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Surya Roshni Ltd.

BSE: 500336 Sector: Metals & Mining
NSE: SURYAROSNI ISIN Code: INE335A01012
BSE LIVE 15:40 | 23 Nov 391.70 20.55
(5.54%)
OPEN

377.85

HIGH

405.85

LOW

368.00

NSE 15:58 | 23 Nov 393.40 21.35
(5.74%)
OPEN

374.85

HIGH

407.00

LOW

369.00

OPEN 377.85
PREVIOUS CLOSE 371.15
VOLUME 143216
52-Week high 405.85
52-Week low 165.50
P/E 24.36
Mkt Cap.(Rs cr) 1,717
Buy Price 393.10
Buy Qty 75.00
Sell Price 0.00
Sell Qty 0.00
OPEN 377.85
CLOSE 371.15
VOLUME 143216
52-Week high 405.85
52-Week low 165.50
P/E 24.36
Mkt Cap.(Rs cr) 1,717
Buy Price 393.10
Buy Qty 75.00
Sell Price 0.00
Sell Qty 0.00

Surya Roshni Ltd. (SURYAROSNI) - Auditors Report

Company auditors report

To the Members of Surya Roshni Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Surya RoshniLimited ("the Company") which comprise the Balance Sheet as at 31st March2016 the Statement of Profit and Loss and the Cash Flow Statement for the year ended onthat date and as summary of the significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated insub-section 5 of Section 134 of the Companies Act 2013 ("the Act") with respectto the preparation 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 ("the Rules"). This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; 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 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 undersub-section 10 of Section 143 of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 the materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial controls relevant to theCompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas 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 the aforesaid standalone financial

statements give the information required by the Act in the manner so required and givea true and fair view in conformity with the accounting principles generally accepted inIndia of the state of affairs of the Company as at 31st March 2016 and its profit andits 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’) issued by the Central Government of India in exercise of powers conferred bysub-section 11 of section 143 of the Act we enclosed in ‘Annexure ARs a statement onthe matters specified in paragraphs 3 and 4 of the Order.

2. As required by sub-section 3 or Section 143 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 Loss and the Cash Flow Statementdealt with by 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 theRules.

(e) On the basis of the written representations received from the Directors as on 31stMarch 2016 and taken on record by the Board of Directors none of the Directors aredisqualified as on 31st March 2016 from being appointed as a Director in terms ofsub-section 2 or Section 164 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 B" and

(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 :

1. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 29 31 and 32.8 to the financialstatements;

2. Provision has been made in the financial statements as required under theapplicable law or accounting standards for material foreseeable losses if any onlong-term contracts including derivative contracts; and

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

For Sastry K Anandam & Co.
Chartered Accountants
(Firm’s Registration No.000179N)
(CA. ANANDA SASTRY K.)
Place: New Delhi Partner F.C.A.
Date : 27-05-2016 Membership No.009980

ANNEXURE A TO THE INDEPENDENT AUDITOR’S REPORT

31st March 2016 (Referred to in our report of even date)

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

(b) The Company has a regular programme of physical verification of its fixed assets bywhich all fixed assets are verified in a phased manner over a period of two years. Inaccordance with this programme a portion of the fixed assets has been physically verifiedby the management during the year and no material discrepancies have been noticed on suchverification. In our opinion this periodicity of physical verification is reasonablehaving regard to the size of the Company and the nature of its assets.

(c) According to the information and explanations given to us the title deeds ofimmovable properties as disclosed in Note 12 of the standalone financial statements areheld 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. The discrepancies noticed on verification betweenthe physical stocks and the books records were not material.

(iii) In our opinion and according to information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under section189 of the Act. Accordingly paragraph 3(iii) of the Order is not applicable to theCompany.

(iv) The Company has not granted any loans or provided any guarantees or security tothe parties covered under Section 185 of the Act. The Company has complied with theprovisions of Section 186 of the Act in respect of investments made or loans or guaranteeor security provided to the parties covered under Section 186.

(v) The Company has not accepted any deposits from the public in accordance with theprovisions of sections 73 to 76 of the Act and the rules framed there under.

(vi) We have broadly reviewed the records maintained by the Company pursuant to therules prescribed by Central Government for maintenance of cost records under sub section 1of Section 148 of the Act and are of the opinion that prima facie the prescribed accountsand records have been made and maintained. However we have not made a detailedexamination of the records.

(vii) (a) According to the information and explanations given to

us and the records of the Company examined by us in our opinion the Company isregular in depositing the undisputed statutory dues including provident fund employeesstate insurance income tax sales tax service tax duty of customs duty of excisevalue added tax cess professional tax and other material statutory dues as applicablewith the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees state insurance income tax sales taxservice tax duty of customs duty of excise value added tax cess professional tax andother material statutory dues were in arrears as at 31st March 2016 for a period of morethan six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofIncome Tax Sales tax Value added

tax duty of customs duty of excise which have not been deposited with the appropriateauthorities on account of any dispute other than those mentioned as follow:

S. No. Name of the Statute Nature of Dues Forum where dispute is pending Amount (in ')
1. Central Excise Act 1944 Excise Duty - Note No. 29 to the Financial Statements CESTAT 13393777
2. Sales Tax/ VAT - Note No. 29 Up to 1019524
VAT Acts to the Financial Commissioner
Statements Level
3. Income Income - Tax - Note CIT (Appeals) 406974683
Tax Act No. 32.8 to the
1961 Financial Statements

(viii) The Company has not defaulted in repayment of loans or borrowings to anyfinancial institution or bank or Government nor has it issued any debentures as at thebalance sheet date.

(ix) The Company has not raised any money by way of initial public offer furtherpublic offer (including debt instruments). Term loans are applied for the purpose forwhich those are raised.

(x) According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during courseof our audit.

(xi) According to the information and explanations give to us and based on ourexamination of the records the Company has paid/provided for managerial remuneration inaccordance with requisite approvals mandated by the provisions of section 197 read withSchedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3 (xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexaminations of the records of the Company transactions with the related parties are incompliance with section 177 and 188 of the Act where applicable. The details of suchrelated party transactions have been disclosed in the financial statements as requiredunder Accounting Standard (AS) 18 Related Party Disclosures specified under Section 133of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

(xiv) According to the information and explanations give to us and based on ourexamination of the records the Company has not made any preferential allotment or privateplacement of shares or fully or party convertible debentures during the year.

(xv) According to the information and explanations given to us and based on ourexamination of the records the Company has not entered into non-cash transactions withdirectors or persons connected with him. Accordingly paragraph 3(xv) of the Order is notapplicable.

(xvi) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For Sastry K Anandam & Co.
Chartered Accountants
(Firm’s Registration No.000179N)
(CA. ANANDA SASTRY K.)
Place: New Delhi Partner F.C.A.
Date : 27-05-2016 Membership No.009980

ANNEXURE B TO THE INDEPENDENT AUDITOR’S REPORT

31st March 2016 on Standalone Financial Statements (Referred to in our report of evendate)

Report on the Internal Financial Controls under Clause (i) of Subsection 3 of Section143 of the Act.

We have audited the internal financial controls over financial reporting of SuryaRoshniLimited ("the Company") as of 31st March 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 controls over financial reporting criteriaestablished by the Company considering the essential components of internal controlsstated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India ("ICAI").These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Company’s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013 ("theAct").

Auditor’s 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 Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 and 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 controls based on the assessed risk. Theprocedures selected depend on the auditor’s judgment including the assessment of therisks of material 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 controlsystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial controls over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial controlsover financial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could havea 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 controlsover 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 control system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2016 based on theinternal controls over financial reporting criteria established by the Company consideringthe essential components of internal controls stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued by ICAI.

For Sastry K Anandam & Co.
Chartered Accountants
(Firm’s Registration No.000179N)
(CA. ANANDA SASTRY K.)
Place: New Delhi Partner F.C.A.
Date : 27-05-2016 Membership No.009980