The Members of
SURAJ PRODUCTS LIMITED
Reports on the Standalone Financial Statements
We have audited the accompanying Standalone Financial Statements of "M/s SURAJPRODUCTS LIMITED" (the "Company") which comprise of the Balance Sheetas at 31st March 2017 the related Statement of Profit and Loss and the Cash FlowStatement for the year ended on that date annexed thereto and a summary of significantaccounting policies and other explanatory information which we have signed under referenceto this report.
Management's responsibility for the Standalone Financial Statements.
The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation 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. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; 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.
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 there under.
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 andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers 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 the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors 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 standalone financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the said
standalone financial statements together with the notes thereon and attached theretogive in the prescribed manner the information required by the Act and give a true andfair view in conformity with the accounting principles generally accepted in India :
a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2017
b) in the case of the Statement of Profit and Loss of the profit for the yearended on that date; and
c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.
Report on Other legal and Regulatory Requirements
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 Companies Act 2013 we give in the Annexure A a statement on the matters specified inParagraphs 3 and 4 of the Order.
As required by Section 143(3) of the Companies Act 2013 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 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 standalone financial statements dealt with by this report complywith the applicable accounting standards referred to in Section 133 of the Companies Act2013 read with rule 7 of the Companies (Accounts) Rules 2014.
e) On the basis of written representations received from the directors as on 31stMarch 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms ofsub-section (2) of Section 164 of the Companies Act 2013;
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 included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our knowledge and information and according to the explanation given to us:-
1) The company has disclosed the impact of pending litigation on its financial positionin its financial statement as stated in Note 32 to the financial statements.
2) The company has not entered into any long term contracts including derivativecontracts and hence it
is not required to make provision for material foreseeable losses as required underthe applicable law or Accounting Standards.
3) There has been no delay in transferring amounts required to be transferred to theinvestor's education and protection fund by the company.
4) The company had provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the specified period and thesame is in accordance with the books of accounts maintained by the company.
| ||For RUSTAGI & Co. |
| ||Chartered Accountants |
| ||Firm Registration No. 301094E |
|Place: Barpali ||ASHISH RUSTAGI |
|Date: 29th day of May 2017 || |
| ||Membership No. : 062982 |