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के पावर एंड पेपर

बीएसई: 530255  |  NSE: N.A  |  ISIN: INE961B01013  |  Paper

खोजें के पावर एंड पेपर कनेक्शन Mar 14
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '15
 We have audited the accompanying financial statements of Kay Power And
 Paper Limited (the Company), which comprise the Balance Sheet as at
 March 31, 2015, and the Statement of Profit and Loss and Cash Flow
 Statement for the year ended as on that date and a summary of
 significant accounting policies and other explanatory information.
 
 MANAGEMENT''S RESPONSIBILITY FOR THE 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 of these financial statements that give a true and fair
 view of the financial position, financial performance and cash flows of
 the Company in accordance with accounting principles generally accepted
 in India, including the Accounting Standards specified under Section
 133 The Act, read with rule 7 of the Companies (Accounts) Rules, 2014.
 This responsibility also includes maintenance of adequate accounting
 records in accordance of 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 internal control
 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 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. These 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 disclosures in the financial statements. The procedures
 selected depend on the auditor''s judgment, including the assessment of
 the risks of material misstatement in 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 and fair presentation 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 control system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of accounting policies used and the reasonableness of
 the accounting estimates made by management, 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 qualified audit opinion.
 
 OPINION
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the 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:
 
 (a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31,2015,
 
 (b) in the case of the Statement of Profit and Loss, 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.
 
 REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
 
 1. As required by the Companies (Auditor''s Report) Order, 2015 issued
 by the Central Government of India in terms of sub-section (11) of
 Section 143 of the Act, we give in the Annexure a statement on the
 matters specified in paragraphs 3 and 4 of the Order.
 
 2. As required by Section 143(3) of the Act, 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 purpose of our
 audit;
 
 (b) 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;
 
 (c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account;
 
 (d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
 and Cash Flow Statement comply with the Accounting Standards specified
 under
 
 Section 133 of the Act, read with Rule 7 of Companies (Accounts) Rules,
 2014, except AS15 AS15 regarding ''Accounting for retirement benefits''
 on account of non-provision for terminal benefits like gratuity payable
 to employees as described in the para 9 of Notes to accounts.
 
 (e) On the basis of written representations received from the directors
 as on March 31, 2015 and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2015 from being
 appointed as a director in terms of sub-section (2) of Section 164 of
 the Companies Act, 2013
 
 (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 did not have any pending litigation having material
 impact on its financial position.
 
 ii. The Company did not have any long- term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii. There were no amounts which were required to be transferred to the
 Investor Education and Protection Fund by the Company.
 
 Annexure Referred to in paragraph 1 under ''Report on Other Legal and
 Regulatory Requirements'' Section of our Report of even date to the
 Members of Kay Power And Paper Limited for the year ended on 31st
 March, 2015
 
 1. a) The Company has maintained proper records showing full particulars
 including quantitative details and situation of the fixed assets.
 
 b) As per our information and explanations given to us, fixed assets
 have been physically verified by the management during the year and no
 material discrepancies were noticed on such verification.
 
 2. a) According to information and explanations given to us, the
 inventory has been physically verified by the management during the
 year. In our opinion, frequency of verification is reasonable.
 
 b) In our opinion, the procedure of physical verification of inventory
 followed by the management is reasonable and adequate in relation to
 the size of the Company and its business.
 
 c) The Company is maintaining proper records of inventory. The
 discrepancies noticed on physical verification of stocks as compared to
 books and records were not material.
 
 3.  In our opinion and according to the information and explanations
 given to us, the Company has not granted any loans, secured or
 unsecured to companies, firms and other parties covered in the register
 maintained under Section 189 of the Companies Act, 2013.
 
 4. In our opinion and according to information and explanations given to
 us there are adequate internal control procedures commensurate with the
 size of the Company and nature of business with regard to purchase of
 inventory, fixed assets and with regard to sale of goods and services.
 During the course of audit, we have not observed any continuing failure
 to correct major weakness in internal controls.
 
 5.  In our opinion and according to information and explanations given
 to us, the Company does not have any deposits accepted from the public
 during the year under audit.
 
 6.  The Company is maintaining cost records as prescribed under Section
 148 (1) of the Companies Act, 2013.  However, we have not verified the
 same for completeness or accuracy.
 
 7. a. According to records of Company is regular in depositing with
 appropriate authorities undisputed statutory dues including provident
 fund dues and Profession tax. No amount is outstanding as at 31/3/2015
 for a period more than 6 months from the date they become payable.
 
 b. According to information and explanations given to us, no undisputed
 amounts payable in respect of income tax, sales tax, excise duty were
 in arrears as at 31/3/2015 for a period more that six months from the
 date they became payable except net liability of MVAT pertaining to
 period from financial year 2007-08 to 2014-15 amounting to Rs.486.92
 Lacs which is withheld by the Company in anticipation of grant of
 deferral of the same under rehabilitation scheme sanction of which is
 awaited.
 
 c. According to information and explanations given to us, there are no
 dues of income tax, sales tax, excise duty which have not been
 deposited on account of any dispute.
 
 d. The company did not have any amount required to be transferred to
 investor education and protection fund in accordance with the relevant
 provisions of the Companies Act, 1956 (1 of 1956) and rules made
 thereunder during the year.
 
 8.  In our opinion, the accumulated loss of the Company is Rs.1443.86
 Lakhs as on 31/3/2015 and is more than its total net worth. The Company
 has not incurred cash losses during the financial year covered by our
 audit and during the immediately preceding financial year. The
 accumulated losses have totally eroded the net worth of the Company and
 reference has been made to the Board for Industrial and Financial
 Reconstruction (BIFR).
 
 9. In our opinion and according to information and explanations given to
 us, the Company had defaulted in repayment of dues to IREDA earlier and
 it has made agreement for One Time settlement scheme for the repayment
 of the loan taken from IREDA. The Company has paid all instalments due
 as per scheme of OTS sanctioned by IREDA during the year.
 
 10.  As informed to us, the company has not given any guarantee for
 loans taken by others from bank or financial institutions.
 
 11.  According to information and explanations given to us no term
 loans were obtained during the year.
 
 12.  According to information and explanations given to us, no fraud on
 or by the Company has been noticed or reported during the course of
 audit.
 
                                               For GODBOLE & COMPANY
                                               Chartered Accountants
 
 Place : Satara                                    Ashutosh Godbole
 Date : 28th May, 2015                                   Proprietor
                                                    Mem. No. 104822
                                                     FRN : 117969W
 
 
स्रोत: रेलीगरे टेचनोवा

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