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Suraj Products
BSE: 518075|ISIN: INE069E01019|SECTOR: Steel - Sponge Iron
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Mar 12
Auditor's Report (Suraj Products) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of SURAJ PRODUCTS
 LIMITED (the Company), which comprise the Balance Sheet as at March
 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement
 for the year then ended, and a summary of significant accounting
 policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 Management is responsible for the preparation of these financial
 statements that give a true and fair view of the financial position,
 financial performance and cash flows of the Company in accordance with
 the accounting principles generally accepted in India including
 Accounting Standards referred to in sub-section (3C) of section 211 of
 the Companies Act, 1956 (the Act). This responsibility includes the
 design, implementation and maintenance of internal control relevant to
 the preparation and presentation of the financial statements that give
 a true and fair view and are free from material misstatement, whether
 due to fraud or error.
 
 Auditors'' Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on the auditor''s judgment, including the assessment of
 the risks of material misstatement of the financial statements, whether
 due to fraud or error. In making those risk assessments, the auditor
 considers internal control relevant to the Company''s preparation and
 fair presentation of the financial statements in order to design audit
 procedures that are appropriate in the circumstances. An audit also
 includes evaluating the appropriateness of accounting policies used and
 the reasonableness of the accounting estimates made by management, as
 well as evaluating the overall presentation of the financial
 statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid financial statements give the
 information required by the Act in the manner so required and give a
 true and fair 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 March 31, 2013;
 
 b) in the case of the Statement of Profit and Loss Account, of the
 Profit for the year ended on that date; and
 
 c) in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) issued by the Central Government of India in terms of
 sub-section (4A) of section 227 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the Order.
 
 2.  As required by section 227(3) of the Act, we report 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 proper books of account as required by law have been
 kept by the Company so far as appears from our examination of those
 books
 
 c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account.
 
 d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
 Cash Flow Statement comply with the Accounting Standards referred to in
 subsection (3C) of section 211 of the Companies Act, 1956;
 
 e) on the basis of written representations received from the directors
 as on March 31, 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2013, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of the Companies Act, 1956.
 
 ANNEXURE
 
 Re: M/s Suraj Products Limited
 
 Referred to in paragraph 3 of our report of even date,
 
 i) a) The company has maintained proper records showing details of
 fixed assets including quantitative details and situation of fixed
 assets. However comprehensive fixed asset register is being complied.
 
 b) All the assets have been physically verified by the management
 during the year and there is a regular programme of verification which,
 in our opinion is reasonable having regards to the size of the company
 and the nature of its assets. On the basis of explanation given to us,
 no material discrepancies have been noticed on such verifications.
 
 c) The Company has not disposed off any fixed assets during the year.
 
 ii) a) According to information and explanation given to us the
 inventory of the company has been physically verified by the management
 during the year according to a phased program normally so designed that
 each material item is physically verified at least once in a year In
 our opinion, the frequency of verification is reasonable.
 
 b) In our opinion and according to information and explanation given to
 us the procedures of physical verification of inventories followed by
 the management are reasonable and adequate in relation to the size of
 the company and nature of its business.
 
 c) In our opinion and according to explanation given to us the company
 is maintaining proper records of inventory and no material
 discrepancies were noticed on physical verification between of stock as
 compared to the books and records.
 
 iii) a) The company has not granted any loans secured or unsecured to
 companies, firms or other parties covered in the register maintained
 u/s 301 of the Companies Act, 1956. Accordingly clauses (b), (c), (d)
 of the order are not applicable.
 
 b) The company has taken loan from three parties covered in the
 register maintained under section 301 of the Companies Act, 1956. The
 maximum amount involved during the year wasRs. 1,20,538,446/- and the
 year-end balance of loan taken was Rs. 11,31,60,738/- respectively.
 
 c) In our opinion the rate of interest and other terms and condition on
 which loan has been taken from party listed in the register maintained
 under section 301 of the companies act 1956 are not, prime facie,
 prejudicial to the interest of the company.
 
 d) During the year the company was regular in repaying principle amount
 as stipulated and has been regular in payment of interest.
 
 iv) In our opinion, there is adequate internal control procedures
 commensurate with the size of the company and the nature of the
 business with regard to purchases of inventory, fixed assets and with
 regard to sale of goods. Further on the basis of our examination of the
 books and records of the company, we have neither come across nor have
 been informed of any continuing failure to correct major weakness in
 the aforesaid internal control procedures.
 
 v) a) Based on the audit procedure applied by us and according to
 information and explanations provided by the management, we are of the
 opinion that the particulars of contracts or arrangements that need to
 be entered into the register maintained under 301 have been so entered.
 
 b) According to information and explanation given to us, we are of the
 opinion that no transaction of purchase of goods and materials and sale
 of goods and materials and servicing made in pursuance of contract or
 arrangement entered in has taken place which is required to be entered
 into the register maintained U/s.301 of the Companies Act, 1956.
 
 vi) The company has not accepted any deposit from the public within the
 meaning of Section 58A and 58 AA of the Act and the rules framed there
 under.
 
 vii) In our opinion, on the basis of the internal audit reports broadly
 reviewed by us, the coverage of internal audit function carried on by
 the management is commensurate with the size of the Company and the
 nature of its business.
 
 viii) According to information provided and in our opinion, the
 maintenance of cost records prescribed by Central Government of 209(1
 )(d) of the Companies Act is not applicable to the Company.
 
 ix) The company is regular in depositing with appropriate
 authorities undisputed statutory dues including provident fund,
 employee state insurance, income tax, sales tax, service tax, excise
 duty, cess and other material statutory dues applicable to it.
 
 According to the information and explanations given to us, no
 undisputed amounts payable in respect of income tax, sales tax, excise
 duty and cess were in arrears, as at 31st March, 2013 for a period of
 more than six months from the date they became payable.
 
 x) In our opinion the company do not have any accumulated losses and
 the company has not incurred cash losses during the financial year
 covered by our audit and in the immediately preceding financial year.
 
 xi) In our opinion and according to information and explanation given
 to us the company has not defaulted in repayment of dues to financial
 institutions and banks.
 
 xii) In our opinion and according to information and explanation given
 to us the company has not granted loans and advances on the basis of
 security by way of pledge of shares, debentures and other securities.
 
 xiii) In our opinion, the company is not a chit fund or nidhi/ mutual
 benefit fund/society. Therefore the provisions of clause 4(xiii) of the
 Companies (Auditor''s Report) Order, 2003 are not applicable to the
 company.
 
 xiv) In our opinion, the company is not a dealer or trader in shares,
 securities, debentures and other investments and hence the clause is
 not applicable for the Company.
 
 xv) In our opinion and according to information and explanation given
 to us the company has not given any guarantee for loan taken by others
 from banks or financial institutions.
 
 xvi) In our opinion and information and explanation given to us the
 company has not availed any term loan from banks and financial
 institution during the year and hence relevant clause is not
 applicable.
 
 xvii) According to the information and explanation given to us and on
 an overall examination of balance sheet of the company, we report that
 no funds raised on long term basis has been applied to finance short
 term assets. No short-term fund has been used to finance long-term
 investment except permanent working capital.
 
 xviii) According to information and explanation given to us the company
 has not made any preferential allotment during the period covered by
 our audit report. Accordingly, the provisions of clause 4(xviii) of the
 Companies (Auditor Report) Order, 2003 are not applicable to the
 company.
 
 xix) According to information and explanation given to us the company
 has not issued any debentures during the period covered by our audit
 report. Accordingly, the provisions of clause 4(xix) of the Companies
 (Auditor Report) Order, 2003 are not applicable to the company.
 
 xx) According to information and explanation given to us the company
 has not made any public issue during the period covered by our audit
 report. Accordingly, the provisions of clause 4(xx) of the Companies
 (Auditor Report) Order, 2003 are not applicable to the company.
 
 xxi) According to information and explanations given to us, no fraud on
 or by the company has been noticed or reported during the course of our
 audit.
 
                                    For RUSTAGI & Co.
 
                                    Chartered Accountants 
 
                                    Firm Registration No. 301094E
 
                                    ASHISH RUSTAGI
 
 Place: Kolkata                    (Partner)
 
 Dated : the 10th day of June, 2013 Membership No. : 062982
Source : Dion Global Solutions Limited
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