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Sakuma Exports Ltd.

BSE: 532713 Sector: Others
NSE: SAKUMA ISIN Code: INE190H01016
BSE 16:01 | 19 Jun 178.05 -11.00
(-5.82%)
OPEN

186.05

HIGH

188.85

LOW

178.05

NSE 15:49 | 19 Jun 180.35 -8.45
(-4.48%)
OPEN

188.00

HIGH

190.95

LOW

179.80

OPEN 186.05
PREVIOUS CLOSE 189.05
VOLUME 658
52-Week high 282.00
52-Week low 68.20
P/E 20.63
Mkt Cap.(Rs cr) 380
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 186.05
CLOSE 189.05
VOLUME 658
52-Week high 282.00
52-Week low 68.20
P/E 20.63
Mkt Cap.(Rs cr) 380
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sakuma Exports Ltd. (SAKUMA) - Auditors Report

Company auditors report

To The Members of Sakuma Exports Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of SAKUMA EXPORTSLIMITED ("the company") which comprise the Balance Sheet as at March 312017 the Statement of Profit and Loss and Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone 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 preparation ofthese Standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the company in accordance with theaccounting 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 statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Standalone financial statementsbased on our audit.

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 thereunder.

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 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 the accounting policies used and reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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.

Opinion

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 theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2017 and its Profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2017 (the order); issued by theCentral Government of India in terms of sub-section (11) of section 143 of the CompaniesAct 2013 we give in the Annexure - A a statement on the matters specified in paragraphs3 and 4 of the Order to the extent applicable.

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 purpose of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books.

(c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this 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 theCompanies (Accounts) Rules 2014. (e) On the basis of the Written representations receivedfrom the directors as on 31st March 2017 taken on record by the Board of Directors noneof the directors is disqualified as on 31st March 2017 from being appointed as a directorin terms of section 164 (2) of the Act.

(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 - B.

(g) With respect to the other matters to be included in the Auditor's 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 explanations given to us:

a. The company has disclosed the impact of pending litigations on its financialposition in its financial statement – Refer Note 25.1 to the financial statement.

b. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

c. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

d. The Company has provided requisite disclosures in the financial Statements as toholding as well as dealing in specified Bank Notes during the period from 08th November2016 to 30th December 2016 and the same is in accordance with the Books of accountsmaintained by the company (Refer note no. 16 of the Financial Statements)

For M. L. SHARMA & CO.
FIRM REG. NO. 109963W
CHARTERED ACCOUNTANTS
Place of Signature: Mumbai (S. M. BANDI) PARTNER
Date: 29th May 2017 Membership No.109101

ANNEXURE - A TO THE INDEPENDENT AUDITORS REPORT

The Annexure - A referred to in our Report of even date to the Members of SAKUMAEXPORTS LIMITED for the year ended 31st March 2017. We report that:

1. (a) According to information and explanations given to us the Company hasmaintained proper records showing full particulars including quantitative details andsituation of fixed assets.

(b) We have been informed that the fixed assets have been physically verified by theManagement at reasonable intervals. In our opinion the frequency of verification isreasonable with regard to the size of the company and nature of assets. According toinformation and explanations given to us by the management no material discrepancy wasnoticed on such verification.

(c) The Company does not own any immovable property (Except leasehold properties)accordingly provision of clause 1 (iii) is not applicable to the company.

2. According to information and explanations given to us by the management thephysical verification of the Inventories has been Conducted by the management atreasonable intervals. In our opinion procedure of physical verification is reasonable andadequate with regards to size of the company and nature of its business.

3. The Company has not granted any loans secured or unsecured to the Companies FirmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the companies Act 2013 and Accordingly provision of clause 3 (iii) (iii)(a) (iii) (b) & (iii) (c) of the order are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us thecompany has not granted any loans or provided any guarantees or security in respect of anyloans to any party covered under section 185 of the Act. In respect of loans granted toguarantees or security in respect of any loan and Investments made in body corporate bythe Company the provisions of Section 186 of the Act has been complied with.

5. The Company has not accepted any deposits from the public to which the directivesissued by the Reserve Bank of India and the provisions of section 73 to 76 and any otherrelevant provision of the Companies Act 2013 and the rules framed there under apply.

6. In our opinion and according to the information and explanations given to us theCompany is not required to maintain cost records specified by the central government undersection 148 (1) of the Companies Act 2013.

7. (a) According to the information and explanations given to us and the records of theCompany examined by us in our opinion the Company is generally regular in depositing theundisputed statutory dues including provident fund income tax sales tax duty ofcustoms value added tax cess and other material statutory dues (except TDS & Servicetax) as applicable with the appropriate authorities. There are following undisputedamounts outstanding as at 31st March 2017 for a period exceeding six months from the datethey became payable.

Nature of Statutory Dues Period Amount
Tax Deduction at source April 2016 to Sept 2016 314693/-

(b) According to information and explanations given to us and the books and recordsexamined by us there are no disputed amounts payables for Statutory dues except forIncome Tax as mentioned below.

Statute & Nature of dues Pending Amount of Dispute Period Forum where dispute is pending
Income Tax Act 1961 (Income Tax) Rs. 213014/- AY 2009-10 CPC
Income Tax Act 1961 (Income Tax) Rs. 525523/- AY 2012-13 CIT(Appeals)
Income Tax Act 1961 (Income Tax) Rs. 365300/- AY 2014-15 CPC
Income Tax Act 1961 (Tax deduction at source) Rs. 2060/- AY 2013-14 Prior Years TDS Officer Mumbai
West Bengal VAT Act2003 Rs. 59300/- AY 2010-11 Sales Tax Appellate and Revisional Board.

8. According to information and explanations given to us the company has not defaultedin repayment of loans or borrowings to a financial institution or bank and company doesnot have any outstanding loans or borrowing from Government or dues to debenture holdersduring the year.

9. The Company has not raised money by way of initial public offer or further publicoffer (including debt instruments) and the Company has not availed any term loans duringthe current year and accordingly the provision of clause 3 (ix) of the order is notapplicable to the Company.

10. According to the information and explanations given to us no fraud by the companyor any fraud on the Company by its officers or employees has been noticed or reportedduring the year.

11. In our opinion and according to the information and explanations given to us theCompany has paid/provided for managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with schedule V of the companiesAct 2013.

12. In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 3 (xii) of the order are not applicable to the Company.

13. In our opinion and according to the information and explanations given to us alltransactions with the related parties are in compliance with section 177 and 188 of thecompanies Act 2013 where applicable. The details of related party transactions have beendisclosed in the financial statements as required under Accounting Standard"18" Related Party Disclosures specified under section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014.

14. In our opinion and according to the information and explanations given to us theCompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the and accordingly the provisions of clause 3 (xiv)of the order is not applicable to the Company.

15. In our opinion and according to the information and explanations given to us theCompany has not entered into any Non-Cash transaction with directors or persons connectedwith the directors.

16. In our opinion and according to the information and explanations given to us thecompany is not required to be registered under Section 45-IA of the Reserve Bank of IndiaAct 1934.

For M. L. SHARMA & CO.
FIRM REG. NO. 109963W
CHARTERED ACCOUNTANTS
Place of Signature: Mumbai (S. M. BANDI) PARTNER
Date: 29th May 2017 Membership No.109101

ANNEXURE – B TO THE INDEPENDENT AUDITORS REPORT

The Annexure – B referred to in our Report of even date to the Members of SAKUMAEXPORTS LIMITED for the year ended 31st March 2017. We report that: Report on theInternal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of theCompanies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of SakumaExports Limited ("the Company") as of March 31 2017 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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.

Auditors' Responsibility

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 Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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 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.

Opinion

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 2017 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 CharteredAccountants of India.

For M. L. SHARMA & CO.
FIRM REG. NO. 109963W
CHARTERED ACCOUNTANTS
Place of Signature: Mumbai (S. M. BANDI) PARTNER
Date: 29th May 2017 Membership No.109101