Mar 31, 2015
We have audited the accompanying financial statements of RADFORD GLOBAL
LIMITED ["the Company"), which comprise the Balance Sheet as at
31/03/2015, the Statement of Profit and Loss, for the year then ended,
and a summary of the significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position and financial performance 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 provisions of the Act for
safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true 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
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements 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 and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks 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 give a
true and fair 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 and the reasonableness
of the accounting estimates made by the Company's 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 best of our information and according to the
explanations given to us, the aforesaid financial statements give the
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 31/03/2015, and its Profit and its cash flows for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
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 in the annexure a
statement on the matters specified in paragraph 3and 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 best 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 so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and dealt with
by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31/03/2015 taken on record by the Board of Directors,
none of the directors is disqualified as 31/03/2015 from being
appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company did not have any pending litigations on its financial
position in its financial statements.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses. iii. The Company does not required to be transferred fund to
the Investor Education and Protection Fund.
Annexure to the Independent Auditors' Report
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' section of our report of even date)
(1) In Respect of Fixed Assets
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) Fixed assets have been physically verified by the management at
reasonable intervals; No material discrepancies were noticed on such
verification.
(2) In Respect of Inventory
(a) Physical verification of inventory has been conducted at reasonable
intervals by the management.
(b) Procedures for physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and the nature of its business. There is no inadequacies in
such procedures that should be reported.
(c) Company is maintaining proper records of inventory. No material
discrepancies were noticed on physical verification.
(3) Loans and advances to parties covered under section 189
In our opinion and according to the information and explanations given
to us, the Company has neither granted nor taken any loans, secured or
unsecured to/ from the companies, firms or other parties covered in the
register maintained under Section 189 of the Companies Act, 2013;
(a) The loans granted are re-payable on demand. As informed, the
company has not demanded repayment of any such loan during the year,
thus there has been no default on the part of the parties to whom the
money has been lent. The payment of interest has been regular.
(b) There is no overdue amount of any loans, secured or unsecured to
companies, firms or Other parties covered in the register maintained
under section 189 of the Companies Act
(4) Internal Control in reference to Purchase of Inventory and Fixed
Assets and whether there is continue failure of Internal control In our
opinion and according to the information and explanations given to us
there are adequate internal control system commensurate with the size
of the company and the nature of its business for the purchase of
inventory and fixed assets and for the sale of goods and services.
During the course of audit We have not observed continuing failure to
correct major weaknesses in internal control system.
(5) Rules followed while accepting Deposits
No deposits within the meaning of Sections 73 to 76 or any other
relevant provision of the Act and rules farmed there under have been
accepted by the Company.
(6) Maintenance of cost records
The Company is not required to maintain cost records pursuant to the
Rules made by the Central Government for the maintenance of cost
records under sub-section (I) of section 148 of the Companies Act.
(7) According to the information and explanations given to us in
respect of statutory dues
(a) The company is regular in depositing with appropriate authorities
undisputed statutory dues including Provident fund, Employees" state
insurance, Income tax, Service tax, and other material statutory dues
applicable to it.
(b) According to the records of the Company, there are no dues of
provident fund, employees' state insurance, income-tax, sales-tax,
wealth tax, service tax, duty of customs, duty of excise, value added
tax or cess and any other statutory dues with the appropriate
authorities that have been not been deposited on amount of any dispute.
(c) The Company does not required to be transferred fund to the
Investor Education and Protection Fund.
(8) Company which has been registered for a period less than five years
and accumulated losses are more than 50% of Net worth, Reporting of
cash Losses The company does not have any accumulated losses at the end
of the financial year and has not incurred cash losses in the financial
year and in the immediately preceding financial year.
(9) Default in Repayment of Loans taken from Bank or Financial
Institutions The company has not taken any loans from Bank or Financial
Institutions
(10) Terms for Loans and Advances from Banks or Financial Institutions
prejudicial to the interest of the company
The company has not taken any loans from Bank or Financial
Institutions, thus this clauses is not applicable.
(11) Application versus purpose of Term Loan. During the year, the
Company has not taken any term loans..
(12) Reporting of Fraud During the Year Nature and Amount According to
the information and explanation given to us, no fraud on or by the
company has been noticed or reported during the year.
FOR MNRD & Associates
Chartered Accountants
Firm Registration No : 126991W
Sd/-
Narayan Toshniwal
Date:28th May 2015 Partner
Place : Mumbai Membership No: 048334
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Radford Global
Limited, which comprise the Balance Sheet as at 31st March, 2013, the
Statement of Profit and Loss and the Cash Flow Statement for the year
then ended, and a summary of the significant accounting policies and
other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for 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 Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act"). This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements 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 and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the Management, 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best 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 so far as it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
Annexure to Independent Auditor''s Report
(Referred to in paragraph 1 under "Report on Other Legal and Regulatory
Requirements" section of our report of even date)
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed assets have been physically verified by the management at
reasonable intervals, no material discrepancies were noticed on such
verification.
(c) No substantial part of fixed assets has been disposed off during
the year, and it has not affected the going concern.
2. (a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, there were
no contracts or arrangements referred to in section 301 of the Act,
1956. Hence Clause 5(b) of the said order is not applicable.
6. The Company has not accepted any deposits from the public and
consequently, the directives issued by the Reserve Bank of India and
the provisions of Sections 58A, 58AA or any other relevant provisions
of the Act and the rules framed there under of the Companies Act, 1956
are not applicable.
7. The Company did not have an Internal audit system during the
year under report.
8. As per information & explanation given by the management, the
company is not required to maintain cost records as prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Act, 1956.
9. (a) The Company is regular in depositing the undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance , Income Tax, Sales Tax, Value Added Tax,
Wealth Tax, Service Tax, Custom Duty and Excise Duty, cess and other
material statutory dues applicable to it with appropriate authorities
were in arrears, as at 31st March,2013 for a period of more than six
months from the date they became payable. (b) According to records of
the Company examined by us there are no dues of Sales Tax, Value Added
Tax, Wealth Tax, Income Tax, Service Tax, Custom Duty, Excise Duty and
Cess which have not been deposited on account of any dispute. 10.The
company does not have accumulated losses at the end of the financial
year; further, the company has incurred cash losses during the
financial year covered by our audit and the immediately preceding
financial year. 11.The Company has neither taken any loans from a
financial institution or a bank nor issued any debentures. 12.The
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13.In our opinion and according to information and explanations given
to us, the nature of activities of the Company does not attract any
special statute applicable to chit fund and nidhi /mutual benefit fund
/ societies. 14.According to information and explanations given to us,
the Company is trading in Shares. Proper records & timely entries have
been maintained in this regard & further investments specified are held
in their own name. 15.According to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions. 16.The Company has not
obtained any term loans.
17.Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18.The Company has not made any preferential allotment of shares to
companies or firms or parties covered in the register maintained under
section 301 of the Companies Act, 1956
19.The company did not have outstanding debentures during the year.
20. During the year, the Company has not raised money by public
issue(s).
21.Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For MNRD & Associates
Chartered Accountants
Firm Reg. No. 126991W
Narayan Toshniwal
Partner
Mem. No. 048334
Place: Mumbai
Dated: 28.05.2013