You are here » Home » Companies » Company Overview » Suraj Products Ltd

Suraj Products Ltd.

BSE: 518075 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE069E01019
BSE 00:00 | 14 Feb 19.80 0
(0.00%)
OPEN

19.80

HIGH

19.80

LOW

19.80

NSE 05:30 | 01 Jan Suraj Products Ltd
OPEN 19.80
PREVIOUS CLOSE 19.80
VOLUME 500
52-Week high 45.95
52-Week low 14.10
P/E 2.82
Mkt Cap.(Rs cr) 23
Buy Price 19.80
Buy Qty 100.00
Sell Price 20.50
Sell Qty 50.00
OPEN 19.80
CLOSE 19.80
VOLUME 500
52-Week high 45.95
52-Week low 14.10
P/E 2.82
Mkt Cap.(Rs cr) 23
Buy Price 19.80
Buy Qty 100.00
Sell Price 20.50
Sell Qty 50.00

Suraj Products Ltd. (SURAJPRODUCTS) - Auditors Report

Company auditors report

To

The Members of

SURAJ PRODUCTS LIMITED

Reports on the Standalone Ind AS Financial Statements

We have audited the accompanying Standalone Ind AS Financial Statements of "M/S.SURAJ PRODUCTS LIMITED" (the "Company") which comprise of the BalanceSheet as at 31st March 2018 the related Statement of Profit and Loss and the Cash FlowStatement for the year ended and the statement of changes in equity for the year endedand a summary of significant accounting policies and other explanatory information whichwe have signed under reference to this report.

Management's responsibility for the Standalone Ind AS 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 preparation ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the Accounting Principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder section 133 of the Act read with relevant rules issued there under. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act; for safeguarding the assets of the Company; preventing anddetecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based 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 standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlsrelevant to the Company's preparation of the Standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the said standalone Ind AS financial statements together with the notesthereon and attached thereto give in the prescribed manner the information required bythe Act and give a true and fair view in conformity with the accounting principlesgenerally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2018

b) in the case of the Statement of Profit and Loss of the profit for the year ended onthat 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 Statement andthe Statement of Changes in Equity dealt with by this report are in agreement with thebooks of account;

d) In our opinion the standalone Ind AS financial statements dealt with by this reportcomply with the applicable accounting standards referred to in Section 133 of theCompanies Act 2013 read with rule 7 of the Companies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31stMarch 2018 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 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 35 to the financial statements.

2) The company has made provision as required under the applicable law or accountingstandards for material foreseeable losses on long term contracts including derivativecontracts.

3) There is no amount which is required to be transferred to the investor's educationand protection fund by the company and hence the question of delay does not arise.

For B D S & Co.
(Formerly Bharat D Sarawgee & Co.)
Chartered Accountants
Firm Registration No. 326264E
(Bharat D Sarawgee)
Place: Kolkata Partner
Date: the 5th day of June 2018 Membership No.: 061505

ADDITIONAL INFORMATION ANNEXED TO THE INDEPENDENT AUDITORS' REPORT

As required by the Companies (Auditor's Report) Order 2016 issued by the Company LawBoard in terms of section 143(11) of the Companies Act 2013 and on the basis of suchchecks as we considered appropriate and as per the information and explanations given tous during the course of audit we further state that:

(i) In respect of fixed assets:

(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 fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed 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 explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) According to information and explanation given to us the stocks have beenphysically verified during the year by the management. In our opinion the frequency ofverification is reasonable. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.

(iii) In respect of loans secured or unsecured granted by the Company to Companiesfirms Limited Liability Partnerships or other parties covered in the register maintainedunder section 189 of the Companies Act 2013 according to the information and explanationgiven to us:

(a) The company has not granted any secured/ unsecured loans & advances tocompanies firms Limited Liability Partnerships & other parties covered in theregister maintained under section 189 of the Companies Act 2013. Accordingly paragraph3(iii) of the Order is not applicable.

(iv) In our opinion and as per the information & explanations given to us theCompany has not given any loans during the year and hence the provisions of Section 185and 186 of the Act are not applicable to the Company.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits. Hence the directives issued by the Reserve Bank ofIndia and provisions of sections 73 to 76 or any other relevant provisions of theCompanies Act and the rules framed there under are not applicable to the company.

(vi) In our opinion and based on the information and explanation given to us theCentral Government of India has not prescribed the maintenance of cost records under u/s148 (1) of the Companies Act for any of the products of the company.

(vii) The company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employee state insurance income tax sales taxservice tax excise duty cess and other material statutory dues applicable to it.

a) According to the information and explanations given to us no undisputed amountspayable in respect of income tax provident fund employee state insurance sales taxexcise duty and other material statutory dues were in arrears as at 31st March 2018 fora period of more than six months from the date they became payable.

b) According to information and explanation given to us there are no disputed dues ofSales Taxes Entry Tax and Excise Duty which has not been deposited. The particulars ofdues of Income Tax which has not yet been deposited on account of dispute are as follows :

Name of Statute Nature of Dues Amount in Rs. Period to which the amount relates to Forum where the dispute is pending
The Orissa Sales Tax Act 1947 Dispute regarding ITC 368720 2005-2006 to 2007-2008 Additional Commissioner Sales Tax (Appeals) North Zone Sambalpur
The Orissa Sales Tax Act 1947 Dispute regarding ITC 809148 01.10.2008 to 31.03.2012 Additional Commissioner Sales Tax (Appeals) North Zone Sambalpur
The Orissa Entry Tax Rules 1999 Entry Tax on Inter-State Purchases 970000 2002-2003 to 2003-2004 Dy. Commissioner (Appeals) Sundargarh Range Rourkela
The Orissa Entry Tax Rules 1999 Entry Tax on Inter-State Purchases 87000 2005-2006 to 2007-2008 Addl. Commissioner of Sales Tax (Appeals). North Zone Sambalpur.
The Orissa Entry Tax Rules 1999 Entry Tax on Inter-State Purchases 210378 01.10.2008 to 31.03.2012 Additional Commissioner Sales Tax (Appeals) North Zone Sambalpur
Central Sales Tax1956 Non- submission of C- Form Declaration 311693 2004-2005 Additional. Commissioner Sales Tax (Appeals) North Zone Sambalpur
Central Sales Tax1956 Non- submission of H-Form Declaration 2857240 2006-2007 to 2007-2008 Addl. Commissioner of Sales Tax (Appeals) North Zone Sambalpur
Income Tax Act 1961 Reopening Proceedings U/s 147 551157 2009-2010 Commissioner of Income Tax (Appeals)

(viii) Based on our audit procedures and on the according to the information andexplanations given by the management we are of the opinion that the company has notdefaulted in repayment of dues to financial institutions and bank. The company does nothave any borrowings by way of debentures.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us we report that nomaterial fraud by the company or on the company by its officers or employees has beennoticed or reported during the course of our audit.

(xi) In our opinion and according to the information and explanation given to us andbased on the examination of records of the company managerial remuneration has been paid/provided in accordance with the requisite approvals mandated by the provisions of Section197 read with Schedule V of the Companies Act.

(xii) In our opinion and according to the information and explanation 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 all transactions withrelated parties are in compliance with Section 177 & 188 of the Companies Act and thedetails have been disclosed in the Financial Statements etc. as required by theapplicable accounting standards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the company has not made private placement orpreferential allotment of shares or fully or partly convertible debentures during the yearunder review.

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

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For B D S & Co.
(Formerly Bharat D Sarawgee & Co.)
Chartered Accountants
Firm Registration No. 326264E
(Bharat D Sarawgee)
Place: Kolkata Partner
Date: the 5th day of June 2018 Membership No.: 061505

ANNEXURE - B TO THE AUDITORS' REPORT

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. SurajProducts Limited ("the Company") as of 31 March 2018 in conjunction with ouraudit of the standalone Ind AS financial statements of the Company for the year ended onthat date.

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 (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the 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 issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate 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 judgment 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 31 March 2018 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 B D S & Co.
(Formerly Bharat D Sarawgee & Co.)
Chartered Accountants
Firm Registration No. 326264E
(Bharat D Sarawgee)
Place: Kolkata Partner
Date: the 5th day of June 2018 Membership No.: 061505