| We have audited the accompanying financial stare menu of Redex Protech
Limited ("the company"). which comprise the lilac Sheet as at March
31,2015 the Statement of profit and Loss, the Cash Flow Statement for
the year then ended and a summary of significant accounting policies
and miner explanatory information.
Management's Responsibility for the Financial Statements
The company's Board the Directors is responsible for the matters stated
in Section 134(5} of the Companies Act, 2013 with respect to the
preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act. read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes maintenance of adequate
accounting records in accordance with the provision of the Act for
safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; and application of
appropriate accounting picnics; making judgments and estimates that
are reasonable and prudent: and design, implements dun and maintenance
of adequate internal financial controls, that were operating
effective' for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a truth and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statement; based on our audit.
We have taken into account the provisions of die Act, the accounting
and auditing standards and matter which are required to be included in
die audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards an Auditing
specified under Section 143(10) of the Act. Those Standards require
mentis we comply twee ethical requirement and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement
An audit involves performing procedures to obtain audit evidence about
the amounts find the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risk of material misstatement of the financial
statements. whether due to fraud or error- In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that whether
true and fail view in order to design audit procedures that are
appropriate in the circumstances. An audit alias includes evaluating
the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates mad's by the Company
Directors, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate; to provide a basis for our audit opinion on the financial
statements,
Opinion
In our opinion and to the beat of our information and according to the
explanations given to us, the aforesaid financial statements give die
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at March 31, 2015, and its. profit and its cash flow for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
1. 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 of the Act, we give statement on the
matters specified in the paragraph 3 and 4 of the Order, to the extent
applicable.
2. As required by Section 143 (3) of the Act, we report that:
a) The have sought and obtained all the information and explanations
which to the beat of 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 the Company no tar as It appears from our examination of those
books.
e) The Balance sheet the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
boots of account,
d) In our opinion, the aforesaid financial statement comply with die
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Acoustic) Rules,2014.
e) On the basis of the written representations received from the
directors as on March 31, 2015 taken on record the Board of Directors
none of the directors is disqualified as on March 31,2015 from being
appointed as a director tin terms of Section 164(2) of the Act.
f) With respect to the rusher matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditor)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us;
i. The Company has not provided adequate information regarding pending
litigations accordingly, we are not in position to comment on the
impact of such Irrigations and impact there on its financial position
And its financial Benefits.
ii. The Company has made provision as required under the applicable
law or accenting standards, for material foreseeable losses, on
long-term contracts,
Annexure to the Independent Auditors, Report
The Annexure referred to in our independent Auditors Report to the
members of the Company on the financial statements for the year ended
31 March 2015, we report that:
(i) In respect of Fixed Assets :
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) As explained to us, all the Assets have been physically verified by
the management during the year and there is a regular program of
verified don. which. in our opinion, is reasonable having regard to the
size of die company and die nature of its assets However we are unable
to comment on whether the material discrepancies were noticed on such
verification if any have been dealt wide it not.
ii) In respect of Inventories:
As the company is not carried out any major commercial activity and
it is largely catered to service activities the contents of the clause
ate not applicable.
(iii) In respect of the loans secured or unsecured loan granted by the
company to the Companies, firms or other parties covered in the
register maintained under section 189 of the Companies Act,
(a) The Company has granted loans to 6 reared parties covered in the
register maintained under section 189 of the Companies Act, 2013 ("the
Act").
Balance Outstanding of Related Parties.
Nature of Party Nature of As at As at
Transaction March 31,2015 March 31,2014
Mr. GNANESH
R, Bhagat Advance 6,96,000 8,96,000
Vash System
(Prop- Ganesh
R. BHAGAT) Advance 13,42,613 13,42,613
Mrs. Angana
G, Bhagat Advance 1,91,34,228 1,91,34,228
Mr. Rajcndra
D. Bbagst Advance 10,05,000 10,05,000
Yash Shelters
Limited Advance 50,61,250 56,31,250
Champaben Bhagat Receivable 29,00.117 8,21,862
Education Trust
Yash Bhagat Advance 57,000 57.000
Institute of
Fire Training
(b) The Company is not charging any interest on unsecured loans granted
to companies, firms and other parties coveted in the register
maintained under second 189 of the Act, In our opinion other terms and
conditions of loans granted by the company secured or unsecured are
prima fade prejudicial to the interest of the company.
(c) As the company has not entered into any specific agreement for
repayment of the principle and interest In absence of the same neither
we able to trace due date of payment hot comment of the same.
(iv) In respect of Internal Control
In our opinion and according to the information and explanation given
to us, there is an adequate internal control system commensurate with
the size of the Company and. the nature of its business with regard to
purchase of fixed assets and sale of services. During the course of
audit we have not observed any major weakness in the internal control
system during the audit.
(v) In our opinion and according to the information and explanations
given to us the company has not accepted any deposit from public
Therefore the contents, of the said clause are not applicable to the
company.
vi) The maintenance of "cost records under section I48(I) Companies
Act, 2013 has not been prescribed for the company, Hence, this clause
is not applicable to the endpin.
(vii) In respect of statutory dues:
a) According to the information and explanations given to us, the
company is regular in depositing undisputed statue on dues with the
appropriate authorities during the year, except that Company has not
paid professional tax of Rs,22,696/- of previous year(s).
b) According to information and explanation given to us no undisputed
amounts payable in respect of Income tax, Duty of Excise, Duty of
Custom and Service Tax along WITHIN. cess on it Accordingly contents of
the sub clause are not applicable.
c) As company is not required to transfer, any amount money to the
Investor Education and Protection Fund the contents of the sub clause
are not applicable.
{viii) The Company has accumulated book loss, however company has not
incurred cash loss during the financial year and preceding previous
year.
(ix) In our opinion and according to the information and explanation
given to us, the company does not have outstanding loan from financial
institution bank or debenture holders, so the contents of the clause
are not applicable.
(x) in our opinion and according to the informal on given to us, company
has not given any guarantee for loan taken by others from hanks or
financial institutions, cements of the clause are not applicable.
(xi) The company did not have any term loan outstanding during the
year, contents of the clause are not applicable to the company.
(xii) According to the information and explanation given to us no fraud
on or by the company has been noticed or reported during the course of
our audit,
Place : Ahmadabad For, Arvind A Thakkar & Co
Date : 30th May 2015 Chartered Accountants
Firm's Reg. No,100571W
Arvind Thakkar
Proprietor
Mem. No.014334 |