To The Members of
M/S. Surana Telecom and Power Limited
Report on the Financial Statements
1. We have audited the accompanying Standalone Ind AS financial statements of M/s.Surana Telecom And Power Limited (the Company) which comprise the BalanceSheet as at 31st March 2018 the Statement of Profit and Loss including the statement ofOther Comprehensive Income the Cash Flow Statement and the statement of change in Equityfor the year then ended and a summary of the significant accounting policies and otherexplanatory information
Management's Responsibility for the Financial
2. 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) specifiedunder Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 andthe companies (Indian Accounting Standards) Rule 2015 as amended. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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.
3. 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 auditing standards and matters which arerequired to be included in the audit report under the provisions of the Act and the Rulesmade there under. We conducted our audit of the standalone Ind AS financial statements inaccordance with the Standards on Auditing issued by the Institute of CharteredAccountants of India as specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.
4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thestandalone Ind AS financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the standalone Ind AS financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone Ind AS financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the standalone Ind AS financial statements.
5. In our opinion and to the best of our information and according to the explanationsgiven to us the standalone Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2018 its profit including other comprehensive income its cash flows andthe changes in equity for the year ended on that date.
Report on other Legal and Regulatory Requirements
6. 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 of the Act we give in the
Annexure A statement on the matters Specified
in paragraphs 3 and 4 of the Order.
7. As required by section 143(3) of the Act we
further 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 purpose 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 Statement of Profit and Loss including the Statement of OtherComprehensive Income the Cash Flow Statement and Statement of Changes in Equity dealtwith by this Report are in agreement with the books of account;
d. In our opinion the aforesaid standalone Ind AS financial statements comply with theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 Companies (Indian Accounting Standards) Rules 2015 asamended;
e. on the basis of written representations received from the directors as on March 312018 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 from being appointed as a director in terms of Section 164(2) of theAct.
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 other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to
the best of our information and according to the explanations given to us: :
(i) The Company has disclosed the impact of pending litigations which would impact itsfinancial position. Refer note No.36 to the financial statement.
(ii) The Company has made provision as required under the applicable law or accountingstandard for material foreseeable losses if any on long-term contracts includingderivative contracts;
(iii) During the year the Company has transfer the required amount to the InvestorEducation and Protection Fund and there is no delay in transferring of such sum.
8. The comparative financial information of the Company for the year ended 31st March2017 and the transition date opening balance sheet as at 1st April 2016 are based onpreviously issued statutory financial statements prepared in accordance with the companies(Accounting Standards ) Rules 2006 audited by the predecessor auditor whose reports forthe year ended 31st March 2017 and 31st March 2016 dated 18th May 2017 and 24th May 2016respectively expressed an unmodified opinion on those statements as adjusted for thedifferences in the accounting principles adopted by the Company on transition to the IndAS which have been audited by us.
Our opinion is not qualified in respect of these matters.
| ||For Luharuka & Associates |
| ||Chartered Accountants |
| ||FRN:01882S |
| ||Rameshchand Jain |
|Place: Secunderabad ||Partner |
|Date:26th May 2018 ||M.No.: 023019 |