you are here:

Suryachakra Power Corporation Ltd.

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

BSE Live

Sep 16, 16:00
0.99 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
175,875
10-Day
187,459
30-Day
170,848
185,496
  • Prev. Close

    0.99

  • Open Price

    1.03

  • Bid Price (Qty.)

    0.99 (1200)

  • Offer Price (Qty.)

    1.00 (2295)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

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 (the Company) as at 31 March 2010, the profit and loss account and the cash flow statement of the Company 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 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 statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3 As required by the Companies (Auditors Report) Order, 2003 (the Order), as amended, 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 Further to our comments in the Annexure referred to in paragraph 3 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 account as required by law have been kept by the Company so far as appears from our examination of those books; (iii) the balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account; (iv) in our opinion, the balance sheet, profit and loss account and 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) on the basis of written representations received from the directors, as on 31 March 2010, and taken on record by the Board of Directors, none of the Directors is disqualified as on 31 March 2010 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; (vi) In relation to the matter set out in note 2 of the Schedule 21 of the financial statements, pending the final agreement with the Andaman & Nicobar Administration (A & N Administration), we are unable to comment on the extent of ultimate recoverability of Rs. 47,835,455 billed during the year ended 31 March 2010 (previous year: Rs. 5,688,795) and the total receivables as on 31 March 2010 of Rs. 118,640,315 (previous year: Rs. 70,804,860) which are subject to confirmation by the A&N administration. Furthermore, the Company has accrued interest on the above cumulative billings of Rs.28,503,384 for the year ended 31 March 2010 (previous year: Rs. 21,032,797) which is subject to confirmation by the A & N Administration. The total amount of interest accrued on such disagreements which are subject to confirmations by the A&N Administration is Rs. 83,852,364 (previous year: Rs. 55,348,980). The consequential impact of the above matter on the profit for the year ended 31 March 2010 and the retained earnings at 31 March 2010 is indeterminable; and (vii) in our opinion and to the best of our information and according to the explanations given to us, subject to the matter set out at paragraph (vi) above, the said accounts 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 the balance sheet, of the state of affairs of the Company as at 31 March 2010; b. in the case of the 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. ANNEXURE TO THE AUDITORS REPORT The Annexure referred to in the auditors report to the members of Suryachakra Power Corporation Limited (the Company) for the year ended 31 March 2010. We report that: i. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The Company has a regular programme of physical verification of its fixed assets by which all the fixed assets are verified every year. In our opinion, the periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noted on such verification. (c) Fixed assets disposed off during the year were not substantial and therefore do not affect the going concern assumption. ii. (a) The inventory consisting of raw materials, stores, spares and consumables have been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable. (b) In our opinion, 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) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material. iii. (a) The Company has granted interest free loans to three companies covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs. 151,380,810 and the year-end balance of such loans was Rs. Nil. (b) In our opinion, terms and conditions on which loans have been granted to 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. (c) In case of loans granted to companies, firms and other parties listed in the register maintained under Section 301, the terms of arrangement do not stipulate any repayment schedule for principal, which are repayable on demand. (d) Such loans have been repaid by the year end and accordingly there are no overdue amounts of more than Rupees one lakh in respect of companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. (e) The Company has taken unsecured loan from a company covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs.101,428,247 and the year-end balance of such loan was Rs. Nil. (f) In our opinion, the rate of interest and other terms and conditions on which such loan have been taken by the Company are not, prima facie, prejudicial to the interest of the Company. (g) The Company has been regular in repaying the principal amounts and interest, as stipulated. iv. In our opinion and according to the information and explanations given to us, and having regard to the explanation that purchases of certain items of inventories are for the Companys specialized requirements and suitable alternative sources are not available to obtain comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventories and fixed assets and with regard to the sale of goods. In our opinion and according to the information and explanation given to us, there is no continuing failure to correct major weaknesses in internal control system. v. (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section. (b) In our opinion, and according to the information and explanations given to us, the transactions made in pursuance of contracts and arrangements referred to in point (a) above and exceeding the value of Rs.5 lakh with any party during the year, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. vi. The Company has not accepted any deposits from the public. vii. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. viii. We have broadly reviewed the books of account maintained by the Company pursuant to the rules prescribed by the Central Government for 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 made and maintained. However, we have not made a detailed examination of the records. ix. (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has been generally regular in depositing amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Service tax, Customs duty and other material statutory dues except that there were significant delays in payment of Income tax and Sales tax. As informed to us the provisions of Investor Education and Protection Fund, Employee State Insurance, Wealth tax and Excise duty are not applicable to the Company. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Income tax, Sales tax, Service tax, Customs duty and other material statutory dues were in arrears as at 31 March 2010 for a period of more than six months from the date they became payable. As informed to us the provisions of Investor Education and Protection Fund, Employee State Insurance, Wealth tax and Excise duty are not applicable to the Company. (c) Further, there were no dues on account of Cess under Section 441A of the Act, since the date from which the aforesaid section comes into force has not yet been notified by the Central Government. (d) According to the information and explanations given to us, there are no dues of Income tax, Sales tax, Service tax, Customs duty and Cess which have not been deposited with the appropriate authorities on account of any dispute. As informed to us the provisions of Excise duty are not applicable to the Company. x. Subject to the matter specified in paragraph 4(vi) of our report even dated, the Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses during the financial year and in the immediately preceding financial year. xi. In our opinion and according to the information and explanations given to us, except for the dues stated below, the Company has not defaulted in repayment of dues to its bankers or to any financial institutions. Bank/Financial Institutions Period Amount (In INR) Delay (in days) SREI Infrastructure Finance Limited Quarter ended 31 March 2009 5,607,384 182 SREI Infrastructure Finance Limited Quarter ended 30 June 2009 6,306,191 184 SREI Infrastructure Finance Limited Quarter ended 30 September 2009 6,023,657 180 SREI Infrastructure Finance Limited Quarter ended 31 December 2009 5,831,462 90 xii. 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 and according to the information and explanations given to us, the Company is not a chit fund/ nidhi/ mutual fund/ society. xiv. According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, clause 4(xiv) of the Order is not applicable. xv. According to the information and explanation given to us, the Company has not given any guarantee for loan taken by others from banks and financial institutions. xvi. In our opinion and according to the information and explanations given to us and on the basis of our examination of the books of account, the term loans obtained by the Company were applied for the purpose for which such loans were obtained. xvii. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we are of the opinion that no funds raised on short-term basis have been used for long term investment. xviii. The Company has not made any preferential allotment of shares to companies/ firms/ parties covered in the register maintained under Section 301 of the Companies Act, 1956. xix. The Company did not have any outstanding debentures during the year. xx. There are no unutilized amounts of money raised by public issues and thus paragraph 4(xx) of the Order is not applicable. xxi. According to the 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 B S R and Associates for Visweswara Rao & Associates Chartered Accountants Chartered Accountants Firm registration No. : 128901W Firm registration No. : 005774S Zubin Shekary A.S.Naidu Partner Partner Membership No: 48814 Membership No: 208582 Place: Hyderabad Place: Hyderabad Date: 28 May 2010 Date: 28 May 2010