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Sunraj Diamond Exports Ltd.

BSE: 523425 Sector: Consumer
NSE: N.A. ISIN Code: INE459D01014
BSE LIVE 15:14 | 15 May Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 3.84
PREVIOUS CLOSE 4.04
VOLUME 50
52-Week high 6.65
52-Week low 3.84
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 3.84
Sell Qty 150.00
OPEN 3.84
CLOSE 4.04
VOLUME 50
52-Week high 6.65
52-Week low 3.84
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 3.84
Sell Qty 150.00

Sunraj Diamond Exports Ltd. (SUNRAJDIAMOND) - Auditors Report

Company auditors report

To the Members of SUNRAJ DIAMOND EXPORTS LIMITED

Report on the Financial Statements

1. We have audited the accompanying financial statements of Sunraj Diamond ExportsLimited ("the Company") which comprise the Balance Sheet as at March 312015 and the Statement of Profit and Loss and Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. The preparation of these financial statements such that they give a true and fairview on the financial position financial performance of the Company in accordance withthe Accounting Standards referred to in section 133 of the Companies Act 1956 read withrule 7 of the Companies (Accounts) Rules 2014 and in accordance with the accountingprinciples generally accepted in India are the responsibility of the Company'smanagement. This responsibility also include maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrol that are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error. .

Auditors’ Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit. We conducted our audit in accordance with the Standards on Auditing issued bythe Institute of Chartered Accountants of India. Those Standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.

4. We have conducted our audit in accordance with the Standards on Auditing specifiedunder section 143(10) of the Act. These standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free of material misstatement

5. An audit involves performing procedures to obtain audit evidence about the amountsand 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 control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriatenessof accounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements.

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

Opinion

7. 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 at March31 2015;

b) in the case of the Profit and Loss Account of the profit for the year ended on thatdate; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

8. As required under the Companies (Auditors' Report) Order 2015 issued by the CompanyLaw Board in terms with section 143(11) of the Companies Act 2013 we give below astatement on the matters specified in the paragraph 3 and 4 of the said Order.

9. As required u/s. 143(3) of the Companies’ Act 2013 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

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 Statement of Profit and Loss Account and Balance Sheet complywith the Accounting Standards referred to in section 133 of the Act read with rule 7 ofthe Companies (Accounts) Rules 2014;

e) On the basis of the written representations received from the directors as on 31stMarch 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as director in terms of section164 (2) of the Act.

For Bhupendra Shroff & Co.
Chartered Accountants
FRN: 101478W
B. N. Shroff
Mumbai Partner
Date: 29th May 2015. Membership No. 5039

The Annexure referred to in paragraph 8 of the Our Report of even date to the membersof Sunraj Diamond Exports Limited on the accounts of the company for the year ended 31stMarch 2015.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

1. Fixed Assets

(a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) As explained to us fixed assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us nofixed asset has been disposed during the year and therefore does not affect the goingconcern assumption.

2. Inventories

(a) As explained to us inventories have been physically verified during the year bythe management at reasonable intervals.

(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) In our opinion and on the basis of our examination of the records the Company isgenerally maintaining proper records of its inventories. No material discrepancy wasnoticed on physical verification of stocks by the management as compared to book records.

3. Loans and Advances granted / taken from certain entities

(a) According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties listed in the register maintained underSection 189 of the Companies Act 2013. Consequently the provisions of clauses iii (b)iii(c) and iii (d) of the order are not applicable to the Company.

(b) According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has taken loans from companies firms orother parties listed in the register maintained under Section 189 of the Companies Act2013. However the rate of interest & other terms & conditions of loans are notprima facie prejudicial to the interest of the Company.

(c) The Company is regular in payment of principal amount and interest as stipulated.There are no overdue amounts payables by the company.

4. Internal Control System

(a) In our opinion and according to the information and explanations given to us thereis generally an adequate internal control procedure commensurate with the size of thecompany and the nature of its business for the purchase of inventories & fixed assetsand payment for expenses & for sale of goods. During the course of our audit no majorinstance of continuing failure to correct any weaknesses in the internal ccmtrols has beennoticed.

5. Public Deposits

The Company has not accepted any deposits as defined u/s. 2(31) of the Companies Act2013 therefore the issue of the Company following the directives issued by the ReserveBank of India and provision of section 73 to 76 or any other relevant provisions of theCompanies Act 2013 and the rules framed there under is not applicable. Because there isno contravention by the Company the nature of contravention in not reported. The CompanyLaw Board or National Company Law Tribunal or Reserve Bank of India or any court or anytribunal has not passed any order or directive there for the issue of its compliance isnot applicable

6. Cost Records

We have broadly reviewed the Cost Accounting records maintained by the Company pursuantto the Rules made by the Central Government for maintenance of Cost Records under section148 (1)) of the Companies Act 2013 and are of the opinion that prima facie theprescribed accounts and records have generally been made and maintained. However we havenot made a detailed examination of the records.

7. Statutory Dues

(a) According to the records of the company undisputed statutory dues includingProvident Fund Investor Education and Protection Fund Employees' State InsuranceIncome-tea Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty cess to theextent applicable and any other statutory dues have generally been regularly depositedwith the appropriate authorities. According to the information and explanations given tous there were no outstanding statutory dues as on 31st of March 2015 for a period of morethan six months from the date they became payable.

(b) According to the information and explanations given to us there is no amountspayable in respect of income tax wealth tax service tax sales tax customs duty andexcise duty which have not been deposited on account of any disputes except the following:

Nature of Tax Liability Amount (Rs.) Nature of Dispute / Forum Where the dispute is pending
Income Tax A. Y. 2002-03 886480 Assessing Officer as the same was set aside by CIT (Appeals)

(c) The Company is not required to transfer any amount to investor education andprotection fund in accordance with the relevant provisions of the Companies Act 2013 andrules made there under hence clause (vii)(c) is not applicable.

8. Accumulated Losses

The Company does not have any accumulated loss and has not incurred cash loss duringthe financial year covered by our audit and in the immediately preceding financial year.

9. Dues to Financial Institutions Banks and Debenture holders

Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution bank or debenture holders.

10. Guarantees given

According to the information and explanations given to us the Company has not givenany guarantees for loan taken by others from a bank or financial institution hence theissue of the terms and conditions thereof being prejudicial to the interest of the Companyis not applicable.

11. Term Loans

Based on our audit procedures and on the information given by the management we reportthat the company has not raised any term loans during the year.

12. Frauds Noticed

Based on the audit procedures performed and the information and explanations given tous we report that no fraud on or by the Company has been noticed or reported during theyear nor have we been informed of such case by the management.

For Bhupendra Shroff & Co.
Chartered Accountants
FRN: 101478W
B. N. Shroff
Mumbai Partner
Date: 29th May 2015. Membership No. 5039