The Members of
SURYAKRUPA FINANCE LIMITED
We have audited the attached Balance Sheet of SURYAKRUPA FINANCE LIMITED, as at31st March, 2012 and also the annexed Profit & Loss Account of the Company for theyear ended on that date annexed thereto.
As required by the Companies (Auditors Report) Order, 2003 issued by the CentralGovernment of India in terms of Section 227 (4A) of the Companies Act, 1956, we annexhereto a statement on the matters specified in paragraphs 4 and 5 of the said order.
1. Further to our comments in the annexure referred to in paragraph 1 above, we reportthat:
a) We have obtained all the information and explanations, which to the best of ourknowledge 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 theCompany 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 bythis report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statementhave been prepared in compliance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956, to the extent applicable;
e) On the basis of written representations from the Directors and taken on record bythe Board of Directors, we report that none of the Directors are disqualified as on 31stMarch, 2012 from being appointed as Directors in terms of Section 274(1)(g) of theCompanies Act,1956;
f) Subject to what is stated in above, in our opinion and to the best of ourinformation and according to the explanations given to us, the accounts read with thenotes thereon give the information required by the Companies Act, 1956, in the manner sorequired and give a true and fair view:
a) In the case of the Balance Sheet, of the State of affairs of the Company as at 31stMarch, 2012;
b) In the case of the Profit & Loss Account, of the Loss for the year ended on thatdate;
c) In the case of the Cash Flow Statement, of the Cash Flows for the year ended thatdate.
| ||For GUPTA SAHARIA & CO. |
| ||Chartered Accountants |
| ||(SANJAY J JAIN) |
| ||Partner |
|Place : Mumbai ||Membership No.112646 |
|Date : 10.08.2012 ||Firm No. 103446W |
ANNEXURE TO THE AUDITORS REPORT
The Companies (Auditors Report) Order, 2003 (CARO)
As required by Companies (Auditors Report) Order, 2003 issued by CentralGovernment of India in terms of subsection (4A) of section 227 of the Companies Act, 1956and explanations given to us and on the basis of such checks, as we consideredappropriate, we have to state that ;
1) a) The Company has maintained proper records showing full particulars includingQuantitative details and situation of Fixed Assets.
b) All the assets have been physically verified by the management during the year but,according to the information and explanation given to us, there is a regular program me ofverification which, in our opinion, is reasonable having regard to the size of the Companyand the nature of its assets. No material discrepancies were noticed on such verification.
c) During the year, The Company has not disposed off any substantial/major part ofassets.
2) The company does not hold any inventory and hence the question of physicalverification etc does not arise.
3) The company has not granted loans during the year to parties covered in theregistered maintained under section 301 of the Company Act, 1956. The company has nottaken unsecured loans during the year from parties covered in registered maintained u/s301 of the Act.
4) In our opinion and according to the information and explanations given to us, thereare adequate internal control procedures commensurate with the size of the Company and thenature of its business with regard to purchases of inventory, fixed assets and with regardto sale of goods and services. During the course of our audit, we have not observed anycontinuing failure to correct major weaknesses in internal controls.
5) Based on audit procedures applied by us and according to the information andexplanations provided by the management, we are of the opinion that the transactions thatneed to be entered into the register maintained under section 301 have been so entered.
6) The Company has not accepted any deposits under the provisions of sections 58A and58AA of the Companies Act, 1956 and the rules framed there under.
7) In our opinion, the Company has an internal audit system commensurate with size andnature of the business.
8) The Central Government has not prescribed the maintenance of cost records u/s 209(1)(d) of the Companies Act, 1956 for any of the products of the Company.
9) a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues including, Income Tax, Sales Tax, Cess and any other material statutorydues applicable to it. The Company is not liable under the provisions of InvestorEducation and Protection Fund, Wealth Tax for the financial year covered by our audit.There are no undisputed statutory liabilities outstanding more than six months as on 31stMarch 2012.
b) According to the information and explanation given to us, there are no dues ofIncome tax and cess, which have not been deposited on account of any dispute.
10) The Company has accumulated losses of Rs. 1,00,38,167/- as at 31.03.2012. TheCompany has not incurred any cash losses during the financial year covered by our auditand the immediately preceding financial year.
11) In our opinion and according to the information and explanation given to us, thecompany has not defaulted in repayment of dues a financial institution or bank.
12) The Company has not granted any loans and advances on the basis of security by wayof pledge of shares, debentures and other securities.
13) The Company has not a chit fund, nidhi/mutual benefit fund and therefore therequirement pertaining to such class of companies is not applicable.
14) According to the information and explanation given to us, the Company did not dealin or trade in shares, securities, debentures or other investment .The shares and otherinvestment acquired by the company by way of investment are held by the company in its ownname.
15) The Company has not given any guarantee for loans taken by others from banks orfinancial institution.
16) The Company has taken term loan from Financial Institution during the year.
17) On the basis of review of utilization of funds on overall basis, relatedinformation as made available to us and as represented to us by the management, fundsraised on short-term basis have not been used for long-term investment during the year.
18) The Company has not made any preferential allotment of shares during the year toparties and companies covered in the register maintained under section 301 of theCompanies Act, 1956.
19) The Company has not issued any debentures during the year and therefore, thequestion of creating the security in respect thereof does not arise.
20) The Company has not made any public issue during the year and therefore, thequestion of disclosing the end use of money does not arise.
21) According to the information and explanation given to us, no fraud on or by theCompany has been noticed or reported during the course of our audit.
| ||For GUPTA SAHARIA & CO. |
| ||Chartered Accountants |
|Place: Mumbai ||(SANJAY J JAIN) |
|Date: 10/08/2012 ||Partner |
| ||Membership No.112646 |
| ||Firm No. 103446W |