sunday exports ltd share price Auditors report

AUDITORS REPORT

1. We have audited the attached Balance Sheet of M/s. SUNDAY EXPORT LTD as at 31st March 2012 and also the Profit and Loss Account for the year ended as on that date annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion of these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An Audit includes, examining, on a test basis evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the companies (Auditors Report) order 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the companies act, 1956, we enclose in the annexure s statement on the matters specified in paragraph 4 and 5 of the said order.

4. Further to our comments in the annexure referred to in para 1 above, we report that ;-

(i) We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit.

(ii) In our opinion, proper books and accounts as required by the law have been kept by the company s far as appears from our examination of the books of the company.

(iii) The Balance sheet and profit & Loss Account and Cash Flow statement dealt with by this report are in agreement with the books of account.

(iv) In our opinion, the Balance sheet, Profit & Loss Account dealt with by this report are in agreement with the books of account.

(v) On the basis of written representations received from the Directors, as on 31st March 2012 and taken on record by the Board of Directors of the company and the information and explanation given to us, none of the directors is at 31st March 2012, prima facie disqualified from being appointed as Directors in terms of clause (g) of sub-section (1) of section 274 of the companies Act, 1956.

(vi) In our opinion and to the best of our information and according to the explanation given to us, the said financial statements, read together with the significant according policies, and other notes thereon, give the information required by the companys Act.1956 in the manner sp required and present to 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 31sl march 2012.

(b) In the case of profit & loss Account of the profit for the period ended as on 31st March 2012.

(c) In the case of the Cash Flow statement. Of the Cash Flows for the year ended on that date.

Place : Surat
Date : 29th August 2012.	JAGASHETH &CO. For
	Chartered Accountants
	P.M. JAGASHETH.
	Proprietor
	M.No. 100970.

ANNEXURE TO THE AUDITORS REPORT

(Referred in paragraph 3 of our of even date ) On the basis of such checks as we considered appropriate during the course of audit, we state that:

(1) (a) The company is in the process of updating records showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us, fixed assets are physically verified by the management during the year, n i accordance with the program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were notices on such verification.

(c) None of the fixed assets has been revalued during the year.

(d) The company has not disposed off any substantial part of its fixed assets during the year, so as to affect going concern concept.

(2) (a) The physical verification of stokes of finished goods, semi finished goods and raw material has been conducted at reasonable intervals during the year by the management.

(b) 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) The company has maintained proper record of inventories. There was no material discrepancies noticed on physical verification of inventories as compared to book of records.

(3) (a) The company has not granted any loans to companies, firms or parties covered in the Register, maintained u/s. 301 of the Companies Act, 1956. The company has also not taken any loans, secured or unsecured from Companies under the same management within the meaning of section 370(1)(B) of the Companies Act, 1956.

(b) The company has not given any loans during the year. The rates of interest and other terms and conditions on which loans have been taken by the company are not, prima facie, prejudicial to the interest of the company.

(4). In our opinion and according to the information and explanation given to us, there are adequate Internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of raw materials including components, equipments and other assets and for the sale of goods.

(5) In respect of transaction entered in the register maintained u/s.301 of Companies Act, 1956.

(a) On the basis of the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that all the transactions required to be entered in to the register maintained under section 301 have been so entered.

(b) In our opinion and based on the information and explanations given to us, the transactions exceeding the value of rupees five lacs rupees in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(6) The company has not accepted deposits during the year from public within the meaning of the provisions of section 58AA of the companies Act, 1956 and rules made there under. Hence clause of the order is not applicable.

(7) The company does not have an internal audit system commensurate with the size and nature of its business.

(8) The company is not required to maintain cost of records as per rules made by the Central Government for maintenance of cost records under section 209(1)(d) of the companies Act, 1956.

(9) (a) The company is generally regular in depositing undisputed statutory dues including provident fund, employees state insurance, income tax, sale tax, wealth tax, custom duty, excise duty, Cess and other statutory dues within the prescribed time limits with the appropriate authorities during the year.

(b) According to the information and explanations given to us, no undisputed amount payable in respect of income tax, sale tax, wealth tax, custom duty, excise duty were outstanding as at 31st March 2012 for a period of more than six months from the date they become payable.

( c ) According to the records of the company, there are no dues of Sales Tax, income tax, wealth tax, custom duty and excise duty, cess which have not been deposited on account of any dispute.

(10) In our opinion and according to the information and explanation given to us, the company has not defaulted in re-payment of dues to a financial institutions and banks.

(11) In our opinion and 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.

(12) In our opinion and according to the information and explanations given to us, the company has not given any guarantee or loans taken by others and financial institutions.

(13) In our opinion and according to the information and explanations given to us, the term loans have been applied for the purpose for which they were raised.

(14) In our opinion and according to the information and explanations given to us, and an overall examinations of the Balance sheet of the company, we report that no funds raised on short term basis have been used for long term investments and vice versa.

(15) The company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

(16) The company has not issued any debentures during the period.

(17) The company has not raised any monies through a public issue during the year.

(18) According to the explanations and information given to us, based upon the audit procedures performed and representations made by the management, We report that no fraud in by the company has been noticed of reported during the course of our Audit.

Looking to the nature of the activities being carried on, at present, by the company, Clause(13) and (14) of paragraph 4 of the companies (Auditors Report) order, 2003 are not applicable to the company.

Place: Surat
Date 29th August 2012.	JAGASHETH & CO. For
	Chartered Accountants
	P.M. JAGASHETH.
	Proprietor
	M.No. 100970.