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Sudar Industries Ltd.

BSE: 533332 Sector: Industrials
NSE: SUDAR ISIN Code: INE384L01017
BSE LIVE 12:42 | 19 Jun Stock Is Not Traded.
NSE 15:26 | 19 Jun Stock Is Not Traded.
OPEN 1.02
PREVIOUS CLOSE 1.07
VOLUME 5100
52-Week high 2.99
52-Week low 0.89
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.02
Sell Qty 227.00
OPEN 1.02
CLOSE 1.07
VOLUME 5100
52-Week high 2.99
52-Week low 0.89
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.02
Sell Qty 227.00

Sudar Industries Ltd. (SUDAR) - Auditors Report

Company auditors report

Auditor's Report

To the members of

SUDAR INDUSTRIES LIMITED

We have audited the attached Balance Sheet of Sudar Industries Limited as at 31 stMarch 2014 the Profit and Loss Account and also the Cash flow statement for the yearended on that date annexed thereto. These financial statements are the responsibility ofthe company's management. Our responsibility is to express an opinion on these financialstatements based on our audit.

MANAGEMENT’S RESPONSIBILITY:

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of thecompany in accordance with the Accounting Standards notified the Companies Act1956(theAct) read with General Circular 15/2013 dated 13th September2013 of the Ministry ofCorporate Affairs in respect of Section 133 of the Companies Act2013 and accordance withthe accounting principles generally accepted in India. This responsibility includes thedesign implementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

AUDITOR’S RESPONSIBILITY:

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conduct our audit in accordance with Standards on Auditing issued by TheInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedure selected depends on auditor’sjudgment including the assessment of the risk of material misstatement of the financialstatement whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies accountingestimates made by the management as well as evaluating usedand the reasonableness of the the overall presentation of the financial statement.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

OPINION:

In our opinion and to the best of our information and according to the explanationsgiven to us the said accounts read together with the significant Accounting Policies andother notes thereon give the information required by the Companies Act 1956 in themanner so required and present a true and fair view in conformity with the accountingprinciples generally accepted in India:

i) In so far as it relates to the Balance Sheet of the state of affairs of the companyas at 31 st March 2014;

ii) In so far as it relates to the Profit & Loss Account the profit of the companyfor the year ended on that date; and

iii) In so far as it relates to the cash flow statement of the cash flow of thecompany for the year ended on that date.

REPORT ON OTHER LEGAL & REGULATION REQUIREMENTS:

1. As required by the Companies (Auditor's Report) Order 2003 issued by the CentralGovernment of India in terms of sub-section (4A) of section 227 of the Companies Act1956 we enclose in the Annexure a statement on the matters specified in paragraphs 4 and5 of the said order.

2. Further to our comments in the Annexure referred to in paragraph 2 above we reportthat:

a) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit.

b) In our opinion proper books of account as required by the law have been kept bythe company so far as appears from our examination of those books.

c) The Balance Sheet the Profit & Loss Account and the cash flow statement dealtwith by this report are in agreement with the books of account.

d) In our opinion the Balance Sheet the Profit & Loss Account and the cash flowstatement comply with Accounting Standards notified under the Act read with the GeneralCircular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs inrespect of Section 133 of the Companies Act 2013.

e) In our opinion and based on information and explanation given to us none of theDirectors are disqualified as on 31st March 2014 from being appointed as Directors in termof section 274(1)(g) of The Companies Act 1956.

FOR MUKESH MEHTA & ASSOCIATES FOR SURESH HEGDE & CO.
Chartered Accountants Chartered Accountants
CA MUKESH MEHTA CA SURESH HEGDE
Membership No. 100407 Membership No. 118493
FRN: 116309W FRN: 125795W
Place: Mumbai
Date: May 28 2014

ANNEXURE REFERRED TO IN PARAGRAPH 2 OF THE AUDITOR'S REPORT ON THE ACCOUNTS OF SUDARINDUSTRIES LIMITED FOR THE YEAR ENDING 31ST MARCH 2014

As required by the Companies (Auditor's report) Order 2003 issued by the CentralGovernment of India in terms of section 227(4 -A) of the Companies Act 1956 we reportthat:

1 In respect of fixed assets:

(a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.

(b) As explained to us all the fixed assets have been physically verified by themanagement during the year at reasonable intervals which in our opinion is reasonablehaving regard to the size of the company and the nature of assets. No materialdiscrepancies were noticed verification.

(c) In our opinion thesubstantial/major Company part of fixed assets during the yearand hasnot disposed off any the going concern status of the company is not affected.

2 In respect of its inventories:

(a) The inventories have been physically verified during the year by the management. Inour opinion the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us theprocedures followed by the management are reasonable and adequate in relation to the sizeof the company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us and onthe basis of our examination of the records of inventory the Company has maintainedproper records of inventory and there were no material discrepancies noticed on physicalverification of inventory as compared to the book records.

3 In respect of loans secured or unsecured granted or taken by the company to/fromcompanies firms or other parties covered in the register maintained under section 301 ofthe Companies Act 1956:

(a) The company has not granted any Loans during the year. However the Company hasreceived loans of Rs. 333.87 Lacs from directors and the outstanding balance of the saidloans is Rs. 394.77 Lacs. The company has also taken Inter Corporate Deposits from threeparties amounting to Rs. 514.47 Lacs during the year and the year-end balance is Rs.1166.36 Lacs.

(b) In our opinion and according to the information and explanations given to us therate of interest wherever applicable and the other terms and conditions is not prima-facie prejudicial to the interest of the company.

(c) In respect of loans taken and granted by the company the interest payment &receipt is regular and the principal amount is repayable on demand.

(d) Since the loans taken and granted by the company are repayable on demand noquestion of overdue amounts arises.

4 In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the company andnature of its business with regard to purchase of inventory and fixed assets and withregard for the sale of goods and services. During the course of audit no major weaknesshas been noticed in the internal control.

5 In respect of contracts or arrangements entered in the register maintained inpursuance of Section 301 of the Companies Act 1956.

(a) In our opinion and according to the information and explanation given to us thetransactions made in pursuance of contracts or arrangements that needed to be entered inthe register maintained under section 301 of the Companies Act 1956 have been so entered.

(b) In our opinion and according to the information and explanation given to us thetransactions made in pursuance of contracts or arrangements which need to be entered inthe registers maintained under section 301 of the Act have been so entered. Owing to theunique and specialized nature of the items involved and in the absence of any comparableprices we are unable to comment as to whether the transactions made in pursuance of suchcontracts or arrangements have been made at prevalent market price at the relevant time.

6 Based on our audit procedures and according to the information and explanations givento us the company has not accepted any deposits from the public and hence complying withthe provisions of Section 58A and 58AA of the Companies Act 1956 and the rules framedthere under is not applicable.

7 In our opinion the company has an internal audit system commensurate with its sizeand nature of its business.

8 We have broadly reviewed the books of account and records maintained by the companyrelating to the manufacture of Shirts Trousers and others pursuant to the Companies (CostAccounting Records) Rules 2011 prescribed by the Central Government under section209(1)(d) of the Companies Act 1956 and are of the opinion thatprima facie theprescribed cost records have been made and maintained. We have however not made adetailed examination of the records with a view to determining whether they are accurateor complete.

9 In respect of statutory dues:

(a) According to the information and explanations given to us the company wasgenerally regular in depositing undisputed statutory dues to the concerned authorities inrespect of Employees Provident Fund Employees State Insurance Fund wealth tax servicetax custom duty excise duty and material statutory dues. According to the informationand explanations given to us no undisputed amounts payable in respect of the aforesaiddues were outstanding for a period of more than six months from the date of becomingpayable except the income tax liability for the financial year ended on 31st March 2013

(b) According to the records examined by us and the information and explanations givento us there are no disputed amounts due in respect of income tax wealth tax sales taxexcise duty Employees provident fund Employee state insurance fund and other statutorydues at the end of the year.

10 The Company does not have accumulated losses as at the end of the year and theCompany has not incurred cash losses during current and the immediately precedingfinancial year.

11 Based on our audit procedures and on the basis of information and explanations givenby the management the Company has not defaulted in the repayment of dues to banks andfinancial institutions.

12 In our opinion and according to information and explanation given to us no loansand advances have been granted by the company on the basis of security by way of pledge ofshares debentures and other security.

13 In our opinion the company is not a Chit Fund Nidhi or Mutual Benefit Fund/Society.Therefore the provisions of clause (xiii) of paragraph 4 of the order are not applicableto the company..

14 The company is not dealing in or trading in shares securities debentures and otherinvestments. Accordingly the provisions of clause 4(xiv) of the order are not applicable.

15 The Company has not given Guarantees for the loan taken by others from banks orfinancial institutions.

16 The Company has not raised any term loans during the year.

17 According to the information and explanations given to us and on examination ofbalance sheet funds raised on short term basis have prima facie not been used duringthe year for long term investment.

18 The company has not made any preferential allotment of shares to parties andcompanies covered under register maintained under Section 301 of the Companies Act 1956during the year.

19 Clause 13 of the order is not applicable as the company has not issued anydebentures during the year. Clause 13 of the order is not applicable as the company hasnot issued any debentures during the year.

20 The Company has not raised money by public issue during the year.

21 In our opinion and according to the information and explanations given to us nofraud on or by the Company have been noticed or reported during the year that causes thefinancial statements to be materially misstated.

For Mukesh Mehta & Associates For Suresh Hegde and Co.
Chartered Accountants Chartered Accountants
CA Mukesh Mehta CA Suresh Hegde
Membership No. 100407 Membership No. 118493
FRN: 116309W FRN: 125795W
Place: Mumbai
Date: May 28 2014