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Suncity Synthetics Ltd.

BSE: 530795 Sector: Industrials
NSE: N.A. ISIN Code: INE584D01019
BSE LIVE 13:52 | 19 Sep 12.40 -0.25
(-1.98%)
OPEN

12.40

HIGH

12.40

LOW

12.40

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 12.40
PREVIOUS CLOSE 12.65
VOLUME 10
52-Week high 12.70
52-Week low 6.18
P/E 42.76
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 12.40
Sell Qty 90.00
OPEN 12.40
CLOSE 12.65
VOLUME 10
52-Week high 12.70
52-Week low 6.18
P/E 42.76
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 12.40
Sell Qty 90.00

Suncity Synthetics Ltd. (SUNCITYSYNTH) - Auditors Report

Company auditors report

TO THE MEMBERS OF SUNCITY SYNTHETICS LIMITED

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of SUNCITY SYNTHETICS LIMITED("the Company") which comprise the Balance Sheet as at March 31 2015 theProfit and Loss Statement the Cash Flow Statement for the year then ended and a summaryof significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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.

AUDITORS' 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 accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatements. An audit involves performing procedures to obtain audit evidence about theamounts and disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's directors as well as evaluating theoverall presentation of the financial statements. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe 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 of the state of affairs of the Company as at March31 2015 and its profit and its cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

As required by Section 143(3) of the Act we report that:

1. 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;

2. In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

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

4. 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;

5. On the basis of the written representations received from the directors as on March31 2015 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164 (2) ofthe Act.

6. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

a. There were no amount which were required to be transferred to the investor Educationand Protection Funds by the company.

For N. Kumbhat & Co.
Chartered Accountants
(FRN: 113451W)
CA. Mukesh Khaitan
Date: 28.07.2015 Partner
Place: Surat Mem: 402824

To the members of SUNCITY SYNTHETICS LIMITED

We refer to our report on the financial statements of SUNCITY SYNTHETICS LIMITED (thecompany) for the year ended on March 31 2015.

In respect of its 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 in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and nature of its assets. No material discrepancies werenoticed on such physical verification.

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 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) The Company has maintained proper records of inventories. As per the informationand explanation given to us no material discrepancies were noticed on physicalverification.

In respect of the loans secured or unsecured granted by the Company to companiesfirms or other parties covered in the register maintained under Section 189 of theCompanies Act 2013: (a) The principal amounts are repayable over varying periods uptofive years while the interest is payable annually both at the discretion of the Company.

(b) In respect of the said loans and interest thereon there are no overdue amounts.

In our opinion and according to the information and explanations given to us theCompany has an adequate internal control system commensurate with its size and the natureof its business for the purchase of inventory and fixed assets and for the sale of goodsand services. During the course of our audit we have not observed any continuing failureto correct major weaknesses in such internal control system.

According to the information and explanations given to us the Company has not acceptedany deposit from the public. Therefore the provisions of Clause (v) of paragraph 3 of theCARO 2015 are not applicable to the Company.

We have broadly reviewed the cost records maintained by the Company pursuant to theCompanies (Cost Records and Audit) Rules 2014 prescribed by the Central Government underSection 148(1)(d) of the Companies Act 2013 and are of the opinion that prima facie theprescribed accounts and cost records have been maintained. We have however not made adetailed examination of the cost records with a view to determine whether they areaccurate or complete.

In respect of statutory dues:

(a) Statutory dues including Provident Fund Employees' State Insurance Income TaxSales Tax Wealth Tax Service Tax duty of Customs Duty of Excise Value Added Tax Cessand other material statutory dues have been generally regularly deposited with theappropriate authorities. According to the information and explanations given to us noundisputed amounts payable in respect of the aforesaid dues were outstanding as at March31 2015 for a period of more than six months from the date of becoming payable.

(b) Details of dues of Income Tax Sales Tax Wealth Tax Service Tax duty of CustomsDuty of Excise Value Added Tax Cess which have not been deposited as on March 31 2015on account of disputes are given below:

Sr. Name of the statute Nature of dues Amount (in lakhs) Period Authrity
1.
2. NIL

(c) According to the records of the Company there are no amounts that are due to betransferred to the Investor Education and Protection Fund in accordance with the relevantprovisions of the Companies Act 1956 (1 of 1956) and rules made thereunder.

The Company has no accumulated losses at the end of the financial year. The Company hasnot incurred cash losses during the financial year covered by the audit and in theimmediately preceding financial year.

Based on our audit procedures and according to the information and explanations givento us we are of the opinion that the Company has not defaulted in repayment of dues tofinancial institutions banks and debenture holders.

As informed by the directors the Company has not given guarantees for loans taken byothers from banks and financial institutions.

The Company has raised new term loans during the year. The term loans outstanding atthe beginning of the year and those raised during the year have been applied for thepurposes for which they were raised.

In our opinion and according to the information and explanations given to us no fraudby the Company and no material fraud on the Company has been noticed or reported duringthe year.

For N. Kumbhat & Co.
Chartered Accountants
(FRN: 113451W)
CA. Mukesh Khaitan
Date: 28.07.2015 Partner
Place: Surat Mem: 402824