To The Members
M/s SYSCO INDUSTRIES LIMITED SURAT
Report on the Financial Statements
We have audited the accompanying financial statements of SYSCO INDUSTRIES LIMITEDwhich comprise the Balance Sheet as at 31st March 2017 the statement ofProfit and Loss and the Cash Flow Statement for the period then ended a summary ofsignificant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Company's Board of Directors is responsible for The Matters in Sec. 134(5) of TheCompanies Act 2013 with Respect to the Preparation of these standalone financialStatement give a true and fair view of financial position financial performance and cashflows of the company in accordance with the accounting principles generally accepted inIndia including the accounting standards specified under section 133 of the act readwith Rule 7 of the companies (Accounts) Rules 2014. This responsibility also includes themaintenance of adequate accounting record in accordance with the provision of the act forsafeguarding of the asset of the company and for preventing and detecting the frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of internal financial control that were operating effectively for ensuringthe accuracy and completeness of the accounting records relevant to the preparation andfair presentation of the financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.
We have taken into account the provision of the Act The accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of act and rules made their 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 ethicalrequirement 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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sJudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders 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. An audit also includes evaluating theappropriateness of accounting policies use and the reasonableness of the accountingestimates made by the Company's directors as well as evaluating the overall presentationof the standalone 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 standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India of the state ofaffairs of the company as at 31st March 2017 and its profits and it's cashflows for the period ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) 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 our opinion proper books of account as required by law have been kept by theCompany so far as appears as it appears from our examination of those books;
c) The Balance Sheet Profit Loss statement and the Cash Flow Statement dealt with bythis report are in agreement with the books of account;
d) In our opinion the aforesaid standalone financial statements comply with theaccounting standards specified
under section 133 of the act read with rule 7 of the companies (Accounts) Rules2014;
e) On the basis of written representation received from the directors as on 31* March2017 taken on records by the board of directors none of the directors is disqualified ason 31st March 2017 from being appointed as a director in terms of sections 164(2) of theAct.
f) with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's Internal financial controls overfinancial reporting.
g) With respect to the other matters to be included in the Auditors report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanation given to us:
(i) The company does not have any pending Litigation which would Impacts on itsfinancial position.
(ii) The company did not have material foreseeable losses on long term contracts thatrequire provision under any law or accounting standards for which there were any materialforeseeable losses.
(iii) There were no amounts which required to be transferred to the investors'education and protection fund by the company.
2. As required by the companies (Auditor's Report) Order2016 issued by the CentralGovernment of India in the terms of sub-section (11) of the section 143 of the CompaniesAct2013 we enclose in Annexure 'B' hereto a statement on the matters specified in thesaid order to the extent applicable to the company.
|For ADUKIA & COMPANY |
|Chartered Accountants |
|Fr.No. 125096W |
|(CA-ASHOK K. ADUKIA) |
|M. No. 037199 |
|PLACE: SURAT |
|DATE: 29th May 2017 |