Mar 31, 2015
We have audited the accompanying financial statements of SURYA
INDUSTRIAL CORPORATION 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.
As required by the Companies (Auditor's Report) Order 2015 issued by
Government of India in terms of Section 143(11) of the Companies Act, 2
013, we enclose herewith in annexure
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
thereunder.
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 mis-statement.
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 as- sessment
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 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 31st March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31st 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:
I. The Company does not have any pending litigations which would impact
its financial position;
II. The Company did not have any long term contacts including
derivative contacts for which there were any material foreseeable
losses.
III. There were no amount which required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE INDEPENDENT AUDITORSÂ REPORT
The Annexure referred to in our Independent Auditors' Report to the
members of SURYA INDUSTRIAL CORPORATION LIMITED for the year ended 31st
March 2015, we report that:
i. (a) & (b) As the Company does not have any Fixed Asset, the relevant
para is not applicable.
ii. The physical verification of the inventories has been conducted
at reasonable interval by the management.
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;
The company has maintained proper records of inventory and no material
discrepancies were noticed on such physical verification and the same
have been properly dealt with in the books of accounts.
iii. (a) The Company has not granted loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013 ('the Act').
(b) In the case of the loans granted to the bodies corporate listed in
the register maintained under section 189 of the Act, the borrowers
have been regular in the payment of the interest as stipulated. The
terms of arrangements do not stipulate any repayment schedule and the
loans are repayable on demand. Accordingly, paragraph 3(iii)(b) of the
Order is not applicable to the Company in respect of repayment of the
principal amount.
(c) There are no overdue amounts of more than rupees one lakh in
respect of the loans granted to the bodies corporate listed in the
register maintained under section 189 of the Act.
iv. 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 with regard
to purchase of fixed assets and sale of goods. The activities of the
Company do involve purchase and sale of goods. We have not observed
any major weakness in the internal control system during the course of
the audit.
v. The Company has not accepted any deposits from the public.
vi. We are informed that maintenance of cost records has not been
prescribed by the Central Government U/s 148 of the Act.
vii. (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of accounts in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the year
by the Company with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31st 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
are no material dues of wealth tax, duty of customs and cess which have
not been deposited with the appropriate authorities on account of any
dispute.
(c) No amount are required to be transferred to investor education and
protection fund in accordance with the relevance provisions of the
Companies Act, 2013 and rules made there under.
viii. In our Opinion, the Accumulated Losses of the Company as on 31st
March, 2015 are not more than 50 % of its Net Worth. The company has
not incurred cash losses during the financial year covered by our audit
but had incurred cash losses in the immediately preceding financial
year.
ix. The Company did not have any outstanding dues to the financial
institutions, banks or Debenture holders during the year.
x. In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
xi. The Company did not have any term loans outstanding during the
year.
xii 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, Arpan Chudgar & Associates
Chartered Accountants
FRN: 133877W
Sd/-
(CA. Arpan Chudgar)
Proprietor M. No. 131876
Place: Ahmedabad Date: 29.05.2015
Mar 31, 2014
We have audited the accompanying financial statement of Messrs Surya
Industrial Corporation Ltd. ("the Company"), which comprise the
Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss
and the Cash Flow Statement for the period (from 01.07.2013 to
31.03.2014) and a summary of the significant accounting policies and
other explanatory information.
Management''s Responsibility for the Financial Statement
Management is responsible for the preparation of these 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 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 the
ethical requirements and plan 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 the disclosures in the financial statements. The
procedures 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 consider the 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 the 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 over 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 in the manner so requires and give a true and fair view in
conformity with the accounting principles generally accepted in India:
(a) In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014:
(b) In the case of the statement of Profit and Loss, of the Loss of the
Company for the period from 01.07.2013 to 31.03.2014, and
(c) In the case of the Cash Flow Statement, of the flows of the Company
from 01.07.2014 to 31.03.2014.
Report on Other Legal and Regulatory Requirements
1. As requires by the Companies (Auditor''s Report) Order, 2003("the
Order") issued by the Central Government of India in terms of
sub-section of (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) I our opinion, proper books of account as required by law have been
kept by the Company so far as it 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
accounts.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act.
(e) On the basis of the written representation received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
ANNEXURE TO AUDITOR''S REPORT OF SURYA INDUSTRIAL CORPORATION LIMITED ON
THE ACCOUNTS MADE UPTO 31ST MARCH, 2014
With reference to paragraph 1 under the heading of ''Report on Other
Legal And Regulatory Requirements'' of our report of even date on the
accounts for the period ended on 31st March, 2014, we report as under-
(i) The company was not having any fixed assets during the period under
audit, Accordingly, Para 4(i) of the Order is not applicable.
(ii) The Company was not having Inventories during the period under
audit. Accordingly, Para 4(ii) of the Order is not applicable.
(iii) (a) The company has not taken any loan from companies, firm or
other parties covered in the register maintain under section 301 of the
Companies Act, 1956. There are three parties covered in the register
maintained under section 301 of the Companies Act, 1956 to which the
company has granted Advances/Loans. The maximum amount involved during
the year was Rs.81.68 lacs and the yearend balance of Advances/Loans
granted to such parties was Rs.2.00 lacs only.
(b) In our opinion, the rate of interest and other terms and conditions
on which Advance/Loans have been given to parties listed in the
registers maintained under section 301 of the Companied Act, 1956 are
not, prima facie, prejudicial to the interest on the company.
(c) The parties have repaid the principle amount as stipulated and have
been regular in payment of Interest.
(d) N.A. being no overdue amount.
(iv) In our opinion and accordance 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 purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v) (a) ''According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintain under section 301 the Act have been so entered.
(b) In our opinion and according to information and explanations given
to us, the transactions made in pursuance of contracts or arrangements
entered in the register maintain under section 301 of the Companies
Act, 1956 and exceeding the value of rupees five lakhs in respect to
any party during the year have been made at price which are reasonable
having regard to prevailing market prices at the relevant time.
(vi) The company has not accepted any deposit from the public within
the meaning of sections 58A and 58AA of the Act and the rules framed
thereunder.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government of India has not prescribed the
maintenance of cost records under clause (d) of sub section (1) of
section 209 of the Act of any product of the company.
(ix) (a) In our opinion the company is generally regular in depositing
with appropriate authorities undisputed statutory dues applicable to
it.
(b) As per information and explanations given to us there was no
undisputed and disputed arrears of outstanding statutory dues as at
31.03.2014 for a period of more than six months from date they became
payable.
(x) In our opinion, the accumulated losses of the company as at
31.03.2014 are more than 50% of its Net Worth. The company has incurred
cash losses during the financial year covered by our audit but not in
the immediately preceding financial year.
(xi) There are no dues of financial institutions, banks or debenture
holders.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) The company is not a chit fund or a Nidhi Mutual Benefit Fund
Society. Therefore, the provisions of clause 4(xiii) of the Companies
(Auditor''s Report) Order, 2004 are not applicable to the company.
(xiv) The company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of
clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
(xv) As per information and explanation given to us in our opinion, the
company has not given guarantees for loans taken by others.
(xvi) No term loans have been taken for any purpose during the year.
(xvii) According to the information and explanation given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for long-
term investment. No long-term funds have been used to finance
short-term assets except permanent working capital.
(xviii) 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.
(xix) During the period covered by our audit report, the company has
not issued any debentures.
(xx) The company has not raised any money by public issues during the
year.
(xxi) According to the information and explanation given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For KKJ & ASSOCIATES
Chartered Accountants
Firm''s Registration No. 002230C
Sd/-
(CA. K.K.JAIN)
Place : Meerut M. No. 7128
Date : 16th May, 2014 PARTNER
Jun 30, 2013
1. We have audited the attached Balance Sheet of Messrs Surya
Industrial Corporation Limited as at 30th June, 2013 and also Statement
of Profit and Loss of the company for the year ended on that date
annexed thereto and the cash flow statement for the year ended on that
date. These financial statements are the responsibility of the
company`s management. Our responsibility is to express opinion on these
financial statements based on our audit.
2. 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, evidences 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.
3. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of Section 227(4A) of the
Companies Act, 1956 of India (the ''Act''), 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 enclose in the Annexure a statement on the matters specified in
paragraphs 4 & 5 of the said order to the extent applicable to the
company.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that :
i) We have obtained all the information & explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii) 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 such
books;
iii) The Balance Sheet and Statement of Profit and Loss dealt with by
this report are in agreement with the books of accounts;
iv) In our opinion, Statement of Profit and Loss and Balance Sheet
dealt with by this report comply with the mandatory accounting
standards referred to in section 211(3C) of the Companies Act, 1956;
v) On the basis of written representations received from the directors
and taken on record by the Board of Directors, none of the directors is
disqualified as on 30th June, 2013 from being appointed as director in
terms of clause (g) of sub-section (1) of section 274 of the Companies
Act, 1956;
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet and Statement of
Profit & Loss read together with and subject to the notes forming part
of accounts appearing thereon specially Note No.(3) thereon give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in the 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 30th June, 2013 and
b) in the case of Statement of profit & loss of the Profit of the
company for the year ended on that date.
c) in the case of the cash flow statement of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITOR''S REPORT OF SURYA INDUSTRIAL CORPORATION LIMITED ON
THE ACCOUNTS MADE UPTO 30TH JUNE, 2013
With reference to paragraph 3 of our report of even date on the
accounts for the year ended on 30th June, 2013, we report as under -
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year. No material discrepan- cies were noticed on such
verification as compared to the book records. In our opinion frequency
of verification is reasonable.
(c) During the year, the company has disposed off substantial part of
fixed assets, but as per information''s and explanations given by
management going concern status of the company is not affected.
(ii) (a) The inventory has been physically verified by the management
during the year. In our opinion, the frequency of physical verification
is reasonable.
(b) In our opinion 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) The company is maintaining proper records of inventory. The
discrepancies noticed on verification of inventory between the physical
stocks and the book records were not material.
(iii) (a) The company has not taken any loan from companies, firm or
other parties covered in the register main- tained under section 301 of
the Companies Act, 1956. There are three parties covered in the
register maintained under section 301 of the Companies Act 1956 to
which the company has granted Advances/ Loans. The maximum amount
involved during the year was Rs.199.56 lacs and the year end balance of
Advances/Loans granted to such parties was Rs.81.68 lacs.
(b) In our opinion, the rate of interest and other terms and conditions
on which loans have been given to parties listed in the register
maintained under section 301 of the Companies Act, 1956 are not, prima
facie, prejudicial to the interest of the company.
(c) The parties have repaid the principle amount as stipulated and have
been regular in payment of Interest.
(d) N.A. being no overdue amount
(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 purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transaction that need to be entered into
the register maintained under section 301 of the Act have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) The company has not accepted any deposit from the public within
the meaning of sections 58A and 58AA of the Act and the rules framed
thereunder .
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government of India has not prescribed the
maintenance of cost records under clause (d) of sub section (1) of
section 209 of the Act of any product of the company.
(ix) (a) In our opinion the company is generally regular in depositing
with appropriate authorities undisputed statutory dues applicable to
it.
(b) As per information and explanations given to us there was no
undisputed and disputed arrears of out- standing statutory dues as at
30.06.2013 for a period of more than six months from date they became
payable except the following :
Service Tax : Rs.113200.00 (undisputed)
(x) In our opinion, the accumulated losses of the company as at
30.06.13 are more than 50% of its Net Worth. The company has not
incurred cash losses during the financial year covered by our audit and
in the immediately preceding financial year.
(xi) The company has repaid all dues of UPFC & PICUP under OTS.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, deben- tures and other securities.
(xiii) The company is not a chit fund or a Nidhi Mutual Benefit Fund
Society. Therefore, the provisions of clause 4(xiii) of the Companies
(Auditor''s Report) Order, 2004 are not applicable to the company.
(xiv) The company is not dealing in or trading in shares, securities,
debentures and other investments, Accord- ingly, the provisions of
clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
(xv) As per information and explanation given to us in our opinion, the
company has not given guarantees for loans taken by others.
(xvi) No term loans have been taken for any purpose during the year.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term invest- ment. No long-term funds have been used to finance
short-term assets except permanent working capital.
(xviii)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.
(xix) During the period covered by our audit report, the company has
not issued any debentures.
(xx) The company has not raised any money by public issues during the
year.
(xxi) According to the information and explanation given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For KKJ & ASSOCIATES
Chartered Accountants
Date : 26-08-2013 Sd/-
Place : Meerut (U.P.) (CA. K.K. JAIN)
Partner
M.No.71281
Jun 30, 2012
1. We have audited the attached Balance Sheet of Messrs Surya
Industrial Corporation Limited as at 30th June, 2012 and also Statement
of Profit and Loss of the company for the year ended on that date
annexed thereto and the cash flow statement for the year ended on that
date. These financial statements are the responsibility of the
company''s management. Our responsibility is to express opinion on
these financial statements based on our audit.
2. 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, evidences 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.
3. As required by the Companies (Auditor''s Report) Order, 2003
issued by the Central Government of India in terms of Section 227(4A)
of the Companies Act, 1956 of India (the ''Act''), 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 enclose in the Annexure a statement on the matters specified in
paragraphs 4 & 5 of the said order to the extent applicable to the
company.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that :
i) We have obtained all the information & explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii) 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 such
books;
iii) The Balance Sheet and Statement of Profit and Loss dealt with by
this report are in agreement with the books of accounts;
iv) In our opinion, Statement of Profit and Loss and Balance Sheet
dealt with by this report comply with the mandatory accounting
standards referred to in section 211(3C) of the Companies Act, 1956;
v) On the basis of written representations received from the directors
and taken on record by the Board of Directors, none of the directors is
disqualified as on 30th June, 2012 from being appointed as director in
terms of clause (g) of sub-section (1) of section 274 of the Companies
Act, 1956;
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet and Statement of
Profit & Loss read together with and subject to the notes forming part
of accounts appearing thereon specially Note No.(3) thereon give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in the 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 30th June, 2012 and
b) in the case of Statement of profit & loss of the Profit of the
company for the year ended on that date.
c) in the case of the cash flow statement of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITOR''S REPORT OF SURYA INDUSTRIAL CORPORATION LIMITED
ON THE ACCOUNTS MADE UPTO 30TH JUNE, 2012
With reference to paragraph 3 of our report of even date on the
accounts for the year ended on 30th June, 2012, we report as under -
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year. No material discrepan- cies were noticed on such
verification as compared to the book records. In our opinion frequency
of verification is reasonable.
(c) During the year, the company has not disposed of substantial part
of fixed assets, hence going concern status of the company is not
effected.
(ii) (a) The inventory has been physically verified by the management
during the year. In our opinion, the frequency of physical verification
is reasonable.
(b) In our opinion 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) The company is maintaining proper records of inventory. The
discrepancies noticed on verification of inventory between the physical
stocks and the book records were not material.
(iii) (a) The company has not taken any loan from companies, firm or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956. There are three parties covered in the
register maintained under section 301 of the Companies Act 1956 to
which the company has granted Advances/Loans. The maximum amount
involved during the year was Rs.191.19 lacs and the year end balance of
Advances/Loans granted to such parties was Rs.169.02 lacs.
(b) In our opinion, the rate of interest and other terms and conditions
on which loans have been given to parties listed in the register
maintained under section 301 of the Companies Act, 1956 are not, prima
facie, prejudicial to the interest of the company.
(c) N.A.being no repayment
(d) N.A. being no overdue amount
(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 purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transaction that need to be entered into
the register maintained under section 301 of the Act have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) The company has not accepted any deposit from the public within
the meaning of sections 58A and 58AA of the Act and the rules framed
thereunder .
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its busi- ness.
(viii) The Central Government of India has not prescribed the
maintenance of cost records under clause (d) of sub section (1) of
section 209 of the Act of any product of the company.
(ix) (a) In our opinion the company is generally regular in depositing
with appropriate authorities undisputed statutory dues applicable to
it.
(b) As per information and explanations given to us we are submitting
in a statement attached to this annex- ure extent of undisputed and
disputed arrears of outstanding statutory dues as at 30.06.2012 for a
period of more than six months from date they became payable and also
in case of dispute, then the amounts involved and the forum where
dispute is pending.
(x) In our opinion, the accumulated losses of the company as at
30.06.12 are more than 50% of its Net Worth. The company has not
incurred cash losses during the financial year covered by our audit and
in the imme- diately preceding financial year.
(xi) The company has defaulted in the repayment of dues to UPFC &
PICUP, the particulars of which are submit- ted in the attached
statement.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) The company is not a chit fund or a Nidhi Mutual Benefit Fund
Society. Therefore, the provisions of clause 4(xiii) of the Companies
(Auditor''s Report) Order, 2004 are not applicable to the company.
(xiv) The company is not dealing in or trading in shares, securities,
debentures and other investments, Accord- ingly, the provisions of
clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
(xv) As per information and explanation given to us in our opinion, the
company has not given guarantees for loans taken by others.
(xvi) No term loans have been taken for any purpose during the year.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term invest- ment. No long-term funds have been used to finance
short-term assets except permanent working capital.
(xviii)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.
(xix) During the period covered by our audit report, the company has
not issued any debentures.
(xx) The company has not raised any money by public issues during the
year.
(xxi) According to the information and explanation given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
STATEMENT OF POINT {(IXb)} & (XI) OF ANNEXURE TO AUDITOR REPORT OF
SURYA INDUSTRIAL CORPORATION LIMITED ON THE ACCOUNTS MADE UPTO 30th
JUNE, 2012
A. UNDISPUTED DUES
Central Sales Tax Rs. 7217.50
EPF Rs. 39423.0
Trade Tax Rs. 4188.27
B. DISPUTED DUES
Nature of Dues Period to which Amount Forum where the
amount relates Disputes is pending
Sales Tax/Trade Tax 1994-1995 0.10 lacs Sales Tax Tribunal
Sales Tax/Trade Tax 1995-1996 0.95 lacs Sales Tax Tribunal
Sales Tax/Trade Tax 2000-2001 2.85 lacs Sales Tax Tribunal
Central Excise 1.65 lacs CESTAT
C. DEFAULT IN REPAYMENT OF LOANS
Name of the Bank/ Amount
Financial Institution (Rs. in Lacs)
UPFC 109.70(excluding intt.)
PICUP 196.37(excluding intt.)
Note : The above amount is inclusive of interest taken on estimate
basis upto 30.03.2004 but does not include the amount of interest not
accounted for.
For KKJ & ASSOCIATES
Chartered Accountants
Sd/-
(C.A. K. K. Jain)
Partner
M. No. - 71281
Place : Meerut
Date : 18.08.2012
Jun 30, 2011
1. We have audited the attached Balance Sheet of Messrs Surya
Industrial Corporation Limited as at 30th June, 2011 and also the
Profit and Loss Account of the company for the year ended on that date
annexed thereto and the cash flow statement for the year ended on that
date. These financial statements are the responsibility of the
company's management. Our responsibility is to express opinion on these
financial statements based on our audit. *
2. 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, evidences 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.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of Section 227(4A) of the
Companies Act, 1956 of India (the 'Act'), 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 enclose in the Annexure a statement on the matters specified
in paragraphs 4 & 5 of the said order to the extent applicable to the
company.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
i) We have obtained all the information & explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii) 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 such
books;
iii) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of accounts;
iv) In our opinion, the Profit and Loss Account and Balance Sheet dealt
with by this report comply with the mandatory accounting standards
referred to in section 211(3C) of the Companies Act, 1956;
v) On the basis of written representations received from the directors
and taken on record by the Board of Directors, none of the directors is
disqualified as on 30th June, 2011 from being appointed as director in
terms of clause (g) of sub-section (1) of section 274 of the Companies
Act, 1956;
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet and the Profit &
Loss Account read together with and subject to the notes forming part
of accounts appearing thereon specially Note No. (3) & (4) thereon give
the information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in the 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 30th June, 2011 and
b) in the case of the profit & loss account of the Profit / Loss of the
company for the year ended on that date.
c) in the case of the cash flow statement of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITOR'S REPORT OF SURYA INDUSTRIAL CORPORATION LIMITED ON
THE ACCOUNTS MADE UPTO 30TH JUNE, 2011
With reference to paragraph 3 of our report of even date on the
accounts for the year ended on 30th June, 2011, we report as under -
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification as compared to the book records. In our opinion frequency
of verification is reasonable.
(c) During the year, the company has not disposed of substantial part
of fixed assets, hence going concern status of the company is not
effected.
(ii) (a) The inventory has been physically verified by the management
during the year. In our opinion, the frequency of physical
verification is reasonable.
(b) In our opinion 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) The company is maintaining proper records of inventory. The
discrepancies noticed on verification of inventory between the
physical stocks and the book records were not material.
(iii) (a) The company has not taken any loan from companies, firm or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956. There are three parties covered in the
register maintained under section 301 of the Companies Act 1956 to
which the company has granted loans. The maximum amount involved during
the year was Rs.132.11 lacs and the year end balance of loans granted
to such parties was Rs.132.11 lacs.
(b) In our opinion, the rate of interest and other terms and conditions
on which loans have been given to parties listed in the register
maintained under section 301 of the Companies Act, 1956 are not, prima
facie, prejudicial to the interest of the company.
(c ) N.A. being no repayment
(d) N.A. being no overdue amount
(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 purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transaction that need to be entered into
the register maintained under section 301 of the Act have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs
in respect of any party during the year have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
(vi) The company has not accepted any deposit from the public within
the meaning of sections 58A and 58AA of the Act and the rules framed
there under.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii)The Central Government of India has not prescribed the
maintenance of cost records under clause (d) of sub section (1) of
section 209 of the Act of any product of the company.
(ix) (a) In our opinion the company is generally regular in depositing
with appropriate authorities undisputed statutory dues applicable to
it.
(b) As per information and explanations given to us we are submitting
in a statement attached to this annexure extent of undisputed and
disputed arrears of outstanding statutory dues as at 30.06.2011 for a
period of more than six months from date they became payable and also
in case of dispute, then the amounts involved and the forum where
dispute is pending.
(x) in our opinion, the accumulated losses of the company as at
30.06.11 are more than 50% of its Net Worth. The company has not
incurred cash losses during the financial year covered by our audit and
in the immediately preceding financial year.
(xi) The company has defaulted in the repayment of dues to UPFC &
PICUP, the particulars of which are submitted in the attached
statement.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) The company is not a chit fund or a Nidhi Mutual Benefit Fund
Society. Therefore, the provisions of clause 4(xiii) of the Companies
(Auditor's Report) Order, 2004 are not applicable to the company.
(xiv) The company is not dealing in or trading in shares, securities,
debentures and other investments, Accordingly, the provisions of
clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the company.
(xv) As per information and explanation given to us in our opinion, the
company has not given guarantees for loans taken by others.
(xvi) No term loans have been taken for any purpose during the year.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment. No long-term funds have been used to finance
short-term assets except permanent working capital.
(xviii) 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.
(xix) During the period covered by our audit report, the company has
not issued any debentures.
(xx) The company has not raised any money by public issues during the
year.
(xxi) According to the information and explanation given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For KKJ & ASSOCIATES
Chartered Accountants
Date : 29.08.2011 Sd/-
Place: Meerut (UP.) (CA. K.K. JAIN)
Partner
M.No.71281