Sunrise Industrial Traders Ltd.
|BSE: 501110||Sector: Financials|
|NSE: N.A.||ISIN Code: N.A.|
|BSE 15:04 | 12 Jun||Stock Is Not Traded.|
|NSE 05:30 | 01 Jan||Stock Is Not Traded.|
|BSE: 501110||Sector: Financials|
|NSE: N.A.||ISIN Code: N.A.|
|BSE 15:04 | 12 Jun||Stock Is Not Traded.|
|NSE 05:30 | 01 Jan||Stock Is Not Traded.|
To The Members of
Sunrise Industrial Traders Limited.
Report on Financial Statements
We have audited the accompanying financial statements of SUNRISE INDUSTRIAL TRADERSLIMITED.(the "Company")which comprise the Balance Sheet as at March 312016theStatement of Profit and Loss and the Cash Flow Statement for the year 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 Act2013 ("the Act") with respect to the preparation andpresentation of these financial statements that give a true and fair view of the financialpositionfinancial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in Indiaincluding the Accounting Standardsspecified under section 133 of the Actread with Rule 7 of the Companies (Accounts)Rules2014.This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the companyand for preventing and detecting frauds and other irregularitiesselection and applicationof appropriate accounting policiesmaking judgments and estimates that are reasonable andprudentand designimplementation and maintenance of adequate internal financialcontrolsthat were operating effectively for ensuring the accuracy and completeness of theaccounting recordsrelevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatementwhetherdue to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit.
We have taken into account the provisions of the Actthe 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 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 judgmentincluding the assessment of the risks of material misstatement of thefinancial statementswhether due to fraud or error.In making those risk assessmentstheauditor 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 circumstancesbut not for the purpose of expressing an opinionon whether the company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls of the entity'sinternal control.An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectorsas well 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.
In our opinion and to the best of our information and according to the explanationsgiven to usthe aforesaid financial statements give the information required by the Act inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in Indiaof the state of affairs of the Company as at 31stMarch2016 and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1.As required by the Companies (Auditor's Report) Order2016 ("the Order'') issuedby the Central Government of Indiain exercise of powers conferred by sub-section 11 ofsection 143 of the Actwe give in the "Annexure A" attached hereto our commentson the matters specified in the paragraphs 3 and 4 of the said Order.
2.As required by sub-section 3 of Section 143 of the Actwe 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 purposes of our audit.
(b) In our opinionproper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books
(c) The Balance Sheetthe Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.
(d) In our opinionthe aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Actread with Rule 7 of the Companies(Account) Rules2014.
(e) On the basis of the written representations received from the directors as on 31stMarch2016 taken on record by the Board of Directorsnone of the directors is disqualifiedas on 31st March2016 from being appointed as a director in terms section 164 (2) of theCompanies Act2013.
(f) With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controlsrefer to ourseparate report in "Annexure B"and
(g) With respect to the matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules2014in our opinion and to thebest of our information and according to the explanations given to us:
1.The Company has disclosed the impact of pending litigations on its financial positionin its financial statements.
2.The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
3.As at the year endthere were no amounts required to be transferredto the InvestorEducation and Protection Fund by the Company.
THE ANNEXURE A REFERRED TO IN INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THECOMPANY ON THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH2016WE REPORT THAT:
1.a.The Company has maintained proper recordsshowing full particulars includingquantitative details and situation of fixed assets.
b.As explained to us the Company has a phased program for physical verification of thefixed assets of the company.In our opinionthe frequency of verification isreasonableconsidering the size of the Company.No material discrepancies were noticed onsuch verification carried on during the yearas compared with the available records.
c.According to the information and explanation given to us and on the basis of ourexamination of the records of the Companythe title deeds of immovable properties are heldin the name of the company.
2.The securities held as inventory have been verified from the statement of holdingfrom the depository participants and by physical verification of the share certificates incase of inventory held in physical formby the management during the year/at the yearend.In our opinionthe frequency of verification is reasonable.
In our opinionthe procedures of physical verification of inventory followed by theManagement are reasonable and adequate in relation to the size of the Company and thenature of its business.
3.According to the information and explanation given to usthe Company's has notgranted any loanssecured or unsecuredto companiesfirmsLimited Liability Partnershipsor other parties listed in the register maintained under section 189 of the Companies Act2013 and hence sub clause (a) (b) (c) are not applicable.
4.In our opinion and according to the information and explanation given to usSection185 & 186 of the Companies Act2013 is not applicablesince the company has notprovided / given any loan investmentsguarantees and security during the year.
5.The company has not accepted any deposits from the public in accordance with theprovisions of sections 73 to 76 of the Act and the Rules framed there under.
6.According to information and explanation given to usthe maintenance of cost recordshas not been prescribed/ specified by the Central Government under sub-section 1 ofSection 148 of the Companies Act 2013for any of the services rendered by the company.
7.1 The company is generally regular in depositing undisputed statutory dues includingprovident fundemployees state insuranceincome taxsales taxwealth taxservice taxdutyof customsduty of excisevalue added taxcess and any other statutory dues with theappropriate authorities and we have been informed that there are no arrears of outstandingstatutory dues as at the last day of the financial year under audit for a period of morethan six months from the date they became payable.
7.2 Details of the particulars of dues of income-tax as at 31st March2016which have not been deposited on account of a disputesare as follows:
8.The Company does not have any loans or borrowings from any financialinstitutionsbanksgovernment or debenture holder during the year.Accordinglyparagraph3(viii) of the order is not applicable.
9.The company has not raised any money by way of Initial public offer or further publicoffer (Including debt instrument) and term loans during the year.Accordinglyparagraph3(ix) of the order is not applicable.
10.During the course of our examination of the books and records of the Companycarriedout in accordance with the generally accepted auditing practices in Indiaand according tothe information and explanations given to uswe have neither come across any instance offraud on or by the Companyits officers or employeesnoticed or reported during theperiodnor have we been informed of such case by the management.
11.According to the information and explanation given to us and based on ourexamination of the books and records of the Companywe are of the opinion that themanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.
12.According to the information and explanation given to usthe provisions of anySpecial Statute applicable to Nidhi Companies are not applicable to the Companytheprovisions of this clause are not applicable to the Company.
13.According to the information and explanation given to us and based on ourexamination of the recordsall the transactions with related parties are in compliancewith section 177 and 188 of the Companies Act2013 and all the details have been disclosedin the financial statements as per Accounting Standard-18.
14.According to the information and explanation given to us and based on ourexamination of the records of the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the periodunder review.
15.According to the information and explanation given to us and based on ourexamination of the records of the Company has not entered into any non-cash transactionsduring the period with directors or persons connected with him.
16.The Company being an investment companyis registered under section 45-IA of theReserve Bank of India Act1934.
ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTSOF SUNRISE INDUSTRIAL TRADERS LIMITED.
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 SUNRISEINDUSTRIAL TRADERS LIMITED.("the Company") as of March 312016 in conjunctionwith our audit of the financial statements of the Company for the year ended on that date.
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 ("ICAI") Theseresponsibilities include the designimplementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its businessincluding adherence to company's policiesthe safeguarding of itsassetsthe prevention and detection of frauds and errorsthe accuracy and completeness ofthe accounting recordsand the timely preparation of reliable financial informationasrequired under the Companies Act2013.
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 Auditingissued by ICAI and deemed tobe prescribed under section 143(10) of the Companies Act2013to the extent applicable toan audit of internal financial controlsboth applicable to an audit of Internal FinancialControls andboth issued by the Institute of Chartered Accountants of India.ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 financialreportingassessing the risk that a material weakness existsand testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk.Theprocedures selected depend on the auditor's judgmentincluding the assessment of the risksof material misstatement of the financial statementswhether 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 controls systemover 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 thatin reasonable detailaccurately 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 principlesand that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisitionuseor 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 financialreportingincluding the possibility of collusion or improper management override ofcontrolsmaterial misstatements due to error or fraud may occur and not bedetected.Alsoprojections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsorthat the degree of compliance with the policies or procedures may deteriorate.
In our opinionthe Company hasin all material respectsan adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 312016based 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 R.A.RAJANI & Co.FRN - 114606W Chartered Accountants
Mumbai: 28th May2016