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Suraj Industries Ltd.

BSE: 526211 | NSE: | Series: NA | ISIN: INE170U01011 | SECTOR: Vanaspati & Oils

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Oct 22, 16:00
20.23 0.96 (4.98%)
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78
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49
30-Day
22
380
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    20.23

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Dec 27, 11:22
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Suraj Industries is not listed on NSE

Annual Report

For Year :
2015 2010 2009 2008 2007 2003

Auditor's Report

We have audited the attached Balance Sheet of SURAJ INDUSTRIES LIMITED, as at 31st March, 2003, Profit & Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis-statement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Manufacturing and other Companies (Auditors Report) Order, 1988, issued by the Central Government of India in terms of Sub section (4A) Section 227 of the Companies Act 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. Attention is drawn to note no 4 of part B of Schedule K. As indicated in the said note that manufacturing activities at the factory have been suspended since January 2003. However, these accounts have been prepared on the going concern concept of accounting in light of the facts mentioned in the said note. Further to our comments in the Annexure referred to above, we report that: i) We have obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the purposes of our audit; ii) In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books; iii) The Balance Sheet and the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account; iv) In our opinion, the Balance Sheet and Profit & Loss Account and the Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; v) Based on the written representation received from the Directors as on March 31,2003 and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on March 31, 2003 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. vi) Subject to Note no.2 of part B of schedule L relating to allotment of shares against unrealised stock invest, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the significant Accounting Policies and Notes thereon give the information required by the Companies Act, 1956 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 Balance Sheet, of the State of affairs of the Company as at March 31, 2003; and b) In the case of Profit and Loss Account, of the Loss of the Company for the year ended on that date, and c) In the case of Cash Flow Statement, of the cash flows of the Company for the year ended on that date. For TAS ASSOCIATES Chartered Accountants Sd/- Place: New Delhi (SUBODH GUPTA) Dated: 28th August, 2003 Partner ANNEXURE REFERRED TO IN OF THE AUDITORS REPORT TO THE MEMBERS OF SURAJ INDUSTRIES LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED MARCH 31,2003. 1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. During the year these fixed assets have been physically verified by the Management and no serious discrepancies were noticed on such verification. 2. None of the fixed assets have been re-valued during the year. 3. The stock of finished goods, stores, spare parts and raw material have been physically verified by the management at reasonable intervals. In our opinion the frequency of verification is reasonable. 4. The discrepancies between physical stocks and book records as observed on verification which were not material in relation to the size of the company, have been properly dealt with in the books of account. 5. In our opinion, the procedure of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company, and the nature of the business. 6. In our opinion the valuation of finished goods, spare parts and raw materials is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the earlier year. 7. The term and conditions of unsecured loan taken by the company from Companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956, are not, prima facie, prejudicial to the interest of the company. 8. The Company has not granted any loan, secured or unsecured, to companies, firms, or other parties listed in the register maintained under section 301 of Companies Act, 1956. 9. In respect of loans & advances in the nature of loans given to employees, the repayment of principal & interest, wherever applicable are in accordance with the stipulations where made. 10. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purpose of purchase of raw materials including components. Plant and Machinery, equipments & other assets and for sale of goods. 11. According to information & explanations given to us, there are no transactions of purchase of goods and materials and sale of goods, material and services made in pursuance of contracts or arrangements which are required to be entered in the register(s) maintained under section 301 of the Companies Act, 1956. 12. As certified by the management and as per the explanations given to us, no unserviceable or damaged stores and raw material are included in the stocks and as such no write off or provisions for the loss arising from such items have been made in the accounts. 13. The company has complied with the provisions of Section 58A of the Companies Act, 1956 and the rules framed thereunder, wherever applicable, for accepting deposit from public. 14. In our opinion reasonable records have been maintained by the company for the sale and disposal of realizable by-products and scrap. 15. In our opinion the company has an adequate internal audit system whose scope and coverage is commensurate with the size and nature of its business. 16. We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of Cost records under Section 209( 1) (d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed accounts and records have been maintained. 17. According to the records, the company has been regular in depositing provident fund dues with appropriate authorities. However, according to the information and explanation given to us the provision for Employees State Insurance are not applicable in case of the company. 18. According to information and explanations given to us there are no undisputed amounts payable in respect of Income-Tax, Wealth-Tax, Sales-Tax, Custom duty and excise duty as on 31.03.03, the last day of the financial year concerned, for a period of more than six months from the date they became payable. 19. During the course of our examination of the books of account carried out in accordance with the generally accepted Auditing Practices, we have not come across any personal expenses, other than those payable under contractual obligations or in accordance with generally accepted business practices, which have been charged to Profit & Loss Account. 20. The Company is not a sick industrial company within the meaning of clause (o) of sub-section (1) of section 3 of the sick Industrial Companies (Special Provision) Act, 1985. For TAS ASSOCIATES Chartered Accountants Sd/- Place: New Delhi (SUBODH GUPTA) Dated: 28 August, 2003 Partner