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Sun Retail Ltd.

BSE: 542025 Sector: Others
NSE: N.A. ISIN Code: INE206Z01020
BSE 00:00 | 12 Aug 0.70 -0.01
(-1.41%)
OPEN

0.70

HIGH

0.74

LOW

0.70

NSE 05:30 | 01 Jan Sun Retail Ltd
OPEN 0.70
PREVIOUS CLOSE 0.71
VOLUME 1008000
52-Week high 2.25
52-Week low 0.34
P/E
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.70
CLOSE 0.71
VOLUME 1008000
52-Week high 2.25
52-Week low 0.34
P/E
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sun Retail Ltd. (SUNRETAIL) - Auditors Report

Company auditors report

To

The Board of Directors of Sun Retail Limited

Report on the Financial Statements

We have audited the accompanying financial statements of SUN RETAIL LIMITEDwhich comprise the Balance Sheet as at 31st March 2021 the Statement of Profit and Lossthe Cash Flow Statement for the year then ended and a summary of significant accountingpolicies and other explanatory information.

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 with respect to the preparation of these financial statements thatgive a true and fair view of the financial position financial performance and cash flowsof the Company in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified under Section 133 of the Act read with Rule7 of the Companies (Accounts) Rules 2014. This responsibility also includes themaintenance of adequate accounting records in accordance with the provision of the Act forsafeguarding of the assets 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 andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have considered the provisions of the Act the accounting and auditing standardsand matters which are required to be included in the audit report under the provisions ofthe Act and the Rules made there 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 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 true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India; a) in the case of the Balance Sheet of the stateof affairs of the Company as at 31st March 2021; b) in the case of the Statement ofProfit and Loss of the loss for the year ended on that date; and c) in the case of theCash Flow Statement of the cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment in terms of Section 143 (11) of the Act we give in the Annexure a statement onthe matters specified in paragraphs 3 and 4 of the Order.

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 bestof our knowledge and belief were necessary for the purposes of our audit. b) In ouropinion proper books of account as required by law have been kept by the Company so far asappears from our examination of those books. c) The Balance Sheet the Statement of Profitand Loss and Cash Flow Statement dealt with by this Report are in agreement with thebooks of account. d) In our opinion the aforesaid financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014) together with the early adoption by the Company ofAccounting Standard (AS) 30 Financial Instruments Recognition and Measurement effectiveApril 1 2007 and the consequential limited revisions as has been announced by theInstitute of Chartered Accountants of India to certain Accounting Standards as stated inNote 2 (a) and 38. e) On the basis of written representations received from the directorsas on 31st March 2021 taken on record by the Board of Directors none of the directorsis disqualified as on 31st March 2021 from being appointed as a director in terms ofSection 164(2) of the Act. f) With respect to the other matters included in the Auditor'sReport and to the best of our 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 derivativescontracts for which there were any material foreseeable losses. iii. There is no amountrequired to be transferred to the investor's education & Protection Fund by theCompany.

For G M C A & Co.
Chartered Accountants
FRN: 109850W
Sd/-
CA. Mitt S. Patel
Place: Ahmedabad (Partner)
Date: 29/06/2021 Membership No. 163940
UDIN: 21163940AAAAOO6923

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section

143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of M/S. SunRetail Limited ("the Company") as of March 31 2021 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. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information 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 deemed tobe prescribed under section 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 judgement 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 2021.

For G M C A & Co.
Chartered Accountants
FRN: 109850W
Sd/-
CA. Mitt S. Patel
Place: Ahmedabad (Partner)
Date: 29/06/2021 Membership No. 163940
UDIN:21163940AAAAOO6923

Reports under The Companies (Auditor's Report) Order 2016 (CARO 2016) for the yearended on 31st March 2021

To

The Members of Sun Retail Limited

(1) In Respect of Fixed Assets

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

(b) Fixed assets have been physically verified by the management at reasonableintervals; No material discrepancies were noticed on such verification.

(c) Yes The Title deeds of Immovable Properties are held in the name of the Company.

(2) In Respect of Inventories

As explained to us the inventories (excluding inventories with third parties) werephysically verified during the year by the Management at reasonable intervals.

(3) Compliance under section 189 of The Companies Act 2013

The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the Register maintained under Section 189 of the Companies Act2013.

(4) Compliance under section 185 and 186 of The Companies Act 2013

While doing transaction for loans investments guarantees and security provisions ofsection 185 and 186 of the Companies Act 2013 have been complied with.

(5) Compliance under section 73 to 76 of The Companies Act 2013 and Rulesframed thereunder while accepting Deposits

According to information and explanations given to us the Company has not accepted anydeposits from public during the year. In respect of unclaimed deposits the Company hascomplied with the provisions of sections 73 to 76 or any other relevant provisions of theCompanies Act 2013 and the rules made thereunder.

(6) Maintenance of cost records

The Company is not required to maintain cost Records pursuant to the Rules made by theCentral Government for the maintenance of cost records under sub-section (1) of section148 of the Companies Act 2013.

(7) Deposit of Statutory Dues

(a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Income-tax Sales Tax Wealth Tax Service Tax Duty of customsDuty of excise Value added tax Cess and any other material statutory dues with theappropriate authorities.

(b) According to the information and explanations given to us no undisputed amountpayable sales tax service tax wealth tax custom duty excise duty cess were inarrears as at 31st March 2021 for a period of more than six months from the date theybecome payable except Income Tax of Rs. 279452 /- of AY 2018-19 & interest thereon.

(8) Repayment of Loans and Borrowings

The company has not defaulted in repayment of dues to financial institution bank ordebenture holders.

(9) Utilization of Money Raised by Public Offers and Term Loan For which theyRaised

Yes The Company has raised Fund by way of Initial Public Offer (SME) and the same hasbeen utilized for Business Purposes only.

(10) Reporting of Fraud During the Year

Based on our audit procedures and the information and explanation made available to usno such fraud noticed or reported during the year.

(11) Managerial Remuneration

Managerial Remuneration has not been provided by the Company.

(12) Compliance by Nidhi Company Regarding Net Owned Fund to Deposits Ratio

As per information and records available with us The company is not Nidhi Company.

(13) Related party compliance with Section 177 and 188 of companies Act 2013

Yes All transactions with the related parties are in compliance with section 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) Compliance under section 42 of Companies Act - 2013 regarding Privateplacement of Shares or Debentures

According to the information and explanations given to us and on the basis of ourexamination of the record of the company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review. Accordingly the provisions of clause 3 (xiv) of the Order are notapplicable to the Company and hence not commented upon.

(15) Compliance under section 192 of Companies Act 2013

The company has not entered into any non-cash transactions with directors or personsconnected with him.

(16) Requirement of Registration under 45-IA of Reserve Bank of India Act 1934

The company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act.

For G M C A & Co.
Chartered Accountants
FRN: 109850W
Sd/-
CA. Mitt S. Patel
Place: Ahmedabad Partner
Date: 29/06/2021 Membership No. 163940
UDIN: 21163940AAAAOO6923

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