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Sumeru Industries Ltd.

BSE: 530445 | NSE: | Series: NA | ISIN: INE764B01029 | SECTOR: Finance - Leasing & Hire Purchase

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Dec 07, 16:00
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31,523
30-Day
29,464
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Dec 27, 11:22
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Sumeru Industries is not listed on NSE

Annual Report

For Year :
2015 2013 2011 2010 2009 2008 2007 2006

Auditor's Report

1. We have audited the accompanying financial statements of SUMERU INDUSTRIES LIMITED (the company), which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information, Management''s Responsibility for the Financial Statements 2. 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 3. Our responsibility is to express an opinion on these financial statements based on our audit. 4. 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. 5. 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. 6. 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 tne financial statements that give true and fair view m 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. 7. 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 8. 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 Row Statement, of the cash flows for the year ended on that date. Report on other Legal and Regulatory Requirements 9. As required by the ''Companies (Auditor''s Report) Order, 2015'', issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act (hereinafter referred to as the Order), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraph 3 and 4 of the Order. 10. 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, 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 to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to our best of our information and according to the explanations given to us: i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 1 to the financial statements; ii. The Company did not have any long-term contracts including derivative 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. ANNEXURE TO INDEPENDENT AUDITOR''S REPORT The Annexure referred to in paragraph 9 of the Independent Auditor''s Report of even date to the members of SUMERU INDUSTRIES LIMITED on the standalone financial statements as of and for the year ended 31st March, 2015. 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. In our opinion, the frequency of verification is reasonable. 2. The Company is in the business of rendering services, and consequently, does not hold any inventory. Therefore, the provisions of Clause 3(ii) of the said Order are not applicable to the Company. 3. 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. 4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of fixed assets and for sale of goods and services. Further, on the basis of our examination of the books and records of the Company, ana according to the information and explanations given to us, we have neither come across, nor have been informed of, any continuing failure to correct major weaknesses in the aforesaid internal control system. 5. In our opinion and according to the information and explanations given to us company hasn''t accepted any deposits, from the directives issued by the Reserve Bank of India and as per the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act 6. The Central Government of India has not specified the maintenance of cost records under clause (d) of sub-section (1) of Section 148 of the Act for any of the products of the Company. 7. (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing the undisputed statutory dues, including provident fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues, as applicable, with the appropriate authorities. (b) According to the information and explanations given to us, the following matters have been decided in favour of the Company, although the Department has preferred appealsathigher level: Particulars Period to which Forum where the Amount (Rs.) the amount relates dispute is pending Interest-Tax 1995-96 High Court 3,12,003/- Interest-Tax 1996-97 High Court 8,35,549/- Interest-Tax 1997-98 High Court 7,64,757/- Total 19,12,309/- (c) No amounts is required to be transferred to Investor Education and Protection Fund in accordance with Section 125 of the Companies Act, 2013 and rules made thereunder. 8. 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. Based on our audit procedures and on the information and explanations g iven by the ma nagement, we a re of the opin ion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. 10. 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. 11. The Company has not raised any term loans. Accordingly, the provisions of Clause 3(xi) of the Order are not applicable to the Company. 12. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the Management. For NrriN K. SHAH & Co. Chartered Accountants Firm Reg. NO.-107140W (Nitin K. Shah) Proprietor M. No.: 012398 Place: Ahmedabad Date : 08/05/2015