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Suryodaya Plastics Ltd.

BSE: 530753 Sector: Industrials
NSE: N.A. ISIN Code: INE998B01015
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Suryodaya Plastics Ltd. (SURYODAYAPLAST) - Auditors Report

Company auditors report

SURYODAYA PLASTICS LIMITED ANNUAL REPORT 2011-2012 AUDITORS' REPORT TO THE MEMBERS OF SURYODAYA PLASTICS LIMITED 1. We have audited the attached Balance Sheet of SURYODAYA PLASTICS LIMITED as at 31st March, 2012 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor's Report)(Amendment) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to above, we report that: (a) We have obtained all the information and explanations, which to the best of 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 the company so far as appears from our examination of those books and proper returns adequate .for the purpose of our audit have been received from the branches not visited by us. The Branch Auditor's Report (s) have been forwarded to us and have been appropriately dealt with. (c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account and with the audited returns from the branches. (d) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. (e) On the basis of written representations received from the directors, as on 31st March, 2012 and taken on record by the Board of Directors we report that none of the directors is disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. (f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and 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 31st March, 2012 and (ii) in the case of the Profit and Loss Account, of the profit or loss for the year ended on that date. (iii) in case of the Cash Row Statement, of the cash flows of the Company for the year ended on that date. For RAMAN S. SHAH a ASSOCIATES CHARTERED ACCOUNTANTS CA RAMAN S. SHAH (PARTNER) MEMBERSHIP NO:- 33272 PLACE: MUMBAI DATE : 28.5.2012 REFERRED TO IN PARAGRAPH OF OUR REPORT OF EVEN DATE 1 In respect of its Fixed Assets a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information. b. The Company Dose not have any fixed assets as a result of this, the going concern status of the company is affected. 2. In respect of its Inventories As per informations & explanations given to us a taking into consideration the nature of the business of the company , this clause is not applicable. 3. In respect of loans, secured or unsecured, granted or taken by the company to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. (iii) The Company has neither granted nor taken any loans, secured or unsecured to or from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. 4. In respect of Internal control procedures As per informations 6 explanations given to us & taking into consideration the nature of the business of the company ,this clause is not applicable. 5. As explained to us there has not been any transaction during the year that need to be entered in the register maintained under section 301 of the Companies Act 1956 and exceeding during the year to Rs. 5,00,000 or more in respect of each such party. 6. The company has not accepted any deposits from the public. 7. In respect of internal audit system of the company As per informations & explanations given to us & taking into consideration the size and the nature of the business of the company ,this clause is not applicable. 8. In respect of maintenance of Cost Records u/s 209(1)(d) of the Companies Act. 1956. As per informations 6 explanations given to us 6 taking into consideration the size and the nature of the business of the company ,this clause is not applicable. 9. In respect of undisputed statutory dues According to the information and explanations given to us, there are no undisputed statutory dues payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty , cess which are outstanding as at for a period of more than six months from the date they became payable. 10. In respect of accumulated losses ft Cash Losses The company has accumulated losses of Rs. 7,22,26,483/- as on 31st March, 2012 11. According to the information and explanations given to us the company has not taken a by loans from any financial institution or bank or debenture holder. 12. In our opinion and according to the information & explanation given to us, no loan and advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities. 13. In our opinion,the company is not a Chit fund, Nidhi or mutual benefit Society. therefore, this clause is not applicable to the company. 14. The company is not dealing or trading in in shares, securities, debentures and other investments. Hence this clause is not applicable to the company. 15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions. 16. As per information and explanations given to us, the company has not taken any term loans,therefore, this clause is not applicable to the company. 17. According to the information and explanations given to us, no funds raised on short-term basis have been used for long-term investment. Similarly, no funds raised on long term basis have been used for short-term investment. 18. During the year, the company has not made preferential allotment of shares to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. 19. The company has not issued any debentures. Hence the requirements of clause (xix) of paragraph 4 of the Order is not applicable to the company. 20. The company has not raised any money by way of public issues during the year. 21. In our opinion & according to the information and explanations given to us, a fraud on or by the company has not been noticed or reported during the year. For RAMAN S. SHAH a ASSOCIATES CHARTERED ACCOUNTANTS CA RAMAN S. SHAH (PARTNER) MEMBERSHIP NO:- 33272 PLACE: MUMBAI DATE : 28.5.2012