Sunrise Industrial Traders Ltd.
|BSE: 501110||Sector: Financials|
|NSE: N.A.||ISIN Code: N.A.|
|BSE 15:04 | 12 Jun||Sunrise Industrial Traders Ltd|
|NSE 05:30 | 01 Jan||Sunrise Industrial Traders Ltd|
|BSE: 501110||Sector: Financials|
|NSE: N.A.||ISIN Code: N.A.|
|BSE 15:04 | 12 Jun||Sunrise Industrial Traders Ltd|
|NSE 05:30 | 01 Jan||Sunrise Industrial Traders Ltd|
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 31 2017the Statement of Profit and Loss and the Cash Flow Statement for the year ended and asummary of 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the companyand for preventing and detecting frauds and other irregularities selection andapplication of appropriate accounting policies making judgments and estimates that arereasonable and prudent and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due 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 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 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 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 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'sDirectors as 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 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 31stMarch 2016 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) Order 2016 ("the Order'')issued by the Central Government of
India in exercise of powers conferred by sub-section 11 of section 143 of the Act wegive in the "Annexure A" attached hereto our comments on the mattersspecified in the paragraphs 3 and 4 of the said Order.
2. As required by sub-section 3 of Section 143 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 purposes of our audit. (b) In ouropinion proper books of account as required by law have been kept by the Company so faras it appears from our examination of those books (c) The Balance Sheet the Statement ofProfit and Loss and the Cash Flow Statement dealt with by this Report are in agreementwith the books of account. (d) In our opinion the aforesaid financial statements complywith the Accounting Standards specified under Section 133 of the Act read with Rule 7 ofthe Companies (Account) Rules 2014. (e) On the basis of the written representationsreceived from the directors as on 31st March 2017 taken on record by the Board ofDirectors none of the directors is disqualified as on 31st March 2017 from beingappointed as a director in terms section 164 (2) of the Companies Act 2013. (f) Withrespect to the adequacy of the internal financial controls over financial reporting of thecompany and the operating effectiveness of such controls refer to our separate report in "AnnexureB" 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) Rules 2014 in our opinion and to the best of our information andaccording to the explanations given to us:
1. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements. 2. The Company did not have any long-termcontracts including derivative contracts for which there were any material foreseeablelosses. 3. As at the year end there were no amounts required to be transferred to theInvestor Education 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 MARCH 2017 WE REPORT THAT:
1. a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. b. As explained to us the Company hasa phased program for physical verification of the fixed assets of the company. In ouropinion the frequency of verification is reasonable considering the size of the Company.No material discrepancies were noticed on such verification carried on during the year ascompared with the available records. c. According to the information and explanation givento us and on the basis of our examination of the records of the Company the title deedsof immovable properties are held in the name of the company. 2. The securities held asinventory have been verified from the statement of holding from the depositoryparticipants and by physical verification of the share certificates in case of inventoryheld in physical form by the management during the year/at the year end. In our opinionthe frequency of verification is reasonable.
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 thenature of its business.
3. According to the information and explanation given to us the Company's has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties listed in the register maintained under section 189 of theCompanies Act 2013 and hence sub clause (a) (b) (c) are not applicable.
4. In our opinion and according to the information and explanation given to usSection 185 & 186 of the Companies Act2013 is not applicable since the company hasnot provided / given any loan investments guarantees 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 us the maintenance of costrecords has not been prescribed/ specified by the Central Government under sub-section 1of Section 148 of the Companies Act 2013 for any of the services rendered by the company.
7.1 The company is generally regular in depositing undisputed statutory dues includingprovident fund employees state insurance income tax sales tax wealth tax service taxduty of customs duty of excise value added tax cess and any other statutory dues withthe appropriate authorities and we have been informed that there are no arrears ofoutstanding statutory dues as at the last day of the financial year under audit for aperiod of more than six months from the date they became payable.
7.2 Details of the particulars of dues of income-tax as at 31st March2017which have not been deposited on account of a disputes are as follows:
8. The Company does not have any loans or borrowings from any financial institutionsbanks government or debenture holder during the year. Accordingly paragraph 3(viii) ofthe order is not applicable.
9. The company has not raised any money by way of Initial public offer or furtherpublic offer (Including debt instrument) and term loans during the year. Accordinglyparagraph 3(ix) of the order is not applicable.
10. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the Company its officers or employees noticed or reportedduring the period nor 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 Company we 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 us the provisions of anySpecial Statute applicable to Nidhi Companies are not applicable to the Company theprovisions 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 records all the transactions with related parties are in compliancewith section 177 and 188 of the Companies Act 2013 and all the details have beendisclosed in 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 company is registered under section 45-IA of theReserve Bank of India Act 1934.
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 Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of SUNRISEINDUSTRIAL TRADERS LIMITED. ("the Company") as of March 31 2017 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 design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.
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 to be prescribed under section 143(10) of the Companies Act2013 to the extent applicable to an audit of internal financial controls both applicableto an audit of Internal Financial Controls and both issued by the Institute of
Chartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.
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 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 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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.
In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over
Financial Reporting issued by the Institute of Chartered Accountants of India".