| We have audited the accompanying financial statements of Sunrise Asian
Limited which comprise the Balance Sheet as at March 31, 2014, and the
Statement of Profit and Loss and Cash Flows for the year then ended,
and a summary of significant accounting policies and other explanatory
information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors are responsible for the matters stated
in Section 134(5) of Companies Act, 2013 ("the Act") with respect to
the preparation and presentation of these financial statements that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
Accounting principles generally accepted in India, including the
Accounting Standards specified under section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
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; design,
implementation and maintenance of adequate internal financial controls,
that are 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.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.We conducted our 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.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 43(10) of the Act. 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 inorder 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 of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Qualified Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of the matters
described in the basis of Qualified Opinion paragraph, the financial
statements give the information required by the Act in the manner 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 at March 31, 2015;
b) in the case of the Statement of Profit and Loss, of the loss for the
period ended on that date; and c) in the case of Cash Flow Statement,
of the cash flows for the period ended on that date.
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
subsection (11) of 143 of the Act, we give in the Annexure a statement
on the matters specified in the paragraph 3 and 4 of the order, to the
extent applicable.
2. As required by section 143(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit and Loss dealt with by this
Report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, the Statement of Profit & Loss
and the CashFlow Statement comply with the Accounting Standards
referred to in Section 211(3C) of the Act read with the General
Circular 15/2013 dated September 13, 2013 issued by the Ministry of
Corporate Affairs; and
e) On the basis of written representations received from the directors
as on March 31, 2015, and 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 of the Companies Act,
2013.
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, all the fixed assets have been physically
verified by the management during the period and no material
discrepancies were noticed on such physical verification.
(c) During the year, the Company has not disposed off any fixed assets.
(a) (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
(iii) (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted loan to any party listed in the register maintained
under Section 189 of the Companies Act, 2013. Thus sub clause (b), (c)
and (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from any party listed in the register maintained under
Section 189 of the Companies Act, 2013. Thus sub Clause (f) and (g) of
the order are not applicable to the company.
(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
with regard to purchases of fixed assets and for the sale of services.
In our opinion and according to the information and explanations given
to us, there is no continuing failure to correct major weaknesses in
internal control.
(v) (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts and arrangements
referred to in section 189 of the Companies Act, 2013 have been entered
in the register required to be maintained under that section.
(vi) During the year, the Company has not accepted any deposits. As
such, the compliance with directives issued by the Reserve Bank of
India and the provisions of section 73 and 78 the Act and the rules
framed there under are not applicable.
(vii) As per information and explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
(viii) As per information and explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under sub-section (1) of section 148 of the Companies the
Act, 2013.
(ix) (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income- tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2015 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
(x) The Company does not have any accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by our audit, though it has incurred cash losses
in the immediately preceding financial year.
(xi) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
(xii) According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) In our opinion, the Company is not a chit fund, nidhi or mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor's Report) Order 2003 are not applicable to the
Company.
(xiv) The Company has kept adequate records of transactions and
contracts in respect of dealing or trading in shares, securities,
debentures and other investment made by company and timely entries have
been made therein. The Company's investments are held in its own name.
(xv) According to the information and explanations given to us, the
Company has not given any corporate guarantee for loan taken by others
from bank or financial institution.
(xvi) Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2015, we report that the company has not raised any term loan
during the year.
(xvii) Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2015, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
(xviii) Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year to
the parties covered under section 189 of the Act.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) The Company has not raised any money by way of public issues
during the year.
(xxi) Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Vikash Jindal & Associates
Firm Regn. No. : 129922W
Chartered Accountants
(Vikash Jindal)
Proprietor
Membership No. : 408934
Place: Mumbai
Date: 30-05-2015
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