Mar 31, 2016
INDEPENDENT AUDITORS'' REPORT
To,
THE MEMBERS OF
SUN TECHNO OVERSEAS LIMITED Report on the Financial Statements
We have audited the accompanying financial statements of SUN TECHNO OVERSEAS LIMITED, which comprise the Balance Sheet as at 31 March 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters 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, 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 records in accordance with the provision of the Act for safeguarding of the assets 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 presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there 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 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 auditor''s 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 Company''s preparation of the financial statements that give 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 used and the reasonableness of the accounting estimates made by Company''s Directors, 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 on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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, 2016;
b) in the case of the Statement of Profit and Loss, of the loss 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
As required by the Companies (Auditor''s Report) Order,2016, issued by the Central Government of India in term of sub-section (11) of section 143 of the Companies Act,2013, we give in the Annexure "A" a statement on the matters specified in the paragraphs 3 and 4 of the Order, to the extent applicable.
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 from our examination of those books
c) The Balance Sheet, the 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 aforesaid 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 representations received from the directors as on 31 March, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2016, from being appointed as a director in terms of Section 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 B".
g) With respect to the other matters included in the Auditor''s Report and to our best of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial position
ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses
iii. There were no amounts which required to be transferred to the Investor Education and Protection Fund by the Company.
The Annexure referred to in paragraph 1 of the Our Report of even date to the members of M/s SUN TECHNO
OVERSEAS LIMITED on the accounts of the company for the year ended 31st March, 2016.
On the basis of such checks as we considered appropriate and according to the information and explanation given to
us during the course of our audit, we report that:
1. The company does not have any Fixed Assets. Hence, clause (i) (a) (b) & (c) are not applicable to the company.
2. The company does not have any inventory. Hence, clause (ii) (a) & (b) are not applicable to the Company.
3. As per information and explanation given to us, the company has not granted loans to parties covered in the register maintained under section 189 of the Companies Act hence clause (iii) (a) to (c) are not applicable to the company.
4. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made.
5. The company has not accepted any deposits from the public.
6. The Central government has not prescribed maintenance of cost records under sub-section (1) of section 148 of the Companies Act, in respect of products of the company.
7. In respect of Statutory dues:
a) According to information & explanation given to us, the company is generally regular in depositing statutory dues with the appropriate authorities during the year. According to the information and explanations given to us, no undisputed amounts payable in respect of the above were in arrears as at March 31, 2016 for a period of more than six months from the date on when they become payable.
b) As per information & according to explanation given to us, there are no cases of non deposit with the appropriate authorities of disputed dues of Income-tax, and any other statutory dues with the appropriate authorities during the year.
8. The Company does not have any loans or borrowings from any financial institution, banks, and government or debenture holders during the year. Accordingly, paragraph 3(viii) of the Order is not applicable.
9. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable.
10. According to the information and explanations given by the management, we report that no fraud by the Company or on the company by its Officers or employees has been noticed or reported during the year.
11. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
12. In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii) of the Order are not applicable to the Company.
13. In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.
14. According to the information and explanations given by the management, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3 (xiv) of the Order are not applicable to the Company and hence not commented upon.
15. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
16. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of M/s. SUN TECHNO OVERSEAS LIMITED as of March 31, 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s 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 company''s 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 Company''s 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 auditor''s judgment, 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 Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s 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 company''s 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 company''s 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, 2016, 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, DHVANISH SHAH & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN: 139838W
Sd/-
CA DHVANISH SHAH
PROPRIETOR
M. No.: 162263
PLACE: AHMEDABAD
DATE: 30.05.2016
Mar 31, 2015
We have audited the accompanying financial statements SUN TECHNO
OVERSEAS LIMITED, which comprise the Balance Sheet as at 31 March 2015,
the Statement of Profit and Loss, the Cash Flow Statement for the year
then ended, and a summary of significant accounting policies and other
explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company's Board of Directors is responsible for the matters 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, 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 records in accordance with the provision of the Act
for safeguarding of the assets 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 presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
AUDITOR'S RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there 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 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 auditor's 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 Company's
preparation of the financial statements that give 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 used and the reasonableness of the accounting
estimates made by Company's Directors, 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 on the financial
statements.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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 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
As required by the Companies (Auditor's Report) Order, 2015 issued by
the Central Government of India in term of sub-section (11) of section
143 of the Companies Act, 2013 we give in the Annexure a statement on
the matters specified in the paragraphs 3 and 4 of the Order, to the
extent applicable.
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 from our examination of those
books
c) the Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are i agreement with the books of
account.
d) In our opinion, the aforesaid 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 representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the other matters included in the Auditor's Report
and to our best of our information and according to the explanations
given to us :
THE ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE OUR REPORT OF EVEN DATE
TO THE MEMBERS OF M/S SUN TECHNO OVERSEAS LIMITED ON THE ACCOUNTS OF
THE COMPANY FOR THE YEAR ENDED 31ST MARCH, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of information available.
(b) The company has disposed off all of its fixed assets during the
year and the going concern status of the company is not affected.
2. The company does not have any inventory. Hence, clause (ii) (a),
(b) & (c) are not applicable to the Company.
3. As per information and explanation given to us, the company has not
granted loans to parties covered in the register maintained under
section 189 of the Companies Act hence clause (iii) (a) & (b) are not
applicable to the company.
4. 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 the nature of its business. During the
course of our audit we have not observed any continuing failure to
correct major weakness in internal controls.
5. According to the information and explanations given to us, the
Company has not accepted any deposits from the public. Therefore, the
directives issued by the Reserve Bank of India and the provisions of
sections 73 to 76 or any other relevant provisions of the Companies Act
and the rules framed there under are not applicable to the Company.
6. As informed to us, Central government has not prescribed
maintenance of cost records under sub-section (1) of section 148 of the
Companies Act, in respect of products of the company.
7. In respect of statutory dues:
a) As per information & according to explanation given to us, the
company is generally regular in depositing statutory dues with the
appropriate authorities during the year.
b) As per information & according to explanation given to us, there are
no cases of non deposit with the appropriate authorities of disputed
dues of Income-tax, and any other statutory dues with the appropriate
authorities during the year.
c) There were no amounts which required to be transferred to the
Investor Education and Protection Fund by the Company
8. The accumulated losses at the end of the financial year are not
more than 50% of its net worth and the Company has incurred cash losses
of Rs. 223734/- during the financial year covered by the audit and also
incurred losses in the immediately preceding financial year.
9. Based on our audit procedures and according to the information and
explanations given to us, there are no loans taken from financial
institution, banks or debenture-holders therefore the question of
payments does not arise.
10. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
Banks or financial institutions.
11. The company has not raised any term loans during the year.
12. In our opinion and according to the information and explanations
given to us, no material fraud on or by the company, has been noticed
or reported, during the course of our audit.
For, Y. D. & CO
CHARTERED ACCOUNTANTS
FRN:018846N
PLACE: LUDHIANA
DATE: 30.05.2015 Sd/-
CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying financial statements of SUN TECHNO
OVERSEAS LIMITED (Formerly known as WELL WORTH OVERSEAS LIMITED) which
comprise the Balance Sheet as at 31 March 2014 and the Statement of
Profit and Loss and for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s 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 notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. 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.
Auditor''s 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 auditor''s 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 Company''s 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:
i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2014;
ii) in the case of the statement of profit and loss, of the profit for
the year ended on that date;
iii) In the case of 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 (Auditor''s Report) Order, 2003, as
amended, issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the 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 dealt with by this
Report are in agreement with the books of account.
d. In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
e. On the basis of the written representations received from the
directors as on March 31, 2014, 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 Section 274(1)(g) of the
Act.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of SUN TECHNO OVERSEAS LIMITED [formerly known as Well
worth Overseas Ltd] on the accounts of the company for the year ended
31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. Company does not have inventories during the year hence other sub
clause not applicable
3. (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 any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (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 companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As informed to us, Central government has not prescribed
maintenance of cost records under section 209(1) (d) of the Companies''
Act 1956 in respect of products of the company.
9. (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, 2014 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.
10. The accumulated losses at the end of the financial year are not
more than 50% of its net worth and it has incurred cash losses of Rs
330864/- during the financial year under report and it has also
incurred cash losses in the immediately preceding financial year.
11. 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.
12. 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.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. 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, 2014 we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. 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.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. 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, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN:018846N
PLACE: LUDHIANA
DATE: 29.05.2014 SD/-
CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2013
We have audited the accompanying financial statements of SUN TECHNO
OVERSEAS LIMITED (Formerly known as WELLWORTH OVERSEAS LIMITED) which
comprise the Balance Sheet as at 31 March 2013 and the Statement of
Profit and Loss and for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s 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 of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956. 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.
Auditor''s 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 auditor''s 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 Company''s 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:
i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2013;
ii) in the case of the statement of profit and loss, of the profit for
the year ended on that date;
iii) In the case of 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 (Auditor''s Report) Order, 2003, as
amended, issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the 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 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
comply with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956; and
e. on the basis of written representations received from the directors
as on 31 March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of SUN TECHNO OVERSEAS LIMITED [formerly known as
Wellworth Overseas Ltd] on the accounts of the company for the year
ended 31st March, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. Company does not have inventories during the year hence other sub
clause not applicable
3. (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 any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (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 companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As informed to us, Central government has not prescribed
maintenance of cost records under section 209(1) (d) of the Companies''
Act 1956 in respect of products of the company.
9. (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, 2013 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.
10. The accumulated losses at the end of the financial year are not
more than 50% of its net worth and it has incurred cash losses of Rs
366965/- during the financial year under report and it has also
incurred cash losses in the immediately preceding financial year.
11. 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.
12. 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.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. 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, 2013 we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. 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.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. 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, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN: 018846N
PLACE: LUDHIANA
DATE: 31.08.2013
CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2010
We have audited the attached Balance Sheet of WELLWORTH OVERSEAS
LIMITED as at 31st March 2010 and also the Profit & Loss Account and
Cash Flow Statement of the company for the year ended on that date
annexed there to. 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.
1. We 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 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.
2. As required by the Companies (Auditors Report) Order 2003 issued by
the Central Government of India in terms of section 227(4A) of the
Companies Act 1956,we enclose in Annexure a statement on the matters
specified in the paragraph 4 and 5 of the said order .
Further to our comments in the Annexure refer to in paragraph 2 above,
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 accounts as required by law has been
kept by the company so far as it appears from our examination of the
books of accounts.
c. The balance sheet and Profit & Loss account and Cash Flow Statement
dealt by this report are in agreement with the books of accounts.
d. In our opinion the balance Sheet, Profit & Loss Account and cash
Flow Statement dealt with by this report comply with the mandatory
Accounting Standards referred in Sub-section 3(C) of Section 211 of the
Companies Act 1956.
e. In our opinion and on the basis of the information and explanations
given to us and on the basis of the written representations received
from the Directors and taken on record none of the directors of the
company is disqualified as on 31st March 2010 from being appointed as a
director in terms of clause (g) of sub-section (1) of section 274 of
the companies Act 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and notes on the accounts thereon
specifically point no 5 regarding Loans & Advances and investment give
the information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India.
i. in the case of balance Sheet of the state of affairs of the company
as at 31st March 2010
ii. in the case of the Profit & Loss Account of the Loss for the year
ended on that date and
iii .in the case of the cash flow statement, of the cash flow for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH-2 OF OUR REPORT OF EVEN DATE
1. The company has disposed off all the fixed assets last year so
company does not have any fixed assets during the year.
2. (a)The inventories have been physically verified by the management
at reasonable intervals during the year.
(b)The Procedures of physical verification followed by the Management
as explained to us are, in our opinion, reasonable and adequate in
relation to the size of the company and the nature of its business.
(c)As per information and explanation given to us, the discrepancies
noticed on physical verification of inventories have been properly
dealt with in the books of accounts.
3. (a)As per information and explanation given to us, the company has
granted unsecured interest free loan of Rs 10.44 crore to one party
covered in the register maintained under section 301 of the Companies
Act, 1956, other terms and condition of the loan are not prejudicial to
the interest of the company
(b)As per information and explanation given to us, the company has not
taken loans from parties covered in the register maintained under
section 301 of the Companies Act, 1956, hence clause (iii) (e) , (iii)
(f) and (iii) (g) are not applicable to the company.
4. 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 the nature of its business for the
purchase of inventory and fixed assets and also for the sale of goods
and services. During the course of our audit we have not observed any
continuing failure to correct major weakness in internal controls.
5. As per information & according to explanation given to us, the
company has entered into any the transaction that need to be entered
into the register maintained under section 301 of the Act.
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the public. Therefore, the
provisions of clause (iv) of the Companies (Auditors Report) Order,
2003 are not applicable to the Company.
7. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8. As informed to us, Central government has not prescribed
maintenance of cost records under section 209(1) (d) of the Companies
Act 1956 in respect of products of the company.
9. In respect of Statutory dues:
a) As per information & according to explanation given to us, the
company is generally regular in depositing statutory dues with the
appropriate authorities during the year.
b) As per information & according to explanation given to us, there are
no cases of non deposit with the appropriate authorities of disputed
dues of Income-tax, and any other statutory dues with the appropriate
authorities during the year.
10. The company has accumulated losses exceeding 50% of its net worth
at the end of the financial year. The Company has incurred cash losses
of Rs 66607/- during the financial year covered by the audit The
company has also incurred cash loss in the immediately preceding
financial year.
11. Based on our audit procedures and according to the information and
explanations given to us, there are no loans taken from financial
institution, banks or debenture-holders therefore the question of
payments does not arise.
12. In our opinion and according to the information available and
explanations given to us, no loans and advances have been granted by
the company on the basis of security by way of pledge of shares,
debentures and other securities.
13. In our opinion the company is not a chit fund or a nidhi/mutual
benefit fund/society. Hence the provisions of clauses (xiii) of the
Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
14. The Company has maintained records of transactions and contracts in
respect of investment in shares, mutual fund and other investments and
timely entries have been made therein. All the shares, mutual funds and
other investments held by the companies are in its own name except to
the extent of the exemption granted under section 49 of the Companies
Act, 1956.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
Banks or financial institutions.
16. The company has not raised any term loans during the year.
17. According to the information and explanations given to us and on
overall examination of the balance sheet of the Company, we are of the
opinion that no funds raised short term basis that have been used for
long term investment.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the registered maintained under
section 301 of the Companies Act 1956.
19. The company has not created any securities in respect of any
outstanding at the year-end.
20. The company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no material fraud on or by the company, has been noticed
or reported, during the course of our audit.
For, ARVIND A. THAKKAR & Co.
Chartered Accountant
Firm Reg. No. 100571W
(Arvind A. Thakkar)
Proprietor
M. No. 14334
Place : Ahmedabad.
Date : 04th September, 2010
Mar 31, 2009
1. We have audited the attached Balance Sheet of M/s. WELLWORTH
OVERSEAS LIMITED as at 31st March, 2009 and also Profit arid Loss
Account 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 to express an opinion on these
financial statements based on our audit.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India. These 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 the 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 Section 227(4A) of the
Companies Act, 1956, and on the basis of such checks of the books and
records as we considered appropriate and according to the information
and explanations given to us during the course of audit, we have set
out in the Annexure, a statement on the matters specified in paragraphs
4 and 5 of the said Order to the extent applicable.
4. Further to our comments in the Annexure referred in paragraphs (3).
above, 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 an
audit;
(b) In our opinion, proper Books of Accounts as required by law, have
been kept by the Company so far as appears from our examination of
those Books;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with b5.Ãtni*> Report are in agreement with the Books of
Accounts;
(d) In our opinion, the Balance Sheet and Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956.
(e) On the basis of confirmations received from the Directors of the
Company and taken on record by the Board of Directors, we report that
none of the Directors is disqualified as on 31st March, 2009 from being
appointed as a Director of the Company in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
(f) In our opinion, and to the best of our information and according to
the explanations given to us, the said accounts read together with
significant Accounting Policies and other Notes thereon, give the
information required by the Companies Act, 1956 in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India :
(i) in the case of Balance Sheet, of the state of the affairs of the
company as at 31st March, 2009
(ii) in the case of the Profit and Loss Account, of the loss for the
year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Referred to in Paragraph (1) of our Report of even date)
(i) (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, the fixed assets have been physically verified
by the Management during the year and there is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the company and nature of its assets. No material discrepancies
were noticed during such verification.
(c) During the year, the Company has disposed off all its fixed assets.
(ii) (a) The Inventories has been physically verified during the year
by the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us the procedure of physical verification of inventories
followed by the Management are reasonable and adequate in relation to
Size of the company and nature of its business.
(c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
(ill) (a) The company has not granted any loan whether secured or
unsecured to. companies, firm or other parties covered in the
registered under section 301of the Act.
(b) Not applicable
(c) Not applicable
(d) Not applicable
(e) The company has taken Unsecured loans from the other parties
covered in the register maintained under section 301 of the companies
Act, 1956, and the amount involved is Rs. 50000/- and the amount
outstanding at. the year end is Rs. 50000/-.
(f) The rate of interest and other terms and conditions of loans taken
by the company, secured or unsecured, are not prima-facie prejudicial
to the interest of the company.
(g) The loans taken by the company are at call and no stipulations have
been made regarding payment of interest.
(iv) In our opinion and according to information and explanations given
to us,
there are adequate internal control procedures commensurate with the
size of the Company and the nature of its business for the purchases of
inventory, and fixed assets and for the sale of goods. During the
course of our audit, no major weakness has been noticed in the internal
controls.
(v) (a) There is no such transaction that need to be entered into a
register in pursuance of section 301 of the Act.
(b) There are no transactions of purchase and sales of goods, materials
and services made in pursuance of contracts or arrangements entered in
the register maintained under section 301 of the Companies Act, 1956,
aggregating during the year to Rs. 5,00,000/- or more in respect of
each party.
(vi) The company has not accepted any deposits from the public and
hence the provisions of section 58A of the Companies Act, 1956, and
rules framed there under are not applicable. In Companys case, no
order has been passed by the Company Law Board.
(vii) In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
(viii) The Central Government of India has not prescribed the
maintenance of cost records by the company under Section 209 (1) (d) of
the Companies Act, 1956, for any of its products.
(ix) (a) According to the information and explanation given to us and
according to the books and records as produced and examined by us, in
our opinion, the company is regular in depositing undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs
Duty, Excise Duty, . Cess and other material statutory dues as
applicable with the appropriate authorities.
(b) According to the information and explanations given to us and the
records of the company examined by us, there are no undisputed dues of
Income Tax, Custom Duty, Wealth Tax or Cess matters. The details of
disputed Sales Tax and Excise Duty dues are as follows :-
(x) The company has accumulated losses as at the end of the Financial
year, 31st March 2009 exceeding 50% of its networth. The company has
also incurred cash losses during the current financial year and in the
immediately preceding financial year.
(xi) The company has not defaulted in repayment of dues to the
financial institutions or banks or debenture holders.
(xii) As the Company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities, paragraph 4(xii) of the Order is not applicable.
(xiii) The provisions of any special statute as specified under
paragraph 4(xiii) of the Order are not applicable to the company.
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Not applicable
(idv) The Company has maintained proper records showing quantitative
details of purchases, Sales & Stock of shares 8b securities traded &
investment held by the company. The shares in which the company is
dealing have been held in the name of the Company except to the extent
of exemptions if any granted under section 49 of the Companies Act,
1956.
(xv) According to the information and explanations given to us, the
company has not given any guarantees for loans taken by others from
banks or financial institutions.
(xvi) This clause is not applicable as no term loans have been raised
during the year.
(xvii) According to information and explanations given to us, on all
overall examination of the balance sheet of the company, we report that
short term funds have not been used to finance long term investments
and vice versa.
(xviii) 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 during the year.
(ix) During the year, since the company has not issued any debentures,
paragraph 4(xix) of the Order is not applicable.
(xix) During the year, the company has not raised any money by way of
public issue, paragraph.
(xx) of the Order is not applicable.
(xxi) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
FOR, H.F. PARIKH & CO.
CHARTERED ACCOUNTANTS,
PLACE : AHMEDABAD [HIMESH PARIKH]
DATE : 28.05.2009 PROPRIETOR