Mar 31, 2013
1. We have audited the attached Balance Sheet of SURYODAYA PLASTICS
LIMITED as at 31st March, 2013 and also the Profit and Loss Account
for the year ended on that date annexed thereto. These financial
statements are the responsibility of the Company''s management. Our
responsibility is to express an 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, 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.
3. As required by the Companies (Auditor''s Report)(Amendment) Order,
2003 issued by the Central Government of India in terms of sub-section
(4A) of section 227 of the Companies Act, 1956, we enclose in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
4. Further to our comments in the Annexure referred to above, 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 and Profit and Loss Account dealt with by this
report are in agreement with the books of
(d) In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the accounting standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956.
(e) On the basis of written representations received from the
directors, as on 31st March, 2013 and taken on record by the Board of
Directors we report that none of the directors is disqualified as on
31st March, 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) In our opinion and to the best of our information and according to
the explanations given to us, they said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India;
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013 and
(ii) in the case of the Profit and Loss Account, of the profit or loss
for the year ended on that date.
(iii) in case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
1 In respect of Its Fixed Assets
a The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information .
b The Company Does not have any fixed assets as a result of this, the
going concern status of the company is affected.
2 In respect of Its Inventories
As per informations & explanations given to us & taking into
consideration the nature of the business of the company .this clause is
not applicable.
3 In respect of loans, secured or unsecured, granted or taken bv the
company to/from companies, firms or other parties covered In the
register maintained under Section 301 of the Companies Act 1956.
(iii) The Company has neither granted nor taken any loans, secured or
unsecured to or from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
4 In respect of internal control procedures
As per informations & explanations given to us & taking into
consideration the nature of the business of the company .this clause is
not applicable.
5 As explained to us there has not been any transaction during the year
that need to be entered in the register maintained under section 301 of
the Companies Act 1956 and exceeding during the year to Rs. 5,00,000 or
more in respect of each such party.
6 The company has not accepted any deposits from the public.
7 In respect of Internal audit system of the company
As per informations & explanations given to us & taking into
consideration the size and the nature of the business of the company
this clause is not applicable.
8 In respect of maKenance of Cost Records u/s 209(1 Kd) of the
Companies Act 1956.
As per informations & explanations given to us & taking into
consideration the size and the nature of the business of the company
this clause is not applicable.
9 In respect of undisputed statutory dues
According to the information and explanations given to us, there are no
undisputed statutory dues payable in respect of Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty , cess which are outstanding as at for a period of more than six
months from the date they became payable.
10 In respect of accumulated losses & Cash Losses
The company has accumulated losses exceeding 50% of net worth. The
company have incurred loss of Rs. 1,02,780/- during the year covered by
our audit and accumulated losses of Rs. 7,23,29,263/- as on 31st
March,2013
11 According to the information and explanations given to us the
company has not taken any loans from any financial institution or bank
or debenture holder.
12 In our opinion and according to the information & explanation given
to us ,no loan and advances have been granted by the company on the
basis of security by way of pledge of shares , debentures and other
securities.
13 In our opinion. the company is not a Chit fund, Nidhi or mutual
benefit Society .therefore, this clause is not applicable to the
company.
14 The company is not dealing or trading in in shares, securities,
debentures and other investments. Hence this clause is not applicable to
the company.
15 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.
16 As per information and explanations given to us, the company has not
taken any term loans. therefore, this clause is not applicable to the
company.
17 According to the information and explanations given to us, no funds
raised on short-term basis have been used for long-term investment.
Similarly, no funds raised on long term basis have been used for
short-term investment.
18 During the year, the company has not made preferential allotment of
shares to companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act, 1956.
19 The company has not issued any debentures. Hence the requirements of
clause (xix) of paragraph 4 of the Order is not applicable to the
company.
20 The company has not raised any money by way of public issues during
the year.
21 In our opinion & according to the information and explanations given
to us, a fraud on or by the company has not been noticed or reported
during the year.
For RAMAN S. SHAH & ASSOCIATES
CHARTERED ACCOUNTANTS
(Registration No 119891W)
CA RAMAN S. SHAH (PARTNER)
MEMBERSHIP NO :- 33272
PLACE : GUMMIDIPOONDI
DATE : 29.5.2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of SURYODAYA INVESTMENTS
& TRADING COMPANY LIMITED, as at March 31,2012 and also the statement
of Profit and loss and the Cash Flow Statement of the Company for the
year ended on that date annexed thereto. These financial statements are
the responsibility of the Company''s management. Our responsibility is
to express an 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, 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.
3. As required by the Companies [Auditors'' Report] Order 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, and on the basis of such checks as we considered
appropriate and according to the information and explanations given to
us, we enclose in the Annexure a statement on matters specified in
paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, 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 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, statement of Profit and Loss and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
In our opinion, the Balance Sheet, statement of Profit and Loss and the
Cash Flow Statement deah with by this Report comply with the Accounting
Standards referred ''mo in Section 211{3C) of the Companies Act, 1956.
e. On the basis of written representations received from the Directors
of the Company as on March 31, 2012 and taken on record by the Board of
Directors, none of the Directors are disqualified as at March 31, 2012
from being appointed as a Director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
f. In our opinion and to the best of our information and according to
the explanations given to us, they said financial statements subject to
Note 18 and 19 of financial statements regarding pending registration
with RBI & non availability of confirmation of balances respectively,
the cumulative impact thereof if any on the financial statements and
read together with the Significant Accounting Policies and Other Notes
thereon, give the information as required by the Companies Act, 1956,
in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India:
i] in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2012; and
ii] in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
iii] In the case of cash flow statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS'' REPORT (To The Members of Suryodaya
Investments & Trading Company limited)
1. The Company does not have any fixed assets. Accordingly, clause
4(i)(a), (b) & (c) of the Order are not applicable
2. The Company does not have any inventory, accordingly Clause
4(ii)(a), (b) & (c) of the Order are not applicable.
3. a) The Company has granted unsecured loans to companies, covered in
the register maintained u/s.301 of the Companies Act, 1956, aggregating
to Rs.135363965/- (aggregate of maximum outstanding at any time during
the year Rs. 135363965/-)
b) In our opinion and according to the information and explanations
given to us the rate of interest wherever applicable and other terms
and conditions are, prima-facie, prejudicial to the interest of the
company.
c) As per the'' information and explanation given to us, the loans
granted are repayable on demand and no repayment schedule is
stipulated.
d) In view of .(c) above, there is no overdue amount in respect of the
loans given by the company.
e) The Company has not taken any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Accordingly, clauses 4
(iii) (f) and (g) of the Order are not applicable.
4. In our opinion, and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with size of the Company and the nature of its business
for the purchase of fixed assets. The activities of the Company do not
involve purchase of inventory and the sale of goods and services. We
have not observed major weakness in the internal controls during the
course of the audit.
5. a) Based on the audit procedure applied by us, and according to the
information and explanations given to us, we are of Opinion that there
are no contracts and arrangements required to be entered in the
register maintained in pursuance of section 301 of the Companies Act,
1956.
b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
and arrangements required to be entered in the register maintained
u/s.301 of the Companies At, 1956 and exceeding the value of Rs.5 lakhs
in spent of any party during the year.
6 The Company has not accepted any deposits from the public and
consequently, the directives issued by the Reserve Bank of India, the
provision of Sections 58A and 58AA and any other relevant provision
of the Companies Act, 1956 and the rules framed there under are not
applicable.
7 The company did not have internal audit system during the year.
8 According to the information and explanations given to us, the
Central Government has not prescribed maintenance of cost records under
clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956
in respect of services carried out by the Company.
9. a) According to the information and explanations given to us, and on
the basis of records examined by us, the Company has been regular in
depositing with appropriate authorities undisputed statutory dues
including Income Tax, Sales tax, Wealth tax. Service tax, Custom duty,
Excise duty, Cess. According to the information and explanations given
to us, no undisputed amount payable in respect of aforesaid dues were
outstanding as at March 31, 2012 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 dues in respect of Sales tax. Income tax. Customs duty, Wealth tax,
Service tax, Excise duty, and Cess that have not been deposited except
in respect of income tax demand for the Assessment Year 1991-92 and
1997-98 under dispute before ITAT/High Court amounting to Rs.4565969/-
(P.Y. Rs. 4565969/-) on account of any dispute.
10 The Company has no accumulated losses at the end of the financial
year. The Company has not incurred any cash losses during the financial
year covered under audit and in the immediately preceding financial
year.
11 The Company has neither taken any loans from a financial institution
and a bank nor issued any debentures.
12 The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13 The Company is not a edit fund or a nidhi/mutual benefit fund or a
society and therefore the related provisions of clause 4(xiii) of the
Order are not applicable to the company.
14 According to the information and explanation given to us, the
Company has maintained records of transactions and contracts in respect
of trading in shares, debentures and other securities and generally
timely entries have been made therein. All shares debentures and other
securities have been held by the Company in its own name except to the
extent of the exemption granted under section 49 of the Companies Act,
1956 and save for certain shares white are either lodged for transfer
or held with valid transfer forms.
15 According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
Banks or financial institution. However, the Company has given an
undertaking to various Financial Institutions not to transfer, assign,
pledge, hypothecate or otherwise dispose off in any manners its
investments in equity shares in LML Limited without prior approval of
the Institutions so long as the loans, advances to LML Limited by
Institutions remain outstanding.
16 The Company has not obtained any term loans.
17 According to the information and explanation given to us and on an
overall examination of the Balance sheet of the Company, we are of the
opinion that the Company has not utilized funds raised from short-term
sources towards long-term investment.
18 The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Art.
19 The Company has not issued any secured debentures.
20 The Company has not raised any money by public issue during the
year.
21 According to the information and explanation given to us, no fraud
on or by the Company has been noticed or reported during the year.
For KHANDELWAt JAIN & CO.
Chartered Accountants
Firm Registration No. 105049w
(SHIVRATAN AGARWAL)
PARTNER
Membership No.: 104180
Place: Mumbai
Date : September 03,2012
Mar 31, 2010
1. We have audited the attached Balanee Sheet of SURYODAYA INVESTMENTS
& TRADING COMPANY ITMTTED, as at March 31, 2010 and also the Profit
and Loss Account and the Cash Flow Statement of the Company for the
year ended on that date annexed thereto. These financial statements
are the responsibility of the Company's management. Our responsibility
is to express an 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, 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.
3. As required by the Companies Auditors' Report Order 2003 issued by
the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, and on the basis of such checks as we considered
appropriate and according to the information and explanations given to
us, we enclose in the Annexure a statement on matters specified in
paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, 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 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, Profit and Loss Account and the Cash Flow
Statement dealt with by this Report arc in agreement with the books of
account.
5. a) Based on the audit procedure applied by us. and according to the
information and explanations given to us, we are of opinion that there
are no contracts and arrangements required to be entered in the
register maintained in pursuance of section 301 of the Companies Act,
1956.
b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
and arrangements required to be entered in the register maintained
u/s.301 of the Companies Act, 1956 and exceeding the value of Rs.5
lakhs in respect of any party during the year.
6 The Company has not accepted any deposits from the public and
consequently, the directives issued by the Reserve Bank of India, the
provision of Sections 58A and 58AA and any other relevant provision of
the Companies Act, 1956 and the rules framed there under are not
applicable.
7 The company did not have internal audit system during the year.
8 According to the information and explanations given to us, the
Central Government has not prescribed maintenance of cost records under
clause (d) of sub-section (I) of Section 209 of the Companies Act, 1956
in respect of services carried out by the Company.
9. a) According to the information and explanations given to us, and on
the basis of records examined by us, the Company has been regular in
depositing with appropriate authorities undisputed statutory dues
including Income Tax, Sales tax, Wealth tax, Service tax. Custom duty.
Excise duty. Cess. According to the information and explanations given
to us, no undisputed amount payable in respect of aforesaid dues were
outstanding as at March 31, 2010 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 dues in respect of Sales tax, Income tax, Customs duty, Wealth tax,
Service tax, Excise duty, and Cess that have not been deposited except
in respect of income tax demand for the Assessment Year 1991-92 and
1997-98 under dispute before ITAT/High Court amounting to Rs.45.66 lacs
(P.Y. Rs.45.66 lacs) on account of any dispute.
10 The Company has no accumulated losses at the end of the financial
year. The Company has incurred cash losses of Rs. 285,675/- during the
financial year covered under audit and Rs. 47,242/- during the
immediately preceding financial year.
11 The Company has neither taken any loans from a financial institution
and a bank nor issued any debentures.
12 The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13 The Company is not a chit fund or a nidhi/mutual benefit fund or a
society and therefore the related provisions of clause 4(xiii) of the
Order are not applicable to the company.
14 According to the information and explanation given to us, the
Company has maintained records of transactions and contracts in respect
of trading in shares, debentures and other securities and generally
timely entries have been made therein. All shares debentures and other
securities have been held by the Company in its own name except to the
extent of the exemption granted under section 49 of the Companies Act,
1956 and save for certain shares which are either lodged for transfer
or held with valid transfer forms.
15 According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
Banks or financial institution. However, the Company has given an
undertaking to various Financial Institutions not to transfer, assign,
pledge, hypothecate or otherwise dispose off in any manners us
investments in equity shares in LML Limited without prior approval of
the Institutions so long as the loans, advances to LML Limited by
institutions remain outstanding.
16 The Company has not obtained any term loans.
17 According to the information and explanation given to us and on an
overall examination of the Balance sheet of the Company, we are of the
opinion that the Company has not utilized funds raised from short term
sources towards long term investment,
18. 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.
19 The Company has not issued any secured debentures.
20 The Company has not raised any money by public issue during the
year.
21 According to the information and explanation given to us, no fraud
on or by the Company has been noticed or reported during the year.
ANNEXURE TO THE AUDITORS' REPORT (To The Members of Suryodaya
Investments & Trading Company Limited)
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us the fixed assets have been physically verified by
the management and no material discrepancies were noticed on such
verification. In our opinion die frequency of verification is
reasonable having regard to the size of the company and nature of its
business.
c) During the year the Company has not disposed of any part of its
fixed assets.
2. The Company does not have any inventoiy, accordingly Clause
4(ii)(a), (b) & (c) of the Order are not applicable.
3. a) The company has granted unsecured loans to six companies,
covered in the register maintained u/s.301 of the Companies Act, 1956,
aggregating to Rs. 12,80,32,698/- (aggregate of maximum outstanding at
anytime during the year Rs.12,91,78,598/-).
b) Tn our opinion and according to the information and explanations
given to us the rate of interest wherever applicable and other terms
and conditions are, prima-facie, prejudicial to the interest of the
company.
c) As per the information and explanation given to us, the loans
granted are repayable on demand and no repayment schedule is
stipulated.
d) In view of (e) above, there is no overdue amount in respect of the
loans given by the company.
e) The Company has taken unsecured loans from three parties covered in
the register maintained u/s.301 of the Companies Act, 1956, aggregating
to Rs. 558,452/- (aggregate of maximum outstanding at any time during
the year Rs. 603,452/-).
f) In our opinion and according to the information and explanations
given to us the rate of interest wherever applicable and other terms
and conditions are, prima-facie, not prejudicial to the interest of the
company.
g) As per the information and explanation given to us, the loans taken
are repayable on demand and no repayment schedule is stipulated.
4. In our opinion, and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with size of the Company and the nature of its business
for the purchase of fixed assets. The activities of the Company do not
involve purchase of inventory and the sale of goods and services. We
have not observed major weakness in the internal controls during the
course of the audit.
d. In our opinion, the Balance Sheet, the Profit & Loss Account and
the Cash Flow Statement dealt with by this Report comply with the
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956.
e. On the basis of written representations received from the Directors
of the Company as on March 31, 2010 and taken on record by the Board of
Directors, none of the Directors are disqualified as at March 31, 2010
from being appointed as a Director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with Note
No. B- 4 and B-5 of Schedule 11 regarding pending registration with RBI
& non availability of confirmation of balances respectively and read
together with the significant accounting policies and other notes
thereon, give the information as required by the Companies Act, 1956,
in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India:
i] in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2010; and
ii] in the case of the Profit and Loss Account, of the loss for the
year ended on that date; and
iii] In the case of cash flow statement, of the cash flows for the year
ended on that date.
For KHANDELWAL JAIN & CO.
Chartered Accountants
Firm Registration No. 105049W
(SHIVRATAN ACARWAL) .
PARTNER
Membership No. : 104180
Place : Mumbai
Date : September 2, 2010