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Suraj Holdings Ltd.

BSE: 530227 Sector: Financials
NSE: N.A. ISIN Code: INE388D01015
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Suraj Holdings Ltd. (SURAJHOLDINGS) - Auditors Report

Company auditors report

SURAJ HOLDINGS LIMITED ANNUAL REPORT 2006-2007 AUDITORS' REPORT To The Shareholders, Suraj Holdings Limited New Delhi We have audited the attached Balance Sheet of SURAJ HOLDINGS LIMITED, New Delhi as at 31st March, 2007 and the Profit and Loss Account of the company for the year ended as on that date annexed hereto. 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. 1) 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 by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 2) As required by the Companies (Auditor's Report) Order 2003, issued by the Central Govt. of India in terms of section 227 (4A) of the Companies Act, 1956, we enclosed in the annexure a statement on the matters specified in paragraph 4 of the said Order. 3) Further to our comments in the annexure referred to in paragraph 2 above, we state 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, the Company has kept proper books of account as required by law so far as appears from our examination of the books. c) The Balance Sheet and Profit &Loss Account dealt with by this report are in agreement with the books of account. d) In our opinion, the .Balance Sheet, Profit and Loss Account and Cash Flow 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 representation received from the directors as on 31-3-2007 and taken on record by the board of directors, we report that none of the directors of the company is disqualified as on 31-3-2007 from being appointed as 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 explanation given to us the said accounts read with the significant Accounting Policies and notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view : In so far as it the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2007; and In the case of Profit and Loss Account, of the Profit of the company for the year ended on 31st March, 2007. For KANSAL & ASSOCIATES Chartered Accountant Sd/- AVNI GOEL PARTNER PLACE: New Delhi DATE : 28.06.2007 Annexure referred to in paragraph (2) of Auditors Report of Suraj Holdings Limited on the Accounts for the year ended 31st March 2007 1) The Management conducted the physical verification of the stock at reasonable intervals and in our opinion the procedure of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. 2) No discrepancies have been noticed on physical verification of stocks as compared to book records. 3) In our opinion the valuation of stock is fair and proper and is in accordance with the normally accepted accounting principles and the basis of valuation of stock is same as in the preceding year. 4) The Company has not taken/granted any loans, secured or unsecured, from companies, firms, or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956 and / or the companies under the same management as defined under sub-section (1B) of Section 370 of the Companies Act 1956. 5) There is adequate Internal Audit System commensurate with the size of the company and nature of its business. 6) In our opinion and according to the information and explanation given to us , there are no transaction of purchase and sale of shares and securities made in pursuance of contracts or arrangements to be entered in the register maintained under section 301 of the Companies Act, 1956, and aggregating during the year to Rs.5,00,000/- or more. 7) In our opinion and according to the information & explanation given to us, the Company has not accepted any deposits form the public. 8) No maintenance of cost records has been prescribed by the Central Government under Section 209 (1)(d) of the Companies Act, 1956. 9) The provisions of Provident Fund, investor education and protection fund, employee state insurance, sales tax, wealth tax, excise duty and cess are not applicable to the company. 10) The company has no accumulated losses at the end of the year and also did not incur any losses during the current financial year. 11) The shares/ debentures/bonds in hand have been physically verified during the year by the management and no discrepancies have been noticed on such verification. The valuation of shares is fair and proper and in accordance with normally accepted accounting principles. 12) The Company is dealing in shares and proper records have been maintained of the transactions and entries have been made therein 13) All the shares have been held by the Company in its own name. 14) Since the Company has been granted a certificate of registration by RBI as NBFC, the provisions of RBI Act relating to Non Banking Finance Companies are applicable. A per Non-Banking Finance Companies Auditor's Report (Reserve Bank) Directions 1998,following further comments are given below: i) The Company has received Certificate of Registration as NBFC bearing number 14.00102 dated 27-02-1998. ii) The Board of Directors of the Company has passed the Resolution for non-acceptance of any public deposits. iii) The Company had not accepted any public deposits during the year under review. iv) The Company has complied with the prudential norms relating to income recognition accounting standards, assets classification and provision of bad and doubtful debts to the extent applicable to it. 15) According to the cash flow statement and other records examined by us and the information and explanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investment (fixed assets etc.) and vice versa. 17) The Company has not made any preferential allotment during the year. 18) The Company has not raised any money by public issue during the year. 19) To the best of our knowledge and belief and according to the information and explanations given to us no fraud on or by the Company was noticed or reported during the year. 20) In our opinion remaining clauses of the aforesaid Order are not applicable to the Company for the year under report. For KANSAL & ASSOCIATES. Chartered Accountants Place: New Delhi Dated: 28.06.2007 Sd/- AVNI GOEL PARTNER