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Sun Granite Export Ltd.

BSE: 531013 Sector: Others
NSE: N.A. ISIN Code: INE032M01010
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Sun Granite Export Ltd. (SUNGRANITEEXP) - Auditors Report

Company auditors report

AUDITOR'S REPORT

To

The Members

Sun Granite Export Limited.

We have audited the attached Balance Sheet of Sun Granite Export Limited as at 31stMarch 2014 and also the Profit and Loss Account and Cash Flow Statement for the yearended on that date annexed thereto. We report as under:

A These financial statements are the responsibility of the Company's management. Ourresponsibility is to express an opinion on these financial statements based on our audit.

B. We conducted our audit in accordance with auditing standards generally accepted inIndia. Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatement. Anaudit includes examining on a test basis evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principlesused and significant estimates made by management as well as evaluating the overallfinancial statement presentation. We believe that our audit provides a reasonable basisfor our opinion.

C. As required by the Companies (Auditor's Report) order 2003 issued by the CentralGovernment of India in terms of sub-sec (4A) of sec 227 of the Companies Act. 2013 weenclose in the Annexure a statement the matters specified in paragraph 4 & 5 of thesaid order

D. Further to our comments as said above we report that:

a) we have obtained all the information and explanations which to the best ofknowledge and belief were necessary for the purposes of our audit;

b) in our opinion proper books of account as required bylaw have been kept by theCompany so far as appears from our examination of those books ;

c) the Balance Sheet the Profit and Loss Account and Cash Flow statement dealt with bythis report are in agreement with the books of account;

d) in our opinion Balance Sheet the Profit and Loss Account and Cash Flow statementdealt with by this report comply with the accounting standards referred to in sub-section(3C) of section 211 of the Companies Act 2013;

e) on the basis of written information's received from the Directors and taken onrecord by the Board of Directors we report that none of the directors is disqualified ason 31st March 2014 from being appointed as a director in terms of clause (g) ofsub-section (1) of section 274 of the Companies Act 2013;

f) In our opinion and to the best of our information and according to the explanationsgiven to us the said accounts give the information required by the Companies Act 2013in the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

i) In the case of the balance sheet of the state of affairs of the company as at 31stMarch 2014 and

i) In the case of the profit and loss account of the loss for the year ended on thatdate.

Place: Bhubaneswar For Samantaray & Co.
Chartered Accountant
Date : 14.08.2014 CA C.S. Samantaray (FCA)
Chartered Accountant
Mem.No.-051265

ANNEXURE TO THE AUDITOR'S REPORT

(REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE)

1) a) Company has maintained proper records showing full particulars includingquantitative details and situations of fixed assets.

b) The Company has a regular program of physical verification of fixed assets which inour opinion is reasonable having regard to size of the Company and the nature of itsassets. No material discrepancies were noticed on such physical verification.

c) In our opinion and according to the information and explanations the company hasnot disposed of substantial part of fixed assets during the year and the going concernstatus of the Company is not affected.

2) a) As explained to us all stocks of finished goods stores spare parts and rawmaterials have been physically verified by the management at reasonable intervals duringthe year.

b) In our opinion and according to the information and explanations given to us theprocedures of the physical verification of stocks 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 inventories. As explained to us thediscrepancies between the physical stock and book stock were not material and dealt withproperly in the books of account.

3) The Company has not granted or taken any loans secured or unsecured to / fromcompanies firms or other parties covered in the register maintained under section 301 ofthe Companies Act 2013 except unsecured loan from director's taken for settlement ofIFCI dues which was been repaid regularly with interest. As observed the director's havetaken loan from Axis bank and lent the same to the company for purpose of repayment toIFCI. The repayment along with interest payable to Axis bank/ India Bull FinancialServices Limited was being made by the company on behalf of Director.

4) In our opinion and according to the information given to us there is adequateinternal control procedure commensurate with the size of the company and the nature of itsbusiness for purchase of stores raw material components plant and machinery equipmentand other similar assets and for the sale of goods.

5) The company has not accepted any deposits from the public.

6) The Company is not required to maintain cost records under section 209(1 )(d) of theCompanies Act' 2013.

a) According to the records of the company undisputed statutory dues includingProvident Fund Investor Education & Protection Fund Employees State InsuranceIncome Tax and Sales Tax applicable to it have not generally been regularly deposited withthe appropriate authorities.

b) According to the information and explanations given to us the undisputed amountspayable as at 31st march' 2014 for a period of more than six months from the date theybecame payable are given below.

Name of Status / Nature of Dues Amount (in Rs.) Period to which amount related Date of Payment
Investor Education and Protection Fund 10230.00 2002-03
8534.00 2003-04
Income Tax 241173.00 A.Y. 2004-05
386645.00 A.Y 2005-06
93045.00 A.Y. 2007-08
TDS 47556.00 2004-05
232421.00 2005-06
345357.80 2006-07
Luxury Tax 13916.00 2005-06 4

c) According to the information and explanations given to us the disputed amountspayable as at 31st march' 2014 for a period of more than six months from the date theybecame payable are given below.

Name of the Status Forum where Is dispute the pending

Period to which amount relates

Amt.(Rs.)

Amount paidonprotest

Income Tax Income Tax Tribunal 1995-96 744945.00 201722.00
Entry Tax Commissioner of Sales Tax 2000-01 634307.00 175000.00

7) The company has not granted any loans and advances on the basis of security by wayof pledge of shares debentures and other securities.

8) In our opinion and according to the information and explanations given to us thecompany is not a chit fund or a nidhi/ mutual benefit fund/ society. Therefore clause 4(xiii) of the Companies (Auditor's Report) order 2003 is not applicable to the company.

9) The company is not dealing or trading in shares securities debentures and otherinvestments.

a) According to the records of the company undisputed statutory dues includingProvident Fund Investor Education & Protection Fund Employees State InsuranceIncome Tax and Sales Tax applicable to it have not generally been regularly deposited withthe appropriate authorities.

b) According to the information and explanations given to us the undisputed amountspayable as at 31st march' 2014 for a period of more than six months from the date theybecame payable are given below.

Name of Status / Nature of Dues Amount (in Rs.) Period to which amount related Date of Payment
Investor Education and Protection Fund 10230.00 2002-03
8534.00 2003-04
Income Tax 241173.00 A.Y. 2004-05
386645.00 A.Y 2005-06
93045.00 A.Y. 2007-08
T D S 47556.00 2004-05
232421.00 2005-06
345357.80 2006-07
Luxury Tax 13916.00 2005-06

c) According to the information and explanations given to us the disputed amountspayable as at 31st march' 2014 for a period of more than six months from the date theybecame payable are given below.

Name of the Status Forum where Is dispute the pending Period to which amount relates Amt.(Rs.) Amount paidonprotest
Income Tax Income Tax Tribunal 1995-96 744945.00 201722.00
Entry Tax Commissioner of Sales Tax 2000-01 634307.00 175000.00

7) The company has not granted any loans and advances on the basis of security by wayof pledge of shares debentures and other securities.

8) In our opinion and according to the information and explanations given to us thecompany is not a chit fund or a nidhi/ mutual benefit fund/ society. Therefore clause 4(xiii) of the Companies (Auditor's Report) order 2003 is not applicable to the company.

9) The company is not dealing or trading in shares securities debentures and otherinvestments.