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Annexure to the Auditor’s Report (Referred to in paragraph 3 of our report of even date) (i) (ii) (iii) Having regard to the nature of the Company’s business/activities, clauses (v), (vi), (x), (xii), (xiii), (xiv), (xix) and (xx) of CARO are not applicable to the Company. In respect of its fixed assets: (a) (b) (c) The Company is in the process of re-compiling / updating its fixed asset register with a view towards reflecting full particulars including description, quantitative details and location / situation of its fixed assets. Some of the fixed assets have been physically verified during the period by the Management in accordance with a programme of verification, which in our opinion provides for physical verification of all the fixed assets at reasonable intervals. In view of the fact that the fixed asset register is in the process of re-compilation / updating, management has informed that discrepancies, if any, arising between the assets verified and the books and records would be dealt with in the year in which such re-compilation of the register is completed The fixed assets disposed off during the period, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company. In respect of its inventory: (a) (b) (c) As explained to us, the inventories were physically verified during the period by the Management at reasonable intervals, except the system of documentation for such verification needs to be strengthened. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management were reasonable and adequate in relation to the size of the Company and the nature of its business. In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification. (iv) According to the information and explanations given to us, the Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. (v) In our opinion and according to the information and explanations given to us, additional strengthening of the internal control procedures with regard to purchases of inventory and fixed assets and for the sale of goods is recommended so as to be commensurate with the current size of the Company and nature of its business. However, in our opinion management is taking reasonable steps to correct the said weaknesses and we have not observed any other continuing failure to correct major weaknesses in internal controls. (vi) In our opinion, the internal audit functions carried out during the period by firms of Chartered Accountants appointed by the Management have been commensurate with the size of the Company and the nature of its business. (vii) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956 in respect of manufacture of steel products and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the records with a view to determining whether they are accurate or complete. : : 57 : :
SUJANA METAL PRODUCTS LIMITED (viii) According to the information and explanations given to us in respect of statutory dues: (a) (b) Name of the Statute Income Tax Act, 1961 Income Tax Act, 1961 Wealth Act,1957 The Company has generally been regular in depositing undisputed dues, including Provident Fund dues, Employee’s State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it with the appropriate authorities. According to the information and explanations given to us, details of undisputed amounts payable in respect of Provident Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and Other material statutory dues which were in arrears as at March 31, 2011 for a period of more than six months from the date they became payable are given below: Tax Nature of Dues Amount (Rupees in Lakhs) Income Tax 462.32 Fringe Benefit Tax 2.74 4.20 7.56 8.51 Wealth Tax 0.88 1.08 Year to which the amount relates 2010-2011 2001-2002 2002-2003 2006-2007 2007-2008 2008-2009 2009-2010 Due date June 15, 2010 and September 15, 2010 June, September, December and March of each year / period January 23,2010 February 24,2010 September 30, 2009 September 30, 2010 Date of Payment Not paid Not Paid Not paid (c) Details of dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess which have not been deposited as on March 31, 2011 on account of disputes are given below: Name of the Statute Central Excise Act, 1944 Financial Year to which matter pertains 1995-2009 1995-1997 Amount (Rupees in Lakhs) 1,384.30 1.00 Forum where matter is pending Custom Excise & Service Tax Appellate Tribunal Commissioner of Customs (Appeals) Customs Act, 1962 1998-1999 2008-2009 Foreign Exchange Regulation Act, 1973 APGST Act, 1957 2002-2003 2003-2004 Central Sales Tax Act, 1956 Tamilnadu Value Added Tax Act, 2006 302.69 214.90 Commissioner of Customs (Sea Port) Custom Excise & Service Tax Appellate Tribunal 1995-1996 530.00 Hon’ble High Court of Delhi 2002-2003 2004-2005 2005-2008 2006-2007 488.13 786.88 2,213.11 13.38 58.58 241.34 Sales Tax Appellate Tribunal Appellate Deputy Commissioner Commercial Tax Officer Sales Tax Appellate Tribunal Appellate Deputy Commissioner Hon’ble High Court of Andhra Pradesh and Appellate Deputy Commissioner 2006-2007 194.92 Hon’ble High Court of Tamilnadu (ix) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks and financial institution. : : 58 : :
Page 2 and 3:
BOARD OF DIRECTORS CORPORATE INFORM
Page 4 and 5:
NOTICE NOTICE is hereby given that
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opportunity to register their e-mai
Page 8 and 9: and/or Foreign Currency Convertible
Page 10 and 11: to do all such acts, deeds, matters
Page 12 and 13: proper or desirable and to settle a
Page 14 and 15: Board recommends the alteration of
Page 16 and 17: and Exchange Board of India (Issue
Page 18 and 19: Dear Members, DIRECTORS’ REPORT Y
Page 20 and 21: DCS/AMAL/NTP24(f)/983/2010-11 dated
Page 22 and 23: 14. Directors’ Responsibility Sta
Page 24 and 25: Company, including Building, Plant
Page 26 and 27: 31. Appreciations: The Board of Dir
Page 28 and 29: The Financial year of the Holding C
Page 30 and 31: FORM A (See Rule 2) A. PARTICULARS
Page 32 and 33: The growth in 2010 exceeded the pre
Page 34 and 35: Market Size Steel industry is of gr
Page 36 and 37: Statutory Auditors to ascertain the
Page 38 and 39: Persons constituting Group coming w
Page 40 and 41: 5. Shri S. Hanumantha Rao Executive
Page 42 and 43: v v v v v v Changes, if any, in acc
Page 44 and 45: (iii) Remuneration Packages paid to
Page 46 and 47: (iv) No. of Shareholders Complaints
Page 48 and 49: (iii) Details of special resolution
Page 50 and 51: (iv) Management Discussion and Anal
Page 52 and 53: (iv) Market Price Data : The monthl
Page 54 and 55: (v) Share Transfer System Your Comp
Page 56 and 57: CEO & CFO CERTIFICATION We, R.K.Bir
Page 60 and 61: (x) In our opinion and according to
Page 62 and 63: PROFIT AND LOSS ACCOUNT FOR THE EIG
Page 64 and 65: SCHEDULES FORMING PART OF THE BALAN
Page 70 and 71: SCHEDULES FORMING PART OF THE PROFI
Page 72 and 73: SCHEDULES FORMING PART OF THE PROFI
Page 74 and 75: a price, significant risks and rewa
Page 76 and 77: SCHEDULE 23: NOTES 1 Contingent Lia
Page 78 and 79: I. List of Related Parties A Subsid
Page 80 and 81: 11 Employee Benefits The company li
Page 82 and 83: Information about primary business
Page 84 and 85: (b) Turnover A B Manufacturing Clas
Page 86 and 87: (f) Consumption of directly importe
Page 88 and 89: a) Rs.3,051.00 lakhs to be paid in
Page 90 and 91: Consolidated Accounts for the Perio
Page 92 and 93: CONSOLIDATED BALANCE SHEET AS AT MA
Page 94 and 95: CONSOLIDATED CASH FLOW STATEMENT FO
Page 96 and 97: SCHEDULES FORMING PART OF CONSOLIDA
Page 98 and 99: SCHEDULES FORMING PART OF THE CONSO
Page 104 and 105: SCHEDULE 22: SIGNIFICANT ACCOUNTING
Page 106 and 107: ii) economic benefits in the form o
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2 Contingent Liabilities not provid
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i) Discount Rate ii) The discount r
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7 Earnings per Share (Rupees in lak
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ii) Short term loan availed from ba
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