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Suraj Industries Ltd.

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

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Suraj Industries is not listed on NSE

Annual Report

For Year :
2015 2010 2009 2008 2007 2003

Auditor's Report

1. We have audited the attached Balance Sheet of Suraj Industries Limited as at March 31, 2008 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with Accounting 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-statements. 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of 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. 4. Attention is drawn to note no 6 (read with note no 4 & 5) of part B of Schedule J to the effect that these accounts have been prepared without following the going concern assumption on the closure of both the business segments and disposal of major assets by the company. 5. Further to our comments in the Annexure referred to in paragraph 3 above, 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, Profit and Loss Account and Cash Flow Statement, dealt with by this report, are in agreement with the books of account; d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards as referred to in section 211(3C) of the Companies Act, 1956. e) On the basis of written representations received from the directors, as on 31st March, 2008, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2008 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. f) To the best of our knowledge & belief, the provisions of Section 441A of the Companies Act, 1956 regarding the levy & collection of cess on turnover or gross receipts of the Company, have not yet been notified by the Central Government. Accordingly, we. are unable to express our opinion on the compliance of the said section in terms of clause (g) of sub-section 3 of section 227 of the Companies Act, 1956 and clause 9 of the Annexure attached to this report. g) Subject to note no. 1 of part B of Schedule L relating to allotment of shares against unrealised stock invest, and paragraph 4 above, in our opinion and to the best of our information and according the explanations given to us, the said accounts, together with the 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: I. in the case of the Balance Sheet, of the state of affairs of the company, as at March 31, 2008; and II. in the case of the Profit and Profit Account, of the loss of the company, for the year ended on that date. III. in the case of Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF SURAJ INDUSTRIES LIMITED FOR THE YEAR ENDED MARCH 31, 2008. 1. a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b) During the year, Fixed assets of the Company have been physically verified by the management which, in our opinion, is reasonable having regard to the size of the company and the nature of its fixed assets. As mentioned to us no serious discrepancies were noticed by the management on such verification. In view of the disposal of substantial part of fixed assets (except factory land), subsequent to discontinued operations w.e.f 29.07.2005, the going concern has ad- versely affected. 2. a) Since there is no inventory as at the end of the year with the company hence clause relating to physical verification and maintaining of proper records of inventory is not applicable for the year. 3. a) The company has not taken any loan secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. b) There are no companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956 to which the company has granted loans. 4. 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 and sale of goods, material, fixed assets and services. During the course of our audit, on random test check basis, no major weakness has been noticed in the internal controls in respect of these areas. 5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered. b) According to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 and exceeding the value of five lakhs rupees, in respect of any party during the year. 6. To the best of our knowledge & belief and according to information & explanations given to us, the company has complied with the provisions of sections 58A, 58AA and other applicable provisions of the Companies Act, 1956 and rules framed thereunder, wherever applicable, for accepting deposits from public. 7. Consequent to suspension of operations in both the business segments of the company viz Vanaspati and the liquor division , the internal audit has not been carried out by the company during the year. 8. Pursuant to the rules made by the Central Government for the maintenance of cost records in respect of the Vanaspati segment, under section 209 (1) (d) of the Companies Act, 1956, we are of the opinion that, prima facie, the prescribed accounts and records, relating to materials, labour and other items of cost, have not been made and maintained for the year as there was no manufacturing activity for the year under review. 9. a) According to the records of the company, the company is generally regular in depositing with appropriate authorities, undisputed statutory dues including Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues applicable to it. However an amount of Rs. 419/- is due on account of Central Sales tax and Rs. 2833/- is due on account of TDS on Legal & Professional charges for more than six months as at end of the year. b) According to the records of the company and information and explanations given to us, there are no dues of Sales Tax, Income Tax, Custom Duty, Service Tax, Wealth Tax, Excise Duty and Cess on account of any dispute. 10. The company has accumulated losses of Rs. 1039.24 lacs, which are more than fifty percent of its net worth as at March 31st 2008. It has not incurred cash losses during the year however cash loss of Rs. 72.07 lacs was incurred during the preceding year. 11. Based on our audit procedures and on the information and explanations given by the manage- ment, we are of the opinion that the company has not defaulted in repayment of dues to banks. However, there are no dues payable to financial institutions or debenture holders. 12. According to information and explanations given to us and based on the documents and records produced before us, the company has not granted any loans or advances on the basis of security by way of pledge, of shares, debentures and other securities. 13. In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, there is no special statute applicable to the company, hence provisions related to requirement of NOF, prudential norms for income recognition, appraisal of credit proposal etc. are not required to be complied by the company. 14. Based on our examination of the records, in our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause regarding proper records of transactions and contracts in respect of shares etc., is not applicable to the company. 15. Based on our audit procedure and on the information and explanations given by management, the Company has not given any guarantee for loans taken by others from bank or financial institutions. 16. In our opinion, the term loans have been applied for the purpose for which they were raised. 17. According to the information and explanation given to us and on an overall examination of the balance sheet of the company, we report that on the Balance Sheet date, the company has not raised any funds on short term basis which have been used for long-term investments by the company. 18. According to the information and explanation given to us, the company has not made any preferential allotment of shares during the year. 19. The company has not issued any debentures during the year. 20. The company has not raised any money through a public issue during the year. 21. Based upon the audit procedures performed for the purpose of reporting true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit. For TAS ASSOCIATES Chartered Accountants Sd/- (SUBODH GUPTA) Place : Noida Partner Date : 30th June 2008 M. No.: 087099