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Surana Solar Ltd.

BSE: 533298 Sector: Engineering
NSE: SURANASOL ISIN Code: INE272L01022
BSE LIVE 15:12 | 21 Sep 15.25 0.15
(0.99%)
OPEN

15.05

HIGH

15.25

LOW

14.90

NSE 15:06 | 21 Sep 15.05 0.05
(0.33%)
OPEN

14.80

HIGH

15.25

LOW

14.80

OPEN 15.05
PREVIOUS CLOSE 15.10
VOLUME 8969
52-Week high 27.80
52-Week low 14.15
P/E 46.21
Mkt Cap.(Rs cr) 75
Buy Price 14.90
Buy Qty 2070.00
Sell Price 15.25
Sell Qty 770.00
OPEN 15.05
CLOSE 15.10
VOLUME 8969
52-Week high 27.80
52-Week low 14.15
P/E 46.21
Mkt Cap.(Rs cr) 75
Buy Price 14.90
Buy Qty 2070.00
Sell Price 15.25
Sell Qty 770.00

Surana Solar Ltd. (SURANASOL) - Auditors Report

Company auditors report

To The Members of

Surana Solar Limited

(formerly Surana Ventures Limited)

Report on the Financial Statements

We have audited the accompanying financial statements of M/s Surana Solar Limited("the Company") (formerly Surana Ventures Limited) which comprise the BalanceSheet as at 31 March 2016 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)of the 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 flows 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 theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparationof the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the management as well as evaluating the overall presentationof 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 2016 and its profitand its cash flows 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 ("theOrder") as amended issued by the Central Government of India in terms ofsub-section (11) of section 143 of the Act we give in "Annexure A" a statementon matters specified in paragraphs 3 and 4 of the

2. As required by section 143(3) of the Act we report that:

a. We have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as it appears from our examination of those books;

c. The Balance Sheet the Statement of Profit and Cash Flow Statement dealt with bythis Report are in agreement with the books of accounts; d. In our opinion the aforesaidfinancial statements comply with the Accounting Standards specified under Section 133 ofthe Act read with Rule 7 of the Companies (Accounts) Rules 2014.

e. On the basis of written representations received from the directors as on 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2016 from being appointed as a director in terms of Section 164(2) of theAct.

f. With respect to the adequacy of the Internal Financial

Controls over financial reporting of the Company and the operating effectiveness ofsuch controls refer to our separate Report in "Annexure B".

g. With respect to the matters to be included in the Auditor’s Report and inaccordance with Rule 11 of Companies (Audit and Auditors) Rules 2014 and in our opinionand to the best of our information and explanations given to us: i. The Company does nothave any pending litigations which would impact its financial position.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long term contracts includingderivative contracts.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For Sekhar & Co
Chartered Accountants
FRN: 003695-S
G.GANESH
Place : Secunderabad Partner
Date : 24-May-2016 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 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.

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 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 312016 fora period of 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 the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks. The Company has not taken anyloan either from financial institutions or from the government and has not issued anydebentures.

ix. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not raised moneys by way of initial public offeror further 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.

x. Based upon the audit procedures performed and the information and explanations givenby 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.

xi. Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act.

xii. In our opinion the Company is not a Nidhi company. Therefore the provisions ofclause 4 (xii) of the Order 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 upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable tothe company and hence not commented upon.

xv. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the company and hence not commented upon.

xvi. In our opinion the company is not required to be registered under Section 45 IAof the Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi)of the Order are not applicable to the company and hence not commented upon.

For Sekhar & Co
Chartered Accountants
FRN: 003695-S
G.GANESH
Place : Secunderabad Partner
Date : 24-May-2016 M.No.211704