Mar 31, 2015
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
Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying financial statements of Redcx Protech
I Limited, which comprise the Balance Sheet as at March 31, 2014, and
the Statement of Profit and Loss and Cash Flow Statement for the year
then ended, and a summary of significant accounting policies and other
explanatory information.
Management''s Responsibility for the Financial Statements
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.
Auditor''s 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. I hose Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements arc free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and 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 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, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by 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 March 31, 2014;
(b) in the case of the Statement of Profit and loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows 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") as amended by companies order 2004 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 require4 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 purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
bb. As Company is not having any Branch or Department, hence the report
on the accounts of branch offices or department audited under section
228 by a branch auditor is not required to be called for.
c. the Balance Sheet, Statement of Profit and Loss and Cash How
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
Cash How Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e. on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid tinder section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company-
Annexure Referred to in paragraph of my report of even date on the
Accounts of M/s. Redex Protech Limited for the year ended on 31st March
2014
i) In respect of its fixed assets :
a) It has been informed to us that the Company has maintained proper
records showing full particulars including quantitative details and
siruation of fixed assets. However, the same records have not provided
for the purpose of verification.
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
verification, which, in our opinion, is reasonable having regard to the
size of the company and the nature of its assets. However we arc unable
to comment on whether the material discrepancies were noticed on such
verification, if any, have been dealt with or not
c) During the year, the company has not disposed any major part of
fixed assets
2) In respect of its inventories ;
The company has nor earned out any major commercial activity and it is
largely catered to service activities. Hence, this clause is not
applicable.
3) In respect of the loans, secured or unsecured, granted or taken by
the company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956:
a) The company has granted unsecured loans to 6 related parties
(companies, firms and other parties) covered in the register maintained
under section 301 of the Act having outstanding amount of Rs. as under
from 6 parties.
Balance Outstanding of Related Parties :
Name of Party Nature of As ar As at
Transaction March March
31,2014 31, 2013
Mr Gnancsh R. Bhagat Advance 8,96,000 8,96,000
Yash Systems (Prop.
Gnancsh R Bhagat) Advance 13,42,613 13,42,613
Mrs. Angana G. Bhagat Advance 1,91,34,228 1,87,14,228
Mr. Rajendra D. Bhagat Advance 10,05,000 10,05,000
Yash Shelters Limited Advance 56,31,250 60,97,250
Yash Bhagat Institute
of Fire Training Advance 57,000 57,000
b) The company is not charging any interest on unsecured loans granted
to companies, firms and other parties covered in the register
maintained under section 301 of the Act. In our opinion other terms and
conditions of loans granted by the company secured or unsecured are
prima facie prejudicial to the interest of the company.
c) The company has not entered into any specific agreement for
repayment of principal and interest. In absence of the same, we arc
unable to make comment on the same.
d) The company has not entered into any specific agreement for
repayment of principal and interest. In absence of the same, we are
unable to trace the due date of payment and we are unable to comment on
the amount overdue.
4) In our opinion and according to the information, and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
with regard to purchase of inventory, fixed assets and with regard to
the sale of goods. And during the course of audit we have not observed
any major weakness in internal controls.
5) In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956;
a) According to the information and explanations given to us, the
particulars of contracts or arrangements referred to in Section 301 of
the Companies Act, 1956 have been entered in the register required to
be maintained under that section. However, the same register has not
been produced before us for verification.
b) In our opinion and according to the information and explanations
given to us, the company has not entered into any transaction that are
required to be entered in register maintained under Section 301
aggregating Rs. 5,00,000/- or more in respect of any party.
6) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from public.
Therefore, the provisions of clause (vi) of the paragraph 4 of the
Order are not applicable to the company.
7) According to information and explanations given to us, the company
does not have an internal audit system commensurate with its size and
nature of its business.
8) The maintenance of cost records u/s 209 (1) (d) of the companies
Act, 1956 has not been prescribed for the company. Hence, this clause
is not applicable to the company.
9) In respect of statutory dues:
a) According to the information and explanations given to us, the
company is regular in depositing undisputed statutory dues with the
appropriate authorities during the year. Except that company has not
paid professional tax of Rs. 22,696/-.
b) According to information and explanation given to us, no undisputed
amounts payable in respect of statutory dues are outstanding for a
period of more than six months from the date they became payable except
that company has not paid professional tax of Rs.22,696/-
10) The Company has accumulated book loss, however company has not
incurred cash losses during the financial year covered by our audit and
the immediately preceding financial year.
11) In our opinion and according to the information and explanations
given to us, the company does not have outstanding loan from financial
institution, bank or debenture holders.
12) During the year the company has not granted any loans and advances
based on security by way of pledge of shares, debentures and other
securities.
13) The company is not a chit fund or a nidhi mutual benefit fund /
society. Therefore, the provisions of clause 4 (xiii) of paragraph of
the Order arc not applicable to the company.
14) The company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of
clause 4 (xiv) of paragraph of the Order are not applicable to the
company.
15) In our opinion and according to the explanations and information
given to us, the company has not given any guarantees for loans taken
by others from banks or financial institutions.
16) The company has not obtained any term loan during the year under
review.
17) According to information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short term basis may have been used for long term
investment. No long term funds have been used to finance short term
assets.
18) According to the information and explanations given to us, the
company has not made any allotment of shares to parties and companies
covered in the register maintained under section 301 of the Act during
the year under review.
19) According to information and explanations given to us, the company
has not issued debentures during the period covered by our audit
report.
20) The company has not raised money by public issues during the year
under review.
21) According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
Place: Ahmedabad For, ASA & Associates LLP,
Date: 28th May, 2014. Chartered Accountants
Rcgd. No.: 009571N
Partner
Malav J. Ajmera
Mem. No. 114351
Mar 31, 2013
Report on the Financial Statements
We have audited die accompanying financial statements of Redex Protech
Limited, which comprise the Balance Sheet as at March 31, 2013, and the
Statement of Profit and Loss and Cash Flow Statement for the year then
ended, and a summary of significant accounting policies and other
explanatory information.
Management''s Res pons ibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a taie 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.
Auditor''s 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
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 perfonning procedures to obtain audit evidence about
the amounts and 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 control relevant to the Companys 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 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 March 31, 2013;
(b) in the case of the Statement of Profit and Loss Account, of the
profit for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regvilatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") as amended by companies order 2004 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 purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c. the Balance Sheet, Statement of Profit and Loss and 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
Gash Flow Statement comply with the Accounting Standards referred to in
subsection (3Q of section 211 of the Companies Act, 1956;
e. on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by die Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure Referred to in paragraph of my report of even date on the
Accounts of M/s. Redex Protech Limited for the year ended on 31st March
2013
1) In respect of its fixed assets:
a) It has been informed to us that 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
verification, which, in our opinion, is reasonable having regard to the
size of the company and the 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 with or not.
c) During the year, the company has not disposed any major part of
fixed assets
2) In respect of its inventories:
The company has not carried out any major commercial activity and it is
largely catered to service activities. Hence, this clause is not
applicable.
3) In respect of the loans, secured or unsecured, granted or taken by
the company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956:
a) The company has granted / taken unsecured loans to / from 6 related
parties (companies,: firms and other parties) covered in the register
maintained under section 301 of the Act having outstanding amount of "
as under.
Balance Outstanding of Related Parties :
Mr. Gnanesh R. Bhagat Receivable 8,96,000 8,96,000
Yash Systems (Prop.
Ganesh Bhagat)
Mrs. Angaria G. Bhagat Receivable 1,87,14,228 2,23,50,228
Mr. Rajendra D. Bhagat Receivable 10,05,000 10,05,000
Yash Shelters Limited Receivable 60,97,250 73,10,250
Yash Bhagat Institute of
Fire Receivable 57,000 57,000
Technology
b) The company is not charging any interest on unsecured loans granted
to companies, firms and other parties covered in the register
maintained under section 301 of the Act. In our opinion other terms and
conditions of loans granted by the company secured or unsecured are
prima facie prejudicial to the interest of the company.
c) The company has not entered into any specific agreement for
repayment of principal and interest. In absence of the same, we are
unable to make comment on the same.
d) The company has not entered into any specific agreement for
repayment of principal and interest. In absence of the same, we are
unable to trace the due date of payment and. We are unable to comment
on the amount overdue.
4) In our opinion and according to the information, and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its
- « business with regard to purchase of inventory, fixed assets and
with regard to the sale of goods.
And during die course of audit we have not observed any major weakness
in internal controls.
5) In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956:
a) According to the information and explanations given to that there
are no transactions that need to be entered into a register in
pursuance of section 301 have taken place during the year..
b) According to the information and explanations given to us, the
company has not entered into any transactions of sale of goods, made in
pursuance of contracts or arrangements to be entered.in the register,
to be maintained under section 301 of the Companies Act, 1956 and
aggregating during the year '' 500,000/- or more in respect of each
patty.
6) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from public.
Therefore, the provisions of clause (vi) of the paragraph 4 of the
Order are not applicable to the company.
7) According to information and explanations given to us, the company
does not have an internal audit system commensurate with its size and
nature of its business.
8) The maintenance of cost records u/s 209 (1) (d) of the companies
Act, 1956 has not been prescribed for the company.
9) In respect of statutory dues:
a) According to the information and explanations given to us, the
company is regular in depositing undisputed statutory dues with the
appropriate authorities during the year. Except professional tax of "
22,456/-
b) According to information and explanation given to us, no undisputed
amounts payable in respect of statutory dues are outstanding for a
period of more than six months from die date they became payable except
professional tax of''22,456/-.
10) The Company has accumulated book loss, however company has not
incurred cash losses during die financial year covered by our audit and
the immediately preceding financial year.
11) In our opinion and according to the information and explanations
given to us, the company does not have outstanding loan from financial
institution, bank or debenture holders.
12) The company has not granted any loans and advances based on
security by way of pledge of shares, debentures and other securities.
13) The company is not a chit fund or a nidhi mutual benefit fund /
society. Therefore, the provisions of clause 4 (xiii) of paragraph of
the Order are not applicable to the company.
14) The company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of
clause 4 (xiv) of paragraph of the Order are not applicable to the
company.
15) In our opinion and according to the explanations and information
given to us, the company has not given any guarantees for loans taken
by others from banks or financial institutions.
16) The company has not obtained any term loan during the year under
review.
17) According to information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short term basis may have been used for long term
investment. No long term funds have been used to finance short term
assets.
18) According to the information and explanations given to us, the
company has not made allotment of shares to parties and companies
covered in the register maintained under section 301 of the Act.
19) According to information and explanations given to us, the company
has not issued debentures during the period covered by our audit
report.
20) The company has not raised money by public issues during the year
under review.
21) According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
Place: Ahmedabad For, ASA & Associates,
Date: 29th May, 2013. Chartered Accountants
Regd. No.: 009571N
Partner
MalavJ. Ajmera
Mem. No. 114351
Mar 31, 2012
We have audited the attached Balance Sheet of REDEX PROTECH LIMITED as
at 31st March, 2012 the profit & loss account and also the cash flow
statement of the Company for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on test basis, evidence supporting the amounts and
disclosures in die financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the over all financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion
1. As required by die Companies ( Auditors' Report) Order,2003 issued
by the Central Government in terms of Sec.227(4A) of the Companies Act,
1956, we give in the Annexure "A" a statement of the matters
specified.in the paragraph 4 and 5 of the said order as are applicable
to the company.
2. Further to our comments in the Annexure referred to in paragraph 1
above, 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 purpose of our
audit.
(B) In our opinion, proper books of accounts as required by Law have
been kept by the company so far as appears from our examination of the
books of accounts of company.
(C) In our opinion subject to notes of accounts, the Balance Sheet,
Profit & Loss account dealt with by this report comply with the
Accounting Standards referred to in subsection (3C) of Section 211 of
the Companies Act, 1956.
(D) The Balance Sheet and Profit & Loss account dealt with by this
report are in agreement with the Books of Accounts.
(E) On the basis of the written representation received from the
directors as on 31st March 2012 and taken on record by the Board of
Directors, we report that none of the said Directors is disqualified as
on 31st March, 2012 from being appointed as director in terms of Clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956.
(F) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes thereon give the information required by The Companies Act, 1956
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 Balance Sheet, of the state of affairs of the
company as at 31st March 2012;
(b) In the case of Profit & Loss account, of the Profit for the year
ended on that date; and
(c) In the case of the Cash Flow Statement, of the Cash Flow for the
year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT REFERRED TO IN PARAGRPH "1" OF OUR
REPORT OF EVEN DATE
1. It is informed to us that the company has maintained proper records
to show full particulars including situation of its Fixed Assets. It is
informed to us that the Fixed Assets have been physically verified by
the management wherever possible at the close of the year as confirmed
by the management. No material discrepancies have come to notice on
such physical verification. The company has not disposed of any of its
assets.
2. The company has not carried out any major commercial activity and
it largely catered to service activities. Hence, this is not applicable
to it.
3. The company has taken and granted loans secured or unsecured from
companies, firms or other parties under section 301 of The Companies
Act, 1956 or from companies under the same management as defined under
the section 370(1) (b) of The Companies Act, 1956,
As no stipulations have been made for the repayment of advance granted
to a company or taken from other parties covered in the register
maintained under section 301 of the Companies Act, 1956, we have no
comments to offer on the regularity of payment of principal, as the
necessary records were not available for verification.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit we have not
observed any major weaknesses in internal controls.
5. It is informed to us that the transactions that need to be entered
into the register maintained under section 301 of the Companies Act,
1956 have been so entered. However the same has not been verified at
our end.
6. The company has not accepted any deposit during the year from the
public within die meaning of section 58A or 58AA of the Companies Act,
1956 and rules made there under. However, as explained to us, during
the year die company had raised funds on a short term basis from the
share holders and the same has been repaid during the year itself.
7. The company has an internal audit system commensurate with its size
and nature of its business.
8. As explained to us, Central govt, has not prescribed maintenance of
any cost records under clause (d) of sub-section (1) of section 209 of
the Act. Hence, not applicable.
9. According to the information and explanations given to us, the
Company has been generally regular in depositing undisputed statutory
dues with appropriate authorities during the year.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty and excise duty were outstanding as at 31st march,
2012 for a period of more than six months from the date they became
payable. However there are certain dues for which necessary details are
not available to confirm actual status.
10. In our opinion, the accumulated losses of the company are more
dian 50% of its net worth. The " company has incurred cash loss in the
year under review.
11. The company has not defaulted in payment of loan and interest
thereon on the dues. Company is able to settle the liability towards
long outstanding loan to Chatotar Nagrik Sahkari Bank of Rs.
18,553,176/- for Rs. 12,750,500/- in one time setdement scheme.
12. The Company has not granted loans and advances on die basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion, this is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor's Report) Order, 2003 are not applicable to the
company.
14. In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly the
provisions of clause 4(xiv) of the Companies (Auditor's Report) Order,
2003 are not applicable to the company.
15. In our opinion and according to die information the company has
not given any guarantees for loans taken by others from banks &
financial institutions.
16. The company has not obtained any term loan during the year under.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short term basis have been used for long term
investment. No long term funds have been used to finance short term
assets.
18. The company has made preferential allotment of shares to parties
and companies covered under section 301 of the Act .However necessary
records were not available for verification.
19. According to the information and explanations given to us, the
company has not issued any debentures during the year under review.
Hence, not applicable. *
20. The company has not raised money by way of a public issue during
the year under review for expansion and working capital requirements.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the course of our audit.
Place : Ahmadabad FOR, ASA & Associates,
CHARTERED ACCOUNTANTS
Date : 30th May, 2012 MALAV J.AJMERA
(PARTNER)
MEM NO: 114351
FIRM REGN. No. 009571N
Mar 31, 2010
We have audited the attached Balance Sheet of REDEX PROTECH LIMITED as
at 31st March, 2010 the profit & loss account and also the cash flow
statement of the Company for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the over all financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion
1. As required by the Companies ( Auditors Report} Order,2003 issued
by the Central Government in terms of Sec.227(4A) of the Companies Act,
1956, we give in the Annexure "A" a statement of the matters specified
in the paragraph 4 and 5 of the said order as are applicable to the
company.
2. Attention is drawn to the following notes to the Schedule-15:
(a) Note no. F regarding the preparation of the accounts of the company
on a "going concern" basis despite the fact that the companys net
worth has been eroded.
(b) Note no. F regarding non provision of interest payable to Charotar
Nagrik Interest charged to the tune of Rs.90,45,286 by Charotar Nagrik
Sahakari Bank Ltd. was not charged to Profit & Loss account. Had the
interest be charged there would be a loss of Rs 64,28,484 for the
Current Year.
3. Further to our comments in the Annexure referred to in paragraph 1
above, 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 purpose of our
audit.
(B) In our opinion, proper books of accounts as required by Law have
been kept by the company so far as appears from our examination of the
books of accounts of company.
(C) In our opinion subject to notes of accounts, the Balance Sheet,
Profit & Loss account dealt with by this report comply with the
Accounting-Standards referred to in subsection (3C) of Section 211 of
the Companies Act, 1956.
(D) The Balance Sheet and Profit & acount dealt with by this report are
in agreement with the Books of Accounts.
(E) On the basis of the written representation received from the
directors as on 31st March 2010 and taken on record by the Board of
Directors, we report that none of the said Directors is disqualified as
on 31st March, 2009 from being appointed as director in terms of Clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956.
(F) In our opinion and to the best of our information and according to
the explanations given subject to stated in para 2 above iaT-ara 2
above, read together with the notes thereon give the information
required by The Companies Act, 1956 in the manner so required and give
a true and fair view, in conformity with the accounting principles
(a) In the case of Balance Sheet, of the state of affairs of the
company as at 31st March 2010;
(b) In the case of Profit & Loss account, of the Profit for the year
ended on that date; and
(c) In the case of the Cash Flow Statement, of the Cash Flow for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRPH "1" OF OUR
REPORT OF EVEN DATE
1. It is informed to us that the company has maintained proper records
to show full particulars including situation of its Fixed Assets. It is
informed to us that the Fixed Assets have been physically verified by
the management wherever possible at the close of the year as confirmed
by the management. No material discrepancies have come to notice on
such physical verification The company has not disposed off any of its
assets; however the company has entered into a Memorandum of
Understanding under which the company has agreed to consider disposing
of its land and building at Sanand. The going concern status of the
company may be affected if the major properties as stated above are
disposed. However, the company has not carried out any major activity
during the year.
2. The company has not carried out any major commercial activity and
it largely catered to service activities Hence, this is not applicable
to it.
3. The company has taken and granted loans secured or unsecured from
companies, firms or other parties listed in the register maintained
under section 301 of The Companies Act, 1956 or from companies under
the same management as defined under the section 370(1) (b) of The
Companies Act, 1956.
As no stipulations have been made for the repayment of advance granted
to a company or taken from other parties covered in the register
maintained under section 301 of the Companies Act, 1956, we have no
comments to offer on the regularity of payment of principal.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit we have
not observed any major weaknesses in internal controls.
5. It is informed to us that the transactions that need to be entered
into the register maintained under section 301 of the Companies Act,
1956 have been so entered. However the same has not been verified at
our end.
6. The company has not accepted any deposit during the year from the
public within the meaning of section 58A or 58AA of the Companies Act,
1956 and rules made there under. However as share holders and the same
has been repaid during the year itself. a short term basis from the
7. The company has an internal audit system commensurate with its size
and nature of its business.
8. As explained to us, Central govt. has not prescribed maintenance of
any cost records under clause (d) of sub-section (1) of section 209 of
the Act. Hence, not applicable.
9. According to the information and explanations given to us, the
Company has been generally regular in depositing undisputed statutory
dues, including Provident Fund, Investor Education and Protection Fund
Income Tax, Sales Tax, Wealth Tax, Custom duty, cess and other material
statutory dues with appropriate authorities during the year.
According to the information expreetions given to us, no undisputed
amounts payable in respect of income tax, sales to customs duty and
excise duty were outstanding as at 31st march, 2010 for a period of
more than six months from the date they became payable. However there
are certain dues for which necessary details are not available to
confirm actual status.
10. In our opinion the accumulated me company are more than 60% of us
net worm. The company has not incurred any cash loss in the year under
review and the immediately preceding financial year.
11. The company has defaulted in payment of loan and interest thereon
(including interest that is not provided in the books of accounts) on
the dues to Charotar Nagarik Sahakari Bank (Also refer note no. G)
Since December 1999. The current year position is not ascertainable as
the bank statement was not available for verification. In the previous
year the amount payable to Bank as per book was Rs. 1,85,52,986 and as
per Bank statement was Rs. 5,44,67,809. The said bank has ceased to
function as a banking company and government has appointed a liquidator
in the bank. However, the company has continued to make payment towards
the outstanding dues of the bank.
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, this is not a chit fund or a nidhi / mutual benefit
fund / society. Therefore, the provisions of clause 4(xiii) of the
Companies (Auditors Report) Order, 2003 are not applicable to the
company.
14.In our opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly the
provisions of clause 4(!v) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.
15. In our opinion and. according to the information the company has
not given any guarantees for loans taken by others from banks &
financial institutions.
16.The company has not obtained any term loan during the year under.
17. According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short term basis have been used for long term
investment No long term funds have been used to finance short term
assets.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act hence, not applicable.
19.According to the information and explanations given to us, the
company has not issued any debentures during the year under review.
Hence, not applicable.
20.The company has not raised any money by way of a public issue during
the year under review.
However company had raised money by way of a public issue long back and
as for the end use of the money then so raised, we are unable to make a
comment on it, since, it is not verifiable.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the course of our audit.
Place : Ahmedabad For SHRIKNAT SHAH & Co.
Chartered accountants
Date : 25th August 2010
MALAV J .AJMERA
(partner)
Mem No. : 114351
Firm Reg.No.117389W
Mar 31, 2009
We have audited the attached Balance Sheet of REDEX PROTECH LIMITED as
at 31st March, 2009 the profit & loss account and also the cash flow
statement of the Company for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the over all financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion
1. As required by the Companies ( Auditors Report) Order,2003 issued
by the Central Government in terms of Sec.227(4A) of the Companies
Act, 1956, we give in the Annexure "A" a statement of the matters
specified in the paragraph 4 and 5 of the said order as are applicable
to the company.
2. Attention is drawn to the following notes to the Schedule 15 :
(a) Note no. P regarding the preparation of the accounts of the company
on a "going concern" basis despite the fact that the companys net
worth has been eroded.
(b) Note no. F regarding non provision of interest payable to Charotar
Nagrik Sahakari Bank Ltd.
Details of interest charged by Charotar Nagrik Sahakari Bank Ltd. was
not available for verification. Interest, if any, payable to the bank
shall have adverse effect on the profit of the company.
3. Further to our comments in the Annexure referred to in paragraph 1
above, 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 purpose of our
audit.
(B) In our opinion, proper books of accounts as required by Law have
been kept by the company so far as appears from our examination of the
books of accounts of company.
(C) In our opinion subject to notes of accounts, the Balance Sheet,
Profit & Loss account dealt with by this report comply with the
Accounting Standards referred to in subsection (3C) of Section 211 of
the Companies Act, 1956.
(D) The Balance Sheet and Profit & Loss account dealt with by this
report are in agreement with the Books of Accounts.
(E) On the basis of the written representation received from the
directors as on 31st March 2009 and taken on record by the Board of
Directors, we report that none of the said Directors is disqualified as
on 31st March, 2009 from being appointed as director in terms of Clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956.
(F) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to what is
stated in Para 2 above, read together with the notes thereon give the
information required by The Companies Act, 1956 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 Balance Sheet, of the state of affairs of the
company as at 31st March 2009;
(b) In the case of Profit & Loss account, of the Profit for.the year
ended on that date; and
(c) In the case of the Cash Flow Statement, of the Cash Flow for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRPH "1" OF OUR
REPORT OF EVEN DATE
1. It is informed to us that the company has maintained proper records
to show full particulars including situation of its Fixed Assets. It is
informed to us that the Fixed Assets have been physically verified by
the management wherever possible at the close of the year as confirmed
by the management. No material discrepancies have come to notice on
such physical verification. The company has not disposed off any of
its assets; however the company has entered into a Memorandum of
Understanding under which the company has agreed to consider disposing
of its land and building at Sanand. The going concern status of the
company may be affected if the major properties as stated above are
disposed. However, the company has not carried out any major aetivity
during the year.
2. The company has not carried out any major commercial activity and
it largely catered to service activities. Hence, this is not applicable
to it.
3. The company has taken and granted loans secured or unsecured from
companies, firms or other parties listed in the register maintained
under section 301 of The Companies Act, 1956 or from companies under
the same management as defined under the section 370(1) (b) of The
Companies Act, 1956.
As no stipulations have been made for the repayment of advance granted
to a company or taken from other parties covered in the register
maintained under section 301 of the Companies Act, 1956, we have no
comments to offer on the regularity of payment of principal.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit we have
not observed any major weaknesses in internal controls. .
5. It is informed to us that the transactions that need to be entered
into the register maintained under section 301 of the Companies Act,
1956 have been so entered. However the same has not been verified at
our end.
6. The company has not accepted any deposit during the year from the
public within the meaning of section 58A or 58AA of the Companies Act,
1956 and rules made there under. However, as explained to us, during
the year the company had raised funds on a short term basis from the
share holders and the same has been repaid during the year itself.
7. The company has an internal audit system commensurate with its size
and nature of its business.
8. As explained to us, Central govt, has not prescribed maintenance of
any cost records under clause (d) of sub-section (1) of section 209 of
the Act. Hence, not applicable.
9. According to the information and explanations given to us, the
Company has been generally regular in depositing undisputed statutory
dues, including Provident Fund, Investor Education and Protection Fund,
Income Tax, Sales Tax, Wealth Tax, Custom duty, cess and other material
statutory dues with appropriate authorities during the year.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty and excise duty were outstanding as at 31st march,
2009 for a period of more than six months from the date they became
payable. However there are certain dues for which necessary details
are not available to confirm actual status.
10. In our opinion, the accumulated losses of the company are more than
50% of its net worth. The company has not incurred any cash loss in the
year under review and the immediately preceding financial year.
l1.The company has defaulted in payment of loan and interest thereon
(including interest that is not provided in the books of accounts) on
the dues to Charotar Nagarik Sahakari Bank (Also refer note no. G)
Since December 1999. The current year position is not ascertainable as
the bank statement was not available for verification. In the previous
year the amount payable to Bank as per book was Rs. 2, 34, 41,561/- and
as per Bank statement was Rs. 4, 94, 86,640/- . The said bank has
ceased to function as a banking company and government has appointed a
liquidator in the bank. However, the company has continued to make
payment towards the outstanding dues of the bank.
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, this is not a chit fund or a nidhi / mutual benefit
fund / society. Therefore, the provisions of clause 4(xiii) of the
Companies (Auditors Report) Order, 2003 are not applicable to the
company.
14. In our opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.
15. In our opinion and according to the information the company has not
given any guarantees for loans taken by others from banks & financial
institutions.
16. Taken The company has not obtained any term loan during the year
under review except Loan from Anchor Leasing Pvt. Ltd. of Rs.
50,000,000/- against the mortgage of part Land of Company.
17. According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short term basis have been used for long term
investment. No long term funds have been used to finance short term
assets.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act hence, not applicable.
19. According to the information and explanations given to us, the
company has not issued any debentures during the year under review.
Hence, not applicable.
20. The company has not raised any money by way of a public issue
during the year under review. However, company had raised money by way
of a public issue long back and as for the end use of the money then so
raised , we are unable to make a comment on it, since, it is not
verifiable.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the course of our audit.
Place : Ahmedabad
Date : 23rd August, 2009
MALAV J. AJMERA
(PARTNER)
MEMBERSHIP NO. 114351