Report on the Financial Statements:
We have audited the attached Balance Sheet of SUN SOURCE (INDIA) LIMITED as at
31st March 2018, the Profit & Loss Statement and Cash Flow Statement for the year
ended on that date annexed thereto. These Financial Statements are the responsibility of
the Companys management. Our responsibility is to express an opinion on these Financial
Statements based on our audit.
Managements Responsibility for the Financial Statements:
The Companys 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 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 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.
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.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors
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 Companys 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 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:
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
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 on 31st
March, 2018;
(b) in the case of the Statement of the Profit & Loss, of the Profit of the Company
for the year ended on that date.
(c) in the case of the Cash Flow Statement of the cashflows of the Company for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditors Report) Order, 2015 ("the Order")
issued by the Central Government of India in terms of sub-section (11) of section 143 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 and 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 and Statement of Profit and Loss, comply with the
Accounting Standards referred to in section 133 of the Companies Act, 2013 read with Rule
7 of Companies Rule 2014;
(e) on the basis of written representations received from the directors as on March 31,
2018, and taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2018, from being appointed as a director in terms of sub-section (2) of
section 164 of the Companies Act, 2013
(f) There is nothing to disclose which is having adverse effect on the functioning of
the Company
(g) With respect to the other matters included in the Auditors Report and to our best
of our information and according to the explanations given to us:
a. the Company does not have any pending litigations which would impact its financial
position
b. the Company did not have any long-term contracts including derivatives contracts for
which there were any material foreseeable losses
c. there were no amounts which required to be transferred to the Investor Education and
Protection Fund by the Company
ANNEXURE TO AUDITORS REPORT
As required by the Companies (Auditors Report) Order, 2015 issued by the Central
Government in terms of Section 143(11) of the Companies Act, 2013, we give below a
statement on the matters specified in the said Order.
(i) (a) The Company has maintained proper records showing the description,
classification, location, original cost and quantity of the Fixed Assets;
(b) As informed to us, the Fixed Assets have been physically verified by the management
during the year. We are informed that no material discrepancies were noticed by the
management on such verification.
(c) Based on our audit procedures, and the information and explanations given by the
management, the title deeds of immovable properties are held in the name of the company.
(ii) The Company does not have inventory during the year.
(iii) 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 Companies
Act, 2013. Hence the provisions of Sub-Clause (a) (b) and (c) are not applicable to the
company.
(iv) The company has not granted any loan, made investment or provided any guarantee
and security falling under the provisions of Section 185 and 186 of the Companies Act,
2013.
(v) In our opinion and according to the information and explanations given to us, the
company has not taken any deposits, from directives issued by the Reserve Bank Of India
and as per the provisions of the Section 73 and 76 of the Companies Act,2013
(vi) As per the information and explanation given to us in respect of the class of the
industry the company falls under, the maintenance of cost records have not been prescribed
by the Central Government under section 148(1 )(d) of the Companies Act 2013.
(vii) (a) The Company is generally regular in depositing where applicable, undisputed
statutory dues including Provident Fund, Employees State Insurance, Income Tax, Welath
tax, Customs Duty, Excie Duty, Cess,
Service Tax, value Added Tax and other statutory dues with the appropriate authorities.
There are no undisputed statutory dues as at 31st March, 2018 which are
outstanding for a period exceeding six months from the date it becomes payable.
(b) According to the information and explanations given to us, there are no pending
dues related to sales tax/ income tax/ customs duty/ wealth tax/ excise duty and Cess,
which have not been deposited on account of any dispute.
(viii) 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 any financial institutions, bank and debenture holders as at the Balance Sheet
date.
(ix) The company has not availed any term loan from Bank and Financial Institutions
during the year.
(x) During the course of our examination of the Books and records of the company,
carried out in accordance with the generally accepted accounting practices in India and
according to the information and explanations given to us we have neither come across any
instance of material fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
(xi) According to the information and explanation given to us no remuneration is paid
during the year.
(xii) The Company is not a Nidhi Company as per the Nidhi Rules, 2014.
(xiii) During the course of our examination of the books and records of the company,
carried out in accordance with the generally accepted accounting principles in India, and
according to the information and explanations given to us all, transactions with the
related parties are in compliance with the sections 177 and 188 of the Companies Act,
2013.if applicable and the details have been disclosed in the Financial Statements etc.,
as required by the applicable accounting standards.
(xiv) The Company has not made any preferential allotment or private placement of
shares or fully or partly convertible debentures during the year under the review.
(xv) The Company has not entered into any non-cash transactions with directors or
persons connected with him and no provisions of Section 192 of Companies Act, 2013 have
been violated.
(xV) The Company is not a NBFC, hence no registration under the section 45-IA under the
perview of the Reserve Bank of India Act, 1934 is applicable.
For Joshi Jain and Co
Chartered Accountants
ICAI Registration No 128820W
Sd/-
Sachin Joshi
Proprietor
Membership No 119560
Place : Vadodara
Date : 30th May, 2018
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT ON THE STANDALONE FINANCIAL STATEMENTS OF
SUN SOURCE (INDIA) LIMITED
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 ofSection
143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of SUN
SOURCE (INDIA) LIMITED ("the Company") as of March 31, 2018 in conjunction
with our audit of standalone financial statements of the Company for the year ended on
that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India. These responsibilities include
the design, implementation and maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to companys policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the accounting
records, and the timely preparation of reliable financial information, as required under
the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with 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
to be prescribed under section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls, both applicable to an audit of
Internal Financial 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 and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects. Our audit
involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls system over financial reporting and their operating effectiveness. Our
audit of internal financial controls over financial reporting included obtaining an
understanding of internal financial controls over financial reporting, assessing the risk
that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The procedures selected
depend on the auditors judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion on the Companys internal financial controls system over financial
reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the companys 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 financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at March 31, 2018, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
For Joshi Jain & Co.
Chartered Accountants
ICAI Registration No 128802W
Sd/-
Sachin Joshi
Proprietor
Membership No 119560
Place : Vadodara
Date : 30th May, 2018.
+91-9892691696
