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Suraj Ltd.

BSE: 531638 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE713C01016
BSE LIVE 19:06 | 19 Oct 40.00 0.65
(1.65%)
OPEN

40.95

HIGH

40.95

LOW

40.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 40.95
PREVIOUS CLOSE 39.35
VOLUME 221
52-Week high 54.45
52-Week low 33.50
P/E 307.69
Mkt Cap.(Rs cr) 77
Buy Price 38.55
Buy Qty 500.00
Sell Price 39.55
Sell Qty 4.00
OPEN 40.95
CLOSE 39.35
VOLUME 221
52-Week high 54.45
52-Week low 33.50
P/E 307.69
Mkt Cap.(Rs cr) 77
Buy Price 38.55
Buy Qty 500.00
Sell Price 39.55
Sell Qty 4.00

Suraj Ltd. (SURAJ) - Auditors Report

Company auditors report

The Members

SURAJ LIMITED

Ahmedabad.

Report on the Financial Statements :

We have audited the accompanying Standalone financial statements of M/s. SURAJLIMITED ("the Company") which comprise the Balance Sheet as at March 312017 the Statement of Profit and Loss Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements :

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these Standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.

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

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls of the entity'sinternal control. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Standalone financial statements.

Opinion:

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the basis for qualifiedopinion paragraph the accompanying standalone financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the Accounting Principles generally accepted in India of the state of affairs of thecompany as at 31st March 2017 its Profit and its cash flows for the year ended on thatdate.

Emphasis of Matter:

We draw attention to;

Note -23(II)(1)(a)to the financial statements relating to Contingent Liabilities notprovided by Company. Our opinion is not qualified in respect of this matter.

Report on other Legal and Regulatory Requirements :

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the said Order.

2. As required by section 143 (3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit; b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books; c) The Balance Sheet Statement of Profit and Loss and theCash Flow Statement dealt with by this Report are in agreement with the books of accountd) In our opinion the aforesaid Standalone financial statements comply with theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. e) On the basis of written representations received fromthe directors as on March 31 2017 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2017 from being appointed as a director in termsof Section 164 (2) of the Act. f) With respect to the adequacy of the internal financialcontrols over financial reporting of the Company and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure B" and g) With respect tothe matters to be included in the Auditor's Report in accordance with Rule 11 of theCompanies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: a) The Company has disclosedthe impact of pending litigations on its financial position in its financial statements -Refer Note 23(II) (1) & (4) to the financial statements; b) The Company has madeprovision as required under the applicable law or accounting standards for materialforeseeable losses if any on long-term contracts including derivative contracts. c)There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company. d) The company had provideddisclosures as to holding as well as dealings in Specified Bank Notes during the period08.11.2016 to 30.12.2016 in its financial statements at Note No 23 (II)(17) in Notes onaccounts and these are in accordance with the books of accounts maintained by the company.

FOR PANKAJ K. SHAH ASSOCIATES
Firm Registration No. 107352W
CHARTERED ACCOUNTANTS
Place : Ahmedabad
Date : 26.04.2017
(PANKAJ K. SHAH)
PROPRIETOR
M. No. 34603

ANNEXURE TO INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 1 under the heading 'Report on Other Legal & RegulatoryRequirement' of our report of even date to the Standalone financial statements of theCompany for the year ended March 31 2017: we report that

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

(b) As explained to us the Fixed Assets have been physically verified by themanagement in a phased manner designed to cover all the items over a period of threeyears which in our opinion is reasonable having regard to the size of the company andnature of its business.

Pursuant to the program a portion of the fixed asset has been physically verified bythe management during the year and no material discrepancies between the books records andthe physical fixed assets have been noticed.

(c) According to the information and explanations given to us and on the basis of ourexamination of the record of the company the title deeds of immovable properties are heldin the name of the company.

2) The Inventory of finished good raw materials components stores and spare partshas been physically verified at reasonable intervals by the management. In our opinionthe frequency of such verification is reasonable. No material discrepancies were noticedon physical verification on inventories as compared to books records.

3) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited Liabilitypartnerships or other parties covered in the Register maintained under section 189 of theAct. Accordingly the provisions of clause 3 (iii) (a) to (C) of the Order are notapplicable to the Company.

4) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respect of loans investments guarantees and security.

5) The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable.

6) We have broadly reviewed the books of account maintained by the Company pursuant toRules made by the Central Government of India maintenance of cost records has beenprescribed under sub-section (1) of Section 148 of the Companies Act and are of theopinion that prima facie the prescribed accounts and records have been made andmaintained.

7) (a) According to the records of the company and the information and explanationsgiven to us and on the basis of our examination of the books of account and records theCompany has been generally regular in depositing undisputed statutory dues includingProvident Fund Employees State Insurance Income-Tax Sales tax Service Tax Duty ofCustoms Duty of Excise Value added Tax Cess and any other statutory dues with theappropriate authorities. According to the information and explanations given to us noundisputed amounts payable in respect of the above were in arrears as at March 31 2017for a period of more than six months from the date they became payable. b) According tothe information and explanations given to us and record of the Company disputed amountpayable in respect of Income tax sales tax & Custom and Excise Duty and that havenot been deposited with the appropriate authorities on account of dispute and the forumwhere the disputes are pending are given below:

Name of Statue Nature of Dues Disputed Amount Rs. Period to which the amount Relates Forum where dispute is pending
Sales Tax Act Sales Tax 224379/- 2003-04 Sales Tax Appellate Commissioner Ahmedabad.
Sales Tax Act Sales Tax 140975/- 2004-05 Jt. Commissioner of Commercial Taxes Ahmedabad.
Sales Tax Act Sales Tax 10299133/- 2008-09 VAT Tribunal
Central Sales Tax Act Central Sales Tax 192848/-
Sales Tax Act Sales Tax 16008820/- 2009-10 VAT Tribunal
Central Sales Tax Act Central Sales Tax 1227163/-
Sales Tax Act Sales Tax 14255516/- 2010-11 VAT Tribunal
Central Sales Tax Act Central Sales Tax 896066
Finance Act Service Tax 6552877/- 2010-11 to 2013-14 CESTAT Ahmedabad
Penalty on ST 6562877/-
Income Tax Act Income Tax 38057/- A.Y. 2006-07 Before A.O. u/s. 154
Income Tax Act Income Tax 1999068/- A.Y. 2007-08 CIT (Appeal) Ahmedabad
Income Tax Act Income Tax 73682162/- A.Y. 2008-09 CIT (Appeal) Ahmedabad
Income Tax Act Income Tax 390030/- A.Y. 2008-09 Before A.O. u/s. 154
Income Tax Act Income Tax 18583455/- A.Y. 2009-10 CIT (Appeal) Ahmedabad
Income Tax Act Income Tax 221477/- A.Y. 2010-11 Before A.O. u/s. 154
Income Tax Act Ahmedabad Income Tax 87601472/- A.Y. 2011-12 CIT (Appeal)
Income Tax Act Ahmedabad Income Tax 142196316/- A.Y. 2012-13 CIT (Appeal)
Income Tax Act Ahmedabad Income Tax 64255881/- A.Y. 2013-14 CIT (Appeal)
Income Tax Act Ahmedabad Income Tax 55811441/- A.Y. 2014-15 CIT (Appeal)
Custom Tariff Act Safeguard Duty 8620447/- F.Y. 2012-13 To be filed before CESTAT Mumbai

8) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to any financial institutions andbanks.

9) Based upon the audit procedures performed and the information and explanations givenby the management the company has not raised moneys by way of initial public offer orfurther public offer including debt instruments and term Loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.

10) Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

11) Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid in accordance with theprovisions of section 197 read with Schedule V to the Companies Act; 12) In our opinionthe Company is not a Nidhi Company. Therefore the provisions of clause 3 (xii) of theOrder are not applicable to the Company.

13) According to the information and explanations given to us and on the basis of ourexamination of the record of the company in our opinion all transactions with the relatedparties are in compliance with section 177 and 188 of Companies Act 2013 and the detailshave been disclosed in the Financial Statements as required by the applicable accountingstandards. 14) According to the information and explanations given to us and on the basisof our examination of the record of the company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review.

Accordingly the provisions of clause 3 (xiv) of the Order are not applicable to theCompany and hence not commented upon.

15) According to the information and explanations given to us and on the basis of ourexamination of the record of the company the company has not entered into any non-cashtransactions with directors or persons connected with the company. Accordingly theprovisions of clause 3 (xv) of the Order are not applicable to the Company and hence notcommented upon. 16) In our opinion the company is not required to be registered undersection 45 IA of the Reserve Bank of India Act 1934 and accordingly the provisions ofclause 3 (xvi) of the Order are not applicable to the Company and hence not commentedupon.

FOR PANKAJ K. SHAH ASSOCIATES
Firm Registration No. 107352W
CHARTERED ACCOUNTANTS
Place : Ahmedabad
Date : 26.04.2017
(PANKAJ K. SHAH)
PROPRIETOR
M. No. 34603

ANNEXURE B" TO THE INDEPENDENT AUDITORS' REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of M/S. SurajLimited ("the Company") as of March 31 2017 in conjunction with our audit ofthe standalone financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017.

FOR PANKAJ K. SHAH ASSOCIATES
Firm Registration No. 107352W
CHARTERED ACCOUNTANTS
Place : Ahmedabad
Date : 26.04.2017
(PANKAJ K. SHAH)
PROPRIETOR
M. No. 34603