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एसईआर इंडस्ट्रीज

बीएसई: 507984  |  NSE: N.A  |  ISIN: INE358F01013  |  Transport & Logistics

खोजें एसईआर इंडस्ट्रीज कनेक्शन Mar 13
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '14
REPORT ON THE FINANCIAL STATEMENTS:
 
 We have audited the accompanying financial statements of SER INDUSTRIES
 LIMITED (the Company), which comprise the Balance Sheet as at March 31,
 2014, the Statement of Profit and Loss 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 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 13 th 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.
 
 AUDITORS''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, but not for the
 purpose of expressing an opinion on the effectiveness of the Company''s
 internal control. 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 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 March31,2014;
 
 (b) In the case of the Statement of Profit and Loss, of the profit of
 the Company for the year ended on that date; and
 
 REPORT ON. OTHER LEG ALAND 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 Section
 227(4A) 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, the Statement of Profit and Loss, and the Cash
 Flow Statement 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 CompaniesAct,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( l )(g) of
 the Act.
 
 Annexure to the Auditors'' Report
 
 The Annexure referred to in our report to the members of S E R
 INDUSTRIES LIMITED, (''the Company'') for the year ended 31st March,
 2014.We report that:
 
 (i) a. The Company has maintained proper records showing full
 particulars including quantitative details and location of the fixed
 assets.
 
 b.  There is a regular program of physical verification, which in our
 opinion is reasonable, having regard to the size of the Company and the
 nature of fixed assets. No materials discrepancies have been noticed in
 respect of the assets physically verified during the period.
 
 c.  The Company has not disposed off substantial part of its fixed
 assets during the year.
 
 (ii) The Company is a service company, Primarily rendering
 Transportation services. Accordingly, It does not hold any physical
 Inventories. Therefore, Paragraph (4)
 
 (ii) of the order is not Applicable.
 
 (iii) a. The Company has not granted any loans, secured Or unsecured to
 the companies, firms or other parties covered in the register
 maintained u/s 301 of the companies Act. therefore, clause (b), (c) and
 (d) of paragraph (4) (iii) of the order is not Applicable.
 
 e. The Company has not taken any loans, secured or unsecured from
 companies, firms or other parties covered in the register maintained
 u/s 30lof the companies Act. therefore, clause (f) and
 (g) of paragraph (4) (iii) of the order is not Applicable.
 
 (iv) 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 with regard to purchase of stores and spares, plant and
 machinery, equipment and other assets and with regard to freight
 collection. There is no continuing failure to correct major weaknesses
 in the internal control.
 
 (v) a. All the transactions with parties covered under section 301 of
 the Companies Act, 1956 have been properly entered if and when the
 transaction takes place in the register maintained under section 301
 of the Act.
 
 b. In our opinion, and according to the information and explanations
 given to us, the Company has not entered into transactions of purchase
 of goods, materials or services and sale of goods materials or
 services, the aggregate value of which exceeding rupees five lakhs,
 made in pursuance of contracts or arrangements entered in the register
 maintained under section 301 of the companies Act, 1956.
 
 (vi) The Company has not accepted any deposits from the public during
 the year.
 
 (vii) The Company has an internal audit system commensurate with the
 size and nature of its business.
 
 (viii) As explained to us and to the best of our knowledge, the Central
 Government has not prescribed maintenance of cost records as per clause
 (d) of sub- section (1) of section 209 of the Companies Act, nor is the
 Company liable to obtain cost Audit Compliance report.
 
 (ix) a. The Company is generally regular in depositing undisputed
 statutory dues including provident Fund, Investor Education and
 Protection Fund, Employees'' State Insurance, Income Tax, Wealth Tax,
 Service Tax with appropriate authorities. The Provisions of Custom 
 Duty, Excise Duty Sales Tax are not applicable to the Company. 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 Company.
 
 According to the information and explanation given to us, no undisputed
 amounts payable in respect Provident Fund, Employees State Insurance,
 Income Tax, Wealth Tax, Service Tax, Sales Tax, cess and other
 undisputed statutory dues were outstanding fora period of more than six
 months from the date they became payable.
 
 (x) The Company has incurred cash loss during the financial year under
 review, and also during the financial year immediately preceding The
 company does not have accumulated losses at the end of the financial
 year under review.
 
 (xi) The Company has not obtained any credit facility from any banks or
 financial institutions nor has any outstanding debentures.
 
 (xii) According to the information and explanations given to us, and
 based on the documents and records produced to us, the Company has not
 granted loan and advances on the basis of security by way of pledge of
 shares debentures and other securities.
 
 (xiii) In our opinion the Company is not a chit fund, or a nidhi,
 mutual benefit fund society. Therefore, Clause 4(xiii) of the order is
 not applicable to the Company.
 
 (xiv) The Company has maintained proper records of the transactions and
 contract for dealing in shares and securities and timely entries has
 been made therein ''
 
 (xv) According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from bank
 or financial institutions.
 
 (xvi) The Company did not have any dues to a financial institutions,
 bank or debenture holders during the year under review.
 
 (xvii) As the company has not raised any funds during the year under
 review, no comments are made on utilization of long term borrowing for
 short term use and vice versa.
 
 (xviii) The Company has not made any preferential allotment of shares
 during the year.
 
 (xix) The Company has not issued any debentures during the year.
 
 (xx) The Company has not raised any money by way public issue during
 the year.
 
 (xxi) Based upon the audit procedures performed for the purpose of
 reporting the true and fair view of the financial statements and as per
 the 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 G.V. SUNDER & CO.,
                                                  Chartered Accountants
                                                    (ICAI FRN. 007248S)
 
 Place: Ramanagara
 Date: 31-05-2014                                        G.V.SUNDER
                                                         partner
                                                         M. No: 019190
स्रोत: रेलीगरे टेचनोवा

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