We have audited the accompanying standalone financial statements of
Suryo Foods & Industries Limited (''the Company''), which comprise the
balance sheet as at 31 March 2015, the statement of profit and loss and
the cash flow statement for the year ended on that date, and a summary
of significant accounting policies and other explanatory information.
Management''s Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 (the Act) with respect
to the preparation and presentation of these standalone 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 the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. 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 the 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 financial control relevant
to the Company''s preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company''s Directors, 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 on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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, of the state of affairs of the company as
at 31st March, 2015 and its profit and its 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, 2015 (the
Order) issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act 2013, we give in
the Annexure a statement on the matters specified in the paragraph 3
and 4 of the Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and 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, the statement of profit and loss and the cash
flow statement dealt with by this Report are in agreement with the
books of account;
(d) In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
(e) On the basis of the written representations received from the
directors as on 31 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(f) With respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of no pending litigations on
its financial position in its financial statements
The Company did not have any long term contracts including derivative
contracts for which there were any material foreseeable losses.
There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure to the Independent Auditors'' Report
The Annexure referred to in our Independent Auditors'' Report to the
members of the Company on the standalone financial statements for the
year ended 31 March 2015, we report that:
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As explained to us, the fixed assets have been physically verified
by the Management in phased periodic manner, which in our opinion is
reasonable having regard to the size of the Company and the nature of
its assets. No material discrepancies have been noticed on such
verification
(c) Fixed assets disposed off during the year were not substantial, and
therefore, don''t affect the going concern assumption.
2. In respect of its Inventories:
(a) As explained to us, Stocks have been physically verified by the
management at regular interval during the year. The frequency of
verification is reasonable.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventory
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 has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventories as compared to book records.
3. (a) The Company has not granted any loan during the year to the
Related parties covered in the register maintained under section 189 of
the Companies Act, 2013 (''the Act'').
(b) In the case of the loans granted to the bodies corporate listed in
the register maintained under section 189 of the Act, the borrowers
have been regular in the payment of the interest as stipulated. The
terms of arrangements do not stipulate any repayment schedule and the
loans are repayable on demand. Accordingly, paragraph 4(iii)(c) of the
Order is not applicable to the Company in respect of repayment of the
principal amount.
(c) There are no overdue amounts of more than rupees one lakh in
respect of the loans granted to the bodies corporate listed in the
register maintained under section 189 of the Act.
4. In our opinion and explanations given to us, there are adequate
internal control systems commensurate with the size of the Company and
the nature of its business with regard to purchases of inventory, fixed
assets and with regard to the sale of goods. We have not observed any
major weaknesses in internal control system of the Company.
5. The Company has not accepted deposits from the public and in our
opinion and according to the information and explanation given to us,
6. According to information and explanations given to us, the company
is not applicable maintaining cost records as prescribed by Central
Government under section 148(1) of the Act, for the products of
company.
7. a) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the year
by the Company with the appropriate authorities. As explained to us,
the Company did not have any dues on account of employees'' state
insurance and duty of excise. According to the information and
explanations given to us, no undisputed amounts payable in respect of
provident fund, income tax, sales tax, wealth tax, service tax, duty of
customs, value added tax, cess and other material statutory dues were
in arrears as at 31 March 2015 for a period of more than six months
from the date they became payable.
(b) According to the information and explanations given to us, there
are no material dues of wealth tax, duty of customs and cess which have
not been deposited with the appropriate authorities on account of any
dispute.
(c) According to the information and explanations given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 2013 and rules there under has been transferred to such
fund within time.
8 The company has no accumulated losses at the end of the financial
year and has incurred cash profit of Rs. 22,27,953.00 during the
financial year covered by our audit and in the immediately preceding
financial year.
9 The Company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year.
10 In our opinion and according to the information and explanations
given to us, the Company The Company has given guarantee for loans
taken by its sister concern from banks or financial institutions.
11 The Company has raised term loan Rs. Nil during the year and the
same has been applied for the purpose for which they were raised.
12 According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For SRB & Associates
Chartered Accountants
Firm Regd. No: 310009E
Sd/-
A.K.Patra
Bhubaneswar Partner
22nd May, 2015 M.N-088484
