| We have audited the attached Balance Sheet of SUN SOURCE INDIA LIMITED
as.at-31st March 2015, the Statement of Profit & Loss for the year
ended on that date and cash flow statement and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements;
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies-Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position and financial performance of the
Company in accordancewith the accounting principles generally accepted
in India, including the Accounting Standards-specified under Section
133 of the Act, read with Rule 7 ofthe Companies (Accounts) Rules,
2014.
This responsibility also includes maintenance of-adequate accounting
records in accordance with the provisions of the Act for safeguarding
the assets of .the Company and for preventing and. detecting, frauds
and other irregularities; selection and application of appropriate
accounting policies; making judgments and. estimates that .are
reasonable and prudent; and' design, implementation and maintenance of
adequate internal' financial controls, that were operating effectively
for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted pur audit in accordance
with the Standards on Auditing issued by. the Institute of Chartered
Accountants of India, Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable, assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial Statements. The
procedures,selected depend on the auditor's judgment, Including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error in making those risk
assessments, the auditor considers internal control relevant to the
Company's preparation and fair presentation of the financial statements
in Order to design audit procedures' that are appropriate' in the
circumstances; An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made: by management, as well as evaluating the overall
presentation ofthe financial statements.
We believe that the audit evidence we. have obtained is sufficient and
appropriate to provide a basis for our audit Opinion:
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the mariner so required and give a true and fair
View in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as on 31 st March, 2015;
(b) in the case of the Statement of the Profit '& Loss, of the Profit
of the Company for the year ended on the date
(c) In case of the Cash Flow Statement, the cash flow of the company,
Report on Other Legal and Regulatory Requirements
1 As required by the Companies (Auditor's Report) Order. 2015 (the
'Order') issued by the Central Government of India in terms of Section
143(11) of the Act, we give in the Annextire, a statement on the
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 best of our knowledge and belief were necessary for the
purposes of our audit;
(b) in our opinion, proper books of account as required bylaw have been
kept by the Company so far as it appears from our examination of those
books;
(o) the balance sheet, the. statement of profit and loss and the cash
flow statement dealt with by this report are in agreement with the books
of account;
(d) in our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under section 133 of the Ad, read with
rule 7 of the Companies (Accounts) Rules, 2014;
(e) on the basis of the written representations received from the
directors as on March 31., 2015 taken on record by the board of
directors, none of the directors is disqualified as on March 31, 2015
from being appointed as a director in terms of section 164 (2) of the
Act; and
(f) with respect to the other matters to be included in the Auditor's
Report in accordance with rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our. information and
according to the explanations given to us:
i. the Company has disclosed the Impact of pending litigations on its
financial position In its financial statements:
ii the Company has made provision, as required under the applicable law
or accounting standards, for material foreseeable losses, if any, on
long-term contracts including derivative contracts; and iii. there were
no amounts which were required to .be transferred to the. Investor
Education and Protection Fund by the Company.
[Referred to in paragraph (1) of pur report of even date to the Members
of SUN SOURCE INDIA Limited cm the financial statements for the year
ended on 31st March 2015.
(i) (a) The Company has maintained proper records to show full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets were physically verified by the Management during
the year, According to the information and explanations give to us, no
material discrepancies were noticed on such verification.
(ii) (a) Physical verification of inventory has been conducted once
during the year by the Management. In our opinion, the frequency of
verification is reasonable,
(b) The procedures of the physical, verification of inventory followed
by the Management are reasonable and adequate in relation to the size
of the Company and nature of the business.
(c) The Company is maintaining proper records of its inventory.
Discrepancies noticed on physical verification were not material and has
been properly dealt with in the books of account.
(iii) According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured, to companies,
firms or other parties covered in the register maintained under section
189 of the Act. Accordingly, paragraph 3 (ill) (a) and. (b) of the
Order is not applicable.
(iv) In our opinion and according to the information and
explanations,given to us, there are adequate internal control
procedures commensurate with the size of the Company and nature of its
business for the purchase of Fixed Assets and for the sale of services.
Based on information made available to us, there are no instances of
continuing failure to correct major weaknesses in internal control.
(v) According to the information and explanations given to us, the
Company has not accepted any deposits from the public to which the
directives issued by the Reserve Bank of India and the provisions of
sections 73 to 76 and any other relevant provisions of the Act and the
rules framed thereunder apply.
(vi) We have broadly reviewed the books of accounts and records
maintained by the Company pursuant to the rules prescribed by the
Central Government for the maintenance-of cost records under section 148
(1) of the Companies Act, 2013 in respect of all its shop fabrication
and project site activities, and are of the opinion that prima facie the
prescribed accounts and records have been made and maintained. The
contents of these accounts and records have not been examined by us,
(vii) (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
has been generally regular in depositing, undisputed statutory dues,
including income-tax, custom duty, excise duty, service tax, cess and
other material statutory dues as applicable with the appropriate
authorities.
(b) According to the information and explanations given to us and as
per the records, of the Company, there are no disputed dues of sales
tax, income tax, custom duty, wealth tax, excise duty, service tax and
cess as at 31st March 2015, which have not been deposited on account of
any disputes.
(c) According to the information and explanations given to us, there is
no amount required to be transferred to Investor Education and
Protection Fund in accordance with the relevant provisions of the
Companies Act, 1956 and the rules made thereunder.
(viii) The Company has been registered for more than 5 years. No
accumulated losses exceeding 50 % of the Net Worth has been suffered by
the Company as at the end of Financial year. However, in our opinion,
the Company has incurred, cash losses amounting to '(345,288 /-) during
the current financial year. Cash loss amounting to(350,975/-) has been
incurred in the immediately preceding financial year.
ANNEXURE TO AUDITORS' REPORT (,<.Contd)
[Referred to in paragraph (1) of our report of even date to the Members
of SUN SOURCE INDIA Limited on the financial statements for the year
ended on 31st March 2015],
(ix) In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of dues to any
Financial Institution, Bank % Debenture Holders, as at the Balance
Sheet date.
(x) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from bank or financial institution during the year.
(xi) According to the records of the Company examined by us and the
information and explanation given to us, the Company has not availed any
term loan during the current year.
(xii) During the course of our examination of the books' and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
any fraud on or by the Company, noticed or reported during the year,
nor have we been informed of such case by the management,
Joshi Jain & Co
Chartered Accountants
ICAI Firm.Reg. No.:128820W
Place: Vadodara CA Sachin Joshi
Date: 30-May-2015 Partner
Membership No, 119560
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