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Sarup Industries Ltd.

BSE: 514412 Sector: Others
NSE: N.A. ISIN Code: INE305D01019
BSE LIVE 09:15 | 22 Aug 69.35 -3.60
(-4.93%)
OPEN

69.35

HIGH

69.35

LOW

69.35

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 69.35
PREVIOUS CLOSE 72.95
VOLUME 76
52-Week high 99.95
52-Week low 57.60
P/E
Mkt Cap.(Rs cr) 23
Buy Price 0.00
Buy Qty 0.00
Sell Price 69.35
Sell Qty 924.00
OPEN 69.35
CLOSE 72.95
VOLUME 76
52-Week high 99.95
52-Week low 57.60
P/E
Mkt Cap.(Rs cr) 23
Buy Price 0.00
Buy Qty 0.00
Sell Price 69.35
Sell Qty 924.00

Sarup Industries Ltd. (SARUPINDUSTRIES) - Auditors Report

Company auditors report

TO THE MEMBERS OF SARUP INDUSTRIES LTD.

Report on the Financial Statements

We have audited the accompanying financial statements of SARUP INDUSTRIESLTD ("thecompany") which comprise the Balance Sheet as at 31 March 2015 the Statement ofProfit and Loss the Cash Flow Statement for the year ended and a summary of significantaccounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s 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 thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and Matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement. •

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company’s preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare"appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company’s Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India;

a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2015;

b) In the case of the Statement of Profit and Loss of the profit for the year ended onthat date; and

c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Companies (Auditors Report) Order 2015

As required by the Companies (Auditors Report) Order 2015 issued by the centralgovernment in terms of Sub-section (11) of section 143 of the Companies Act 2013.Weenclosed in annexure statement(s) on the matters specified in paragraphs 3 ad 4.

Report on other Legal and Regulatory Requirements As required by section 143(3) ofthe Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as appears from our examination of those books.

c) the Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) There is nothing to disclose which is having adverse effect on the functioning ofthe company.

f) On the basis of written representations received from the directors as on 31 March2015 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2015 from being appointed as a director in terms of Section 164(2) of theAct.

g) With respect to the other matters included in the Auditor’s Report and to ourbest of our information and according to the explanations given to us:

I. The Company does not have any pending litigations which would impact its financialposition]

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

III. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company

Forming an Opinion and Reporting on Financial Statements
ForY. K. SUD&CO
Chartered Accountants
Signature
(Yoginder Kumar Sud)
Place: Jalandhar Prop.
Date: 29.05.2015 (Membership Number: 16875)

ANNEXURE TO THE AUDITORS’ REPORT

The Annexure referred to in our report to the members of SARUP INDUSTRIES LIMITED forthe year ended 31st March 2015.

On the basis of the information and explanation given to us during the course of ouraudit we report that:

1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) As explained to us fixed assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification. In ouropinion and according to the information and explanations given to us no fixed asset hasbeen disposed of during the year and therefore does not affect the going concernassumption.

2. (a) As explained to us inventories have been physically verified during the year bythe management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) In our opinion and on the basis of our examination of the records the Company isgenerally maintaining proper records of its inventories. No material discrepancy wasnoticed on physical verification of stocks by the management as compared to book records.

3. According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties listed in the register maintained underSection 189 of the Companies Act. Thus sub clauses (a) & (b) are not applicable to thecompany. '

4. In our opinion and according to the information and explanations given to us thereis generally an adequate internal control procedure commensurate with the size of thecompany and the nature of its business for the purchase of inventories & fixed assetsand payment for expenses & for sale of goods. During the course of our audit no majorinstance of continuing failure to correct any weaknesses in the internal controls has beennoticed.

5. In our opinion and according to the information and explanations given to us companyhasn't accepted any deposits from the directives issued by the Reserve Bank of India andas per the provisions of sections 73 to 76 or any other relevant provisions of theCompanies Act

6. As per information & explanation given by the management maintenance of costrecords are not applicable to the company.

7. (a) According to the records of the company undisputed statutory dues including

Provident Fund Investor Education and Protection Fund Employees’ StateInsurance Income-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise

Duty cess to the extent applicable and any other statutory dues have generally beenregularly deposited with the appropriate authorities. According to the information andexplanations given to us there were no outstanding statutory dues as on 31st March 2015for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there is no amountspayable in respect of income tax wealth tax service tax sales tax customs duty andexcise duty which have not been deposited on account of any disputes.

(c) In our opinion company has transferred the amount which is required to betransferred to investor education and protection fund in accordance with the relevantprovisions of the Companies Act 1956 (1 of 1956) and rules made there under within time.

8. The Company does not have any accumulated loss and has not incurred cash loss duringthe financial year covered by our audit and in the immediately preceding financial year.

9. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution bank or debenture holders.

10. According to the information and explanations given to us the Company has notgiven any guarantees for loan taken by others from a bank or financial institution.

11. In our opinion Terms Loans were applied for the purpose for which loans wereobtained

12. Based on the audit procedures performed and the information and explanations givento us we report that no fraud on or by the Company has been noticed or reported duringthe year nor have we been informed of such case by the management.

For Y. K. SUD & CO
.. Chartered Accountants
Signature
(Yoginder Kumar Sud)
Place: Jalandhar Prop.
Date: 29.05.2015 (M. No: 16875)