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Surya India Ltd.

BSE: 539253 Sector: Financials
NSE: N.A. ISIN Code: INE446E01019
BSE LIVE 09:45 | 05 Aug Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 12.50
PREVIOUS CLOSE 10.00
VOLUME 1
52-Week high 12.50
52-Week low 0.00
P/E 5.27
Mkt Cap.(Rs cr) 9
Buy Price 12.50
Buy Qty 2001.00
Sell Price 0.00
Sell Qty 0.00
OPEN 12.50
CLOSE 10.00
VOLUME 1
52-Week high 12.50
52-Week low 0.00
P/E 5.27
Mkt Cap.(Rs cr) 9
Buy Price 12.50
Buy Qty 2001.00
Sell Price 0.00
Sell Qty 0.00

Surya India Ltd. (SURYAINDIA) - Auditors Report

Company auditors report

To THE MEMBERS OF SURYA INDIA LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of M/s SURYA INDIALIMITED ("the Company") which comprise the Balance Sheet as at March 312016 and the Statement of Profit and Loss and Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Company's Act ("the Act") with respect to the preparation of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies Act ( Accounts ) Rules 2014.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 accounting and auditingstandards and matters 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 preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2016;

(b) in the case of the Statement of Profit and Loss of the profit for the year endedon that date; and

(c) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

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 and on the basis of such checks of the books and records of the company as weconsidered appropriate and according to the information and explanations given to us wegive in the Annexure-I a statement on the matters specified in paragraphs 3 and 4of the Order to the extent applicable

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 purpose 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 Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account.

d. 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 representation received from the director as on 31stMarch 2016 taken on record by the board of directors none of the director isdisqualified as on 31st March 2016 from being appointed as director in termsof Section 164(2) of the Act;

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in Annexure II;

g. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies ( Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i) There was no pending litigation which would impact the financial position of thecompany.

ii) The company did not have long term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For P. R. KUMAR & CO.
Chartered Accountants
Firm Reg. No.: 003186N
PLACE : NEW DELHI (DEEPAK SRIVASTAVA)
DATED : 30th MAY2016 Partner
M.No.: 501615

ANNEXURE OF THE INDEPENDENT AUDITOR'S REPORT

(Referred to paragraph (1) under the heading of "Report on Other Legal and

Regulatory Requirements" of our report of even date)

(i) (a) The company has maintained proper records showing full particulars includingquantitative detail and situation of fixed assets.

(b) The company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in the phase manner over a period of three year. Inaccordance with this programme certain assets were verified during the year and nomaterial discrepancies were notice on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the company and thenature of its assets.

(c) According to the information and explanation given to us and the basis of ourexamination of the records of the company the title deeds of the immovable properties areheld in the nature of the company except following :

In case of Commercial Complex No of cases 4 Gross block is 80380000 and net Block is75936871 as on 31.03.2016

(ii) The company does not have any inventory and consequently clauses (ii) ofparagraph 3 of the Order are not applicable.

(iii) The Company has granted loans to one body corporate covered in the registermaintained under section 189 of the Companies Act 2013('Act')

(a) In our opinion the rate of interest and other terms and conditions on which theloans has been granted to the body corporate listed in the register maintained undersection 189 of the Act were not prima facie prejudicial to the interest of the company

(b) In the case of loan loans granted to the body corporate listed in the registermaintained under section 189 of the Act the borrowers have been regular in the payment ofprincipal and interest as stipulated.

(c) There is no overdue amount in respect of the loan granted to a body corporatelisted in the register maintained under section 189 of the Act.

(iv) In our opinion and according to information and explanation given to us thecompany complied with the provision of section 185 and 186 of the Act with respect ofloans and investment made.

(v) According to the information and explanation given to us the Company has notaccepted deposits as per the provisions of the Companies Act 2013 and consequentlydirectives issued by the Reserve Bank of India; the provisions of section 73 to 76 or anyother relevant provisions of the Companies Act 2013 and the Rules framed there under arenot applicable.

(vi) The Central Government has no prescribed the maintenance of cost records undersection 148(1) of Act for any of the services rendered by the company.

(vii) (a) According to the information and explanation given to us and on the basis ofour examination of the records of the company amount deducted /accrued in the books ofaccounts in respect of undisputed statutory due including provident fund income taxsales tax value added tax duty of custom service tax cess and other material statutorydues have been regularly deposit during the year by the company with the appropriateauthorities. As explained to us the company did not have any dues on accounts ofemployee' state insurance and duty of excise.

According to the information and explanations given to us no undisputed payable inrespect of provident fund income tax sales tax value added tax duty of custom service tax cess and other material statutory dues were in arrears as at 31stMarch 2016 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax wealth tax sales tax customs duty excise duty andcess were in arrears as at 31st March 2016 for a period of more than sixmonths from the date they became payable.

(viii) The company does not have any loan or borrowing from any financial institutionbanks government debenture holders during the year. Accordingly paragraph 3(viii) ofthe order is not applicable.

(ix) According to the information and explanations given to us the company has notraised moneys by way of initial public offer (including debt instruments) and no term loanhas been raised during the year hence provisions under clause (ix) of the Paragraph 3 ofthe Order is not applicable to the company.

(x) In our opinion and according to the information and explanations given to us nofraud has been noticed or reported by or upon the company during the year hence theprovisions of clause (x) of the Paragraph (3) of the Order is not applicable to thecompany.

(xi) Accordingly to the information and explanation given to us and based on ourexamination of the records of the company the company has paid /provided for managerialremuneration in accordance with the requisite approval mandated by the provision ofsection 197 read with schedule V of the Act.

(xii) The company is not a Nidhi Company hence in our opinion and according to theinformation and explanations given to us clause 3 (xii) of the Order is not applicable.

(xiii) According to the information and explanation given to us and based on ourexamination of the records of the company transactions with the related parties are incompliance with sections 177 and 188 of Act where applicable and details of suchtransaction have been disclosed in the financial statement as required by the applicableaccounting standards.

(xiv) The company has not made any preferential allotment or private placement ofshares or fully or partly executable debentures during the year under review accordinglyin our opinion and according to the information and explanations given to us clause 3(xiv) of the Order is not applicable.

(xv) The company has not entered into any non cash transactions with directors orpersons connected with him accordingly in our opinion and according to the informationand explanations given to us clause 3 (xv) of the Order is not applicable.

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act accordingly in our opinion and according to the information andexplanations given to us clause 3 (xvi) of the Order is not applicable.

For P. R. KUMAR & CO.
Chartered Accountants
Firm Reg. No.: 003186N
PLACE : NEW DELHI (DEEPAK SRIVASTAVA)
DATED : 30th MAY 2016 Partner
M.No.: 501615

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONE FINANCIALSTATEMENTS OF M/S SURYA INDIA LIMITED

(Referred to paragraph {3(g)} under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date)

[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 M/sSurya India Limited ("the Company") as of March 31 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 to the extent applicable toan audit of internal financial controls both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement 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 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For P. R. KUMAR & CO.
Chartered Accountants
Firm Reg. No.:003186N
PLACE : NEW DELHI (DEEPAK SRIVASTAVA)
DATED : 30th MAY2016 Partner
M.No.: 501615