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Sar Auto Products Ltd.

BSE: 538992 Sector: Auto
NSE: N.A. ISIN Code: INE002E01010
BSE 15:46 | 27 Mar 2018 Sar Auto Products Ltd
NSE 05:30 | 01 Jan 1970 Sar Auto Products Ltd
OPEN 163.45
PREVIOUS CLOSE 156.95
VOLUME 5
52-Week high 193.50
52-Week low 75.90
P/E
Mkt Cap.(Rs cr) 78
Buy Price 0.00
Buy Qty 0.00
Sell Price 163.45
Sell Qty 285.00
OPEN 163.45
CLOSE 156.95
VOLUME 5
52-Week high 193.50
52-Week low 75.90
P/E
Mkt Cap.(Rs cr) 78
Buy Price 0.00
Buy Qty 0.00
Sell Price 163.45
Sell Qty 285.00

Sar Auto Products Ltd. (SARAUTOPROD) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS’ REPORT

To

The Members

SAR AUTO PRODUCTS LIMITED

Report on the Financial Statements

I have audited the accompanying financial statements of SAR AUTO PRODUCTS LIMITED ("theCompany") which comprises the Balance Sheet as at 31st March 2015 theStatement of Profit and Loss and Cash Flow Statement for the year ended on that date anda 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 stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility includes maintenance of adequate accounting records in accordance with theprovisions of the Act for safeguarding of the assets of the Company and for preventing anddetecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent;design implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor’s Responsibility

My responsibility is to express an opinion on these financial statements based on myaudit.

I have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

I conducted my audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that I comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an internal financial controlssystem over financial reporting and the operating effectiveness of such controls. An auditalso includes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the financial statements

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the financial statements.

Opinion

In my opinion and to the best of my information and according to the explanations givento me the financial statements give the information required by the Act in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2015;

(b) in the case of the Statement of Profit and Loss of the loss for the year ended onthat date; and

(c) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act I give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act I further report that:

A. I have sought and obtained all the information and explanations which to the best ofmy knowledge and belief were necessary for the purposes of my audit.

B. In my opinion proper books of account as required by law have been kept by theCompany so far as it appears from my examination of those books.

C. The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of accounts;

D. In my opinion the aforesaid standalone financial statements comply with theapplicable Accounting Standards specified under Section 133 of the Act read with Rule 7of the Companies (Accounts) Rules 2014.

E. On the basis of written representations received from the directors as on 31st March2015 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31st March 2015 from being appointed as a director under sub-section(2) of Section 164 of the Act.

F. With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in my opinionand to the best of my information and according to the explanations given to me I reportas under:

I. The Company does not have any pending litigations which would impact its financialposition.

II. The Company did not have any long-term contracts including derivative contracts forwhich there requires commenting on any material foreseeable losses.

III. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Arun M. Kothari
Chartered Accountant
Arun M. Kothari
Proprietor
(Membership No.108669)
Ahmedabad 11th May 2015

Statement on the Companies (Auditor’s Report) Order 2015

To

The Members

Sar Auto Products Limited

As referred to in paragraph 1 of my report of even date on the basis of such checks asI considered appropriate and according to the information and explanations given to meduring the course of my audit I report that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets are physically verified by the Management according to a phasedprogramme designed to cover all the items over a period of two years which in my opinionis reasonable having regard to the size of the Company and the nature of its assets.Pursuant to the programme a portion of the fixed assets have been physically verified bythe Management during the year and no material discrepancies have been noticed on suchverification.

(ii) (a) According to the information and explanation given to me the inventory hasbeen physically verified during the year by the management. In my opinion the frequencyof verification of inventory is reasonable.

(b) In my opinion and according to the information & explanations given to me theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company has maintained proper records of inventory. As explained to me therewas no material discrepancies noticed on physical verification of inventory as compared tothe book records.

(iii) According to the information and explanations given to me during the year theCompany has not granted any loans secured or unsecured loan to parties covered in theregister maintained under Section 189 of the Companies Act 2013.

(iv) In my opinion and according to the information and explanations given to me thereare adequate internal control systems commensurate with the size of the Company and thenature of its business with regard to purchases of inventory and fixed assets and for saleof goods and services. During the course of my audit I have not observed any continuingfailure to correct major weakness in internal controls.

(v) The Company has not accepted any deposits from the Public covered under Section 73to 76 of the Companies Act 2013.

(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Companies Act 2013 in respect of goods manufactured by the Company.According to the information and explanations given to me The Companies (Cost Records& Audit) amendment Rules 2014 is not applicable to the company.

(vii) In respect of statutory dues;

(a) According to the information and explanations given to me the Company is regularin depositing with appropriate authorities undisputed statutory dues including ProvidentFund ESIC Income Tax Wealth Tax Sales Tax Value Added Tax Service Tax Customs DutyExcise Duty Cess and other material statutory dues apart from few cases of delay inpayment of tax deducted at source.

(b) According to the information and explanations given to me no undisputed amountspayable in respect of Provident Fund ESIC Income Tax Wealth Tax Sales Tax Value AddedTax Service Tax Customs Duty Excise Duty and Cess were in arrears as at 31st March2015 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to me there were no amountswhich were required to be transferred to the Investor Education and protection Fund by thecompany.

(viii) In my opinion the Company has no accumulated losses. The Company has incurredcash losses amounting to Rs. 22983487/- during the year covered by my audit; howeverthere were no cash losses in immediately preceding year financial year.

(ix) In my opinion and according to the information and explanations given to me theCompany has not defaulted in repayment of dues to financial institutions and banks.

(x) In my opinion and according to the information and explanations given to me theCompany has not given guarantees for loans taken by others from banks or financialinstitutions. Accordingly clause 4(xv) of the Order is not applicable.

(xi) In my opinion and according to the information and explanations given to me and onan overall examination the company has not raised any term loan during the year.Accordingly paragraph 4(xvi) of the Order is not applicable to the Company.

(xii) According to the information and explanations given to me no fraud on or by theCompany has been noticed or reported during the course of my audit.

For Arun M. Kothari
Chartered Accountant
Arun M. Kothari
Proprietor
(Membership No.108669)
Ahmedabad 11th May 2015