You are here » Home » Companies » Company Overview » Sunil Industries Ltd

Sunil Industries Ltd.

BSE: 521232 Sector: Industrials
NSE: N.A. ISIN Code: INE124M01015
BSE LIVE 09:40 | 16 Oct 28.50 -1.45
(-4.84%)
OPEN

28.50

HIGH

28.50

LOW

28.50

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 28.50
PREVIOUS CLOSE 29.95
VOLUME 100
52-Week high 40.95
52-Week low 26.85
P/E 7.81
Mkt Cap.(Rs cr) 12
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 28.50
CLOSE 29.95
VOLUME 100
52-Week high 40.95
52-Week low 26.85
P/E 7.81
Mkt Cap.(Rs cr) 12
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sunil Industries Ltd. (SUNILINDS) - Auditors Report

Company auditors report

To

The Members of

Sunil Industries Limited

Report on the Financial Statement

We have audited the accompanying standalone financial statements of Sunil IndustriesLimited which comprise the Balance Sheet as at March 312015 and the Statement of Profitand Loss and Cash Flow Statement for the year then ended and a summary of significantaccounting 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 andpresentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records 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 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 thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures 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 to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2015

(b) in the case of Statement of Profit and Loss of the Profit for the year ended onthat date and

(c) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2015 ("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 statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

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

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 law have been kept by theCompany so far as appears from our examination of those books [and proper returns adequatefor the purposes of our audit have been received from branches not visited by us];

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 Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards referred to in section read with Rule 7 ofthe Companies (Accounts) Rules 2014;

e. On the basis of written representations received from the directors as on March 312015 and 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 section 164(2) oftheAct; and

f. 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:

i. the Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer note 2.19 to the financial statements;

ii. the Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses; and

iii. There were no amounts which were required to be transferred to the Investoreducation and protection fund by the Company.

For V.K. BESWAL & ASSOCIATES
Chartered Accountants
FIRM REGN NO 101083W
PLACE : Mumbai CA V.K.BESWAL
DATED : 30.05.2015 Partner
Membership Number: 030426

ANNEXURE TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE

(Referred to in paragraph 3 thereof)

i. a) the company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

b) the fixed assets have been physically verified by the management during the year. Weare informed that no material discrepancies were noticed by the management on suchverification;

ii) In respect of inventories:

a) as explained to us physical verification of inventory has been conducted during theyear by the management at reasonable intervals;

b) in our opinion the procedures of physical verification of inventory followed by themanagement are reasonable and adequate in relation to the size of the company and natureof its business;

c) in our opinion and according to the information and explanation given to us theCompany is maintaining proper records of its inventory and no material discrepancies werenoticed on physical verification.

iii) The company has not granted any loans secured or unsecured to the companiesfirms or other parties covered in the register maintained under Section 189 of thecompanies Act 2013.

iv) 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 and thenature of its business for the purchase of inventory and fixed assets and for the sale ofgoods and services. During the course of the audit we have not observed any continuingfailure to correct any major weakness in internal control.

v) In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits covered under section 73 to 76 or any other relevantprovisions of the Companies Act and hence the question of contravention of the provisionsthereof does not arise.

vi) We have broadly reviewed the books of account maintained by the company in respectof products where pursuant to the Rules made by the Central Government of India themaintenance of cost records has been prescribed under subsection ? of Section 148 of theCompanies Act and are of the opinion that Prima facie the prescribed accounts andrecords have been made and maintained. We have not however made a detailed examinationsof records with a view to determine whether they are accurate or complete.

vii) According to the information and explanation given to us in respect of statutoryand other dues:

a) the company has been regular in depositing undisputed statutory dues includingProvident Fund Employees State Insurance Scheme Income Tax Sales Tax Excise Duty andany other statutory dues with appropriate authorities where applicable. As explained tous the company did not have any dues on account of investor education and protectionfund wealth tax cess and customs duty.

b) the following dues have not been deposited by the company on account of disputes:

S. No. Name of the Statute Amount (In Lacs) Forum where dispute is pending
i) Central Excise Duty 211.98 Adjudication
ii) Central Excise Duty (Payment made under protest Rs. 20 Lakhs) 238.26 Central Excise Appellate Tribunal (CEGAT)
iii) Custom Duty 336.00 Appellate Tribunal (CESTAT)
iv) TNVAT 7.04 The Appellate Deputy Commissioner (CT)

c) There are no amount due of the company to be transferred to Investor education andprotection fund in accordance with relevant provisions of the Companies Act 1956 (1 of1956) and rules made there under.

viii) The company has no accumulated losses at the end of the year under review. Thecompany has not incurred cash losses during the year under review and in the immediatelypreceding previous year.

ix) The company has not defaulted in repayment of loan taken from banks and financialinstitutions. Since the company has not taken loan by way of debentures the question ofdefault therein does not arise.

x) According to the information and explanations given to us the Company has not givenany guarantee for loan taken by others from banks or financial institutions.

xi) According to the records of the Company the Company has applied the term loans forthe purposes of which it was taken during the year.

xii) According to the information and explanations given to us no fraud on or by theCompany have been noticed or reported during the financial year under review.

For V.K. BESWAL & ASSOCIATES
Chartered Accountants
FIRM REGN NO 101083W
PLACE : Mumbai CA V.K. BESWAL
DATED : 30.05.2015 Partner
Membership Number: 030426