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Auditor Report of Kalptaru Papers Ltd. Company
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Auditor Report of Kalptaru Papers Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of KALPTARU PAPERS LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for 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 the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the 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 Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. 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 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, 2014;

b) In the case of the Profit and Loss Account, of the profit/ loss for the year ended on that date; and 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, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(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. in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE AUDITOR''S REPORT

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of KALPTARU PAPERS LIMITED on the accounts of the company for the year ended 31st March, 2014.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

2. (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, 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) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(b) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

No of Parties Maximum Outstanding Balance Closing Balance

3 6,89,05,381.00 6,42,74,381.00



(c) According to information & Explanations given to us the rate of interest & other terms & Conditions of Secured/Unsecured loans taken by the company from companies, Firms & other parties listed in the register maintained u/s 301 of the Companies Act,1956 are prime facie not prejudicial to the interest of the company.

(d) Stipulations regarding repayment of principal amount have not been made. However loans are repayable on demands, as we have been explained.

(e) There are no over due amount of loan of more than one Lakh taken from or granted to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section. b) As per information & explanations given to us and in our opinion, the transaction entered into by the company with parties covered u/s 301 of the Act does not exceeds five lacs rupees in a financial year therefore requirement of reasonableness of transactions does not arises.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. As per information & explanation given by the management, maintenance of cost records has been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

9. According to information & explanations given to us an amount of Rs. 1,49,410.00 in respect of sales tax is disputed & appeal for the same is still pending with Gujrat Sales tax Department. The details of which are

Name of Statute Nature of Dues Amount (Rs.) Forum where Dispute is Pending

Gujrat Sales tax ActExcess benefit 1,49,410.00 Gujrat Sales Tax Claimed under Deferment tax Scheme in Deptt. FY 2004-05

10. The Company have accumulated loss of Rs. 3,92,02,658.23 and has incurred cash loss of Rs. 9,22,89,152.82 during the financial year covered by our audit and no cash loss incurred in the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has defaulted in repayment of dues to Indian Overseas Bank from Oct-13 and became NPA w.r.f 30.06.2012.

12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, the Company is trading in Shares, Mutual funds & other Investments. Proper records & timely entries have been maintained in this regard & further investments specified are held in their own name.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2014, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

20. The Company has not raised any money by public issue during the year.

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

Forming an Opinion and Reporting on Financial Statements

For V. D. AGGARWAL & CO. CHARTERED ACCOUNTANTS

CA ABHIJAI AGGARWAL (PARTNER) Place : Ahmedabad Membership No. 517463 Date : 28/05/2014 FRN No. 008332N


Mar 31, 2010

We have audited the attached Balance Sheet of KALPTARU PAPERS LIMITED as at 31st March, 2010 and the Profit & Loss Account 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.

We conducted our audit in accordance with auditing standards generally accepted in India. These 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.

As required by the companies (Auditors Report) Order, 2003 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.

Further to our comments in the Annexure referred to above, we report that:

(a) We have obtained all the information & 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 accounts, as required by law, have been kept by the Company as far as appears from our examination of those books.

(c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with books of account.

(d) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the accounting standards referred to in sub-section 3 (C) of Section 211 of the Companies Act, 1956;

(e) Based on the representations made by all the Directors of the company as on 31st March, 2010 and taken on record by the Board of Directors of the company and in accordance with the information and explanations as made available, the directors of the company do not, Prima Facie have any disqualification as referred to in clause (g) of Sub Section (1) to section 274 of the Act.

(f) In our opinion and to the best of our information and according to the explanations given to us, 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:

(i) In the case of the Balance Sheet, of the State of Affairs of the Company as at 31st March, 2010; and

(ii) In the case of the Profit & Loss Account, of the profit for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT KALPTARU PAPERS LIMITED (Annexure referred to in paragraph (1) of our report of even date as on 31st March, 2010)

1) a) The company has maintained proper records showing full particulars including quantitative details & situation of fixed assets.

b) The management has confirmed that wherever practicable, physical verification of all major items of fixed assets has been carried out during the year & the discrepancies noticed on physical verification were not material. The same have been properly dealt with in the books of accounts. In our opinion, frequency of verification is reasonable.

2) a) The stocks of finished goods, spare parts and

raw materials have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b) The procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) No discrepancies noticed on verification between physical stock and the book records.

3) a) The company has taken unsecured loan from

companies, firm and other parties covered in the register maintained under Section 301 of the Act. Details of which are as follows:

No. of Parties Maximum Year End

Amount (Rs.) Balance (Rs.)

8 127525910.00 99609300.00

b) In our opinion, the rate of interest & other terms & conditions on which loan have been taken from / 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) Stipulations regarding repayment of principal amount and interest are also regular at the close of the year.

d) There is no over due amount of loan of more than one lakh rupees taken from or granted to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act.

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 the nature of the business with regard to purchase of inventory & fixed assets and with regard to sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control.

5) a) According to the information & explanations given

to us, we are of the opinion that the transaction that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion & according to information & explanation given to us, the transactions entered in the register maintained u/s 301 & aggregating during the year to Rs. 5,00,000 or more in respect of each party have been made at prices which are reasonable having regard to prevailing market prices for such goods, materials or services or prices at which transactions for similar goods, materials or services have been made with other parties.

6) In our opinion and according to information and explanations given to us the company has not accepted any deposit from the public under the provisions of Section 58-A & Section 58AA of the Companies Act, 1956 and Companies (Acceptance of deposits) Rules, 1975.

7) In our opinion, the company has an adequate internal audit system commensurate with size and nature of the business.

8) In our opinion, and according to information and explanations given to us, the company has made and maintained cost records u/s 209 (1) (d) of the Companies Act, 1956. We have, however not examined the records with a view to determining whether they are accurate or complete.

9) a) According to information and explanations given

to us no undisputed amount payable in respect of Provident Fund, Investor Education & Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom duty, Excise Duty & Cess were outstanding as at 31st March, 2010

for a period of more than six months from the date they become payable.

b) According to information & explanations given to us an amount of Rs. 149410/= in respect of sales tax is disputed & appeal for the same is still pending with Assistant Commissioner of Sales Tax, Kalol, Gujarat.

10) In our opinion, the accumulated losses at the end of the financial year are not more than fifty percent of its net worth.

11) According to information & explanations given to us, the company has defaulted in repayment of dues to financial institution / bank during the financial year, however, the loan has been rescheduled during the financial year and after re-schedulement of account, the company has not defaulted in repayment of dues to the financial institutions.

12) In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor Report) Order, 2003 are not applicable to the company.

13) In our opinion and explanations given to us, proper records have been maintained of the transactions and contracts and timely entries have been made therein. Also shares, securities, debentures and other investments have been held by the company in its own name except to the exemption granted under Section 49 of the Companies Act, 1956.

14) As per the information & explanation given to us, the company has not given any guarantee for loans taken by others from banks / financial institutions.

15) As per the information and explanation given to us term loans have been applied for the purpose for which they were raised.

16) According to the information and explanations given to us and on overall examination of the balance Sheet of the Company, we report that no funds raised on short term basis have been used for long term investment. No long term funds have been used to finance short term assets except permanent working capital.

17) The company has not made any preferential allotment of shares during the year under consideration to parties and companies covered in the register maintained under Section 301 of the Act, hence the question of whether the price at which shares have been issued is prejudicial to the interest of the company does not arise.

18) According to the information and explanations given to us and records examined by us during the period covered by our audit report, no debentures has been issued by the company

19) The company has not raised monies during the year under consideration from public issue & hence the question of disclosure & verification of end-use of such monies does not arise.

20) According to the information & explanations given to us no fraud on or by company has been noticed / reported during the course of our audit.

21) The nature of the companys business / activities during the year have been such, that other provisions of Companies (Auditors Report) Order, 2003 are not applicable to the company.



For V.D. AGGARWAL & CO.

CHARTERED ACCOUNTANTS

RANJEET KESARWANI

PLACE : DELHI (PARTNER)

DATE : 31.08.2010 Membership No.407741

FRN No. 008332N

 
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