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Saraf Sons (Traders) Ltd.

BSE: 506152 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Saraf Sons (Traders) Ltd. (SARAFSONS) - Auditors Report

Company auditors report

SARAF SONS (TRADERS) LIMITED ANNUAL REPORT 2008-2009 AUDITORS' REPORT TO THE MEMBERS OF SARAF SONS (TRADERS) LIMITED We have audited the attached Balance Sheet of SARAF SONS (TRADERS) LIMITED as at 31st March, 2009 and also the Profit & Loss Account and Cash Flow Statement 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. 1. 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 a 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 overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 2. As required by Companies (Auditors' Report) Order, 2003 issued by the Central Government of India in terms of sub section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 & 5 of the said Order. 3. Further to our comments in the Annexure referred to in paragraph 2 above we report that: (a) We have obtained all the information and explanations which to the best of our knowledge & 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 these books. (c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. (d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956. (e) On the basis of written representations received from the Directors and taken on record by the Board of Directors we report that none of the Directors is disqualified as on 31st March, 2009 from being appointed as a 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, subject to the accounts for the year having been drawn up as if the company continues to be a going concern despite the accumulated losses exceeding the paid-up capital and free reserves of the Company, and read together with the significant accounting policies and other notes thereon give the information required by the Companies Act, 1956 in the manner so required and present a true and fair view, in conformity with the accounting principles generally accepted in India : i. In the case of the Balance Sheet, of the state oraffairs of the Company as at 31st March, 2009. ii. In the case of the Profit & Loss Account, of the loss of the Company for the year ended on that date; and iii. In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. For Patkar & Pendse Chartered Accountants Sd/- B.M. Pendse Partner M.No.: 32625 Place: Mumbai Dated: 1st September, 2009. ANNEXURE TO AUDITORS' REPORT REFERRED TO IN OUR REPORT OF EVEN DATE FOR THE YEAR ENDED ON 31st MARCH, 2009 1. (a) The Company had maintained proper records showing full particulars including quantitative details and situation of the fixed assets. (b) As explained to us the fixed assets had been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification. (c) In our opinion, the Company had not disposed off a substantial part of fixed assets during the year and the going concern status of the Company is not affected. 2. In respect of inventory: (a) As explained to us, inventories had been physically verified by the management at the end of the year. (b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company had maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventories as compared to book records. 3. (a) The Company had not granted any loans, secured or unsecured to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. (b) The Company had taken one secured loan and two unsecured loans from Directors and the maximum amount outstanding during the year was Rs.5,99,50,418. (c) In our opinion the rate of interest and other terms and conditions of the said loans taken are not prima facie prejudicial to the interest of the Company. (d) There had been no repayment of the secured loan. 4. In our opinion and on the basis of information and explanations given to us, the Company had adequate internal control procedures commensurate with its size and the nature of its business for the purchase of goods, plant and machinery, equipment and other assets and for the sale of goods. During the course of the audit we have not observed any major weakness in internal controls. 5. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of five lakh rupees in respect of any party during the year have been made at prices which are reasonable having regard to the market prices and other terms and conditions prevailing at the relevant time. 6. The Company had not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Companies Act, 1956 and the Rules framed thereunder. 7. In our opinion the Company had an internal audit system commensurate with its size and nature of its business. 8. Maintenance of cost records had not been prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956. 9. In respect of statutory dues: (a) According to the records of the Company, undisputed statutory dues including Provident Fund, Employees State Insurance, Income tax, Sales tax, Wealth tax, Service tax, Custom duty, Excise duty, Cess and other statutory dues have been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2009 for a period of more than six months from the date they became payable. (b) In accordance with the information and explanations given to us there are no disputed statutory dues that have not been deposited with the authorities. 10. The Company has been registered for a period exceeding 5 years and its accumulated losses at the end of the financial year exceed 50% of its net worth. The Company has incurred a cash loss during the financial year covered by our audit as also in the immediately preceding financial year. 11. In our opinion and according to the information and explanations given to us, the Company had not defaulted in repayment of dues to a financial institution, bank or debenture holder. 12. The Company had not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. In our opinion, the Company was 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 was not a dealer or trader in shares, securities, debentures and other investments. 15. According to the information and explanations given to us and based on the records examined by us, the Company had not given any guarantees for loans taken by others from banks or financial institutions. 16. The Company had not taken any term loans. 17. In our opinion and 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 and vice versa. 18. According to the information and explanations given to us, the Company had not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956. 19. The Company had not issued debentures. 20. The Company had not raised any money through public issues during the year. 21. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company had been noticed or reported during the year. For Patkar & Pendse Chartered Accountants Sd/- B.M. Pendse Partner M.No.: 32625 Place: Mumbai Dated: 1st September, 2009. M.No. 32625