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Surana Solar Ltd.

BSE: 533298 Sector: Engineering
NSE: SURANASOL ISIN Code: INE272L01022
BSE 00:00 | 20 Apr 12.83 -0.55
(-4.11%)
OPEN

13.10

HIGH

13.17

LOW

12.80

NSE 00:00 | 20 Apr 12.75 -0.35
(-2.67%)
OPEN

13.00

HIGH

13.15

LOW

12.70

OPEN 13.10
PREVIOUS CLOSE 13.38
VOLUME 2091
52-Week high 27.80
52-Week low 12.35
P/E 64.15
Mkt Cap.(Rs cr) 63
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 13.10
CLOSE 13.38
VOLUME 2091
52-Week high 27.80
52-Week low 12.35
P/E 64.15
Mkt Cap.(Rs cr) 63
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Surana Solar Ltd. (SURANASOL) - Auditors Report

Company auditors report

To The Members of

Surana Solar Limited

(formerlySurana Ventures Limited)

Report on the Financial Statements

We have audited the accompanying financial statements of M/s Surana SolarLimited("the Company") (formerly Surana Ventures Limited) which comprise the BalanceSheet as at 31 March 2017 the Statement of Profit and Loss the Cash Flow Statement forthe year then ended and a summary of significant accounting policies and otherexplanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash fl ows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards andmatters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparationof the financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by themanagement 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2017 and its profitand its cash fl ows for the year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")as amended issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in "Annexure – A" a statement on mattersspecified in paragraphs 3 and 4 of the 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 purposes 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 the Statement of Profit and Loss andCash Flow Statement dealt with by this Report are in agreement with the books of accounts;d. In our opinion the aforesaid financial statements comply with the Accounting Standardsspecified 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 on31 March 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2017 from being appointed as a director in terms of Section164(2) of the Act. f. With respect to the adequacy of the Internal Financial Controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure B". g. With respect to the matters to beincluded in the Auditor's Report and in accordance with Rule 11 of

Companies (Audit and Auditors) Rules 2014 and in our opinion and to the best of ourinformation and explanations given to us: i. The Company does not have any pendinglitigations which would impact its financial position. ii. The Company has made provisionas required under the applicable law or accounting standards for material foreseeablelosses if any on long term contracts including derivative contracts. iii. There has beenno delay in transferring amounts required to be transferred to the Investor Educationand Protection Fund by the Company. iv. The Company has provided requisite disclosures inNote 2.34 of its financial statements as to holdings as well as dealings in Specified BankNotes during the period 8th November 2016 to 30th December 2016 and the disclosures are inaccordance with the books of accounts maintained by the company.

For Sekhar & Co
Chartered Accountants
FRN: 003695-S
G.GANESH
Place : Secunderabad Partner
Date : 18-May-2017 M.No.211704

Annexure referred to in paragraph 1 of our report of even date

Re: Surana Solar Limited

(Formerly Surana Ventures Limited)

i. a) The Company has maintained proper records showing full particular includingquantitative details and situation of fixed assets.

b) As explained to us the fixed assets have been physically verified by the managementin a phased manner designed to cover all the fixed assets over the year. In respect offixed assets verified according to this program which we consider reasonable no materialdiscrepancies were noticed on such verification.

c) The title deeds of immovable properties are held in the name of the company.

ii. The inventory except Goods-in-transit has been physically verified by themanagement at reasonable intervals during the year. In our opinion the frequency of suchverification is reasonable. In respect of inventory lying with third parties these havesubstantially been confirmed by them. No material discrepancies were noticed on physicalverification.

iii. The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the Register maintained underSection 189 of the Act. Accordingly the provisions of clause 3 (iii) (a) to (c) of theOrder are not applicable to Company and hence not commented upon. iv. In our opinion andaccording to the information and explanations given to us the company has complied withthe provisions of Section 185 and 186 of the Companies Act 2013 in respect of loansinvestments guarantees and security.

v. 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.

vi. We have broadly reviewed the cost records maintained by the Company prescribed bythe Central Government of India under Section 148(1) of the Act and are of the opinionthat prima facie the prescribed accounts and records have been maintained. We havehowever not made a detailed examination of the cost records with a view to determinewhether they are accurate or complete.

vii. a) According to information and explanations given to us and on the basis of ourexamination of the books of accounts and records the Company has been generally regularin depositing undisputed statutory dues with appropriate authorities including providentfund employees' state insurance income tax sales tax service tax duty of customsduty of excise value added tax cess and any other statutory dues with the appropriateauthorities. According to the information and explanations given to us no undisputedamounts payable in respect of the above were in arrears as at March 312017 for a periodof more than six months from the date on when they become payable.

b) According to the information and explanations given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxoutstanding on account of any dispute. viii. In our opinion and according to theinformation and explanations given to us the Company has not defaulted in the repaymentof dues to banks. The Company has not taken any loan either from financial institutions orfrom the government and has not issued any debentures. ix. Based upon the audit proceduresperformed and the information and explanations given by the management the company hasnot raised moneys by way of initial public offer or further public offer including debtinstruments and term loans. Accordingly the provisions of clause 3 (ix) of the Order arenot applicable to the Company and hence not commented upon. x. Based upon the auditprocedures performed and the information and explanations given by the management wereport that no fraud by the company or on the company by its officers or employees hasbeen noticed or reported during the year. xi. Based upon the audit procedures performedand the information and explanations given by the management the managerial remunerationhas been paid or provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Companies Act. xii. In our opinionthe Company is not a Nidhi company. Therefore the provisions of clause 4 (xii) of theOrder are not applicable to the Company.

xiii. In our opinion all transactions with the related parties are in compliance withSection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards. xiv. Based uponthe audit procedures performed and the information and explanations given by themanagement the company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.Accordingly the provisions of clause 3 (xiv) of the Order are not applicable to thecompany and hence not commented upon. xv. Based upon the audit procedures performed andthe information and explanations given by the management the company has not entered intoany non-cash transactions with directors or persons connected with him. Accordingly theprovisions of clause 3 (xv) of the Order are not applicable to the company and hence notcommented upon. xvi. 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 Sekhar & Co
Chartered Accountants
FRN: 003695-S
G.GANESH
Place : Secunderabad Partner
Date : 18-May-2017 M.No.211704