To,
The Members of,
Sunrise Asian Limited.
Report on the Financial Statements
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.
Managements Responsibility for the Financial Statements
The Companys 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 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 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 (Auditors 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.
|
For Vikash Jindal & Associates |
|
Firm Regn. No. : 129922W |
|
Chartered Accountants |
|
(Vikash Jindal) |
|
Proprietor |
|
Membership No. : 408934 |
| Place: Mumbai |
|
| Date: 30-05-2015 |
|
TO THE INDEPENDENT AUDITORS REPORT
(Referred to in Paragraph (1) of our Report of even date)
(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 (Auditors
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 Companys 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 Jintal) |
|
Proprietor |
|
Membership No. : 408934 |
| Place: Mumbai |
|
| Date: 30-05-2015 |
|
+91-9892691696
