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Radhe Developers (India) Ltd.

BSE: 531273 Sector: Infrastructure
NSE: N.A. ISIN Code: INE986B01036
BSE 00:00 | 27 Jun 205.45 5.15
(2.57%)
OPEN

210.30

HIGH

210.30

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201.60

NSE 05:30 | 01 Jan Radhe Developers (India) Ltd
OPEN 210.30
PREVIOUS CLOSE 200.30
VOLUME 18395
52-Week high 360.00
52-Week low 9.06
P/E 20.50
Mkt Cap.(Rs cr) 517
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 210.30
CLOSE 200.30
VOLUME 18395
52-Week high 360.00
52-Week low 9.06
P/E 20.50
Mkt Cap.(Rs cr) 517
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

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

Company auditors report

To the members of RADHE DEVELOPERS (INDIA) LIMITED

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 2022 the statement of Profit and Loss (including other comprehensiveincome) the statement of changes in equity and statement of Cash Flows for the year thenended and notes to the financial statements including a summary of significantaccounting policies 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 2022 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.

Information other than the Standalone Financial Statements and Auditor’s Reportthereon

The Company’s Board of Directors is responsible for the other information. Theother information comprises the information included in the Director’s Reportincluding Annexures to the Director’s Report but does not include the standalonefinancial statements and our auditor’s report thereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.If based on the work we have performed we conclude that there is a material misstatementof this other information we are required to report that fact. We have nothing to reportin this regard.

Emphasis on matter

We draw attention to Note No. 43(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 generallyaccepted in India including the accounting Standards specified under section 133 of theAct. 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 financial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company’s ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company’sfinancial reporting 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 ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud 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 2020 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in "Annexure A" a statement onthe matters specified 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 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 20222 from being appointed as a director in terms ofSection 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate 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.

iv. The Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been advanced orloaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the Company to or in any other person or entity including foreignentity ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall whether directly or indirectly lend or investin other persons or entities identified in any manner whatsoever by or on behalf of theCompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries;

v. The Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been received bythe Company from any person or entity including foreign entity ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries;

vi. The company has not proposed or declared any dividend during the year.

For H K Shah & Co.
Gopesh Shah
Partner
Chartered Accountants
Place : Ahmedabad Membership No. 106204
Date : 27th May 2022 Firm Regn. No. 109583W

"ANNEXURE A" REFERRED TO IN THE AUDITORS REPORT TO THE MEMBERS OF RADHEDEVELOPERS

(INDIA) LIMITED FOR THE YEAR ENDED 31ST MARCH 2022

i. The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment and intangible assets.The management has certified the physical verification of Property Plant and Equipment atreasonable intervals. No significant discrepancy was noticed on such verification. TheCompany does not own any immovable property. The Company has not revalued its PropertyPlant and Equipment or intangible assets during the year. To the best of our knowledge noproceedings have been initiated or are pending against the Company for holding any benamiproperty under the Benami Transactions (Prohibition) Act 1988 and rules made thereunder

ii. As informed to us by the management the inventory has been physically verifiedduring the year by the management and the valuation regarding the same has been certifiedby a registered engineer. In our opinion the frequency of verification is reasonable. Theprocedures of physical verification of inventory followed by the management are reasonableand adequate in relation to the size of the Company and the nature of its business. Thediscrepancies noticed on verification between the physical stocks and the book recordswere not material and have been properly dealt with in the books of account. The Companyhas not been sanctioned any working capital limits in excess of Rs. 5 crores by any banksor financial institutions during any point of time of the year.

iii. The Company has not made investment provided guarantee or security or granted anyloans to companies firms Limited Liability Partnerships or other parties during theyear.

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 regular in depositing the undisputed statutory duesconsisting of Goods and service tax Provident fund Employees’ state insuranceincome tax sales tax service tax customs duty excise duty value added tax cess andother statutory dues with the appropriate authorities. There are no dues in respect ofincome tax sales tax service tax customs duty excise duty or value added tax whichhave not been deposited on account of any dispute.

viii. According to the information and explanations given by the management notransactions not recorded in the books of account have been surrendered or disclosed asincome during the year in the tax assessments under the Income Tax Act 1961.

ix. a) The Company has not defaulted in repayment of loans or borrowings or in interestto any lender.

b) The Company has not been declared willful defaulter by any bank or financialinstitution or other lender.

c) In our opinion the term loans were applied for the purpose for which the loans wereobtained.

d) In our opinion funds raised on short term basis have not been utilised for longterm purposes.

e) The company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiaries associates or joint ventures.

f) The company has not raised loans during the year on the pledge of securities held inits subsidiaries joint ventures or associate companies.

x. 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. The Company has not made any preferential allotment or privateplacement of shares or convertible debentures during the year.

xi. To the best of our knowledge and according to the information and explanationsgiven to us:

a) No fraud by the Company or any fraud on the Company has been noticed or reportedduring the year.

b) No report under sub-section (12) of section 143 of the Companies Act has been filedby the auditors in Form ADT- 4 as prescribed under rule 13 of Companies (Audit andAuditors) Rules 2014 with the Central Government;

c) No whistle-blower complaints had been received by the Company during the year.

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. (a) According to the information and explanations given by the management theCompany has an internal audit system commensurate with the size and nature of itsbusiness;

(b) the reports of the Internal Auditors for the period under audit were considered byus;

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. (a) The Company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.

(b) The Company has not conducted any Non-Banking Financial or Housing Financeactivities without a valid Certificate of Registration (CoR) from the Reserve Bank ofIndia as per the Reserve Bank of India Act 1934.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve Bank of India.

(d) The Group does not have not more than one CIC as part of the Group.

xvii. The company has not incurred any cash losses during the financial year butincurred a cash loss of Rs. 2.35 crores in the immediately preceding financial year.

xviii. There has been a resignation of the statutory auditors during the year. Theauditor has taken into consideration the issues objections or concerns raised by theoutgoing auditors.

xix. On the information obtained from the management and audit procedures performed andon the basis of the financial ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities other information accompanying thefinancial statements the auditor’s knowledge of the Board of Directors andmanagement plans we are of the opinion that no material uncertainty exists as on the dateof the audit report that the Company is capable of meeting its liabilities existing at thebalance sheet date as and when they fall due within a period of one year from the balancesheet date.

xx. The provision of section 135 are not applicable on the Company.

xxi. The company is not required to prepare Consolidated financial statement and hencethis clause is not applicable.

For H K Shah & Co.
Gopesh Shah
Partner
Chartered Accountants
Place : Ahmedabad Membership No. 106204
Date : 27th May 2022 Firm Regn. No. 109583W

"ANNEXURE B" REFERRED TO IN THE AUDITORS REPORT TO THE MEMBERS OF RADHEDEVELOPERS (INDIA) LIMITED FOR THE YEAR ENDED 31ST MARCH 2022

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 2022in 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 theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the 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.

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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting 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 havea material 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 2022based 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 H K Shah & Co.
Gopesh Shah
Partner
Chartered Accountants
Place : Ahmedabad Membership No. 106204
Date : 27th May 2022 Firm Regn. No. 109583W

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