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Sunil Industries Ltd.

BSE: 521232 Sector: Industrials
NSE: N.A. ISIN Code: INE124M01015
BSE 00:00 | 11 Mar 26.50 0
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26.50

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26.50

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26.50

NSE 05:30 | 01 Jan Sunil Industries Ltd
OPEN 26.50
PREVIOUS CLOSE 26.50
VOLUME 100
52-Week high 42.60
52-Week low 24.45
P/E 12.33
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 26.50
Sell Qty 100.00
OPEN 26.50
CLOSE 26.50
VOLUME 100
52-Week high 42.60
52-Week low 24.45
P/E 12.33
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 26.50
Sell Qty 100.00

Sunil Industries Ltd. (SUNILINDS) - Auditors Report

Company auditors report

To

The Members of

Sunil Industries Limited

Report on the Standalone Ind AS Financial Statements

1. We have audited the accompanying standalone Ind AS financial statements of SunilIndustries Limited ("the Company") which comprise the Balance Sheet as at31 March 2018 the Statement of Profit and Loss (including other comprehensiveincome) the Cash Flow Statement and the statement of changes in equity for the year thenended and a summary of the significant accounting policies and other explanatoryinformation (herein after referred to as "standalone Ind AS financialstatements") Management’s Responsibility for the Standalone Ind AS FinancialStatements

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone Ind AS financial statements that give a true and fairview of the financial position financial performance including other comprehensiveincome cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind As)specified under Section 133 of the Act read with relevant rules issued thereunder. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act; for safeguarding the assets of the Company; for preventing anddetecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement 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 audit.

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 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 standalone Ind AS financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlsrelevant to the Company’s preparation of the Standalone Ind AS financial statementsthat give a true and fair view in order to design audit procedures that are appropriate inthe circumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by theCompany’s Board of Directors as well as evaluating the overall presentation of thestandalone 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 the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of thestate of affairs of the Company as at 31 March 2018 and its financial performanceincluding other comprehensive income its cash flows and the changes in equity for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of Section 143(11) of theAct we give in the Annexure I a statement on the matters specified in paragraphs 3 and 4of the Order.

10. As required by Section143(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 ouropinion proper books of account as required by law have been kept by the Company so faras it appears from our examination of those books.

c. The Balance sheet the statement of profit and loss including other comprehensiveincome the statement of cash flow and the statement of changes in equity dealt with bythis report are in agreement with the books of account.

d. In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards (Ind As) specified under Section 133 of the Act read withrelevant rule issued thereunder.

e. On the basis of the written representations received from the directors as on 31March 2018 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 from being appointed as a director in terms ofSection164(2) of the Act;

f. We have also audited the internal financial controls over financial reporting(IFCoFR) of the Company as of 31 March 2018 in conjunction with our audit of thestandalone Ind AS financial statements of the Company for the year ended on that date andour report dated 30-May-2018 as per Annexure II expressed.

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) Amendment Rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialpositions in its standalone Ind AS financial statements;

ii. The company does not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the company.

For P R Agarwal & Awasthi
Chartered Accountants
Firm Registration No 117940W
sd/-
PLACE : Mumbai CA Pawan KR Agarwal
DATE : 30-May-2018 Partner
M No-034147

Annexure I to the Auditor’s Report even date (Referred to in paragraph 1 thereof)

1. In respect of Fixed Assets: a) The Company has maintained proper records showingfull quantitative details and situation of its fixed assets. b) The fixed assets have beenphysically verified by the management at reasonable intervals during the year. We areinformed that no material discrepancies were noticed by the management on suchverification.

2. In respect of Inventories:As explained to us physical verification of inventory hasbeen conducted during the year at reasonable intervals by the management and in ouropinion and according to the information and explanation given to us the Company ismaintaining proper records of its inventories and no material discrepancies were noticedon physical verification.

3. The Company has not granted loans secured or unsecured to other Companies firmsLLP or other parties covered in the register maintained under section 189 of the CompaniesAct 2013.

4. The Company has not granted loans or made investments or given guarantees orsecurities to any party covered under section 185 and 186 of the Companies Act 2013.

5. According to the information and explanations given to us the Company has notaccepted any deposits from public.

6. We have broadly reviewed the books of account maintained by the company in respectof products where pursuant to the Rules made by Central Government of India themaintenance of cost records has been prescribed under subsection (1) of section 148 of theCompanies Act and are of the opinion that Prima Facie the prescribed accounts andrecords have been made and maintained. We have not however made a detailed examinationof records with a view to determine whether they are accurate or complete.

7. In respect of Statutory Dues:

(a) According to record of the Company produced before us the Company is generallyregular in depositing with appropriate authorities undisputed statutory dues includingprovident fund investor education and protection fund employees’ state insuranceincome tax sales tax wealth tax service tax customs duty excise duty cess and otherstatutory dues applicable to it.

(b) According to the information and explanations given no undisputed amounts payablein respect of Income-Tax sales tax wealth tax service tax customs duty exciseduty/cess were outstanding as at 31.03.2018 for a period of more than six months from thedate they became payable.

(c) The following dues have not been deposited by the company on account of disputes:

S. No. Name of the Statute Amount (In Lacs) Forum where dispute is pending
i) Central Excise Duty (Payment made under protest ` 20 Lakhs) 141.30 Commissioner of Central Excise-Thane-I
ii) Custom Duty 336.00 Appellate Tribunal (CESTAT)
iii) TNVAT (inclusive of penalty of Rs.20.82 lakhs) 7.22 The Appellate Deputy Commissioner(CT)

8. As per the information and explanations given to us the company has not defaulted inrepayment of dues to bank. The company has not obtained any loan from any financialinstitutions and issued debentures.

9. According to the records of the Company the Company has no outstanding moneysraised by way of initial public offering. However the company has taken term loans andapplied for the purposes for which they were raised.

10. Based upon the audit procedures performed and information and explanations given bythe management we report that no fraud on or by the Company has been noticed or reportedduring the course of our audit.

11. According to the records of the Company the managerial remuneration has been paidor provided in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Companies Act 2013.

12. In our opinion and to the best of our information and according to theexplanations provided by the management we are of the opinion that the company is not aNidhi Company. Hence in our opinion the requirements of para3 (xii) of the Order do notapply to the company.

13. According to the information and explanations given to us the Company in respectto transactions with related parties has complied provisions of sections 177 and 188 ofCompanies Act 2013 and has disclosed all particulars in Financial Statements.

14. The company has not made any preferential allotment or private placement of sharesduring the year therefore comments under this clause are not called for.

15. In our opinion and to the best of our information and according to theexplanations provided by the management we are of the opinion that the company has notentered into any non-cash transaction with directors or persons connected with him and noprovisions of section 192 have been contravened.

16. In our opinion and to the best of our information and according to theexplanations provided by the management we are of the opinion that the company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act1934.

For P R Agarwal & Awasthi
Chartered Accountants
Firm Registration No 117940W
sd/-
PLACE : Mumbai CA Pawan KR Agarwal
DATE : 30-May-2018 Partner
M No-034147

Annexure II

Independent Auditor’s report on the Internal Financial Controls under Clause (i)of Sub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

1. In conjunction with our audit of the standalone financial statements of SunilIndustries Limited ("the Company") as of and for the year ended 31st March2018 we have audited the internal financial controls over financial reporting (IFCoFR) ofthe company of as of that date.

Management’s Responsibility for Internal Financial Controls

2. The Company’s Board of Directors is responsible for establishing andmaintaining internal financial controls based on the criteria being specified bymanagement. These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of the company’s business including adherence tocompany’s policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on the Company’s IFCoFR based onour audit. We conducted our audit in accordance with the Standards on Auditing issued bythe Institute of Chartered Accountants of India (ICAI) and deemed to be prescribed undersection 143(10) of the Act to the extent applicable to an audit of IFCoFR and theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") issued by the ICAI. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate IFCoFR were established and maintained and ifsuch controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the IFCoFR and their operating effectiveness. Our audit of IFCoFR included obtaining anunderstanding of IFCoFR assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor’s judgement includingthe assessment of the risks of material 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 IFCoFR.

Meaning of Internal Financial Controls over Financial Reporting

6. A company’s IFCoFR is a process designed to provide reasonable assuranceregarding the reliability of financial reporting and the preparation of financialstatements for external purposes in accordance with generally accepted accountingprinciples. A company’s IFCoFR includes those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company; (2)providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company’s assets that could have a material effect on thefinancial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

7. Because of the inherent limitations of IFCoFR including the possibility ofcollusion or improper management override of controls material misstatements due to erroror fraud may occur and not be detected. Also projections of any evaluation of the IFCoFRto future periods are subject to the risk that IFCoFR may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

8. In our opinion the Company has in all material respects adequate internalfinancial controls over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31st March 2018 based on thecriteria being specified by management.

For P R Agarwal & Awasthi
Chartered Accountants
Firm Registration No 117940W
sd/-
PLACE : Mumbai CA Pawan KR Agarwal
DATE : 30-May-2018 Partner
M No-034147