sundaram trustee company ltd Auditors report

Independent Auditors Report

TO THE MEMBERS OF M/S. SUNDARAM TRUSTEE COMPANY LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of Sundaram Trustee Company

Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Managements Responsibility for the Financial Statements

Management is responsible for the preparation 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 Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control 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.

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 at March 31,2014;

(b) In the case of the Profit and Loss Account, of the profit for the year ended on that date; and

(c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 ofthe Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(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, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d. In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e. On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1)of section 274 of the Companies Act, 1956.

	for Sundaram & Srinivasan
	Chartered Accountants
	Firm Registration No. 004207S
	S. Usha
Place: Chennai	Partner
Date : 28.04.2014	Membership No.211785

Annexure to the Auditors Report

I. The company is maintaining proper records showing full particulars including quantitative details and the situation of fixed assets.

(a) These fixed assets were physically verified by the management at reasonable intervals. We are informed that no material discrepancies were noticed on such verification.

(b) The company has not disposed off substantial part of fixed assets during the year.

ii. The company does not hold any inventory. Hence, clauses (a), (b), (c) of paragraph (ii) of the Order are not applicable.

iii. The company has neither granted nor taken any loans, secured or unsecured to / and from companies, firms or other parties covered in the register maintained under section 301 of the Act. Hence the clauses (iii) (b) to (g) of the Order are not applicable.

iv. There is adequate internal control system commensurate with the size of the company and nature of its business for purchase of Fixed Assets. There are no major weaknesses in internal control system.

v. (a) The transactions that are needed to be entered into the register maintained under section 301 of the Act have been so entered. (b) Each of these transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi. The company has not accepted any deposits from the public.

vii. As the company is not a listed company or the companys paid up capital and free reserves do not exceed Rs. 50 lakhs or its average annual turnover does not exceed Rs. 5 crores, the requirement of separate internal audit system is not applicable to the company.

viii. The Central Government has not prescribed maintenance of cost records under clause (d) of sub section (1) of section 209 of the Act.

ix. The company is regular in depositing Income Tax and Service Tax with the appropriate authorities.

The other statutory dues are not applicable to the company.

x. There are no disputed statutory dues by the company.

xi. The company has no accumulated losses and has not incurred cash losses during this financial year and in the immediately preceding financial year.

xii. The company has not availed any loans from any financial institutions or bank or debenture holders and hence the clause (xi) of the Order is not applicable to the company.

xiii. The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiv. The company is not a Chit Fund or Nidhi / Mutual Benefit Fund / Society. Therefore clause (xiii) of the Order is not applicable to the company.

xv. The company is not dealing or trading in Shares, Securities, Debentures and other investments.

xvi. The company has not given any guarantee for loans taken by other from banks or financial institutions.

xvii. The company had not availed any Term Loans during the year.

xviii. The company had not raised any funds during the year.

xix. The company has not made any preferential allotment of shares during the year.

xx. The company has not issued any debentures during the year.

xxi. The company has not raised any money by way of public issues during the year.

xxii. No fraud on or by the company has been noticed or reported during the year.

	for Sundaram & Srinivasan
	Chartered Accountants
	Firm Registration No. 004207S
	S. Usha
Place: Chennai	Partner
Date : 28.04.2014	Membership No.211785