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Svarnim Trade Udyog Ltd.

BSE: 539911 Sector: Others
NSE: N.A. ISIN Code: INE730R01034
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Svarnim Trade Udyog Ltd. (SVARNIMTRDUD) - Auditors Report

Company auditors report

To

The Board of Directors

Svarnim Trade Udyog Limited

Mumbai.

We have reviewed the accompanying statement of audited financial results of SvarnimTrade Udyog Limited for the year ended March 31 2016. This statement is theresponsibility of the Company's Management and has been approved by the Board ofDirectors. Our responsibility is to issue a report on these financial statements based onour review.

We conducted our review in accordance with the Standard on Review Engagement (SRE)2400 Engagements to Review Financial Statements issued by the Institute of CharteredAccountants of India. This standard requires that we plan and perform the review to obtainmoderate assurance as to whether the financial statements are free of materialmisstatement. A review is limited primarily to inquiries of company personnel andanalytical procedures applied to financial data and thus provide less assurance than anaudit. We have not performed an audit and accordingly we do not express an audit opinion.

Based on our review conducted as above nothing has come to our attention that causesus to believe that the accompanying statement of unaudited financial results prepared inaccordance with applicable accounting standards and other recognized accounting practicesand policies has not disclosed the information required to be disclosed in terms ofRegulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 including the manner in which it is to be disclosed or that it contains any materialmisstatement.

Sd/-
Place: Mumbai For H.R Nampurwala & co
Date: 30.05.2016. Chartered Accountants
Firms Registration Number : 128938W

Annexure to the Auditors' Report

The Annexure referred to in our report to the members of Svarnim Trade Udvoa Limitedfor the year Ended on March 31 2016 We report that:

. Particulars Auditors Remark
(i) (a) whether the company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets; There are no Fixed Assets held by the Company during the year and at the end.
(b) whether these fixed assets have been physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so whether the same have been properly dealt with in the books of account; Not Applicable
(ii) (a) whether physical verification of inventory has been conducted at reasonable intervals by the management; As explained to us the stock of stores spare parts raw materials and finished goods have been physically verified by the management at regular intervals during the year.
(b) are the procedures of physical verification of inventory followed by the management reasonable and adequate in relation to the size of the company and the nature of its business. If not the inadequacies in such procedures should be reported; In our opinion and according to the information & explanations given to us the procedure of physical verification of stocks followed by the management are reasonable & adequate to the size of the company and the nature of its business.
(c) whether the company is maintaining proper records of inventory and whether any material discrepancies were noticed on physical verification and if so whether the same have been properly dealt with in the books of account; In our opinion & according to the information & explanations given to us and on the basis of our explanation to the records of inventory the company is maintaining proper records of its inventory. The discrepancies noticed on physical verification of stock store spare parts raw material and finished goods were not significant in relation to the operation of the Company and the same have been properly dealt with in the books of account.
(iii) (iii) whether the company has granted any loans secured or unsecured to companies firms or other parties covered in the register maintained under section 189 of the Companies Act- If so Company has not granted any loans secured or unsecured to companies firms or other parties covered in the register maintained under section 189 of the Companies Act.
(a) whether receipt of the principal amount and interest arc also regular; and Not Applicable
(b) if overdue amount is more than rupees one lakh whether reasonable steps have been taken by the company for recovery of the principal and Interest; Not Applicable
(iv) is there an adequate internal control system commensurate with the sire of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. Whether there is a continuing failure to correct major weaknesses in internal control system. in our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the site of the company and its nature of business for purchase of stores raw materials including components and for the sale of goods.
(v) in case the company has accepted deposits whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under where applicable have been complied with? If not the nature of contraventions should be stated; If an order has been passed by Company Law Board or National Company law Tribunal or Reserve Bank of India or any court or any other tribunal whether the same has been complied with or not? The company has not accepted 3ny public deposit. Hence the question of contravening the provision of sections 73 to 76 or other relevant provisions of the Companies Act and the rule framed thereunder does not arise.
(vi) where maintenance of cost records has been specified by the Central Government under subsection (1) of section 148 of the Companies Act whether such accounts and records have been made and maintained; The Central Government of India has not prescribed the maintenance of Cost Records under Section 148 of Companies Act for any of the services rendered by the company.
(vii) {a) is the company regular in depositing undisputed Statutory dues including provident fund employees' state insurance income-tax sales-tax wealth tax service tax duty of customs duty of excise value added tax cess and any other statutory dues with the appropriate authorities and if not the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period According to the information & explanations given to us and the records of the company examined by us the company is regular in depositing undisputed statutory dues of Income tax 8i sales tax etc
of more than six months from the date they became payable shall be indicated by the auditor.
(b) in case dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute then the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not constitute a dispute). According to the information and explanations given to us and the records of the company examined by us there are no disputed dues of Income tax. Wealth tax Service tax. Sales tax Custom Duty Excise Duty and Cess Matters.
(c) whether the amount required to be transferred to investor education and protection fund In accordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and rules made thereunder has been transferred to such fund within time. Company has not transferred any amount to investor education and protection fund during the year.
(vili) whether in case of a company which has been registered for a period not less than five years its accumulated losses at the end of the financial year are not less than fifty per cent of its net worth and whether it has incurred cash losses in such financial year and in the immediately preceding financial year; The company does not have accumulated losses as at the end of the financial year March 31 2016 Further the company has not incurred any cash losses during the financial year ended March 31 2016 and in the preceding financial year ended March 31 2015.
(ix) whether the company has defaulted in repayment of dues to a financial institution or bank or debenture holders? If yes the period and amount of default to be reported; According to the records of the company examined by us and the information and explanations given to us the company during the year has not defaulted in repayment of dues to financial institutions or banks.
(x) whether the company has given any guarantee for loans taken by others from bank or financial institutions the terms and conditions whereof are prejudicial to the interest of the company; In our opinion and according to the information & explanations given to us the company has not given any guarantee during the year for loans taken by others from banks or financial institutes.
(xi) whether term loans were applied for the purpose for which the loans were obtained; There are no Term Loans borrowed by the Company during the year
(xh) whether any fraud on or by the company has been noticed or reported during the year; If yes the nature and the amount involved is to be indicated. Based upon the audit procedures performed and information & explanations given by the management we report that no fraud on or
by the company has been noticed or reported during the course of our audit for the year ended March 312016

 

For H R. Nampurwaia & Co.
Chartered Accountants
Firm’s registration number: 128938W
Place - Mumbai
Date - 30th May 2016 Proprietor
Membership number: 128802