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Sunrise Industrial Traders Ltd.

BSE: 501110 Sector: Financials
NSE: N.A. ISIN Code: INE371U01015
BSE 00:00 | 25 Jan Sunrise Industrial Traders Ltd
NSE 05:30 | 01 Jan Sunrise Industrial Traders Ltd
OPEN 6.07
PREVIOUS CLOSE 6.07
VOLUME 100
52-Week high 6.07
52-Week low 6.07
P/E 0.06
Mkt Cap.(Rs cr) 0
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.07
CLOSE 6.07
VOLUME 100
52-Week high 6.07
52-Week low 6.07
P/E 0.06
Mkt Cap.(Rs cr) 0
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sunrise Industrial Traders Ltd. (SUNRISEINDL) - Auditors Report

Company auditors report

To The Members of

Sunrise Industrial Traders Limited.

Report on Financial Statements

We have audited the accompanying financial statements of SUNRISEINDUSTRIAL TRADERS LIMITED. (the "Company") which comprise the Balance Sheet asat March 31 2018 the Statement of Profit and Loss and the Cash Flow Statement for theyear ended and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation and presentation of these financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the company and for preventing and detecting frauds and other irregularitiesselection and application of appropriate accounting policies making judgments andestimates that are reasonable and prudent and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy 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.

Auditors' Responsibility

Our responsibility is to express an opinion on these financialstatements based on our audit.

We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditingspecified under Section 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and the disclosures in the financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the 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 financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances but not for thepurpose of expressing an opinion on whether the company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols of the entity's internal control. An audit also includes evaluating theappropriateness of the accounting policies used and the 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 andappropriate to provide a basis for our audit opinion on the standalone financialstatements.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid 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.

(a) In the case of balance sheet of that state of affairs of thecompany as at 31st March 2018.

(b) In case of the statement of profit and loss of the profit for theyear ended on that date and

(c) In the case of the cash flow statement of the cash flow for theyear ended on that date.

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 exercise of powersconferred by sub-section 11 of section 143 of the Act we give in the "AnnexureA" attached hereto our comments on the matters specified in the paragraphs 3 and 4 ofthe said Order.

2. As required by sub-section 3 of Section 143 of the Act we reportthat:

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books

(c) The Balance Sheet the Statement of Profit and Loss and the CashFlow Statement dealt with by this Report are in agreement with the books 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 (Account) Rules 2014.

(e) On the basis of the written representations received from thedirectors as on 31st March 2018 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2018 from being appointed as a director interms section 164 (2) of the Companies Act 2013.

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the company and the operating effectiveness of such controlsrefer to our separate report in "Annexure B" and

(g) With respect to the matters to be included in the Auditor's Reportin accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us:

1. The Company has disclosed the impact of pending litigations on itsfinancial position in its financial statements Refer Note No. 16(1)

2. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

3. As at the year end there were no amounts required to betransferred to the Investor Education and Protection Fund by the Company.

For Arunkumar K Shah & Co.

Firm Registration No. : 126935W Chartered Accountants

Arunkumar K Shah

Proprietor M.No. 034606

Mumbai: 28th May 2018

THE ANNEXURE A REFERRED TO IN INDEPENDENT AUDITORS' REPORT TO THEMEMBERS OF THE COMPANY ON THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2018 WEREPORT THAT:

1. a. The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

b. As explained to us the Company has a phased program for physicalverification of the fixed assets of the company. In our opinion the frequency ofverification is reasonable considering the size of the Company. No material discrepancieswere noticed on such verification carried on during the year as compared with theavailable records.

c. According to the information and explanation given to us and on thebasis of our examination of the records of the Company the title deeds of immovableproperties are held in the name of the company.

2. The securities held as inventory have been verified from thestatement of holding from the depository participants and by physical verification of theshare certificates in case of inventory held in physical form by the management duringthe year/at the year end. In our opinion the frequency of verification is reasonable.

In our opinion the procedures of physical verification of inventoryfollowed by the Management are reasonable and adequate in relation to the size of theCompany and the nature of its business.

3. According to the information and explanation given to us theCompany's has not granted any loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties listed in the register maintained under section189 of the Companies Act 2013 and hence sub clause (a) (b) (c) are not applicable.

4. In our opinion and according to the information and explanationgiven to us Section 185 & 186 of the Companies Act2013 is not applicable since thecompany has not provided / given any loan investments guarantees and security duringthe year.

5. The company has not accepted any deposits from the public inaccordance with the provisions of sections 73 to 76 of the Act and the Rules framed thereunder.

6. According to information and explanation given to us themaintenance of cost records has not been prescribed/ specified by the Central Governmentunder sub-section 1 of Section 148 of the Companies Act 2013 for any of the servicesrendered by the company.

7.1 The company is generally regular in depositing undisputed statutorydues including provident fund employees state insurance income tax sales tax wealthtax service tax duty of customs duty of excise value added tax cess and any otherstatutory dues with the appropriate authorities and we have been informed that there areno arrears of outstanding statutory dues as at the last day of the financial year underaudit for a period of more than six months from the date they became payable.

7.2 Details of the particulars of dues of income-tax as at 31stMarch2018 which have not been deposited on account of a disputes are as follows:

Name of the statute

Nature of Dues

Amount (Rs.)

Period to which the amount relates Forum where the dispute is pending
The Income Tax

Income Tax

2548/-

AY 1996-97 CPC
Act1961

2898/-

AY 1997-78 CPC

1932/-

AY 2000-01 CPC

1835911/-

AY 2009-10 Assessing Officer

373823/-

AY 2010-11 Rectification Pending (AO)

1847462/-

AY 2011-12 Appeal effect to be given (AO)

311903/-

AY 2012-13 Rectification Pending (AO)

901054/-

AY 2013-14 Appeal effect to be given

176220/-

AY 2014-15 C.I.T (Appeals)

1362132/-

AY 2007-08 Rectification Pending (AO)

TOTAL

6815883/-

8. The Company does not have any loans or borrowings from any financialinstitutions banks government or debenture holder during the year. Accordinglyparagraph 3(viii) of the order is not applicable.

9. The company has not raised any money by way of Initial public offeror further public offer (Including debt instrument) and term loans during the year.Accordingly paragraph 3(ix) of the order is not applicable.

10. During the course of our examination of the books and records ofthe Company carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanations given to us we have neither comeacross any instance of fraud on or by the Company its officers or employees noticed orreported during the period nor have we been informed of such case by the management.

11. According to the information and explanation given to us and basedon our examination of the books and records of the Company we are of the opinion that themanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

12. According to the information and explanation given to us theprovisions of any Special Statute applicable to Nidhi Companies are not applicable to theCompany the provisions of this clause are not applicable to the Company.

13. According to the information and explanation given to us and basedon our examination of the records all the transactions with related parties are incompliance with section 177 and 188 of the Companies Act 2013 and all the details havebeen disclosed in the financial statements as per Accounting Standard-18.

14. According to the information and explanation given to us and basedon our examination of the records of the Company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the periodunder review.

15. According to the information and explanation given to us and basedon our examination of the records of the Company has not entered into any non-cashtransactions during the period with directors or persons connected with him.

16. The Company being an investment company is registered undersection 45-IA of the Reserve Bank of India Act 1934. For Arunkumar K Shah & Co.

Firm Registration No. : 126935W Chartered Accountants

Arunkumar K Shah

Proprietor M.No. 034606

Mumbai: 28th May 2018

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THEFINANCIAL STATEMENTS OF SUNRISE INDUSTRIAL TRADERS LIMITED.

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financialreporting of SUNRISE INDUSTRIAL TRADERS LIMITED. ("the Company") as of March 312018 in conjunction with our audit of the financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on "the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India("ICAI") 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 internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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 aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally 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 necessary 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 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 FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to

future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 31 2018 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India".

For Arunkumar K Shah & Co.

Firm Registration No. : 126935W Chartered Accountants

Arunkumar K Shah

Proprietor

M.No. 034606 Mumbai: 28th May 2018