TO THE MEMBERS OF RIDHI SYNTHETICS LIMITED
Report on Financial Statements
We have audited the accompanying Financial Statements of Ridhi Synthetics Limited(the "Company ) which comprise the Balance Sheet as at 31st March 2015 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys Board of Directors are 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 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;design implementation and maintenance of adequate internal financial controls that areoperating 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 thereunder. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditors 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 Companyspreparation of the financial statements that give a 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 the Companys Directors as wellas evaluating 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 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 31stMarch 2015 its profits and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements.
1. As required by the Companies (Auditors Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters Specified inparagraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act we further 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 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;
(c) the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;
(d) in our opinion the aforesaid financial statements comply with the applicableAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.
(e) on the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors aredisqualified as on March 31 2015 from being appointed as a director in terms of Section164(2) of the Act.
(f) There are no qualifications reservations or adverse remarks relating tomaintenance of accounts and other matters connected therewith.
(g) 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 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;as such the question of commenting on any material foreseeable losses thereon does notarise
(iii) There has not been an occasion in case of the Company during the year underreport to transfer any sums to the Investor Education and Protection Fund. The question ofdelay in transferring such sums does not arise.
| ||For H.H. Bandukwala & Co. |
| ||Chartered Accountants |
| ||Firms Registration No.: 100965W |
|Mumbai. ||Hatim Bandukwala |
|Dated: 29-05-2015 ||Partner |
| ||Membership No.: 016940 |
Annexure To The Independent Auditors Report
(The Annexure referred to in paragraph 1 with the heading "Report on Other Legaland Regulatory Requirements" of our report of even date to the Members of RIDHISYNTHETICS LIMITED on the financial statements for the year ended 31 March 2015)
1. In respect of fixed assets:
(a) The Company has maintained proper records showing full particulars and situation offixed assets.
(b) According to the information and explanation given to us the fixed assets havebeen physically verified during the year by the Management in accordance with a regularprogramme of verification which in our opinion provides for physical verification of thefixed asset at reasonable intervals. No material discrepancies were noticed on suchverification.
2. In respect of inventories:
No inventories were held by the Company throughout the year.
3. As per the information and explanations given to us the Company has not granted anyloans secured or unsecured to companies firms or other parties covered in the Registermaintained under section 189 of the Companies Act 2013.
4. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the Company and thenature of its business. During the course of our audit we have not observed any majorweakness in such internal control system.
5. The Company has not accepted deposits from the public.
6. The Company does not have formal internal audit.
7. In respect of statutory dues :
(a) The company has been regular in depositing undisputed dues in respect of incometax sales tax wealth tax custom duty excise duty and cess and other material statutorydues applicable to it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of income tax sales taxwealth tax custom duty excise duty and cess and other material statutory dues in arrearsas at March 31 2015 for a period of more than six months from the date they becamepayable.
(c) There are no dues of income tax sales tax wealth tax custom duty excise dutyand cess which have not been deposited on account of any dispute.
8. The company does not have any accumulated losses at the end of the financial year.The company has not incurred cash losses in such financial year and in the immediatelypreceding financial year.
9. According to the records of the Company examined by us and the information andexplanations given to us the company has not taken any loan from a bank or financialinstitution or borrowed any sum against issue of debentures.
10. In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loans taken by others from banks or financialinstitutions during the year.
11. The Company has not availed any term loans during the year.
12. To the best of our knowledge and according to the information and explanationsgiven to us no fraud on or by the Company has been noticed or reported during the year.
For H.H. Bandukwala & Co.
Chartered Accountants Firm's Registration.No.: 100965W
|Mumbai. ||Hatim Bandukwala |
|Dated: 29-05-2015 ||Partner |
| ||Membership No.: 016940 |