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To, The Members,
M/s SYSCO INDUSTRIES LIMITED SURAT
Report on the Financial Statements
We have audited the accompanying financial statements of SYSCO INDUSTRIES LIMITED, which comprise the Balance Sheet as at 31st March, 2017, the statement of Profit and Loss and the Cash Flow Statement for the period then ended, a summary of significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for The Matters in Sec. 134(5) of The Companies Act, 2013 with Respect to the Preparation of these standalone financial Statement give a true and fair view of 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 also includes the maintenance of adequate accounting record in accordance with the provision of the act for safeguarding of the asset of the company and for preventing and detecting the 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 internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and fair presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provision of the Act, The accounting and auditing standards and, matters which are required to be included in the audit report under the provisions of act and rules made their under.
We conducted our audit in accordance with the standards on auditing specified under section 143(10) of the Act. Those standards require that we comply with ethical requirement 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 financial control relevant to the Companys preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies use and the reasonableness of the accounting estimates made by the Companys directors, as well as evaluating the overall presentation of the standalone financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, of the state of affairs of the company as at 31st March 2017 and its profits and its cash flows for the period ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the purposes 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 as it appears from our examination of those books;
c) The Balance Sheet, Profit Loss statement and the Cash Flow Statement dealt with by this report are in agreement with the books of account;
d) In our opinion, the aforesaid standalone financial statements comply with the accounting standards specified
under section 133 of the act, read with rule 7 of the companies (Accounts) Rules,2014;
e) On the basis of written representation received from the directors as on 31* March, 2017, taken on records by the board of directors, none of the directors is disqualified as on 31st March, 2017 from being appointed as a director in terms of sections 164(2) of the Act.
f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys Internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditors report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanation given to us:
(i) The company does not have any pending Litigation which would Impacts on its financial position.
(ii) The company did not have material foreseeable losses on long term contracts that require provision under any law or accounting standards for which there were any material foreseeable losses.
(iii) There were no amounts which required to be transferred, to the investors education and protection fund by the company.
2. As required by the companies (Auditors Report) Order,2016 issued by the Central Government of India in the terms of sub-section (11) of the section 143 of the Companies Act,2013, we enclose in Annexure B hereto a statement on the matters specified in the said order , to the extent applicable to the company.
|For ADUKIA & COMPANY|
|(CA-ASHOK K. ADUKIA)|
|M. No. 037199|
|DATE: 29th May , 2017|