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Sarup Industries Ltd.

BSE: 514412 Sector: Others
NSE: N.A. ISIN Code: INE305D01019
BSE 00:00 | 19 Feb 52.05 0
(0.00%)
OPEN

47.20

HIGH

52.05

LOW

47.20

NSE 05:30 | 01 Jan Sarup Industries Ltd
OPEN 47.20
PREVIOUS CLOSE 52.05
VOLUME 4
52-Week high 73.50
52-Week low 41.50
P/E
Mkt Cap.(Rs cr) 17
Buy Price 47.50
Buy Qty 10.00
Sell Price 52.10
Sell Qty 100.00
OPEN 47.20
CLOSE 52.05
VOLUME 4
52-Week high 73.50
52-Week low 41.50
P/E
Mkt Cap.(Rs cr) 17
Buy Price 47.50
Buy Qty 10.00
Sell Price 52.10
Sell Qty 100.00

Sarup Industries Ltd. (SARUPINDUSTRIES) - Auditors Report

Company auditors report

A

TO THE MEMBERS OF SARUP INDUSTRIES LTD.

Report on the Financial Statements

Opinion

We have audited the accompanying financial statements of SARUP INDUSTRIES LTD("the company") which comprise the Balance Sheet as at 31 March 2018 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information. In ouropinion and to the best of our information and according to the explanations given to usthe aforesaid financial statements give the information required by the Act in the mannerso required and give a true and fair view in conformity with the accounting principlesgenerally accepted in India;

a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2018;

b) In the case of the Statement of Profit and Loss of the profit for the year ended onthat date; and

c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Acf) with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility alsoincludes the maintenance of adequate accounting records in accordance with the provisionof the Act for safeguarding of the assets of the Company and for preventing and detectingthe frauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of internal financial control that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error. In preparingthe financial statements management is responsible for assessing the Company's ability tocontinue as a going concern disclosing as applicable matters related to going concernand using the going concern basis of accounting unless management either intends toliquidate the Company or to cease operations or has no realistic alternative but to doso. Those Board of Directors are also responsible for overseeing the company's financialreporting process.

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

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 terms of sub-section (11) of Section 143 ofthe Act we give in the Annexure-A a statement on the matters specified in the paragraph 3and 4 of the order to the extent applicable.

2 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 best ofour knowledge and belief were necessary for the purposes of our audit.

In our opinion proper books of account as required by law have been kept by the Companyso far as appears from our examination of those books (and proper returns adequate for thepurposes of our audit have been received from the branches which is also audited by us)

c the Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.[and the returns receivedfrom the branches which are prepared by us]

d In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e On the basis of written representations received from the directors as on 31 March2018 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2018 from being appointed as a director in terms of Section 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 B"; and

g With respect to the other matters included in the Auditor's Report and to our best ofour information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

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

Forming an Opinion and Reporting on Financial Statements

For MSAP AND ASSOCIATES

Chartered Accountants

Place : PHAGWARA

Date : 30/05/2018

AMIT CHADHA

(Prop.)

0018705N

Address:- LANE NO 1 OLD SABJI

MANDI PATEL NAGAR.

PHAGWARA-144010 PUNJAB

ANNEXURE TO THE AUDITORS' REPORT

The Annexure referred to in our report to the members of SARUP INDUSTRIES LTD for theyear ended 31March 2018.

On the basis of the information and explanation given to us during the course of ouraudit we report that:

1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) These fixed assets have been physically verified by the management at reasonableintervals there was no Material discrepancies were noticed on such verification.

(c) Total Assets of company includes Immovable property also and the title deeds ofimmovable properties are held in the name of the company.

2. Physical verification of inventory has been conducted at reasonable intervals by themanagement and there is no material discrepancies were noticed

3. The company has granted loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under section189 of the Companies Act 2013.

(a) All terms and conditions are as per the benefits of company and are not prejudicialto the company's Interest.

(b) Schedule of repayment of principal and interest has been stipulated and receiptsare regular.

(c) There is no such amount which is overdue more than 90 Days of above mentioned loan.

4. In respect of loans investments guarantees and security all mandatory provisionsof section 185 and 186 of the Companies Act 2013 have been complied with.

5. The company has not accepted any deposits.

6. Maintenance of cost records has not been specified by the Central Government undersubsection (1) of section 148 of the Companies Act 2013.

7 (a) The company is regular in depositing undisputed statutory dues includingprovident fund Employee's state insurance income-tax sales-tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues to theappropriate authorities.

(b) Dues of income tax or sales tax or service tax or duty of customs or duty of exciseor value added tax have been deposited on time there is no dispute is pending on the 'part of company. '

8. The company hasn't made any default in repayment of loans or borrowing to afinancial institution bank Government or dues to debenture holders.

9. The company doesn't raise any money by way of initial public offer or further publicoffer (including debt instruments)

10. Neither company has done any fraud nor by its officers or employees so nothing tobe disclosed separately.

11. Managerial remuneration has been paid or provided in accordance with the requisiteapprovals

Mandated by the provisions of section 197 read with Schedule V to the Companies Act.

12. Company is not a Nidhi Company hence nothing to be disclosed for any provisionsapplicable on Nidhi Company.

13. All transactions with the related parties are in compliance with sections 177 and188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards;

14. The company hasn't made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year.

15. The company hasn't entered into any non-cash transactions with directors or personsconnected with him.

16. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

Forming an Opinion and Reporting on Financial Statements

/br VSAP AND ASSOCIATES

Chartered Accountants

AMIT CHADHA

(Prop.)

0018705N

Address:- LANE NO 1 OLD SABJI

MANDI PATEL NAGAR

PHAGWARA-144010 PUNJAB

Place : PHAGWARA

Date :30/05/2018