raideep industries ltd share price Auditors report

TO THE MEMBERS OF

RAIDEEP INDUSTIRES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of RAIDEEP INDUSTIRES LIMITED ("the company"), which comprise the Balance Sheet as at 31 March 2023, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Managements Responsibility for the Financial Statements

The Companys Board of Directors is responsible for the matters 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, 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 the 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 the 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 internal financial control, 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.

Auditors 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 thereunder. 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 disclosures in the financial statements. The procedures selected depend on the auditors 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 Companys preparation of the financial statements that give true and fair view 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 Companys 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; a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2023. 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

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 appears from our examination of those books (and proper returns adequate for the purposes of our audit have been received from the branches not visited by us) c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of accounts. 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 written representations received from the directors as on 31 March, 2023, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2023, from being appointed as a director in terms of Section 164(2) of the Act. h) With respect to the other matters included in the Auditors Report and to our best of our information and according to the explanations given to us: i. As Stated by the Company there is no pending litigations. ii. There is no Long Term Contracts including derivative contracts. iii. There were no amounts which required to be transferred, to the Investor Education and Protection Fund by the Company.

For Montek S and Associates Chartered Accountants FRN: 020247N

Montek Singh

Membership No 546517 Date: 29-05-2023 UDIN: 23546517BGPTFJ6079

Annexure to the Auditors Report

The Annexure referred to in our report to the members of RAIDEEP INDUSTIRES LIMITED, ("the Company") for the year Ended on 31^st March, 2023. We report that:

(1) (a) (A) whether the company is maintaining proper records showing full	YES (in MS excel
particulars, including quantitative details and situation of Property, Plant and	based software)
Equipment;	YES (in MS excel
(B) whether the company is maintaining proper records showing full	based software)
particulars of intangible assets;
(b) whether these Property, Plant and Equipment have been physically verified	Yes, the company
by the management at reasonable intervals; whether any material	had conducted the
discrepancies were noticed on such verification and if so, whether the same	physical verification
have been properly dealt with in the books of account.	in FY 2022-2023
	and no material
	discrepancy was
	found.
(c) whether the title deeds of all the immovable properties. (other than	Land and Building
properties where the Company is the lessee and the lease agreements are	valued at Rs.
duly executed in favour of the lessee) disclosed in the financial statements	148.06 Lacs The
are held in the name of the company. If not, provide the details thereof in	Company has paid
the format below;	the full payment and
	possession has
Description Gross Held in Whether Period held Reason for
	been taken by the
of Property Carrying name of Promoter indicate range not being
	company but the
value Director or where held in
	Transfer Deed has
their relative appropriate name of	not been executed
or employee Company	till date.
Land & Rs. No Also indicate
Building 148.06 if in dispute
Lacs
(d) Whether the Company has revalued its Property, Plant and Equipment	Not Applicable
(including Right of Use assets) or intangible assets or both during the
year and, if so, whether the revaluation is based on the valuation by a
Registered Valuer; specify the amount of change, if change is 10% or
more in the aggregate of the net carrying value of each class of Property,
Plant and Equipment or intangible assets;
(e) Whether any proceedings have been initiated or are pending against	Not Applicable
the company for holding any Benami property under the "Benami
Transactions (Prohibition) Act, 1988 and Rules made there under; if so,
whether the Company has appropriately disclosed the details in its
financial statements;
(2) (a) whether physical verification of inventory has been conducted at reasonable	Yes, the Company
intervals by the management and whether, in the opinion of the auditor, the	conducts the
coverage and procedure of such verification by the management is	physical verification
appropriate; whether any discrepancies of 10% or more in the aggregate	of its inventories in
for each class of inventory were noticed and if so, whether they have been	every financial year
properly dealt with in the books of account;	through in-house
	teams
(b) whether during any point of time of the year, the Company has been	No, the Company
sanctioned working capital limits in excess of Rs. 5 crores, in aggregate,	has not been
from banks or financial institutions on the basis of security of current assets;	sanctioned Working
whether the quarterly returns or statements filed by the Company with such	Capital Limits
banks or financial institutions are in agreement with the books of account
of the Company. If not, give details
(3) whether during the year the company has made investments in, provided any	No, the Company
guarantee or security or granted any loans or advances in the nature of loans,	has not made any
secured or unsecured to companies, firms, Limited Liability Partnerships or any	such fresh
other parties. If so,	investment during
	the year
(a) whether during the year the company has provided loans or provided	Not Applicable
advances in the nature of loans, or stood guarantee, or provided security to
any other entity [not applicable to companies whose principal business is to
give loans], if so, indicate-
(A) the aggregate amount during the year, and balance outstanding at the
balance sheet date with respect to such loans or advances and guarantees
or security to subsidiaries, joint ventures and associates.
(B) the aggregate amount during the year, and balance outstanding at the	Not Applicable
balance sheet date with respect to such loans or advances and guarantees
or security to parties other than subsidiaries, joint ventures and associates.
(b) whether the investments made, guarantees provided, security given and the	Not Applicable
terms and conditions of the grant of all loans and advances in the nature of
loans and guarantees provided are not prejudicial to the companys interest;
(c) in respect of loans and advances in the nature of loans whether the	Not Applicable
schedule of repayment of principal and payment of interest has been
stipulated and whether the repayments or receipts are regular;
(d) if the amount is overdue, state the total amount overdue for more than	Not Applicable
ninety days, and whether reasonable steps have been taken by the company
for recovery of the principal and interest;
(e) whether any loan or advance in the nature of loan granted which has fallen	Not Applicable
due during the year, has been renewed or extended or fresh loans granted
to settle the overdues of existing loans given to the same parties; If so,
specify the aggregate amount of such dues renewed or extended or settled
by fresh loans and the percentage of the aggregate to the total loans or
advances in the nature of loans granted during the year. [Not applicable to
companies whose principal business is to give loans];
(f) whether the Company has granted any loans or advances in the nature of	Not Applicable
loans either repayable on demand or without specifying any terms or period
of repayment; if so, specify the aggregate amount, percentage thereof to the
total loans granted, aggregate amount of loans granted to Promoters, related
parties as defined in clause (76) of section 2 of the Companies Act, 2013
(4) In respect of loans, investments, guarantees, and security whether provisions of	The Company has
section 185 and 186 of the Companies Act, 2013 have been complied with. If not,	complied with the
provide the details thereof.	provisions of section
	185 and 186 of the
	Act, with respect to
	the loans and
	investments made.
(5) In respect of deposits accepted by the Company or amounts which are deemed	The Company has
to be deposits, whether the directives issued by the Reserve Bank of India and	not accepted any
the provisions of sections 73 to 76 or any other relevant provisions of the	deposit from the
Companies Act, 2013 and the rules framed there under, where applicable, have	public.
been complied with? If not, the nature of such contraventions be stated; If an
order has been passed by Company Law Board or National Company Law
Tribunal or Reserve Bank of India or any court or any other tribunal, whether
the same has been complied with or not?
(6) whether maintenance of cost records has been specified by the Central	We have broadly
Government under sub-section (1) of section 148 of the Companies Act and	reviewed the books
whether such accounts and records have been so made and maintained	of account
	maintained by the
	Company pursuant
	to the rules made by
	the Central
	Government for the
	maintenance of cost
	records under sub-
	section (1) of
	section 148 of the
	Act and are of the
	opinion that the
	prescribed accounts
	and records have
	been made and
	maintained.
	However, we have
	not vouched for the
	correctness of the
	cost records
	maintained by the
	Company.
(7) (a) whether the company is regular in depositing undisputed statutory dues	The Company has
including Goods and Service Tax, provident fund, employees state insurance,	regularly deposited
income-tax, sales-tax, service tax, duty of customs, duty of excise, value	the statutory dues.
added tax, cess and any other statutory dues to the appropriate authorities
and if not, the extent of the arrears of outstanding statutory dues as on the
last day of the financial year concerned for a period of more than six months
from the date they became payable, shall be indicated;
(b) where statutory dues referred to in sub-clause (a) have not been deposited	The Company does
on account of any dispute, then the amounts involved and the forum where	not have any such
dispute is pending shall be mentioned. (A mere representation to the	dispute.
concerned Department shall not be treated as a dispute).
(8) whether any transactions not recorded in the books of account have been	N.A.
surrendered or disclosed as income during the year in the tax assessments under
the Income Tax Act, 1961; if so, whether the previously unrecorded income has
been properly recorded in the books of account during the year?
(9) (a) whether the company has defaulted in repayment of loans or other	The Company has
borrowings or in the payment of interest thereon to any lender? If yes, the	not made any
period and the amount of default to be reported as per the format below:	default.
(b) Whether the company is a declared willful defaulter by any bank or financial	No such case found
institution or other lender?
(c) Whether term loans were applied for the purpose for which the loans were	No Term Loan has
obtained; if not, the amount of loan so diverted and the purpose for which it	been obtained
is used may be reported	during the year
(d) whether funds raised on short term basis have been utilised for long term	The company has
purposes? If yes, the nature and amount to be indicated	not raised funds.
(e) whether the Company has taken any funds from any entity or person on	No such case has
account of or to meet the obligations of its subsidiaries, associates or joint	been found.
ventures? If so, details thereof with nature of such transactions and the
amount in each case
(f) whether the Company has raised loans during the year on the pledge of	No such case has
securities held in its subsidiaries, joint ventures or associate companies?	been found.
If so, give details thereof and also report if the company has defaulted in
repayment of such loans raised.
(10) (a) whether moneys raised by way of initial public offer or further public offer	The Company has
(including debt instruments) during the year were applied for the purposes	not raised any
for which those are raised. If not, the details together with delays or default	amount through any
and subsequent rectification, if any, as may be applicable, be reported;	public offer during
	the current financial
	year.
(b) whether the Company has made any preferential allotment or private	Not Applicable
placement of shares or convertible debentures (fully, partially or optionally
convertible) during the year and if so, whether the requirements of Section
42 and Section 62 of the Companies Act, 2013 have been complied with
and the funds raised have been used for the purposes for which the funds
were raised. If not, provide details in respect of amount involved and nature
of non-compliance.
(11) (a) whether any fraud by the company or any fraud on the Company has been	No such case has
noticed or reported during the year; If yes, the nature and the amount	been found
involved is to be indicated;
(b) whether any report under sub-Section (12) of Section 143 of the Companies	Not Applicable
Act has been filed by the auditors in Form ADT-4 as prescribed under Rule
13 of Companies (Audit and Auditors) Rules 2014 with the Central
Government?
(c) whether the auditor has considered whistle-blower complaints, if any,	Not Applicable
received during the year by the Company?
(12) (a) whether the Nidhi Company has complied with the Net Owned Funds to	In our opinion,
Deposits in the ratio of 1:20 to meet out the liability	Company is not a
	NIDHI Company.
	Accordingly,
	paragraph is not
	applicable.
(b) whether the Nidhi Company is maintaining ten per cent unencumbered term	Not Applicable
deposits as specified in the Nidhi Rules, 2014 to meet out the liability;
(c). whether there has been any default in payment of interest on deposits or	Not Applicable
repayment thereof for any period and if so, the details thereof
(13) whether all transactions with the related parties are in compliance with sections	The Company has
177 and 188 of Companies Act where applicable and the details have been	complied with the
disclosed in the Financial Statements etc., as required by the applicable	provisions of
accounting standards;	Section 177 and
	188 of the act in
	respect of
	transactions made
	with the related
	parties.
(14) (a) whether the company has an internal audit system commensurate with the	The Company is
size and nature of its business?	maintaining its In-
	House Internal Audit
	Department with
	adequate staff
	posted in it. .
(b) Whether the reports of the Internal Auditors for the period under audit were considered by the statutory auditor? (	Yes,.
15) whether the company has entered into any non-cash transactions with directors or persons connected with him and if so, whether the provisions of section 192 of Companies Act have been complied with;	No such transaction found
(16) (a) whether the company is required to be registered under section 45-1A of the	Not applicable
Reserve Bank of India Act, 1934 and if so, whether the registration has
been obtained.
(b) whether the Company has conducted any Non-Banking Financial or Housing	No such transaction
Finance activities without a valid Certificate of Registration (CoR) from the	found
Reserve Bank of India as per the Reserve Bank of India Act 1934.
(c) whether the Company is a Core Investment Company (CIC) as defined	Not Applicable
under the Regulations by the Reserve Bank of India? If so, whether it
continues to fulfill the criteria of a CIC and In case the company is an
exempted or unregistered CIC, whether it continues to fulfill such criteria.
(d) Whether the Group has more than one CIC as part of the Group, If yes,	Not Applicable
indicate the number of CICs which are part of the Group.
(17) Whether the Company has incurred cash losses in the Financial Year and in the	No such case has
immediately preceding Financial year? If so, state the amount of cash losses	been found
(18) Whether there has been any resignation of the statutory auditors during the year?	Nothing such has
If so, whether the auditor has taken into consideration the issues, objections or	happened.
concerns raised by the outgoing auditors?
(19) on the basis of the financial ratios, ageing and expected dates of realization of	Based on the
financial assets and payment of financial liabilities, other information	information provided
accompanying the financial statements, the auditors knowledge of the Board of	to us and out
Directors and management plans, whether the auditor is of the opinion that no	examination of the
material uncertainty exists as on the date of the audit report that company is	books of accounts
capable of meeting its liabilities existing at the date of balance sheet as and when	and other records,
they fall due within a period of one year from the balance sheet date.	no such uncertainty
	exists that the
	Company is capable
	of discharging its
	obligations.
(20) (a) whether, in respect of other than ongoing projects, the company has	N.A.
transferred unspent amount to a Fund specified in Schedule VII to the
Companies Act within a period of six months of the expiry of the financial
year in compliance with second proviso to sub-section (5) of section 135 of
the said Act
(b) whether any amount remaining unspent under sub-section (5)	N.A.
of section 135 of the Companies Act, pursuant to any ongoing project has
been transferred to any special account in compliance with the provision of
sub-section (6) of section 135 of the said Act.
(21) Whether there have been any qualifications or adverse remarks by the respective	No adverse remarks
auditors in the Companies (Auditors Report) Order (CARO) reports of the	to be reported.
companies included in the consolidated financial statements? If yes, indicate the
details of the companies and the paragraph numbers of the CARO report
containing the qualifications or adverse remarks.