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Surya Roshni Ltd.

BSE: 500336 Sector: Metals & Mining
NSE: SURYAROSNI ISIN Code: INE335A01012
BSE 00:00 | 18 Jul 320.85 0.05
(0.02%)
OPEN

324.45

HIGH

331.75

LOW

315.65

NSE 00:00 | 18 Jul 320.80 0.05
(0.02%)
OPEN

324.00

HIGH

333.60

LOW

319.65

OPEN 324.45
PREVIOUS CLOSE 320.80
VOLUME 5440
52-Week high 522.35
52-Week low 239.30
P/E 16.16
Mkt Cap.(Rs cr) 1,746
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 324.45
CLOSE 320.80
VOLUME 5440
52-Week high 522.35
52-Week low 239.30
P/E 16.16
Mkt Cap.(Rs cr) 1,746
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Surya Roshni Ltd. (SURYAROSNI) - Auditors Report

Company auditors report

TO THE MEMBERS OF

SURYA ROSHNI LIMITED

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of SURYAROSHNI LIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2017 the Statement of Profitand Loss (including other comprehensive income) theStatement of cash flowsand the statement of changes in equity for the year then ended anda summary of the significant accounting policies and other explanatory information(hereinafter referred to as "standalone Ind AS financial statements")

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 thefinancialposition financialperformance 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) specifiedof the Act read with relevant rules issued thereunder.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthestandaloneInd AS financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's 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 thereunder. We conducted our audit in accordancewith the Standards on Auditing 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 standalone Ind AS financial statements are freefrom 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 controlrelevant 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 aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind

AS of the financialposition of the Company as at 31st March 2017 and its financialperformance including other comprehensive income its cash flows and changes in equity forthe year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the Act we givein the "Annexure A" a statement on the matters specified in paragraphs 3 and 4of the Order.

2. As required by Section 143 (3) of the Act we report that: Section 133

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 it appears from our examination of those books;

c) The Balance Sheet the Statement of Profit and Loss and the Statement of Cash Flowand the statement of changes in equity dealt with by this Report are in agreement with thebooks 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;

e) On the basis of the written representations received from the directors as on 31stMarch 2017 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 of Section164 (2) of the Act;

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".

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The company has disclosed the impact of pending litigations on its financialposition in its Standalone Ind AS financial statements Refer Note No.(s) 41 & 56 tothe Standalone Ind AS financial statements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts. The Companydid not have any long term derivative contracts.

iii. There has been no delay and in transferring amounts required to be transferredto the Investor Education and Protection Fund by the Company.

iv. The company has provided requisite disclosures in its standalone Ind AS financialstatements as to holding as well as dealings in Specified Bank Notes during the periodfrom 8th November 2016 to 30th December 2016 and these are in accordance with the booksof accounts maintained by the company. Refer note No. 52 of the standalone Ind ASfinancial statements.

For Sastry K. Anandam & Company LLP.
Chartered Accountants
(Firm Registration – ICAI:000179N/N500051
(LLP Registration – ROC:AAH-4717)
(C.A. Ananda Sastry K.)
Place: New Delhi Partner F.C.A
Dated: 30th May 2017 Membership No. 009980

"Annexure A" to the Independent Auditors' Report

The Annexure as referred in paragraph (1) ‘Report on Other Legal and RegulatoryRequirements of our Independent Auditors' Report to the members ofSURYA ROSHNI LIMITEDLtd. the standalone financial statements for the year ended 31 March 2017 we report that:

i. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has a phased programme of physical verification of its fixed assetswhich in our opinion reasonable having regard to the size of the Company and the natureof its fixed assets. In accordance with this program certain fixed assets were physicallyverified by the Management during the year and no material discrepancies were noticed onsuch verification as compared to the books of accounts.

(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. We have been explained by the management that the inventory have been physicallyverified at reasonable intervals during the year. As far as we could ascertain andaccording to information and explanations given to usno material discrepancies werenoticed between the physical stock and the book records.

iii. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not granted any loans securedor unsecured to companies firms Limited Liability partnerships or other parties coveredin the Register maintained under section 189 of the Act. Accordingly the provisions ofclause 3 (iii) (a) to (c) of the Order are not applicable to the Company.

iv. According to the information and explanations given to us the Company has compliedwith the provisions of section 185 and section I86 of the Companies Act 2013 with respectto the loans investments guarantees security provided.

v. According to the information and explanations given to us during the year theCompany has not accepted any deposits from the public.Accordingly the provisions ofclause 3 (v) of the Order are not applicable to the Company.

vi. We have broadly reviewed the books of account maintained by the Company pursuant tothe rules prescribed by the Central Government of India for the maintenance of costrecords under sub-section 1 of Section 148 of the Companies Act 2013 and are of theopinion that prima facie the prescribed records and accounts have been made andmaintained. However we have not carried out a detailed examination of such records with aview to determining whether they are accurate or complete.

vii. (a) According to the information and explanations given to us and on the basis ofexamination of the records of the Company the company is generally regular in depositingundisputed statutory dues including provident fund employees' state insurance sales-taxincome tax service tax custom duty excise duty value added tax cess and any othermaterial statutory dues with the appropriate authorities to the extent applicable andfurther there are no undisputed statutory dues payable for a period of more than sixmonths from the date they become payable as at 31st March 2017.

(b) According to the records and information and explanations given to us there are nodues in respect of income tax sales tax service tax duty of excise duty of custom orvalue added tax which have not been deposited on account of any dispute. viii. In ouropinion on the basis of audit procedures and according to the information andexplanations given to us the Company has not defaulted in repayment of loan or borrowingto any banks. The Company has not obtained any loans from debenture holders financialinstitution and government.

ix. According to the information and explanations given to us the company has notraised moneys by way of initial public offer or further public offer (including debtinstruments) during the year. The term loans have been applied for the purpose for whichthey were raised.

x. During the course of our examination of the books and records of the Company carriedout in accordance with the generally accepted auditing practices in India we have neithercome across any instance of fraud on or by the Company noticed or reported during theyear nor have we been informed of such case by the Management

xi. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/ provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Companies Act.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly clause 3(xii) of the Order is not applicable.

xiii. According to the information and explanations given to us and based on ourexamination of the record of the company transactions with the related parties are incompliance with section 177 and 188 of Companies Act 2013 where applicable and details ofsuch transactions have been disclosed in the Financial Statements 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 any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly clause 3(xiv) of the Order is not applicable.

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 clause 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. Accordingly clause 3(xvi) of the Order is not applicable.

For Sastry K. Anandam & Company LLP.
Chartered Accountants
(Firm Registration – ICAI:000179N/N500051
(LLP Registration – ROC:AAH-4717)
(C.A. Ananda Sastry K.)
Place: New Delhi Partner F.C.A
Dated: 30th May 2017 Membership No. 009980

"Annexure B" to the Independent Auditor's Report of even date on theStandalone Ind AS Financial Statements of Surya Roshni Limited.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act") as referred to in paragraph 2(f) of‘Report on Other Legal and Regulatory Requirements' section

We have audited the internal financial controls over financial reporting of SURYAROSHNI LIMITED ("the Company") as of March 31 2017 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 FinancialReporting(the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 judgement 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 sufficientand 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial 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 March 31 2017 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 Sastry K. Anandam & Company LLP.
Chartered Accountants
(Firm Registration – ICAI:000179N/N500051
(LLP Registration – ROC:AAH-4717)
(C.A. Ananda Sastry K.)
Place: New Delhi Partner F.C.A
Dated: 30th May 2017 Membership No. 009980