Mar 31, 2015
1. We have audited the accompanying financial statements of Sunraj
Diamond Exports Limited ("the Company"), which comprise the Balance
Sheet as at March 31, 2015, and the Statement of Profit and Loss and
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
2. The preparation of these financial statements such that they give a
true and fair view on the financial position, financial performance of
the Company in accordance with the Accounting Standards referred to in
section 133 of the Companies Act, 1956, read with rule 7 of the
Companies (Accounts) Rules, 2014 and in accordance with the accounting
principles generally accepted in India, are the responsibility of the
Company's management. This responsibility also include 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; and design, implementation and maintenance of
adequate internal financial control, that are operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial statement
that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors' Responsibility
3. 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.
4. We have conducted our audit in accordance with the Standards on
Auditing specified under section 143(10) of the Act. These 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 of material misstatement
5. 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.
6. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
7. In our opinion and to the best of our information and according to
the explanations given to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
8. As required under the Companies (Auditors' Report) Order, 2015
issued by the Company Law Board in terms with section 143(11) of the
Companies Act, 2013 we give below a statement on the matters specified
in the paragraph 3 and 4 of the said Order.
9. As required u/s. 143(3) of the Companies' Act, 2013, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Statement of Profit and Loss Account and Balance
Sheet comply with the Accounting Standards referred to in section 133
of the Act read with rule 7 of the Companies (Accounts) Rules, 2014;
e) On the basis of the written representations received from the
directors as on 31st March 2015 and taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March 2015
from being appointed as director in terms of section 164 (2) of the
Act.
The Annexure referred to in paragraph 8 of the Our Report of even date
to the members of * Sunraj Diamond Exports 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. Fixed Assets
(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. Inventories
(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.
3. Loans and Advances granted / taken from certain entities
(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 189 of
the Companies Act, 2013. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given ta us and on
the basis of our examination of the books of account, the Company has
taken loans from companies, firms or other parties listed in the
register maintained under Section 189 of the Companies Act, 2013.
However the rate of interest & other terms & conditions of loans are
not prima facie prejudicial to the interest of the Company.
(c) The Company is regular in payment of principal amount and interest
as stipulated. There are no overdue amounts payables by the company.
4. Internal Control System
(a) 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. Public Deposits
The Company has not accepted any deposits as defined u/s. 2(31) of the
Companies Act, 2013, therefore the issue of the Company following the
directives issued by the Reserve Bank of India and provision of section
73 to 76 or any other relevant provisions of the Companies Act, 2013
and the rules framed there under, is not applicable. Because there is
no contravention fay the Company the nature of contravention in not
reported. The Company Law Board or National Company Law Tribunal or
Reserve Bank of India or any court or any tribunal has not passed any
order or directive there for the issue of its compliance is not
applicable
6. Cost Records
We have broadly reviewed the Cost Accounting records maintained by the
Company pursuant to the Rules made by the Central Government for
maintenance of Cost Records under section 148 (1)) of the Companies
Act, 2013 and are of the opinion that, prima facie, the prescribed
accounts and records have generally been made and maintained. However,
we have not made a detailed examination of the records.
7. Statutory Dues
(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 except the following:
Nature of Tax Liability Amount (Rs.) Nature of Dispute / Forum
Where the dispute is pending
Income Tax A. Y. 2002-03 8,86,480 Assessing Officer as the
same was set aside by CIT
(Appeals)
(c) The Company is not required to transfer any amount to investor
education and protection fund, in accordance with the relevant
provisions of the Companies Act, 2013 and rules made there under, hence
clause (vii)(c) is not applicable.
8. Accumulated Losses
The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
9. Dues to Financial Institutions, Banks and Debenture holders
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.
10. Guarantees given
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 hence the issue of the terms and conditions
thereof being prejudicial to the interest of the Company is not
applicable.
11. Term Loans
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.
12. Frauds Noticed
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 Bhupendra Shroff & Co.
Chartered Accountants
FRN: 101478W
B. N. Shroff
Mumbai, Partner
Date: 29th May, 2015. Membership No. 5039
Mar 31, 2014
1. We have audited the accompanying financial statements of Sunraj
Diamond Exports Limited ("the Company"), which comprise the Balance
Sheet as at March 31, 2014, and the Statement of Profit and Loss and
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2. Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with The General Circular
15/2014 dated 13th September, 2014 of the Ministry of Corporate Affairs
in respect of section 133 of the Companies Act, 2014. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors'' Responsibility
3. 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.
4. 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.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") 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.
8. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956 read with The
General Circular 15/2014 dated 13th September, 2014 of the Ministry of
Corporate Affairs in respect of section 133 of the Companies Act, 2014;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
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 7 of the Our Report of even date
to the members of Sunraj Diamond Exports Limited. 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. Fixed Assets
(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. Inventories
(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.
3. Loans and Advances granted / taken from certain entities
(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.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
taken unsecured loans from 4 parties (4 parties) companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956 and the aggregate outstanding balances is ^
2,32,58,592 ( 4,05,08,643). However the rate of interest & other terms
& conditions of loans are not prima facie prejudicial to the interest
of the Company.
(c) The Company is regular in payment of principal amount and interest
as stipulated. There are no overdue amounts payables by the company.
4. Internal Control System
(a) 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.
(b) 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. Contracts or arrangement referred to in this Section 301 of the
Companies Act, 1956
(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. Public Deposits
The Company has not accepted any deposits from the public covered under
section 58A and 58AA of the Companies Act, 1956.
7. Internal Audit System
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. Cost Records
As per the information and explanation given to us, no cost records are
prescribed by the central government under clause (d) of sub-section
(1) of section 209 of the Act.
9. Statutory Dues
(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 except the following:
Nature of Tax Liability Amount (Rs ) Nature of Dispute / Forum
Where the dispute is pending
Income TaxA.Y.2002-03 8,86,480 Assessing Officer as the same
was set aside by CIT (Appeals)
10. Accumulated Losses
The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
11. Dues to Financial Institutions, Banks and Debenture holders
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. Security for Loans and Advances Granted
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. Special Statute
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. Dealings / Trading in Shares, Securities, Debentures and other
Investments
According to information and explanations given to us, the Company is
not 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. Guarantees given
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. Term Loans
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. Utilisation of Funds
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. Preferential Allotment of Shares
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. Security for Debentures Issued
The Company has no outstanding debentures during the period under
audit.
20. Public Issue of Equity Shares
The Company has not raised any money by public issue during the year.
21. Frauds Noticed
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 Bhupendra Shroff & Co.
Chartered Accountants
FRN: 101478W
B. N. Shroff
Mumbai, Partner
Date: 30th May, 2014. Membership No. 5039
Mar 31, 2013
Report on the Financial Statements
1. We have audited the accompanying financial statements of Sunraj
Diamond Exports Limited ("the Company"), which comprise the Balance
Sheet as at March 31,2013, and the Statement of Profit and Loss and
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements.
2. Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and main tenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors'' Responsibility
3. 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.
4. 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 use dand the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
1. In our opinion and to the best of our information and according to
the explanations given to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India: ''
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2013;
b) in the case of the Profit and Loss Account, of the profit/ 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
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") 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, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection(3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 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 rateat 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.
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. Fixed Assets
(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.
© 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. Inventories
(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.
3. Loans and Advances granted / taken from certain entities.
(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.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act,
1956.However the rate of interest & other terms & conditions of loans
are not prima facie prejudicial to the interest of the  Company.
(c) The Company is regular in payment of principal amount and interest
as stipulated. There are no overdue amounts payables by the company.
4. Internal Control System
(a) 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.
(b) 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. Contracts or arrangement referred to in this Section 301 of the
Companies Act, 1956
(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
underthat 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 lacsrupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. Public Deposits
The Company has not accepted any deposits from the public covered under
section 58A and 58AA of the Companies Act, 1956.
7. Internal Audit System
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. Cost Records
As per the information and explanation given to us, no cost records are
prescribed by the central government under clause (d) of sub-section
(1) ofsection209 oftheAct.
9. Statutory Dues
(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 315t 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 except the following.
Nature of Tax liability Amount (Rs. ) Nature of Dispute / Forum
where the dispute is
pending
Assessing Officer as the
Income Tax A.Y. 2002-03 8,86,480 same was set aside
by CIT(Appeals)
10. Accumulated Losses
The Company does not have any accumulated loss and has not incurred
cash loss during the financial yearcovered by ouraudit and in the
immediately preceding financial year.
11. Dues to Financial Institutions, Banks and Debenture holders
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. Security for Loans and Advances Granted
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. Special Statute
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. Dealings / Trading in Shares, Securities, Debentures and other
Investments
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. Guarantees given
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. Term Loans
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. Utilisation of Funds
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 shortterm basis have been used for
long-term investment by the Company.
18. Preferential Allotment of Shares
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. Security for Debentures Issued
The Company has no outstanding debentures during the period under
audit.
20. Public Issue of Equity Shares
The Company has not raised any money by public issue during the year.
21. Frauds Noticed
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 Bhupendra Shroff & Co.
Chartered Accountants
FRN: 101478W
B.N.Shroff
(Partner)
Membership No.: 5039
Place: Mumbai
Date: 29.06.2013
Mar 31, 2010
We have audited the attached Balance Sheet of SUNRAJ DIAMOND EXPORTS
LIMITED as at 31st March, 2010, and the Profit & Loss account for the
year ended on that date annexed thereto. 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.
We conducted our audit in accordance with the 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 misstatements. 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, accordingly we report:
1. As required under the Companies (Auditors Report) Order, 2004,
issued by the Company Law Board in terms of section 227(4A) of the
Companies Act, 1956, we annex hereto a statement on the matters
specified in the paragraph 4 and 5 of the said Order.
2. Further to our comments in the annexure referred to in paragraph 1
above:
(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 the law
have been kept by the Company so far as appears from our examinations
of the books of accounts, and proper returns adequate for the purpose
of our audit have been received from branches not visited by us.
(c) The Balance Sheet and Profit & Loss Account dealt with by the
report are in agreement with the books of accounts and in our opinion,
in accordance with the Accounting Standards referred to in Section
211(3c) of the Companies Act, 1956.
(d) Based on the confirmations received from the Directors of the
Company and the information and explanations as made available to us by
the Company, none of the Directors of the Company has prima facie any
disqualification as referred to in Section 274(l)(g) of the Companies
Act, 1956.
In our opinion and to the best of our information and according to the
explanations given to us, the said accounts read with the notes
thereon, give the information required by the Companies Act, 1956 in
the manner so required and give a true and fair view: (i) In the case
of the Balance Sheet of the state of affairs of the Company as at 31st
March, 2010, and (ii) In the case of the Profit & Loss account 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.
ANNEXURE TO THE AUDITORS REPORT
Referred to in paragraph 1 of the report of even date.
1. (a) As per the information and explanation given to us, the company
is maintaining proper records showing full particulars, including
quantitative details and situation of fixed assets.
(b) As per the information and explanation given to us, fixed assets
have been physically verified by the management at reasonable
intervals, no material discrepancies were noticed on such verification.
(c) No fixed assets have been disposed off during the year.
2. (a) As per the information and explanation given to us, management
had physically verified inventory at reasonable intervals.
(b) As per the information and explanation given to us, the procedures
of physical verification of inventory followed by the management are
reasonable and adequate in relation to the size of the company and
nature of its business.
(c) As per the information and explanation given to us, the company is
maintaining proper records of inventory and no material discrepancies
were noticed on physical verification.
3. As per the information and explanation given to us, the company has
not granted any loans, secured or unsecured to companies, firms or
other parties cover in the register maintained under section 301 of the
Act. The Company has received unsecured loans from companies, firms, or
other parties covered in the register maintained under section 301 of
the Act, however the said loans are non prima facie prejudicial to the
interest of the Company.
4. As per the information and explanation given to us, there is an
adequate internal control procedure commensurate with the size of the
company and the nature of its business, for the purchase of inventory
and fixed assets and for the sale of goods.
5. As per the information and explanation given to us, the
transactions that need to be entered into the register in pursuant of
section 301 of the act have been so entered.
6. As per the information and explanation given to us, the company has
not accepted deposits from the public, and hence the directives issued
by the Reserve Bank of India and the provisions of section 58A and 58AA
of the Act and the rules framed there under, are not applicable to the
company.
7. The Company has adequate internal audit system commensurate to the
nature and size of the business of the Company.
8. As per the information and explanation given to us, no cost records
are prescribed by the central government under clause (d) of
sub-section (1) of section 209 of the Act.
9. (a) As per the information and explanation given to us, the company
has no undisputed statutory dues including Provident Fund, Investor
Education Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues
with the appropriate authorities for the financial year concerned for a
period of more than six months from the date they became payable.
(b) As per the information and explanation given to us, there are no
disputed dues of sales tax/custom duty/wealth tax/excise duty/cess
except in case of income tax as below:
Nature of
Tax Liability Amount (Rs.) Nature of Dispute / Forum
Where the dispute is pending
Income Tax
A. Y. 2002-03 12,86,480 Assessing Officer as the same
was set aside by CIT (Appeals)
10. There are no accumulated losses at the financial year end and
there are no cash losses in such financial year and in the financial
year immediately preceding such financial-year also.
11. As per the information and explanation given to us, the company
has taken loans from bank and the same are used for the purpose for
which it is taken.
12. As per the information and explanation 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. As per the information and explanation given to us, the provisions
of any special statue applicable to chit fund are not applicable to the
company.
14. As per the information and explanation given to us, the company is
not dealing or trading in shares, securities, debentures and other
investments.
15. As per the information and explanation given to us, the company
has not given any guarantee for loans taken by others from banks or
financial institutions, the terms and conditions whereof are
prejudicial to the interest of the company.
16. As per the information and explanation given to us, the company
has not taken any term loan during the year.
17. As per the information and explanation given to us, the company
has not made any preferential allotment of shares to parties and
companies covered in the Register maintained under section 301 of the
Act
18. As per the information and explanation given to us, the company
has not raised money by public issues during the financial year.
19. As per the information and explanation given to us, the company
has not noticed any fraud on or by the company during the year.
For Bhupendra Shroff & Co.
Chartered Accountants
Firm No. 101458W
B. N. Shroff
Mumbai, Partner
Date: 17th August, 2010. Membership No. 5039