refer to ourseparate report in Annexure B. Our report expresses an unmodified opinion on the adequacyand operating effectiveness of the Company's internal financial controls over financialreporting.

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 has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on the long term contracts includingderivative contracts.

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
Chartered Accountants
Firm Regn. No. 101648W
Gautam Shah
Place : Ahmedabad Partner
Date : May 25 2018 Membership No. 012679

ANNEXURE-A TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in the Auditors Report to the Members of Radhe Developers (India)Limited for the year ended March 31 2018

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 had 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 the provisions ofsection 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 of the Companies Act2013.

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
Chartered Accountants
Firm Regn. No. 101648W
Gautam Shah
Place : Ahmedabad Partner
Date : May 25 2018 Membership No. 012679

ANNEXURE-B TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in the Auditors Report to the Members of Radhe Developers (India)Limited for the year ended March 31 2018 Report on the Internal Financial Controlsunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financial reporting of RadheDevelopers (India) Limited ("the Company") as of March 31 2018 inconjunction with our audit of the Standalone Ind AS financial statements of the Companyfor the 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 Standalone Ind AS financial statements whether due to fraudor error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial 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 Standalone Ind AS financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of StandaloneInd AS financial statements in accordance with generally accepted accounting principlesand that receipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the StandaloneInd AS 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 March 31 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Chandabhoy & Jassoobhoy
Chartered Accountants
Firm Regn. No. 101648W
Gautam Shah
Place : Ahmedabad Partner
Date : May 25 2018 Membership No. 012679