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Radix Industries (India) Ltd.

BSE: 531412 Sector: Consumer
NSE: N.A. ISIN Code: INE576N01014
BSE 00:00 | 24 Apr Radix Industries (India) Ltd
NSE 05:30 | 01 Jan Radix Industries (India) Ltd
OPEN 67.70
PREVIOUS CLOSE 64.50
VOLUME 53
52-Week high 97.10
52-Week low 50.43
P/E 78.09
Mkt Cap.(Rs cr) 95
Buy Price 63.20
Buy Qty 3.00
Sell Price 86.30
Sell Qty 25.00
OPEN 67.70
CLOSE 64.50
VOLUME 53
52-Week high 97.10
52-Week low 50.43
P/E 78.09
Mkt Cap.(Rs cr) 95
Buy Price 63.20
Buy Qty 3.00
Sell Price 86.30
Sell Qty 25.00

Radix Industries (India) Ltd. (RADIXINDUST) - Auditors Report


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Company auditors report

To

THE MEMBERS OF

RADIX INDUSTRIES (INDIA) LIMITED

CHIVATAM TANUKU.

Report on the Audit of the Standalone Ind AS Financial Statements:

Opinion

We have audited the accompanying standalone Ind AS financial statements of M/s. RADIX INDUSTRIES (INDIA) LIMITED (the Company) which comprise the balance sheet as at 31st March 2019 the statement of Profit and Loss (including Other Comprehensive Income)the Statement of Changes in Equity and the statement of Cash Flows for the year then ended and a summary of the significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us the aforesaid standalone financial statements give the information required by the Companies Act2013 (the Act'') in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards)Rules 2015as amended (Ind AS'') and other accounting principles generally accepted in India of the state of affairs (financial position) of the Company as at 31 March 2019 and its profit (financial performance including other comprehensive income) its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone financial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon and we do not provide a separate opinion on these matters.

Information other than the Financial Statements and Auditor's Report thereon

The Company's Board of Directors is responsible for the other information. The other information comprises the information included in the Annual Report but does not include the financial statements and our auditor's reportthereon.

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

In connection with our audit of the financial statements our responsibility is to read the other information and in doing so consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or other wise appears to be materially misstated. If based on the work we have performed we conclude that there is a material misstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect tothe preparation of these standalone financial statements that give a true and fair view of the state of affairs (financial position) profit or loss (financial performance including other comprehensive income) changes in equity and cashflows of the Company in accordance with the accountingprinciples generally accepted in India including the Ind A Sspecified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Actfor safe guarding 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 materialmis statement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing the Company's ability to continue as a going concern disclosing as applicable matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations or has nor ealistic alternative but to do so.Those Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Standards on Auditing we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

 Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from erroras fraud may involve collusion forgery intentional omissions misrepresentations or the override of internal control.

 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act we are also responsible for explaining our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

 Conclude on the appropriateness of management's use of the going concern basis of accounting and based on the audit evidence obtained whether a material uncertainty exists related to events orconditions that may cast significant doubt on the Company's ability to continue as a going concern.If we conclude that a material uncertainty exists we are required to draw attention in our auditor's report to the related disclosures in the financial statements or if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However future events or conditions may cause the Company to cease to continue as a going concern.

 Evaluate the overall presentation structure and content of the financial statements including the disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when in extremely rare circumstances we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor's Report) Order 2016 (the Order) issued by the Central Government in terms of Section 143(11) of the Act we give in Annexure A a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. 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 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 it appears from our examination of those books;

c. the Balance Sheet the Statement of Profit and Loss including other comprehensive income the Statement of changes in Equity and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d. In our opinion the aforesaidst and alone Ind AS financial statements comply with the Indian Accounting Standards specified under Section 133 of the Companies Act 2013 read with Rule 7 of the Companies (Accounts) Rules 2014.

e. On the basis of written representations received from the directors as on March 31 2019 and taken on record by the Board of Directors none of the directors is disqualified as on March 31 2019 from being appointed as a director in terms of Section 164(2)of the Companies Act 2013.

f. With respect to the adequacy of internal financial control over financial reporting of the Company and the operating effectiveness of such controls refer to our separate report in Annexure B.

g. 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) Rule 2014 in our opinion and to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financial position as on reporting date.

ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred to the Investor Education and Protection Fund by the Company.

For CHEVUTURI ASSOCIATES
Chartered Accountants
Firm Reg. No.000632S
Place: Tanuku Sd/-
Date: 15th May 2019 (CA. Srinivasa Rao Cherukuri)
Partner
M.No. 209237

Annexure A to the Auditor's Report:

(i) (a) According to the information and explanations furnished to us the company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) According to the information and explanations furnished to us the company has physically verified its fixed assets during the period and such intervals which in our opinion provided for the physical verification of all the Fixed Assets at reasonable interval having regard to the size of the company and nature of its business. According to the information and explanation given to us no material discrepancies have been noticed on such verification carried out during the period.

(c) The company doesn't having any immovable properties as on reporting date and hence the reporting requirement under this clause doesn't arise.

(ii) (a) According to the information and explanations furnished to us the company has physically verified its inventories at reasonable intervals during the period under report. In our opinion and according to information and explanation given to us the discrepancies if any noticed on verification of inventories between the physical stocks and the book records were not material and have been properly dealt with in the books of account.

(iii) According to the information and explanations furnished to us the company has not granted any loans secured or unsecured to companies firms Limited Liability Partnerships or other parties covered in register maintained under Section 189 of the Companies Act 2013. Consequently the provisions of clauses iii (a) iii(b) and iii (c) of the order are not applicable to the Company.

(iv) According to the information and explanations furnished to us the company has not given any loan made any investment given any guarantee or provided any security covered under section 185 and 186 of the Companies Act 2013.

(v) According to the information and explanations given to us the company has not accepted any deposits covered under the provisions of section 73 to 76 or any other relevant provisions of the Act. Further according to the information furnished to us no order has been passed on the company by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal for non-compliance with the provisions of Sections 73 to76 of the Companies Act 2013.

(vi) We have broadly reviewed the books of account relating to materials labour and other items of cost maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 148(1) of the Act and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. However a detailed examination of cost records has not been made by us with a view to determine whether they are accurate or complete.

(vii) (a) According to the information and explanations furnished to us and according to the books and records produced for our examination in our opinion the company is regular in depositing with the appropriate authorities the undisputed statutory dues including Provident Fund Employees' State insurance Income Tax Sales Tax Service Tax GST Custom Duty Excise duty Value added tax and other material statutory dues wherever applicable to it and further there are no undisputed statutory dues that were outstanding as at the date of the Balance Sheet for a period of more than six months from the date they became payable.

(b) According to the information and explanations furnished to us and according to the records of the company the company has no disputed dues on account of Income Tax Service Tax Sales Tax GST Customs Duty Excise Duty Value added tax or Cess pending remittance as at March 31 2019.

(viii) According to the information and explanations given to us there were no defaults in repayment of dues to financial institutionsbanks government or debenture holders at the date of balance sheet.

(ix) According to the information and explanations given to us the company has not raised money by way of initial public offer or further public offer (including debt instrument) and the term loans from Banks and Financial Institutions. Hence reporting requirement in terms of Clauses (ix) does not arise during the period under report.

(x) According to the information and explanations furnished to us and based on the audit procedures generally adopted by us we report that during the period no fraud on the company by its officers or employees has been notices or reported during the year.

(xi) In our opinion and according to the information and explanations given to us the Company has paid / provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act 2013.

(xii) To the best of our knowledge and according to the information and explanations furnished to us the company is not a Nidhi company.

(xiii) According to the information and explanations furnished to us the company has not entered in to any transactions with related parties in accordance with the provisions of sections 177 and 188 of the Companies Act 2013. Hence reporting requirement in terms of Clauses (xiii) does not arise during the period under report.

(xiv) According to the information and explanations furnished to us the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

(xv) According to the information and explanations furnished to us the company has not entered in to any non-cash transactions with directors or persons connected with him.

(xvi) According to the information and explanations furnished to us the company is not required to be registered under the section 45-IA of the Reserve Bank of India Act 1934.

For CHEVUTURI ASSOCIATES
Chartered Accountants
Firm Reg. No.000632S
Sd/-
Place: Tanuku (CA. Srinivasa Rao Cherukuri)
Date: 15th May 2019 Partner
M.No. 209237

ANNEXURE-B

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 (the Act)

We have audited the internal financial controls over financial reporting of RADIX INDUSTRIES (INDIA) LIMITED (the Company) as of March 312019 in conjunction with our audit of the standalone financial statements of the company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internal financial control based on the internal control over the financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business including adherence to company's policies the safeguarding of its assets the prevention and detection of frauds and errorsthe accuracy and completeness of accounting recordsand timely preparation of reliable financial information as required under the Companies Act2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) and the Standards on Auditing issued by Institute of Chartered Accountants of India (ICAI) and deemed to be prescribed under section 143(10) of the Companies Act2013 to the extent applicable to an audit of internal financial controls both applicable to an audit of Internal Financial Control and both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorsed acquisitionuse or disposition of the company's assets that could have a material effect on the financial statements.

62

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting including the possibility of collusion or improper management override of controls material misstatements due to error or fraud may occur and not be detected. Also projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2019 based on internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Control Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For CHEVUTURI ASSOCIATES
Chartered Accountants
Firm Reg. No.000632S
Place: Tanuku Sd/-
Date: 15th May 2019 (CA. Srinivasa Rao Cherukuri)
Partner
M.No. 209237