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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

The Annexure referred to in our report to the members of Svarnim Trade Udvog Limitedfor the year Ended on March 31 2017 we report that:

. Particulars Auditor Remark
(i) (a) whether the company is maintaining proper record showing full particulars including quantitative details and situation on 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 th 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 and explanations given to us the procedure of physical verification of stocks followed by the management are reasonable and adequate to the size of the company and the nature of in 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 books of accounts In our opinion & according to the information and explanation given to us and on the basis of our explanations to the records of inventory the company Is maintaining proper 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 the books of account.
(iii) Weather the company has any loans secures or unsecure 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 loan secure or unsecure to the companies or firms or other parties covered in the register maintained under the section 189 of company Act.
a) Weather receipt of the principal and interest also regular and; Not Applicable
b) If overdue amount is more than rupees one lakhs weather reasonable steps has been taken by the company for the recovery of the principal and interest; Not Applicable
(iv) Is there any adequate internal control system commensurate with the sizes of the company and the nature of its business for the purchase of the inventory and fixed assets and the sales of good and services; Weather there is a continuing failure to correct major weakness in the internal control system. In our option and according to the information and expiation given to us there are adequate internal control procedures commensurate with the side of the company and its nature of business for the purchase of the store raw materials including components and for the sales of good.
(v) In case the company has accepted the deposit weather the directives issued by the Reserve Bank of India and the provision of section 73 to 76 or any other relevant provision 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 any order has been passed by company law Board or National company law Tribunal or Reserve Bank of India or any court or any Tribunal weather the same has been complied with or not? The company has not accepted any public Deposit. Hence the question of contravening the provision of section 73 to 76 or other relevant provision of the companies Act and the rule framed thereunder does not arise.
(vi) Where maintenance of the cost records has been specified by the central Government under sub section (1) of the section 148 of the companies Act weather such accounts and records has been made and maintained. The central Government 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 According to the information & explanations given to us and the records of the company examined by us the company is regular in' the depositing

 

wealth tax services tax duty of customs duty of excise valued added tax cess and any other statutory duties with the appropriate authorities and if not the extended of the arrears of outstanding statutory due as at the last day of the financial concerned of the period of more than six month from the date they became payable shall be included by the auditor. undisputed statutory due of the income tax and sales tax etc.
(b) In case dues of income tax or sales tax or wealth tax or services tax or duty of customs duty of excise or valued added tax or cess have not been deposited on account of any dispute than the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concern Department shall not constitute a dispute). According to the information and explanation given to us and the records of the company examined by us there are no disputes due of income tax wealth tax service tax sales tax custom Duty excise Duty and cess Matters.
(c) Weather the amount required to be transferred to investor education and protection fund in accordance with the relevant provision of the company Act 1956 (1 of 1956) and rules made thereunder has been transferred to such fund within time. Company has not transferred any amount to the investor education and protection fund during the year.
(viii) Weather in case of a company which has been register for a period not less than five years its accumulated at the end of the financial year are not less than fifty per cent of its net worth and weather it has incurred cash losses in such financial losses and in the immediately preceding financial year; The company does not accumulated losses as the end of the financial year March 312017 further the company has not incurred any cash losses during the financial year ended March 312017 and in the preceding financial year ended March 312016
(ix) Weather the company has defaulted in repayments of dues to a financial institute or Banks or debenture holder? 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 explanation given to us the company during the year has not defaulted in the repayment of dues to financial institution or Banks.
(x) Weather the company has given the any guarantee for loans taken from other Bank or financial institution the term and condition thereof are prejudicial to the interest of the company; In our opinion and according to information and 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) Weather terms loans were applied for the purpose for which the loan were obtained; There are no terms loans borrowed by the company during the year.
(Xii) Weather any fraud on or by the company has been noticed or reported during the year; if yes then the nature and the amount involved is to be indicated. Based on the adult 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 312017

Date: 30.05.2017 Place: Mumbai

For H.R Nampurwala & Co
Chartered Accountants
Firm ReeistratioiVNoumber 128938W

Proprietor

Membership No. 128802