Mar 31, 2018
1. Report on the Financial Statements
We have audited the accompanying financial statements of M/s. Rama Pulp & Papers Ltd, which comprise the Balance Sheet as at March 31, 2018, and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.
2. Managementâs 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 in accordance with the Accounting Standards referred to in section 129(1) of the Companies Act, 2013 read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. 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.
3. Auditorâs Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted the 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.
4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on 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, we have considered internal control relevant to the Companyâs preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companyâs internal control. 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.
5. We believe that the audit evidences obtained are sufficient and appropriate to provide a basis for our audit opinion.
6. Opinion
In our opinion and to the best of 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 March31, 2018;
(b) In the case of the Statement of Profit and Loss, of the profit for the year & its Cash Flow ended on that date.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditorâs Report) Order, 2015, issued by the Central Government of India in terms of subsection (11) of section 143 of the Companies Act 2013 and on the basis of such checks of the books and records of the company as we consider appropriate and according to the information and explanations given to us, we give in the Annexure ''A'' statement on the matters specified in paragraphs 3 and 4 of the Order.
8. As required by section 143(3) of the Act, we report that:
(i) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of audit;
(ii) In our opinion proper books of accounts as required by law have been kept by the Company so far as appears from examination of those books;
(iii) The Balance Sheet, Statement of Profit and Loss & cash Flow statement dealt with by this Report are in agreement with the books of accounts;
(iv) In our opinion, the Balance Sheet, Statement of Profit and Loss comply with the Accounting Standards notified under the Act and read with Rule 7 of the Company''s (Accounts) Rules, 2014 & read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.
(v) On the basis of written representations received from the directors as on March 31, 2018, and taken on record by the Board of Directors, We report that none of the directors is disqualified as on March 31, 2018, from being appointed as a director in terms of sub-section (2) of section 164 of the Companies Act, 2013.
(vi) In our opinion & to the best of our information and according to explanation given to us, we report as under with respect to other matters to be included in Auditors Report in accordance with Rule 11 of the companies (Audit & Auditors) Rule 2014.
i. The company does not have any pending litigation which would impact its financial position except Service Tax liability as per para (vii) (b) of the Annexure ''A'' of this report.
ii. The company did not have any long term contracts including derivative contracts as such the question of commenting any material foreseeable losses there on does not arise
iii. There has been no delay in transferring amounts required to be transferred, to The Investors Education & Protection Fund by the company.
The Annexure ''A'' referred to in paragraph 7 of our Report of even date to the members of M/S Rama Pulp & Papers Ltd. on the accounts of the company for the year ended 31st March, 2018
i). a) The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.
b) As informed to us, the fixed assets have been physically verified by the management during the year at reasonable intervals and we were informed that no material discrepancies have been noticed on such verification.
Title deed of all immovable properties are held in the name of company.
ii). a) Physical verification of the inventory has been conducted at reasonable intervals by the management,
b) Procedures of physical verification of inventory followed by the management are reason able and adequate in relation to the size of the company and nature of its business.
c) The company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification
iii). a) The clause for any loans granted, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act 2013 is not applicable to the company as no such loans are granted by the company.
b) Whether receipt of the principal amount and interest are regular. This sub clause is related to above and is therefore not applicable.
c) If overdue amount is more than one lacs, whether reasonable steps have been taken by the company for recovery of the principal and interest. This sub clause is not applicable to the company.
iv). In our opinion & according to information & explanation given to us, there are adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. There is no major weaknesses in the internal control system Hence questions of correcting internal control system do not arise
v). The company has not accepted deposits, Hence question of the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 companies Act 2013 or any other relevant provisions of the companies Act 2013 and the rules framed there under, are not applicable to the company,
vi). According to the information and explanations given to us, Central government has not specified maintenance of cost records under subsection (1) of section 148 of the Act of the Companies Act 2013.
vii).a) As per the records of the company and according to the information and explanations given to us, the company is regular in depositing with appropriate authorities, statutory dues including, Provident Fund, Employees State Insurance income tax, sales tax, wealth tax, custom duty, excise duty, cess, value added tax and other statutory dues, to the extent applicable to it,
b) Company has not deposited Service tax demand raised by the department Rs. 2,59,56,040/- for the period 16.5.2008 to 31.03.2010. Appeal by the company is pending before Customs excise & Service Tax Appellate Tribunal, Ahmadabad
c) During the year company has transferred amounts, required to be transferred, to The Investors Education & Protection Fund & There is no delay in transferring funds.
viii). There are no accumulated losses at the end of the financial year of the company and neither any cash losses is incurred in such financial year or in the immediately preceding financial year.
ix). The company has not defaulted in repayment of dues for loans from Financial institution or bank or debenture holders
x) The company has not given any guarantee for loans taken by others from bank or financial institution, therefore whether the terms whereof are prejudicial to the interest of the company is not applicable.
xi) The company has neither raised any funds by way of public issue nor taken any term loans and thus the clause 3 (ix), whether term loans were applied for the purpose for which they were obtained, is not applicable
xii) According to the information and explanations given to us, no frauds on or by the company have been noticed or reported during the year.
xiii) Managerial Remuneration paid is in accordance with the requisite approval mandated by the provisions of section 197 read with schedule V of the companies act 2013.
xiv) In our opinion & according to the information & explanation given to us, The company is not a nidhi company. Accordingly paragraph 3(xii) of the order is not applicable.
xv) In our opinion & according to the information & explanation given to us, The company has not entered in to any transactions with the related parties according to section 177 & 188 of the Act.
xvi). Company has not made any preferential allotment/ Private placement shares or Debentures during the year under review.
xvii). Company has not entered in to non cash transactions with Directors or persons connected with him.
xviii). Company is not required to be registered under u/s 45-IA of the Reserve Bank of India Act, 1934.
Annexure B to the Auditorsâ Report
Report on the Internal Financial control under Clause (i) of Sub - section 3 of Section 143 of the Companies Act, 2013 ( the Act )
We have audited the Internal Financial controls over financial reporting of Rama Pulp & Papers Ltd as of 31st March 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Control over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAIâ).
These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business including adherence to the companyâs policies, the safeguarding of it assets, the prevention and detection of frauds and errors the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over financial Reporting ( the Guidance Noteâ ) and the standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Company Act, 2013 to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and both issued by the Institute of Chartered Accountants of India Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate Internal Financial controls over financial reporting were established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal Financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting.
A Companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements of external purposes in accordance with generally accepted accounting principles. A Companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that in reasonable details, accurately and fairly reflect the transactions and dispositions of the assets of the Company (2) provide reasonable assurance that transactions are recorded as necessary to permit preparing of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of the management and directors of the Company and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisitions, use, or disposition of the companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2018 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For For VIDYA & CO
Chartered Accountants
Firm Reg. No. 308022E
Amit Nagar
Place: Mumbai Partner
Date: 30th May 2018 Membership No: .056156
Mar 31, 2015
We have audited the accompanying financial statements of M/s. Rama Pulp
& Papers Ltd, which comprise the Balance Sheet as at March 31, 2015,
and the Statement of Profit and Loss for the year then ended, and a
summary of significant accounting policies and other explanatory
information.
2. 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 in accordance with the Accounting Standards
referred to in section 129(1) of the Companies Act, 2013 read with the
General Circular 15/2013 dated 13th September, 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013
and in accordance with the accounting principles generally accepted in
India. 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.
3. Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted the 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.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on 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, we have considered
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, but not for the
purpose of expressing an opinion on the effectiveness of the Company's
internal control. 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.
5. We believe that the audit evidences obtained are sufficient and
appropriate to provide a basis for our audit opinion.
6. Opinion
In our opinion and to the best of 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 & its cash Flow. ended on that date
Report on Other Legal and Regulatory Requirements
7. 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 Companies Act 2013 and on the basis of such checks
of the books and records of the company as we consider appropriate and
according to the information and explanations given to us, we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the Order.
8. As required by section 143(3) of the Act, we report that:
(i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of
audit;
(ii) In our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from examination of those
books;
(iii) The Balance Sheet, Statement of Profit and Loss & cash Flow
statement dealt with by this Report are in agreement with the books of
accounts;
(iv) In our opinion, the Balance Sheet, Statement of Profit and Loss
comply with the Accounting Standards notified under the Act read with
the General Circular 15/2013 dated 13th September, 2013 of the Ministry
of Corporate Affairs in respect of Section 133 of the Companies Act,
2013.
(v) On the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors, We
report that 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.
(vi) In our opinion & to the best of our information and according to
explanation given to us, we report as under with respect to other
matters to be included in Auditors Report in accordance with Rule 11 of
the companies (Audit & Auditors) Rule 2014.
i. The company does not have any pending litigation which would impact
its financial position except Service Tax liability as per note no.
29(iii)
ii) The company did not have any long term contracts including
derivative contracts as such the question of commenting any material
foreseeable losses there on does not arise
iii) There has been no delay in transferring amounts required to be
transferred, to The Investors Education & Protection Fund by the
company.
The Annexure referred to in paragraph 7 of our Report of even date to
the members of M/S Rama Pulp & Papers Ltd. on the accounts of the
company for the year ended 31st March, 2015
I). a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
b) As informed to us, the fixed assets have been physically verified by
the management during the year at reasonable intervals and we were
informed that no material discrepancies have been noticed on such
verification.
ii). a) Physical verification of the inventory has been conducted at
reasonable intervals by the management,
b) Procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
company and nature of its business.
c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification
iii). a) The clause for any loans granted, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act 2013 is not applicable to the
company as no such loans are granted by the company.
b) Whether receipt of the principal amount and interest are regular.
This sub clause is related to above and is therefore not applicable.
c) If overdue amount is more than 1 lakh, whether reasonable steps have
been taken by the company for recovery of the principal and interest.
This sub clause is not applicable to the company.
iv). In our opinion & according to information & explanation given to
us , there are adequate internal control system commensurate with the
size of the company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services.
There is no major weaknesses in the internal control system Hence
questions of correcting internal control system do not arise
v). The company has not accepted deposits, Hence question of the
directives issued by the Reserve Bank of India and the provisions of
sections 73 to 76 companies Act 2013 or any other relevant provisions
of the companies Act 2013 and the rules framed there under, are not
applicable to the company,
vi). According to the information and explanations given to us, Central
government has not specified maintenance of cost records under
subsection (1) of section 148 of the Act of the Companies Act 2013.
vii). a) As per the records of the company and according to the
information and explanations given to us, the company is regular in
depositing with appropriate authorities, statutory dues including,
Provident Fund, Employees State Insurance income tax, sales tax, wealth
tax, custom duty, excise duty, cess, value added tax and other
statutory dues, to the extent applicable to it, except Service tax Rs.
2,59,56,040/- for the period 16.5.2008 to 31.03.2010. Appeal by the
company is pending before Customs excise & Service Tax Appellate
Tribunal, Ahmadabad.
b). During the year company has transferred amounts, required to be
transferred, to The Investors Education & Protection Fund & There is no
delay in transferring funds.
viii). There are no accumulated losses at the end of the financial year
of the company and neither any cash losses is incurred in such
financial year or in the immediately preceding financial year.
ix). The company has not defaulted in repayment of dues for loans from
Financial institution or bank or debenture holders
x) The company has not given any guarantee for loans taken by others
from bank or financial institution, therefore whether the terms whereof
are prejudicial to the interest of the company is not applicable.
xi) The company has not taken any term loans and thus the clause
whether term loans were applied for the purpose for which they were
obtained, is not applicable
xii) According to the information and explanations given to me, no
frauds on or by the company have been noticed or reported during the
year.
For N. R. AGRAWAL & CO.
Chartered Accountants
Place: Mumbai
Dated: 30th May 2015
N. R. Agrawal
(Partner)
Membership No. 030117
FRN Reg No. 100143W
Mar 31, 2014
We have audited the accompanying financial statements of M/S Rama Pulp
& Paper LTD., which comprise the Balance Sheet as at March 31, 2014,
and the Statement of Profit and Loss 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 in accordance with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956 ("the Act") read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. 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''s 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, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. 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 evidences we have obtained are 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 31st 2014;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date.
(c) In the case of cash flow statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2003, as amended
by the companies (Auditors Report) (Amendment) Order, 2004, issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Act, and on the basis of such checks of the books and
records of the company as we consider appropriate and according to the
information and explanations given to us, We give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
As required by section 227(3) of the Act, we report that:
(i) 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;
(ii) In our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from my examination of those
books;
(iii) The Balance Sheet, Statement of Profit and Loss dealt with by
this Report are in agreement with the books of accounts;
(iv) In our opinion, the Balance Sheet, Statement of Profit and Loss
comply with the Accounting Standards notified under the Act read with
the General Circular 15/2013 dated 13th September, 2013 of the Ministry
of Corporate Affairs in respect of Section 133 of the Companies Act,
2013.
(v) On the basis of written representations received from the directors
as on March 31st 2014, and taken on record by the Board of Directors,we
report that none of the directors is disqualified as on March 31st
2014, from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
M/s. Rama Pulp & Papers Limited
ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT
ANNEXURE REFFERED IN PARA UNDER THE HEADING ''REPORT ON OTHER LEGAL AND
REGULATORY REQUIRMENT''S OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF
M/s. RAMA PULP AND PAPERS LTD. ON THE ACCOUNTS FOR THE YEAR ENDED 31ST
MARCH 2014.
1) (a) The Company has maintained proper records in respect of its
fixed assets showing full particulars including quantitative details
and situation of fixed assets.
(b) As informed to us, the fixed assets have been physically verified
by the management during the year at reasonable intervals and we are
informed that no material discrepancies have been noticed on such
verification.
(c) No substantial part of the fixed assets has been disposed off
during the year.
(d) None of the fixed assets were revalued during the year.
2) (a) The physical verification of goods, stores and spare parts have
been conducted by the management during the year & in our opinion the
frequency of verification was reasonable.
(b) Procedure of physical verification of stocks followed by the
management is reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) The Company is maintaining proper records of inventory and no
material discrepancies have been noticed on physical verification of
stock as compared to book records.
3) The Company has neither granted nor taken any loans, secured or
unsecured to and from companies, firms or other parties covered in the
register maintained under Section 301 of companies Act, 1956.
Accordingly, the provision of other clauses of the order is not
applicable to the Company.
4) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
with regards to purchase of stores, raw material and components plant
and machinery and other assets, and also for the sale of goods.
5) The company has not entered into any transaction that need to be
entered into the register maintained under section 301 of the Companies
Act, 1956, accordingly, the provision of clauses of the order
are not applicable to the Company.
6) The Company has not accepted any public deposits during the year
within the meaning of section 58A and section 58AA of the Companies
Act, 1956 and the rules framed there under.
7) The company has an internal audit system commensurate with the size
and nature of its business.
8) The company has maintained the cost records as required under
section 209(1) (d) of the Companies Act, 1956 that we have broadly
reviewed. We have, however not made detailed examination of this
record.
9) According to the records of the company, the company is regular in
depositing undisputed statutory dues including Provident Fund, Income
Tax, Excise Duty, Sales Tax, ESIC dues with the appropriate authorities.
10) The company has not incurred cash losses during the current
financial year and in the immediately preceding financial year.
11) The Company did not have any outstanding dues to any financial
institutes, banks or debenture holders during the year.
12) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities
and In our opinion the security, terms and conditions on which they are
given & whether they are prejudicial to the interest of the company or
not is not applicable.
13) The Company is not a chit/nidhi/mutual benefit funds / society.
14) According to the information given to us, the company is not
dealing in or trading in Shares, Securities, Debentures or other
investment.
15) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by its wholly owned
subsidiary Company from a bank.
16) The Company has not raised any term loan during the year.
17) According to the information and explanations given to us and an
overall examination of the Balance Sheet of the Company and the Fund
Flow based on the Audited Accounts, 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.
18) The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
19) The company has not issued any debentures during the year.
20) The Company has not raised any money by way of public issue during
the year.
21) According to the information and explanations given to us, no fraud
on or by the Company has been noticed or reported during the course of
our audit.
For N.R AGRAWAL & Co.
Chartered Accountants
FRN: 100143W
N.R. Agrawal (Partner)
Membership No:30117
Place: Mumbai
Date: 30th May 2014
Mar 31, 2012
We have audited the Balance Sheet of M/s. Rama Pulp & Papers Ltd., as
at 31st March 2012, the Statement of Profit and Loss and also the Cash
Flow statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Company Law Board in terms of Section 227 (4A) of the Companies
Act, 1956, we enclose in the Annexure a statement on the matters
specified in paragraph 4 and 5 of the said Order, to the extent
applicable to the Company.
3. Further to our comments in the Annexure referred to in Para 2
above, 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 purposes of our
audit;
b) In our opinion, the Company has kept proper books of accounts as
required by law as far as it appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit & Loss and Cash Flow
statement are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Statement of Profit & Loss and
Cash Flow statement dealt by this report comply with the Accounting
Standards referred to in section 211 (3C) of the Companies Act, 1956;
e) On the basis of written representations received from the directors
of the company and taken on record by the Board of Directors, we report
that none of the Directors are disqualified as on 31st March, 2012 from
being appointed as a Director U/s 274(1)(g) of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
Significant Accounting Policies and Notes thereon and attached thereto,
give the information required by the Companies Act, 1956, in the manner
so required and give a true and fair view;
(i) In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March 2012;
(ii) In the case of Statement of Profit and Loss, of the Profit of the
company for the year ended on that date; and
(iii) In the case of the Cash Flow statement, of the Cash Flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
ANNEXURE I IN TERMS OF PARA 2 OF OUR REPORT OF EVEN DATE TO THE MEMBERS
OF M/s RAMA PULP & PAPERS LTD ON THE ACCOUNTS FOR THE YEAR ENDED ON
31ST MARCH 2012.
1) (a) The Company has maintained proper records in respect of its
fixed assets showing full particulars including quantitative details
and situation of fixed assets.
(b) As informed to us, the fixed assets have been physically verified
by the management during the year at reasonable intervals and we are
informed that no material discrepancies have been noticed on such
verification.
(c) No substantial part of the fixed assets has been disposed off
during the year.
(d) None of the fixed assets were revalued during the year.
2) (a) The physical verification of goods, stores and spare parts have
been conducted by the management during the year & in our opinion the
frequency of verification was reasonable.
(b) Procedure of physical verification of stocks followed by the
management is reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) The Company is maintaining proper records of inventory and no
material discrepancies have been noticed on physical verification of
stock as compared to book records.
3) The Company has neither granted nor taken any loans, secured or
unsecured to and from companies, firms or other parties covered in the
register maintained under Section 301 of companies Act, 1956.
Accordingly, the provision of other clauses of the order is not
applicable to the Company.
4) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
with regards to purchase of stores, raw material and components plant
and machinery and other assets, and also for the sale of goods.
5) The Company has not entered into any transaction that need to be
entered into the register maintained under section 301 of the Companies
Act, 1956, accordingly, the provision of clauses of the order are not
applicable to the Company.
6) The Company has not accepted any public deposits during the year
within the meaning of section 58A and section 58AA of the Companies
Act, 1956 and the rules framed there under.
7) The Company has an internal audit system commensurate with the size
and nature of its business.
8) The Company has maintained the cost records as required under
section 209(1) (d) of the Companies Act, 1956 that we have broadly
reviewed. We have, however not made detailed examination of this
record.
9) According to the records of the company, the company is regular in
depositing undisputed statutory dues including Provident Fund, Income
Tax, Excise Duty, Sales Tax, ESIC dues with the appropriate authorities
10) The Company has not incurred cash losses during the current
financial year and in the immediately preceding financial year.
11) The Company did not have any outstanding dues to any financial
institutes, banks or debenture holders during the year.
12) The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities
and In our opinion the security, terms and conditions on which they are
given & whether they are prejudicial to the interest of the company or
not is not applicable.
13) The Company is not a chit/nidhi/mutual benefit funds/society.
14) According to the information given to us, the company is not
dealing in or trading in Shares, Securities, Debentures or other
investment.
15) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by its wholly owned
subsidiary Company from a bank.
16) The Company has not raised any term loan during the year.
17) According to the information and explanations given to us and an
overall examination of the Balance Sheet of the Company and the Fund
Flow based on the Audited Accounts, 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.
18) The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
19) The Company has not issued any debentures during the year.
20) The Company has not raised any money by way of public issue during
the year.
21) According to the information and explanations given to us, no fraud
on or by the Company has been noticed or reported during the course of
our audit.
For N. R. AGRAWAL & CO.
Chartered Accountants
N. R. AGRAWAL
Partner
M. No. 30117
Place: Mumbai
Date: 30th May, 2012
Mar 31, 2010
We have audited the Balance Sheet of M/s. Rama Pulp & Papers Ltd., as
at 31st March 2010, the Profit and Loss Account and also the Cash Flow
statement for the year ended on that date annexed there to. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. 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 the management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Company Law Board in terms of Section 227 (4A) of the Companies
Act, 1956, we enclose in the Annexure a statement on the matters
specified in paragraph 4 and 5 of the said Order, to the extent
applicable to the Company.
3. Further to our comments in the Annexure-I referred to in para 2
above, 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 purposes of our
audit;
b) In our opinion, the Company has kept proper books of accounts as
required by law as far as it appears from our examination of those
books;
c) The Balance Sheet, Profit & Loss Account and Cash Flow statement are
in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow statement dealt by this report comply with the Accounting
Standards referred to in section 211 (3C) of the Companies Act, 1956;
e) On the basis of written representations received from the directors
of the company and taken on record by the Board of Directors, we report
that none of the directors are disqualified as on 31st March, 2010 from
being appointed as a Director U/s 274(1)(g) of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Notes appearing thereon, and attached thereto, give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view;
(i) In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March 2010;
(ii) In the case of Profit and Loss Account, of the Profit of the
company for the year ended on that date; and
(iii) In the case of the Cash Flow statement, of the Cash Flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
ANNEXURE I IN TERMS OF PARA 2 OF OUR REPORT OF EVEN DATE TO THE MEMBERS
OF M/s RAMA PULP & PAPERS LTD ON THE ACCOUNTS FOR THE YEAR ENDED ON
31ST MARCH 2010.
1) (a) The Company has maintained proper records in respect of its
fixed assets showing full particulars including quantitative details
and situation of fixed assets.
(b) As informed to us, the fixed assets have been physically verified
by the management during the year at reasonable intervals and we are
informed that no material discrepancies have been noticed on such
verification.
(c) No substantial part of the fixed assets has been disposed off
during the year.
(d) None of the fixed assets were revalued during the year.
2) (a) The physical verification of goods, stores and spare parts have
been conducted by the management during the year & in our opinion the
frequency of verification was reasonable.
(b) Procedure of physical verification of stocks followed by the
management is reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) The Company is maintaining proper records of inventory and no
material discrepancies have been noticed on physical verification of
stock as compared to book records.
3) The Company has neither granted nor taken any loans, secured or
unsecured to and from companies, firms or other parties covered in the
register maintained under Section 301 of companies Act, 1956.
Accordingly, the provision of other clauses of the order is not
applicable to the Company.
4) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
with regards to purchase of stores, raw material, components, plant and
machinery and other assets, and also for the sale of goods.
5) The company has not entered into any transaction that need to be
entered into the register maintained under section 301 of the Companies
Act, 1956, accordingly, the provision of clauses of the order are not
applicable to the Company.
6) The Company has not accepted any public deposits during the year
within the meaning of section 58A and section 58AA of the Companies
Act, 1956 and the rules framed there under.
7) The company has an internal audit system commensurate with the size
and nature of its business.
8) The company has maintained the cost records as required under
section 209(1) (d) of the Companies Act, 1956 that we have broadly
reviewed. We have, however not made detailed examination of this
record.
9) According to the records of the company, the company is regular in
depositing undisputed statutory dues including Provident Fund, Income
Tax, Excise Duty, Sales Tax, ESIC dues with the appropriate
authorities.
10)The company has not incurred cash losses during the current
financial year and in the immediately preceding financial year.
11) The Company did not have any outstanding dues to any financial
institutes, banks or debenture holders during the year.
12) 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/nidhi/mutual benefit funds / society.
14) According to the information given to us, the company is not
dealing in or trading in Shares, Securities, Debentures or other
investment.
15) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by its wholly owned
subsidiary Company from a bank.
16) The Company has not raised any term loans during the year.
17) According to the information and explanations given to us and an
overall examination of the Balance Sheet of the Company and the Fund
Flow based on the Audited Accounts, 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.
18) The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
19) The company has not issued any debentures during the year.
20) The Company has not raised any money by way of public issue during
the year.
21) According to the information and explanations given to us, no fraud
on or by the Company has been noticed or reported during the course of
our audit.
For N. R. AGRAWAL & CO.
Chartered Accountants
N. R. AGRAWAL
Partner
M. No. 30117
Place : Mumbai
Date : 31st August,2010