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Sumeru Industries Ltd.

BSE: 530445 Sector: Others
NSE: N.A. ISIN Code: INE764B01029
BSE 00:00 | 07 Mar 1.27 0
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1.27

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NSE 05:30 | 01 Jan Sumeru Industries Ltd
OPEN 1.27
PREVIOUS CLOSE 1.27
VOLUME 25
52-Week high 1.35
52-Week low 1.14
P/E 127.00
Mkt Cap.(Rs cr) 9
Buy Price 1.21
Buy Qty 50.00
Sell Price 1.27
Sell Qty 1000.00
OPEN 1.27
CLOSE 1.27
VOLUME 25
52-Week high 1.35
52-Week low 1.14
P/E 127.00
Mkt Cap.(Rs cr) 9
Buy Price 1.21
Buy Qty 50.00
Sell Price 1.27
Sell Qty 1000.00

Sumeru Industries Ltd. (SUMERUINDS) - Auditors Report

Company auditors report

TO THE MEMBERS OF

SUMERU INDUSTRIES LIMITED.

Report on the Financial Statements

1. We have audited the accompanying financial statements of SUMERU INDUSTRIES LIMITED("the company") which comprise the Balance Sheet as at 31 March 2018 theStatement of Profit and Loss (Including other comprehensive Income) the Cash FlowStatementand the Statement of changes In equity for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. The Company's Board of Directors Is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesestandalone Ind AS financial statements that give a true and fair view of the financialposition financial performance (including other comprehensive income) cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the India Accounting Standards (Ind AS) specified underSection 133 of the Act read with the Companies (Indian Accounting Standard) Rules 2015as amended. This responsibility also Indudes the maintenance of adequate accountingrecords In accordance with the provision of the Act for safeguarding of the assets of theCompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design Implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS financial statements that give a true and fair view and are free from materialmisstatement whetherdue to fraud or error.

Auditor's Responsibility

3. Our responsibility Is to express an opinion on these standalone Ind AS financialstatements based on our audlt.

4. 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 there under.

5. We conducted our audit of the standalone Ind AS financial statements In accordancewith the Standards on Auditing specified under section 143(10) of the Act and otherapplicable authoritative pronouncement Issued by Institute of Chartered Accountants ofIndia. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the Ind AS financialstatements are free from material misstatement

6. An audit Involves performing procedures to obtain audit evidence about the amountsand disclosures In the Ind AS financial statements. The procedures selected depend on theauditor's judgment Including the assessment of the risks of material misstatement of thestandalone Ind AS Financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the standalone Ind AS financial statements that give true andfair view In order to design audit procedures that are appropriate in the circumstances.

An audit also includes evaluating the appropriateness of the accounting policies usedand the reasonableness of the accounting estimates made by Company's Directors as well asevaluating the overall presentation of the standalone Ind AS financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

8. In our opinion and to the best of our information and according to tire explanationsgiven to us the standalone Ind AS financial statements give the Information required bythe Act In the manner so required and give a true and fair view In conformity with theaccounting principles generally accepted In India;

a) In the case of the Balance Sheet of the state of affairs of the Company as at March312018;

b) In the case of the Statement of Profit and Loss (comprising of other comprehensiveincome) of the profit for the year ended on that date; and

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

d) Changes In equity for the year ended on that date.

Report on other Legal and Regulatory Requirements

9. As required by the Companies (Auditor's Report) Order 2015 ("the Order")as amended issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Act and on the basis of such checks of the books and records of theCompany as we considered appropriate and according to the Information and explanationsgiven to us we give In the Annexure B a statement on the matters specified in paragraph 3and 4 of the Order.

10. 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 ouraudlt

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

c) the Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the Cash Flow Statement and the statement of changes in equity dealt with by thisReport are in agreement with the books of aacount

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Companies (IndianAccounting Standards) Rules 2015 as amended.

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 154(2) of theAct.

f) 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.

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:

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal fi nancial controlover financial reporting were operating effectively as at March 31 2018 based on theinternal control over financial reporting criteria established by the Company and ourseparate Report In Annexure A

i. The Company has disclosed the Impact of pending litigations on its financialposition In Its standalone Ind AS financial statements - Refer Note 1;

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

III. There were no amounts which required to be transferred to the Investor Educationand Protection Fund by the Company.

Place: Ahmedabad For M.B. Gabhawalafk Co.
Date : 08/05/2018 hatered Accountants
Firm Reg. No.:001183C
Mahendra B Gabhawala
Partner
M. No. 017139

Annexure A to Independent Auditors' Report

Referred to In paragraph 10(f) of the Independent Auditors' Report of even date to themembers of SUMERU INDUSTRIES LIMITED on the Standalone Ind AS financial statements for theyear ended March 31 2018

Report on the Internal Financial Controls under Clause (I) of Sub-section 3 of Section143 of the Act

1. We have audited the internal financial controls over financial reporting of SUMERUINDUSTRIES LIMITED ("the Company") as of March 312018 in conjunction with ouraudit of the standalone Ind AS financial statements of the Company for the year ended onthat date

Management's Responsibility for Internal Financial Controls

2. 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) These responsibilitiesindude the design Implementation and maintenance of adequate Internal financial controlsthat were operating effectively for ensuring the orderly and efficient oonduct of itsbusiness including adherence to company's polities the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor's Responsibility

3. 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 Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal financial controlsand both Issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate Internal financial controls over financial reporting wasestablished and maintained and If such controls operated effectively in all materialrespects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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 whetherdue to fraud or error.

5. 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

6. A Company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes In accordance withgenerally accepted accounting principles. A company's Internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as neoessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 unauthorized 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

7. 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 oondltlons or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

8. 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 2016 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.

Place : Ahmedabad For M.B. Gabhawala& Co.
Date : 08/05/2018 Chatered Accountants
Firm Reg. No.:001183C
Mahendra B Gabhawala
Partner
M. No. 017139

Annexure B to Independent Auditors' Report

Referred to In paragraph 9 of the Independent Auditors' Report of even date to themembers of SUMERU INDUSTRIES LIMITED on the standalone Ind AS financial statements for theyear ended March 31 2018

(i) In respect of its Fixed Assets:

(a) The Company is maintaining proper records showing foil particulars Includingquantitative details and situation of fixed assets;

(b) These fixed assets have been physically verified by the management at reasonableintervals in accordance with regular programme of verificabon. According to theinformation and explanation given to us no material discrepancies were noticed on suchverification.

(c) The Immovable property held by the Company is on lease rental basis hence para3(li) of the Order Is not applicable to the Company.

(II) In respect of its Inventory:

According to the Information and explanations given to us physical verification ofinventory has been conducted at reasonable intervals by the management and no materialdiscrepancies were noticed on physical verification during the year.

(iil) According to information and explanations given to us the Company has notgranted loans secured or unsecured to companies firms Limited Liability Partnerships orother parties covered in the register maintained under Sec. 189 of the Companies Act2013. Therefore provisions of Clause 3(iil) (iil)(a) (iii)(b) and (110(c) of the saidOrder are not applicable to the Company.

(iv) According to information and explanations given to us the Company has not grantedany loans or made any Investments or provided any guarantees or security to the partiescovered under Sec.185 and 186 of the Companies Act 2013. Therefore the provisions ofClause 3(rv) of the said Order are not applicable to the Company.

(v) According to information and explanations given to us the Company has not acceptedany deposits during the year.

(vl) According to the Information and explanations given to us the Central Govt hasnot prescribed maintenance of cost records under sub-section (1) of Sec. 148 of theCompanies Act 2013 for any of the products of the Company.

(vii) According to the information and explanations given to us in respect ofstatutory dues;

(a) The Company is generally regular in depositing undisputed statutory dues Includingprovident fond employees' state insurance income-tax sales-tax wealth tax servicetax duty of customs duty of excise value added tax cess and any other statutory dueswith the appropriate authorities.:

(b) There are no undisputed amounts payable in respect of provident fund employees'state insurance income-tax sales-tax service tax duty of customs duty of excisevalue added tax cess and any other statutory dues In arrears as at March 312018 forperiod of more than six months from the day they became payable.

(vlll) As the Company does not have any loans or borrowings from any financialinstitution or bank or Government nor has it issued any debentures as at the balancesheet date the provisions of Clause 3(viii) of the Order are not applicable to theCompany.

(ix) The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) and term loans during the year. Accordingly theprovisions of Cause 3(ix) of the Order are not applicable to the Company.

(x) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyInstance of material fraud by the Company or on the Company by Its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

(xi) The managerial remuneration has neither been paid nor provided for henoe para3(xi) of the Order is not applicable to the Company.

(xii) This clause of the CARO 2016 is not applicable to the Company as the Company isnot a Nidhl Company.

(xlll) According to the information and explanations given to us all transactions withthe related parties are In compliance with sections 177 and 188 of the Companies Act 2013where applicable and the details have been disclosed in the Financial Statements etc. asrequired by the applicable accounting standards.

(xiv) According to the information and explanations given to us the Company has notmade any preferential allotment or private placement of shares or fully convertibledebentures during the year under audit. Accordingly the provisions of Clause 3(xiv) ofthe Order are not applicable to the Company.

(xv) According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him andthe provisions of section 192 of the Companles Act 2013 have been compiled with;

(xvi) This clause of the CARO 2016 Is not applicable to the Company as the Company Isnot required to registered under section 45-IA of the Reserve Bank of lndia Act 1934.

Place: Ahmedabad For M.B. GabhawalaB Co.
Date : 08/05/2018 Chatered Accountants
Firm Reg. No.:001183C
Mahendra B Gabhawala
Partner
M. No. 017139