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Suncare Traders Ltd.

BSE: 539526 Sector: Others
NSE: N.A. ISIN Code: INE452S01017
BSE LIVE 12:24 | 23 Nov 42.00 -2.00
(-4.55%)
OPEN

42.00

HIGH

42.00

LOW

42.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 42.00
PREVIOUS CLOSE 44.00
VOLUME 2000
52-Week high 63.25
52-Week low 39.60
P/E 155.56
Mkt Cap.(Rs cr) 24
Buy Price 40.50
Buy Qty 2000.00
Sell Price 42.00
Sell Qty 8000.00
OPEN 42.00
CLOSE 44.00
VOLUME 2000
52-Week high 63.25
52-Week low 39.60
P/E 155.56
Mkt Cap.(Rs cr) 24
Buy Price 40.50
Buy Qty 2000.00
Sell Price 42.00
Sell Qty 8000.00

Suncare Traders Ltd. (SUNCARETRADERS) - Auditors Report

Company auditors 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 2017 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 March2017 its Profit/Loss and its Cash Flow for the yearended on that date.

Report on Other Legal and Regulatory Requirements :

3. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of subsection (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.

4. 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 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director interms of Section 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 derivativescontract ; as such the question of commenting on any material foreseeable losses thereondoes not arise. iii. There has not been occasion in the case of the Company during theyear under report to transfer any sums to the investor Education and Protection Fund. Thequestion of delay in transferring such sums does not arise iv. The company has providedrequisite disclosures in its standalone financial statements as to holdings as well asdealings in Specified Bank Notes during the period from 8th November 2016 to 30thDecember 2016 and these are in accordance with the books of accounts maintained by thecompany.

For B. T. VORA & CO.
CHARTERED ACCOUNTANTS
(B. T. VORA)
PROPRIETOR
Place: Ahmedabad Membership No. 13046
Date: 30/05/2017 FR. No. 123652W

The Annexure referred to in independent Auditor’s Report to the members of theCompany on the financial statement for the year ended 31st March 2017

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 werephysically verified by the management during the year at regular intervals. According tothe information and explanation given to us no materials discrepancies were noticed nosuch 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:

In our opinion and according to the information and explanation given to us theCompany has in respect of loans investment guarantees and security provisions compliedwith Section 185 and 186 of the Companies Act2013 except as under.

Sr. No Non compliance of Section 186 Remarks
Name of the Company/Party Amount Involved Balance as at Balance Sheet Date
1 Loan given at rate of interest lower than prescribed Loan to various Parties 900000 900000 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 & explanationand information provided undisputed statutory dues including Provident Funds InvestorEducation and Income Tax Sales Tax Custom Duty Excise Duty and other statutory dueshave been generally regularly deposited with the appropriate authorities. According to theinformation and explanations given to us no undisputed amounts payable in respect of thestatutory dues outstanding as on 31st March 2017 for a period of morethan six months from the date of becoming payable. b) According to information andexplanation given to us and as reported by the management there is no disputed dues ofSales – 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 :

According to the information and explanation given to us and based on our examinationof the records of the company the company has not raised any money by way of InitialPublic offer during the year.

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 noncash 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 45IA of the Reserve Bank of India Act 1934.

Place: Ahmedabad For B. T. VORA & CO.
Date: 30/05/2017 CHARTERED ACCOUNTANTS
(B. T. VORA)
PROPRIETOR
Membership No. 13046
FR. No. 123652W

ANNEXURE B

Report on the Internal Financial Controls under Clause (i) of Subsection 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 2017 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 audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

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 financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on 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 2017

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 also notice that though every listed company should have Internal Auditor asper Section – 138 of Companies Act2013. T he company has appointed Internal Auditorfor the financial year 201617 but Internal Audit is not carried out during the year.

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 2017financial 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 2017 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 Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India.

For B. T. VORA & CO.
CHARTERED ACCOUNTANTS
(B. T. VORA)
PROPRIETOR
Place: Ahmedabad Membership No. 13046
Date: 30/05/2017 FR. No. 123652W