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Surana Corporation Ltd.

BSE: 531102 Sector: Consumer
NSE: SURANACORP ISIN Code: INE357D01010
BSE LIVE 12:19 | 18 Aug 1.17 -0.06
(-4.88%)
OPEN

1.17

HIGH

1.17

LOW

1.17

NSE 11:31 | 04 Aug 1.35 -0.05
(-3.57%)
OPEN

1.35

HIGH

1.35

LOW

1.35

OPEN 1.17
PREVIOUS CLOSE 1.23
VOLUME 200
52-Week high 1.75
52-Week low 1.08
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.17
Sell Qty 140.00
OPEN 1.17
CLOSE 1.23
VOLUME 200
52-Week high 1.75
52-Week low 1.08
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.17
Sell Qty 140.00

Surana Corporation Ltd. (SURANACORP) - Auditors Report

Company auditors report

Auditors Report

To

The Members of

M/s SURANA CORPORATION LTD

Chennai - 14

We have audited the attached Balance Sheet of

M/S SURANA CORPORATION LIMITED (‘the company’) Chennai as at 31st March2014 the Profit and Loss Account and Cash Flow Statement for the year ended on that dateannexed thereto which we have signed under reference to this report. These financialstatements are the responsibility of the Company’s management. Our responsibility isto express an opinion on these financial statements based on our audit.

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.

As required by the Companies (Auditor’s Report) Order 2003(‘theorder’) as amended by the companies (Auditor’s Report) (Amendment) Order 2004issued by the Central Government of India in terms of sub section (4A) of section 227 of‘The Companies Act 1956’ (‘the Act’) and on the basis of such checksof the books and records of the company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure a statement on thematters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred in above paragraphs we report that:-

a) We have obtained all the information and explanations which to the best of ourknowledge 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 thecompany so far as appears from our examination of those books;

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

d) In our opinion the Balance sheet 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 Act;

e) On the basis of written representations received from the Directors as at 31stMarch 2014 and taken on record by the Board of Directors we report that none of thedirectors are disqualified as on 31st March 2014 from being appointed as a Director interms of clause (g) of sub-section (1) of Section 274 of the Act and ;

f) In our opinion and to the best of our information and according to the explanationsgiven to us they said financial statements together with the notes thereon and attachedthereto give in the prescribed manner the information required by the Act and give a trueand 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 March31 2014.

ii) In the case of the Profit and Loss Account of the profit of the company for theyear ended on that date; and

iii) In the case of the Cash flow Statement of the Cash flows of the Company for theyear ended on that date.

For C.S .P JAIN & CO.

Chartered Accountants

FRN No.001227S

C.S PRITHIVRAJ JAIN

Proprietor

Membership No. 11529

Place : Chennai

Date : 27.05.2014

ANNEXURE TO THE AUDITORS’ REPORT

The Annexure referred to in our report to the members of Surana Corporation LimitedChennai – 14 for the year ended 31 March 2014 we report that:

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

b. These fixed assets have been physically verified by the management at reasonableintervals and no material discrepancies were noticed on such verification.

2. a. According to the information & explanations given to us the company hasconducted physical verification of inventory at reasonable intervals.

b. The procedures of physical verification of inventory followed by the management isreasonable and adequate in relation to the size of the company and the nature of itsbusiness.

c. The company is maintaining proper records of inventory and no material discrepancieswere noticed on physical verification.

3. According to the information & explanations given to us the company has nottaken / granted any interest free unsecured loans from companies covered in the registermaintained under Section 301 of the Act hence the provisions of Para 4(iii) of theCompanies (Auditors Report) Order 2003 is not applicable.

4. According to information and explanations given to us and in our opinion there is anadequate internal control procedure commensurate with the size of the company and thenature of its business for the purchase of inventory and fixed assets and for the sale ofgoods.

5. a. In our opinion and according to the explanations and information given to us thecompany is maintaining the register in pursuance of Section 301 of the Act for thetransactions that need to be entered.

b. Each of these transactions has been made at prices which are reasonable havingregard to the prevailing market prices at the relevant time.

6. The company has not accepted deposits from the public.

7. In our opinion and according to explanations and information given to us thecompany has an internal audit system commensurate with its size and nature of itsbusiness.

8. In our opinion the Company is not required to maintain the cost accounts andrecords prescribed by the Central Government under clause (d) of sub section (1) ofsection 209 of the Companies Act 1956

9. a. The Company is regular in depositing undisputed statutory dues includingProvident Fund Investor education and protection fund ESI Income Tax Sales Tax WealthTax Customs Duty Excise Duty and Cess and any other statutory dues with the appropriateauthorities.

b. The company has disputed the dues of Customs duty amounting to Rs 13539725/- andthe case is pending before CESTAT.

Name of the Statute Nature of Dues Amount Period to which the amount relates Forum where the dispute is pending
Customs & Central Excise Act Customs duty relates to Steel division of erstwhile company since amalgamated with this company. 13539725/- 2005-06 CESTAT - Goa

10. The company has neither accumulated losses at the end of the financial year norincurred any cash losses during the year and immediately preceding financial year.

11. The Company has not defaulted in repayment of dues to a financial institution orbank.

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

13. The nature of the activities of the company does not attract any special statuteapplicable to the Chit Fund and Nidhi / Mutual benefit fund / Societies.

14. The company has maintained proper records of the transaction and contracts of theinvestments dealt in by the company and timely entries have been made therein. Theinvestments made by the company are held in its own name except to the extent of theexemption u/s.49 of the Act.

15. The Company has not given any guarantee for loans taken by others from bank orfinancial institutions the terms and conditions whereof are prejudicial to the interestof the company.

16. The term loans raised by the company were applied for the purpose for which theywere raised.

17. According to the explanation and information provided the company has not utilizedthe short-term funds for long term investment and vice versa.

18. According to the information and explanations given to us the company has not madeany preferential allotment of shares to parties and companies covered in the registermaintained under section 301

19. The company has not issued any debentures during the year.

20. According to information and explanations given to us no frauds on or by thecompany has been noticed or reported during the year. However a case has been registeredagainst the company by CBI ACB Chennai on the basis of the complaint received from MMTCLimited Regional Office Chennai for Rs.18.00 crores of dues payable to them. The case isunder investigation. The company during previous year had fully provided for anascertained amount of Rs.283852800/- towards the said claim of Rs.18.00 crores alongwith interest at the rate of 18% for a period of 3 years. During the year as the finalliability has been identified @Rs.13.86 crores by CBI in their charge-sheet the excessprovision of Rs.14.53 has been written back.

For C.S .P JAIN & CO.

Chartered Accountants

FRN No.001227S

C.S PRITHIVRAJ JAIN

Proprietor

Membership No. 11529

Place : Chennai

Date : 27.05.2014