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Suncare Traders Ltd.

BSE: 539526 Sector: Others
NSE: N.A. ISIN Code: INE452S01017
BSE LIVE 14:19 | 18 Aug 48.25 0.15
(0.31%)
OPEN

48.40

HIGH

48.40

LOW

48.20

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 48.40
PREVIOUS CLOSE 48.10
VOLUME 28000
52-Week high 63.25
52-Week low 24.00
P/E 201.04
Mkt Cap.(Rs cr) 27
Buy Price 46.00
Buy Qty 2000.00
Sell Price 48.50
Sell Qty 10000.00
OPEN 48.40
CLOSE 48.10
VOLUME 28000
52-Week high 63.25
52-Week low 24.00
P/E 201.04
Mkt Cap.(Rs cr) 27
Buy Price 46.00
Buy Qty 2000.00
Sell Price 48.50
Sell Qty 10000.00

Suncare Traders Ltd. (SUNCARETRADERS) - Auditors Report

Company auditors report

Independent Auditor’s Report

To

The Members of

SUNCARE TRADERS LIMITED AHMEDABAD

Report on the Financial Statements :

We have audited the accompanying standalone financial statements of SUNCARE TRADERSLIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2016 and the Statement of Profit and Loss and cash flow statement for thePeriod then ended and a summary of significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Financial Statements :

The Company’s board of directors is responsible for matters stated in Section134(5) of the Companies Act2013(‘the act’)with respect to the preparation andpresentation of these financial statements that give a true and fair view of the financialposition and financial performance and cash flow of the company in accordance with theAccounting principles generally accepted in India including Accounting Standards specifiedin section 133of the Act read with Rule 7of companies (Accounts) Rules2014. Thisresponsibility includes maintenance of adequate accounting records in accordance with theprovision of the act for safeguarding the assets of the company and for preventing anddetecting fraud and other irregularities selection and application of appropriateaccounting policies making judgments and estimates that are reasonable and prudentdesign implementation and maintenance of adequate internal financial control that areoperating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statements that give atrue and fair view and are free from material misstatement whether due to fraud or error.

Auditor’s Responsibility :

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the rules made there under we conducted our audit inaccordance 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 theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances but no for the purposeof expressing and opinion on whether the company has in place an adequate internalfinancial control system our the financial reporting and operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of the accounting estimates made by company’s managementand board of directors as well as evaluating the overall presentation of the financialstatements.

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 aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of the affairs of thecompany as at 31st March2016 its Profit/Loss and its Cash Flow for the year ended onthat date.

Report on Other Legal and Regulatory Requirements :

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure A a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. 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 bestof 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 theCompany so far as appears from our examination of those books.

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

d) in our opinion the aforesaid Standalone financial statements comply with theapplicable Accounting Standards specified under Section 133 of the Act with Rule 7 of thecompanies (Accounts) Rules 2014.

e) on the basis of written representations received from the directors as on 31stMarch 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms ofSection 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in ‘Annexure B’

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies(Audit and Auditors)Rules2014In our opinion andto the best of information and according to the explanation given to us :

i. The Company does not have any pending litigation which would impact the financialposition.

ii. The Company did not have any long term contracts including derivatives contract ;as such the question of commenting on any material foreseeable losses thereon does notarise.

iii. There has not been occasion in the case of the Company during the year underreport to transfer any sums to the investor Education and Protection Fund. The question ofdelay in transferring such sums does not arise

For B. T. VORA & CO.
CHARTERED ACCOUNTANTS
Place: Ahmedabad
Date: 30/05/2016
(B. T. VORA)
PROPRIETOR
Membership No. 13046
FR. No. 123652W

ANNEXURE A

The Annexure referred to in independent Auditor’s Report to the members of theCompany on the financial statement for the year ended 31st March2016

1. Fixed Assets:

a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. The same are not updated but it is inthe process of being updated.

b) As explained to us some of the fixed assets were physically verified by themanagement during the year at regular intervals. According to the information andexplanation given to us no materials discrepancies were noticed no such verification.

c) Company has no immovable property hence this is not applicable.

2. Inventories:

a) The inventory has been physically verified during the year at year - end by themanagement. In our opinion the frequency of verification is reasonable.

3. Loan granted:

a) In our opinion the company has not granted any loans secured or unsecured tocompanies firms or other parties listed in the Register maintained U/s. 189 of theCompanies Act.

b) The company has not granted any loans to parties listed in register U/s 189 hencequestion of receipt of principal amount and interest does not arise.

c) In view of above facts the question of terms and condition prejudicial to theinterest of the company does not arise.

d) In view of above facts the question of overdue does not arise.

4. Loans Investments Guarantees and Securities:

The Company has made loan and investment during the year ended 31st march2016 which isin contravention of section 186(2) and 186(7) which is reported as under

Non-compliance of Section 186 Name of the Company/Party Amount Involved Balance as at Balance Shet Date Remarks
1. Loan given or guarantee given or security provided Exceeding the limits without prior approval by means of a special resolution To investment In Associate and Loan to Associate and various Parties 369383419 369383419 Exceeds the limit By Rs.46023531
2 Loan given at rate of interest lower than prescribed Loan to Associate and various Parties 60272619 60272619 Interest free loan Given

5. Public Deposit:

In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits from the public. Therefore the provision of theclause 3(V) of the order are not applicable to the company.

6. Cost Records:

To the best of our knowledge and according to information given to us the centralgovernment has not prescribed maintenance of cost records U/s. 148(1) of the CompaniesAct in respect of the activities carried on by the company.

7. Statutory Dues:

a) According to the records of the Company & explanation and information providedundisputed statutory dues including Provident Funds Investor Education and Income TaxSales Tax Custom Duty Excise Duty and other statutory dues have been generally regularlydeposited with the appropriate authorities. According to the information and explanationsgiven to us no undisputed amounts payable in respect of the statutory dues outstanding ason 31st March 2016 for a period of more than six months from the date of becomingpayable. b) According to information and explanation given to us and as reported by themanagement there is no disputed dues of Sales – Tax which is not deposited.

8. Repayment default:

Based on our audit procedures and according to the information and explanation given tous we are of the opinion that the company has not defaulted in repayment of dues tofinancial institution banks.

9. Money Raised by way of Initial Public Offer :

The company has applied money raised by way of initial public offer for the purpose forwhich those are raised.

10. Fraud:

To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the company was noticed or reported during theyear.

11. Managerial Remuneration :

The company has not paid any managerial remuneration hence question of contravention ofsection 197 does not arise.

12. Nidhi companies :

In our opinion and according to the information and explanation given to us thecompany is not a Nidhi company. Accordingly Paragraph 3(xii) of the Order is notapplicable.

13.Related Party Transaction :

According to the information and explanation given to us and based on our examinationof the records of the company transactions with related parties are in compliance withsection 177 and 188 of the Act where applicable and details of such transaction have beendisclosed in the financial statements as required by the applicable accounting standard.

14.Preferential Allotment or private placement of Shares :

According to the information and explanation given to us and based on our examinationof the records of the company the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debenture during the year.

15.Non Cash Transactions :

According to the information and explanation given to us and based on our examinationof the records of the company the company has not entered into non-cash transaction withdirectors or persons connected with him. Accordingly paragraph 3(xv) of the Order is notapplicable.

16.Requirement of registration under RBI Act

The Company is not required under section 45-IA of the Reserve Bank of India Act 1934.

For B. T. VORA & CO.
CHARTERED ACCOUNTANTS
Place: Ahmedabad
Date: 30/05/2016
(B. T. VORA)
PROPRIETOR
Membership No. 13046
FR. No. 123652W

ANNEXURE B

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act2013 ("the Act")

We have audited the internal financial controls over financial reporting of SuncareTraders Limited ("the Company") as of March 31 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company’s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company’s internal financial controls system over financialreporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles.

A company's internal financial control over financial reporting includes those policiesand procedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorizations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorizedacquisition use or disposition of the company's assets that could have a material effecton the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

According to the information and explanations given to us and based on our audit thefollowing material weakness has been identified in the operating effectiveness of theCompany’s internal financial controls over financial reporting as at March 31 2016

A material weakness is deficiency in internal financial control over financialreporting such that there is a no control over entry level documentation validation andstandard operating system in operation and code of business control of the company hencethere is reasonable possibility that a material misstatement of the company's annual orinterim financial statements will not be prevented or detected on a timely basis.

We have considered the material weakness identified and reported above in determiningthe nature timing and extent of audit tests applied in our audit of the March 31 2016financial statements of the Company and the material weakness do not affect our opinionon the standalone financial statements of the Company.

In Our opinion the Company has except stated above an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31 2016 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For B. T. VORA & CO.
CHARTERED ACCOUNTANTS
Place: Ahmedabad
Date: 30/05/2016
(B. T. VORA)
PROPRIETOR
Membership No. 13046
FR. No. 123652W