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Suryachakra Power Corporation Ltd.

BSE: 532874 | NSE: | Series: NA | ISIN: INE274I01016 | SECTOR: Power - Generation & Distribution

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30-Day
162,170
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    1.00 (12626)

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Dec 27, 11:22
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Suryachakra Power Corporation is not listed on NSE

Annual Report

For Year :
2016 2015 2014 2013 2012 2011 2010 2009 2008

Auditor's Report

1. We have audited the attached Balance Sheet of Suryachakra Power Corporation Limited, as at 31st March, 2009 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 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 misstatement. 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As the Company is governed by the repealed Electricity (Supply) Act, 1948, the provisions of that Act have prevailed, wherever the provisions of the Companies Act, 1956 are inconsistent with the said Electricity (Supply) Act, 1948. 4. As required by the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of Section 227 (4A) 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. 5. Further to our comments in the Annexure referred to 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 purposes of our audit; b) in our opinion, proper books of account as required by law have been kept by the Company so far as it 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 comply with the applicable Accounting Standards 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, 2009 and taken on record by the board of directors, we report that none of the directors is disqualified as on 31 st March, 2009 from being 1 appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; f) in our opinion and to the best of our information and according to the explanations given to us, the said accounts, subject to Schedule 17 Note No. II (4) regarding the manner of income recognition and II (5) regarding the withheld / rejected amount of Rs. 56.89 lakhs during the year by the Customer (Andaman & Nicobar Administration) respectively, and read together with other 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 31st March, 2009; ii. in the case of Profit & Loss Account, of the Profit for the year ended on that date; and iii. in the case of Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO AUDITORS REPORT REFERRED TO IN PARAGRAPH 4 OF OUR REPORT OF EVEN DATE 1. a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b. A major portion of fixed assets have been physically verified by the management during the year. In our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets and no material discrepancies were noticed on such verification. c. In our opinion, the Company has not disposed off substantial part of fixed assets during the year and therefore do not affect going concern status of the company. 2. a. The inventory has been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable. b. In our opinion and according to the information and explanations 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 the nature of its business. c. On the basis of our examination of the inventory records, in our opinion, the Company is maintaining proper records of inventories. The discrepancies noticed on physical verification of inventory as compared to book records were not material. 3. a. The Company has granted unsecured loans to four companies covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs. 15,80,15,296/ - and the year end balance of the loans granted to such parties was Rs. 8,41,72,708/-. b. In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions of such loans are not prima facie prejudicial to the interest of the company. c. In respect of the above loans, the receipt of principle amount of loan and interest is regular. d. In respect of the above loans there is no overdue amount more than rupees one lakh. e. The company has taken unsecured from one party covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs. 1,75,09,620 /- and the year end balance of such loan was Rs.37,08,528/-. f. In our opinion, the rate of interest and other terms and conditions of loan taken by the company listed in the register maintained under section 301 of the Companies Act, 1956 are not prima facie prejudicial to the interests of the company. g. In the case of loan taken by the company listed in the register maintained under section 301 of the Companies Act, 1956, the company is regular in repayment of the principle and interest. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for sale of goods and services. During the course of our audit, no major weakness has been noticed in internal control system. 5. In our opinion and acording to the information and explanations given to us, there are no contracts or arrangements referred to in section 301 of the act that need to be entered in the register required to be maintained under that section. 6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under. 7. In our opinion, the Company has an internal audit system commensurate with its size and nature of business. 8. We have broadly reviewed the books of account maintained by the company in respect of its activities pursuant to the order made by the Central Government of India for the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete. 9. a. According to the information and explanations given to us and the records of the Company examined by us, the company is generally regular in depositing the undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-Tax, Sales tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues as applicable with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues, were outstanding as at 31st March, 2009 for a period of more than six months from the date they became payable. b. According to the information and explanations given to us and the records of the company examined by us, there are no dues of Income Tax, Sales Tax, Service Tax, Customs Duty, Wealth Tax,, Excise Duty and Cess as at 31st March, 2009 which have not been deposited on account of a dispute. 10. The Company has neither accumulated losses at the end of the financial year nor has incurred cash losses during the current financial year and in the immediately preceding financial year. 11. According to the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, banks and there are no outstanding debentures. 12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company 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 anidhi / mutual benefit fund/ society. Accordingly, Parti and II of clause 4(xiii) of the Companies (Auditors Report) Order 2003 is not applicable. 14. In our opinion and according to the information and explanations given to us, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4 (xiv) of the Companies (Auditors Report) Order, 2003 are not applicable. 15. According to the information and explanations given to us and records examined by us, the Company has given % guarantee / securities by pledging the share of subsidiary companies for loans taken by the respective subsidiary companies from banks or financial institutions and the terms and conditions are not prejudicial to the interests of the company. 16. In our opinion and according to the information and explanations given to us, on overall basis, the term loans have been applied for the purpose for which they were obtained other than amounts temporarily invested pending utilisation of the funds for the intended use. 17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been used for long term investment. 18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4 (xviii) of the Companies (Auditors Report) Order, 2003 are not applicable. 19. The Company has not issued any secured debentures during the year. Accordingly, the provisions of clause 4 (xix) of the Companies (Auditors Report) Order, 2003 are not applicable. 20. The Company has not raised any money by way of public issues during the year. Accordingly, clause 4 (xx) of the Companies (Auditors Report) Order, 2003 is not applicable. 21. According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year. for Visweswara Rao & Associates Chartered Accountants (Mahidhar. S.G.) Place: Hyderabad Partner Date : August 29, 2009 Membership No. 216463