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Sun Source (India) Ltd.

BSE: 517403 Sector: Infrastructure
NSE: N.A. ISIN Code: INE320F01013
BSE LIVE 09:28 | 12 Jul Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 4.29
PREVIOUS CLOSE 4.21
VOLUME 100
52-Week high 5.04
52-Week low 1.53
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.29
CLOSE 4.21
VOLUME 100
52-Week high 5.04
52-Week low 1.53
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sun Source (India) Ltd. (SUNSOURCEI) - Auditors Report

Company auditors report

SUN SOURCE (INDIA) LIMITED ANNUAL REPORT 2010-2011 AUDITORS' REPORT To, THE MEMBERS OF SUN SOURCE (INDIA) LIMITED We have audited the attached BALANCE SHEET of SUN SOURCE (INDIA) LIMITED as at 31st March, 2011 and also the PROFIT & LOSS ACCOUNT and the 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. We have conducted our audit in accordance with auditing standards generally accepted in India. These 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides reasonable basis for our opinion. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government in terms of Section 227 (4A) if the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in para 4 & 5 of the order. Further to our comments in the annexure, We report that: (a) We have 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 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 accounts. (d) In our opinion, Profit & Loss Account and Balance Sheet and Cash Flow Statement, comply with 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 of the Company and taken on the records by the Board of Directors, we report that none of the directors are disqualified as on 31st March, 2011 to act as directors of this company under clause (g) of sub- section (1) of section 274 of the Companies Act, 1956. (f) We further report that: No Provision for Deferred Tax has been made (refer note' ' Schedule R ). Amount not ascertainable as Written Down Value as per Income Tax Act, 1961 not available. Subject to above, In our opinion and to the best of our information and according to the explanation given to us, the said accounts subject to the para 4(d) and para 4(f) above, read with the significant accounting policies and notes to the accounts thereon, give the information required by the Companies Act, 1956, in the matter so required and give a true and fair view in conformity with the accounting principles generally accepted in India except i) in the case of the Balance sheet, of the state of affairs of the Company as at 31st March, 2011. ii) in the case of the Profit & Loss Account, of the Profit for the year ended on that date. And, iii) in case of Cash Flow Statement, of the cash flows for the year ended on that date. As per Our Report of Even Date For Joshi Jain & Co Chartered Accountants Sd/- Sachin Joshi Partner Place: Vadodara Membership No: 119560 Date : 30th May, 2011. ANNEXURE TO THE AUDITOR'S REPORT (REFFRED TO IN PARA (3) OF OUR REPORT OF EVEN DATE) 1.(a) The Company has not maintained proper records showing all full particulars including quantitative details and situation of fixed assets. We are informed that due to floods in the past, the records were destroyed. (b) None of the assets of the Company have been physically verified by the management during the year. (c) No assets of the Company were disposed off during the year & hence going concern concept is not affected. However, the company has started commercial operation. 2.(a) The company is not maintaining inventory. (b) In view of our comments in para ii(a) above, para ii(b) regarding procedure of verification of inventories, is not applicable. (c) As the company is in to trading operations, they are not maintaining proper records of its inventory and hence discrepancies could not be assessed. 3. According to the information and explanation given to us the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have not been so entered. However, the Company has granted loans, secured or unsecured, to the various companies, firms or other parties and there is no repayment of the said loan/s. The loan/s is/are interest free & hence its terms are prejudicial to the interest of the company. 4. In our opinion and according to the information given to us during the course of the audit, there are no purchases of inventory and/or fixed assets. However, as informed to us, Sale of goods was carried out under supervision of a Director. Under the circumstances, we are unable to express on Internal control procedures. 5.(a) According to the information and explanations given to us the transactions that need to be entered in the register maintained u/s 301 of the Companies Act, 1956 have not been so entered. As informed to us, during the year there are no such transactions. (b) In view of our comments in para v(a) above, para v(b) regarding reasonableness of transaction is not applicable. 6. The Company has not accepted any deposits from the public during the period and hence question of compliance of RBI directives and provisions of Sec. 58A and 58AA of the Companies Act, 1956 does not arise. However, refund to be given to share holders who were not allotted shares in previous years is shown under the head 'Other Liabilities'. As explained to us, earlier, it was secured by matching Fixed Deposits with Banks. Now, the said Deposit is withdrawn & hence it has become Unsecured. To that extent there is default u/s 58A/58AA of the Companies Act, 1956. 7. The Company does not have an internal audit system, as there are hardly any operations during the year. 8. No manufacturing activities have been carried out during the year. Para 4(Viii) of the Companies (Auditor's Report) Order 2003 is therefore not applicable. 9.(a) In our opinion and according to the information and explanation given to us the Company's generally regular in depositing undisputed statutory dues such as PF, ESI,IT ,ST, Central Excise Duty, Custom Duty etc. with appropriate authorities and no undisputed amounts payable as on 31st March 2010. (b) Following dues payable to various government authorities are disputed & hence not paid or provided for by the company. Disputed dues not paid Rs. 3 lacs (Approx) to GEB. 10. There are no accumulated losses as at the end of the financial year. The Company has not incurred the cash losses during the current financial year and immediately preceding financial . year. 11. In our opinion and according to the information and explanation given to us, there are no dues payable to financial institutions or Bank or debenture holders. 12. According to the information and explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures & other securities and hence maintenance of records does not arise. 13. In our opinion the Company is not Chit Fund or a Nidhi / Mutual Benefit Funds/ Society, therefore the provision of clause 4 (xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. 14. In our opinion the Company is not dealing or trading in shares, Securities, Debentures and other investments. Therefore the provision of clause 4(xiv) of the Companies (Auditor's Report) Order 2003 are not applicable to the company. 15. According to the information and explanation given to us and records examined by us the Company has not given any Guarantee for the Loans taken by others from banks or financial institutions. 16. The Company has not taken any term loan during the year and hence the question of commenting or default in application thereof does not arise. 17. According to the information and explanation given to us an on overall examination of the Balance sheet of the Company, we report that no funds raised on short term basis used for long term investment. 18. The Company has not made any preferential allotment of shares during the year. 19. The Company has not issued any debentures during the year and hence the question of creating any securities/charge thereof does not arise. 20. During the period the Company has not raised money by public issue. 21. According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our Audit. As per Our Report of Even Date For Joshi Jain & Co Chartered Accountants Sd/- Sachin Joshi Partner Place: Vadodara Membership No: 119560 Date : 30th May, 2011.