Auditor Report of Ruchira Papers Ltd.
Mar 31, 2023
Ruchira Papers Limited
Report on the Audit of the Financial Statements
We have audited the accompanying financial statements of Ruchira Papers Limited ("The Companyâ), which comprise the Balance Sheet as at March 31, 2023, the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equities and the Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies and other explanatory information (herein after referred to as "the financial statementsâ).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Financial Statements give the information required by the Companies Act, 2013, as amended (âthe Actâ) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act, read with the Companies (Indian Accounting Standard) Rules, 2015 as amended (Ind AS) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, its profit including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.
We conducted our audit of the Financial Statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the âAuditorâs Responsibilities for the Audit of the Financial Statementsâ section of our report. We are independent of the Company in accordance with the âCode of Ethicsâ issued by
the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Financial Statements.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Financial Statements for the financial year ended March 31, 2023. We have determined that there are no key audit matters to communicate in our report.
Information other than the Financial Statements and Auditor''s Report thereon
The Companyâs Board of Directors is responsible for the preparation of other information. The other information comprises the information included in the Management Discussion and Analysis, Boardâs Report including annexures, Corporate Governance and Shareholdersâ Information, but does not include the Financial Statements and our auditorâs report thereon.
Our opinion on the Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Financial Statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Management''s Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Actâ) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Indian Accounting Standards (Ind AS) and other generally accepted accounting principles in India including the Accounting Standards specified under Section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records in accordance with 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 the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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.
In preparing the financial statements, management is responsible for assessing the Companyâs ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless management either intents to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Companyâs financial reporting process.
Auditor''s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of managementâs use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2020,(the order) issued by the Central Government in terms of sub-section (11) of section 143 of the Act, we give in the âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, based on our audit, we report that:
(a) We have sought and 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, proper books of accounts as required by law have been kept by the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss including other comprehensive income, the Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of accounts.
(d) In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
(e) On the basis of the written representations received from the directors as on March 31, 2023 taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2023 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure Bâ.
Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the internal financial control over financial reporting of those companies, for reasons stated therein.
(g) In our opinion, the managerial remuneration for the year ended March 31, 2023 has been paid/provided by the company to its directors in accordance with the provisions of section 197 read with Schedule V of the Act.
(h) With respect of the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our knowledge and belief and according to the information and explanations given to us:
(i) The Company did not have any pending litigation, which may have impact on its financial position in its financial statements.
(ii) The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.
(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
(iv) (a) The management has represented that,
to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entity(ies), including foreign entities ("Intermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company ("Ultimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The management has represented, that, to the best of its knowledge and belief, no funds have been received by the company from any person(s) or entity(ies), including foreign entities ("Funding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
(c) Based on such audit procedures that were considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain any material misstatement.
(v) The dividend paid during the year by the company is in compliance with section 123 of the act to the extent it applies to declaration of dividend. Further, the Board of Directors of the company have proposed final dividend of H5/- per share for the year ended 31.03.2023, which is subject to the approval of the shareholders at the Annual General Meeting. The amount of divided declared is in accordance with section 123 of the act to the extent it applies to declaration of dividend.
(vi) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable with effect from April 1, 2023 to the Company and its subsidiaries if any, which are companies incorporated in India, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended March 31, 2023.
For Subhash Sajal & Associates
Chartered Accountants Registration No.018178N
Subhash Mittal (FCA)
Partner
Date: 29th May 2023 Membership No.089077
Place: Kala Amb UDIN: 23089077BGWNUX9441
Mar 31, 2016
To
The Members of Ruchira Papers Limited
Report on the Standalone Financial Statements:
We have audited the accompanying standalone financial statements of Ruchira Papers Limited ("the company"), which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Management''s Responsibility for the Standalone 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 standalone 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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 standalone 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. 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 the 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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, 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 on the standalone financial statements.
Opinion
in our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as at March 31, 2016, and its profit and its 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,
2016,(the order) 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" a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and 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, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by
this Report are in agreement with the books of accounts.
(d) in our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rule, 2014.
(e) On the basis of the written representations received from the directors as on March 31, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B" and
(g) With respect of the other matters to be included in the Auditors'' Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our knowledge and belief and according to the information and explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statement.
(ii) The Company has long term contracts for which there were no material foreseeable losses. The Company does not have long term derivative contracts.
(iii) There were no amounts which were required to be transferred to the investor Education and Protection Fund by the Company during the Year.
i (a) The company has maintained proper records showing full particulars, including quantitative details and situation, of fixed assets.
(b) The fixed assets were physically verified by the Management during the year in accordance with a regular verification programme which, in our opinion provides for physical verification of all the Fixed Assets at reasonable interval. According to information and explanation given to us, no material discrepancies have been noticed on such verification.
(c) in our opinion and according to information and explanations given to us and on the basis of an examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
ii. The physical verification of inventory except stocks in transit have been conducted at reasonable intervals by the Management during the year. The Discrepancies noticed on physical verification of inventory as compared to book records were not material and have been dealt with in books of account.
iii. The company has not granted any loans, secured or unsecured, to companies, firms, limited Liability Partnership or other parties covered in the register maintained under Section 189 of the Act.
iv. No transactions relating to Loans, investment, Guarantees and Security has been made during the year under the provisions of Section 185 and 186 of the Companies Act, 2013. Accordingly the provisions of clause 3 (iv) of the said Order are not applicable to the Company.
v. in our opinion and according to information and explanations given to us the company has not accepted any deposit from the public within the meaning of Sections 73 to 76 of the Act or any other relevant provisions of the Act and the Rules framed there under. According paragraph 3(v) of the Order is not applicable to the Company.
vi. Pursuant to the rules by the Central Government of India, the Company is required to maintain cost records as specified under Section 148 (1) of the Act in respect of its products. We have broadly reviewed the same, and are of the Opinion that, prima facie, the prescribed accounts and records have been made and maintained.
vii. (a) According to the information and explanations given
to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing the undisputed statutory dues, including Provident Fund, Employees'' State insurance, income Taxes, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other material statutory dues, as applicable, with the appropriate authorities.
According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Employees'' State insurance, income Taxes, Sales Tax, Wealth Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other material statutory dues, were in arrears as at 31st March 2016 for a period of more than 6 months from the date they became payable.
(b) According to the information and explanations given to us the records of the Company examined by us, there are no dues of income Tax, Sales Tax, Service-Tax, Duty of Custom, Duty of Excise, Value Added Tax And Cess which have not been deposited on account of any dispute.
viii. According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of loans or borrowings to any financial institution or bank. The Company does not have any loans and borrowings from Government. Further, the Company has not issued any debentures.
ix. The Company has not raised any money by way of initial public offer, further public offer (including debt instruments) except term loans. The term loans raised during the year were applied for the purpose for which those are raised.
x. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in india, and according to the information and explanations given to us, we have neither come across any instance of material fraud by the Company or on the Company by its officers or employees, noticed or reported during the year, nor have we been informed of any such case by the Management.
xi. in our opinion and according to information and explanations given to us, the Company has paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
xii. As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it, the provisions of Clause 3(xii) of the order are not applicable to the Company.
xiii. in our opinion and according to information and explanations given to us, the Company has entered into transactions with related parties in compliance with the provisions of Sections 177 and 188 of the Act, wherever applicable. The details of such related party transactions have been disclosed in the financial statements as required by the applicable accounting standards.
xiv. in our opinion and according to information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of Clause 3(xiv) of the orders are not applicable to the Company.
xv. in our opinion and according to information and explanations given to us, the Company has not entered into any non-cash transactions with its directors or persons connected with him. Accordingly, the provisions of Clause 3(xv) of the order are not applicable to the Company.
xvi. The Company is not required to be registered under Section 45-iA of the Reserve Bank of India Act, 1934. Accordingly, the provisions of Clause 3 (xvi) of the order are not applicable to the Company.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Act
We have audited the internal financial controls over financial reporting of Ruchira Paper Limited ("the Company") as at March 31, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s 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 Controls over Financial Reporting issued by the institute of Chartered Accountants of India (iCAi). 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 company''s policies, the safeguarding of its 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 Act.
Auditor''s Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of internal Controls Over Financial Reporting (the" Guidance Note") and the Standards on Auditing issued by iCAi deemed to be prescribed under section 143 (10) of the Act 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 iCAi. 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 control over financial reporting was 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 auditor''s 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 Company''s internal financial controls over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Company''s 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 for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation 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 management and directors of the company; and
(iii) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or deposition of the company''s 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 controls financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not to 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 financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the internal controls over financial reporting criteria established by the Company considering the essential components over internal control started in the Guidance Note on audit of internal Financial Controls Over Financial Reporting issued by the institute of Chartered Accountants of India.
For Subhash Sajal & Associates
Chartered Accountants
Registration No.018178N
Subhash Mittal (F.C.A.)
Date: 18.05.2016 Partner
Place: Kala- Amb Membership No.089077
Mar 31, 2015
We have audited the accompanying Standalone Financial Statements of
Ruchira Papers Limited ("the Company"), which comprise the Balance
Sheet as at 31st March 2015, the Statement of Profit & Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policy 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 and presentation of these standalone 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 principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes the maintenance of adequate accounting records in
accordance with 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 adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give 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 standalone
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 thereunder.
We conducted our audit in accordance with the Standards on auditing
specified under Section 143(10) of the Act. 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 misstatements.
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 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 controls 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 the
Company's Directors, as well as evaluating the overall presentation of
the financial statements.
We believe that audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as
at 31st March 2015 and its profit and its 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 ("the
Order"), 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 & 4 of the Order, to
the extent applicable.
2. As required by Section 143(3) of the Act, we report that :
a) We have sought and 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 it appears from our examination of those
books;
c) The Balance Sheet, the Statement of Profit & Loss and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies(Accounts) Rules, 2014;
e) On the basis of the written representations received from the
directors as on 31st March 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March 2015,
from being appointed as directors in terms of Section 164(2) of the
Act; and
f) With respect to the other matters to be included in the Auditors
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 has disclosed the impact of pending litigations on its
financial position in its financial statements-refer note 29 to the
financial statements;
ii) the Company has made provisions, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long term contracts including derivative contracts.
iii) There has been no delay in transferring amounts (if any), required
to be transferred to the Investor Education and Protection Fund by the
Company.
THE ANNEXURE REFERRED TO IN OUR REPORT TO THE MEMBERS OF RUCHIRA PAPERS
LIMITED("THE COMPANY") FOR THE YEAR ENDED 31ST MARCH, 2015.
We Report That:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of three years. In accordance with the programme, certain
fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opinion this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
(ii) (a) The management has conducted physical verification of
inventory at reasonable intervals during the year.
(b) The procedure of physical verification of inventory followed by the
management is, in our opinion, 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 as
compared to the book records.
(iii) The Company has not granted any loans, secured or unsecured to
the Companies, Firms or other parties covered in the register
maintained under section 189 of the Companies Act, 2013.
(iv) In our opinion and according to information and explanations given
to us, there is adequate internal control procedures commensurate with
the size of the Company and the nature of its business with regard to
purchase of inventory and fixed assets and for the sale of goods.
During the course of our audit, no major weakness has been noticed in
the internal control in respect of these areas.
(v) The Company has not accepted any deposits from the public.
(vi) The central govt. has specified the maintenance of cost records
under sub section (1) of Section 148 of the Companies Act, and such
accounts and records have been made and maintained by the Company.
(vii) (a) According to information and explanations given to us and on
the basis of our examination of the records of the Company, amounts
deducted/accrued in the books of accounts in respect of undisputed
statutory dues in respect of provident fund, Employees' State
Insurance, Duty of Excise, Income Tax, Sales Tax, Wealth Tax, Service
Tax, duty of Customs, Value Added Tax, Cess and other material
statutory dues have been regularly deposited by the Company during the
year with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, Employees'
State Insurance, Duty of Excise, Income Tax, Sales Tax, Wealth Tax,
Service Tax, duty of Customs, Value Added Tax, Cess and other material
statutory dues were in arrear as at 31st March 2015 for a period of
more than 6 months from the date they became payable.
(b) According to the information and explanations given to us, there
are no material dues of provident fund, Employees' State Insurance,
Income Tax, Sales Tax, Wealth Tax, Service Tax, duty of Customs, Value
Added Tax, Cess which have not been deposited with the appropriate
authorities on account of any dispute. However according to information
and explanations given to us, the following dues of Duty of Excise have
not been deposited by the company on account of disputes:
Name of the Statute Nature of the Amount Period to Forum where
dues (In Rs.) which dispute is
amount pending
relates.
The Central Excise
Act, Excise Duty & 31042816 February
2004 Custom,
Excise &
1944 Penalty
thereon. to May
2004 Service Tax
Appellate
Tribunal,
New Delhi.
(A stay order has been received against the amount disputed and not
deposited.)
(c) According to the information and explanations given to us, no
amounts were required to be transferred to the investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules thereunder during the year.
(Viii) The Company has no accumulated losses at the end of the
financial year and has not incurred any cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
(ix) Based on our audit procedures and as per information and
explanations given by the management, we are of the opinion that
company has not defaulted in repayment of dues to financial
institutions and banks.
(x) In our opinion and according to information and explanations given
to us, the Company has not given any guarantees for loans taken by
others from the banks and financial institutions.
(xi) Based on information and explanations given to us by the
management, the term loans were applied for the purpose for which the
loans were obtained.
(xii) Based upon the audit procedures performed for the purpose of
reporting true and fair view of the financial statements and as per the
information and explanations given by the management, we report that no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For Subhash Sajal & Associates.
Chartered Accountants
Registration No.018178N
Subhash Mittal (F.C.A.)
Partner
Membership No.089077
Place-Kala-Amb
Date- 28th May 2015
Mar 31, 2014
We have audited the accompanying Financial Statements of Ruchira Papers
Limited ("the Company"), which comprise the Balance Sheet as at 31st
March 2014, the Statement of Profit & Loss and Cash Flow Statement for
the year then ended and a summary of significant accounting policy 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") 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 misstatements.
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 entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by the management, as well as evaluating the overall
presentation of the financial statements.
We believe that 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 aforesaid 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 31st March 2014;
b) In the case of the Statement of Profit & Loss, of the profit for the
year ended on that date; and
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
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of Section 227(4A) of the Act, we give in the annexure a statement on
the matters specified in paragraphs 4 & 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, the Statement of Profit & Loss and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, the Statement of Profit & Loss
and Cash Flow Statement comply with the Accounting Standards referred
to in Section 211(3C) of the Companies Act, 1956 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
On the basis of the written representations received from the directors
as on 31st March 2014, taken on record by the Board of Directors, none
of the directors is disqualified as on 31st March 2014, from being
appointed as directors in terms of Section 274(1)(g) of the Act.
THE ANNEXURE REFERRED TO IN OUR REPORT TO THE MEMBERS OF RUCHIRA PAPERS
LIMITED("THE COMPANY") FOR THE YEAR ENDED 31st MARCH, 2014.
We Report That:
1. (i) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets on the basis of available information.
(ii) We were informed that these fixed assets of the Company have been
physically verified by the management at reasonable intervals and no
material discrepancies have been noticed on such verification.
(iii) There was no substantial disposal of fixed assets during the year
and the going concern status of the Company is not affected.
2. (i) The management has conducted physical verification of inventory
at reasonable intervals during the year.
(ii) The procedure of physical verification of inventory followed by
the management is, in our opinion, reasonable and adequate in relation
to the size of the Company and nature of its business.
(iii) The Company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification as
compared to the book records.
3. (i) The Company has taken Unsecured loans from three Directors
covered in the register maintained under section 301 of the Companies
Act, 1956. The maximum amount during the period of such loans was Rs
496.80 lacs and the amount remaining unpaid at the year end was Rs
479.80 lacs.
(ii) The Unsecured loans taken by the Company are free of interest and
are not due for repayment at the year end.
(iii) There are no overdue amounts of the principal repayable at the
year end.
(iv) The Company has not granted any loans to parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(v) Since the company has not granted any loans to parties, the
question of reporting whether terms & conditions of such loan are
prejudicial to the interest of company does not arise.
(vi) Further in the light of above, the question of, whether reasonable
steps are taken for recovery/repayment of overdue of such loan, does
not arise.
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 its business with regard to
purchase of inventory and fixed assets and for the sale of goods &
Services. During the course of our audit, no major weakness has been
noticed in the internal control in respect of these areas.
5. (i) According to information and explanations given to us, we are
of the opinion that the transactions that need to be entered in to the
register maintained under Section 301 have been so entered ;and
(ii) Transactions made in pursuance of such contracts or arrangements
have been made at prices which appear reasonable having regard to the
prevailing market prices at the relevant time and as per information
available with the Company.
6. The Company has not accepted any deposits from the public.
7. In our opinion the Company has an internal audit system
commensurate with the size and nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under section 209 (1) (d) of the
Companies Act,1956 and are of the opinion that prima facie, the
prescribed cost records have been made and maintained. We have not,
however made a detailed examination of said records with a view to
determine whether they are accurate or complete.
9. (i) According to information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the undisputed statutory dues in respect of provident
fund, investor education and protection funds, employees'' state
insurance, income tax, sales tax, wealth tax, custom duty, excise duty,
service tax, cess and others as applicable have been generally
regularly deposited by the Company during the year with the appropriate
authorities.
(ii) According to information and explanations given to us and
according to the books and records as produced and examined by us ,
there are no disputed dues of sales tax, income tax, custom duty,
wealth tax, service tax and cess matters . The details of disputed
excise duty dues which have not been deposited by the company with the
authorities as at March 31,2014 are as follows :-
Name of the Statute Nature of the dues Amount Forum where
dispute is pending
The Central Excise Excise Duty & 31042816 Custom, Excise &
Act, 1944 Penalty thereon. Service Tax
Appellate
Tribunal, New Delhi.
10. The Company has no accumulated losses at the end of the financial
year and has not incurred any cash losses during the financial year
covered by the audit and in the immediately preceding financial year.
11. Based on our audit procedures and as per information and
explanations given by the management, we are of the opinion that
Company has not defaulted in repayment of dues to financial
institutions or banks.
12. According to information and explanations given to us and based on
the documents and records produced 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. 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''s Report) Order, 2003 are not applicable to the
Company.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in securities.
15. According to information and explanations given to us the Company
has not given any guarantees for loans taken by others from the banks
and financial institutions.
16. Based on information and explanations given to us by the
management, the term loans were applied for the purpose for which the
loans were obtained.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, in our
opinion, there are no funds raised on short term basis which have been
used for long term investment.
18. The Company has not made any preferential allotment of Shares to
parties or 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 through a Public Issues
during the year. 21. Based upon the audit procedures performed for the
purpose of reporting true and fair view of the financial statements and
as per the information and explanations given by the management, we
report that no fraud on or by the Company has been noticed or reported
during the course of our audit.
For Subhash Sajal & Associates.
Chartered Accountants
Registration No.018178N
Subhash Mittal (F.C.A.)
Partner
Membership No.089077
Place-Kala-Amb
Date- 28th May 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying Financial Statements of Ruchira Papers
Limited ("the Company"), which comprise the Balance Sheet as at 31st
March 2013, the Statement of Profit & Loss and Cash Flow Statement for
the year then ended and a summary of significant accounting policy 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 principles generally accepted in India including
Accounting Standards referred to in Section 211(3C) 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.
Auditors'' 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 misstatements.
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 the management,
as well as evaluating the overall presentation of the financial
statements. We believe that 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 aforesaid 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 31st March 2013;
b) In the case of the Statement of Profit & Loss, of the profit for the
year ended on that date; and
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
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the annexure a statement on the matters
specified in paragraphs 4 & 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, the Statement of Profit & Loss and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, the Statement of Profit & Loss
and Cash Flow Statement comply with the Accounting Standards referred
to in Section 211(3C) of the Act;
e) On the basis of the written representations received from the
directors as on 31st March 2013, taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March 2013,
from being appointed as directors in terms of Section 274(1)(g) of the
Act.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF RUCHIRA PAPERS LIMITED ON THE ACCOUNTS AS AT AND FOR THE
YEAR ENDED 31ST MARCH, 2013
1. (i) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets on the basis of available information.
(ii) We were informed that these fixed assets of the Company have been
physically verified by the management at reasonable intervals and no
material discrepancies have been noticed on such verification.
(iii) There was no substantial disposal of fixed assets during the
year.
2. (i) The management has conducted physical verification of inventory
at reasonable intervals during the year.
(ii) The procedure of physical verification of inventory followed by
the management is, in our opinion, reasonable and adequate in relation
to the size of the Company and nature of its business.
(iii) The Company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
3. (i) The Company has taken Unsecured loans from three Directors
covered in the register maintained under section 301 of the Companies
Act, 1956. The maximum amount during the period of such loans was Rs
496.80 lacs and the amount remaining unpaid at the yearend was Rs
496.80 lacs.
(ii) The loans taken by the Company are free of interest and are not
due for repayment at the year end.
(iii) There are no overdue amounts of the principal repayable at the
year end.
(iv) The Company has not granted any loans to parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(v) Since the company has not granted any loans to parties, the
question of reporting whether terms & conditions of such loan are
prejudicial to the interest of company does not arise.
(vi) Further in the light of above, the question of, whether reasonable
steps are taken for recovery/repayment of overdue of such loan, does
not arise.
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 its business with regard to
purchase of inventory and fixed assets and for the sale of goods &
Services. During the course of our audit, no major weakness has been
noticed in the internal control in respect of these areas.
5. (i) According to information and explanations given to us, we are
of the opinion that the transactions that need to be entered in to the
register maintained under Section 301 have been so entered ; and
(ii) Transactions made in pursuance of such contracts or arrangements
have been made at prices which appear reasonable having regard to the
prevailing market prices at the relevant time and as per information
available with the Company.
6. The Company has not accepted any deposits from the public.
7. In our opinion the Company has an internal audit system
commensurate with the size and nature of its business.
8. We have broadly reviewed the cost records 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 and are of the opinion that prima facie, the prescribed cost
records have been made and maintained. We have not, however made a
detailed examination of said records with a view to determine whether
they are accurate or complete.
9. (i) According to information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the undisputed statutory dues in respect of provident
fund, investor education and protection funds, employees'' state
insurance, income tax, sales tax, wealth tax, custom duty, excise duty,
service tax, cess and others as applicable have been regularly
deposited by the Company during the year with the appropriate
authorities.
(ii) According to information and explanations given to us and
according to the books and records as produced and examined by us ,
there are no disputed dues of sales tax, income tax, custom duty,
wealth tax, service tax and cess matters. The details of disputed
excise duty dues which have not been deposited by the company with the
authorities as at March 31 ,2013 are as follows :-
Name of the Statute Nature of the dues Amount Forum where
dispute is pending
The Central Excise Act, 1944 Excise Duty & Penalty 31042816 Custom,
Excise &
thereon. Service Tax Appellate
Tribunal, New Delhi.
10. The Company has no accumulated losses at the end of the financial
year and has not incurred any cash losses in the current and
immediately preceding financial year.
11. Based on our audit procedures and as per information and
explanations given by the management, we are of the opinion that
Company has not defaulted in repayment of dues to financial
institutions or banks.
12. According to information and explanations given to us and based on
the documents and records produced 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. 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''s Report) Order, 2003 are not applicable to the
Company.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in securities.
15. According to information and explanations given to us the Company
has not given any guarantees for loans taken by others from the banks
and financial institutions.
16. Based on information and explanations given to us by the
management, the term loans were applied for the purpose for which the
loans were obtained.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, in our
opinion, there are no funds raised on short term basis which have been
used for long term investment.
18. The Company has not made any preferential allotment of Shares to
parties or 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 through a Public Issues
during the year.
21. Based upon the audit procedures performed for the purpose of
reporting true and fair view of the financial statements and as per the
information and explanations given by the management, we report that no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For J.L.Garg & Co.
Chartered Accountant
Registration No.004730N
Lalit Goel ( F.C.A.)
Partner
Membership No.091100
Place-Kala-Amb
Date 28Th May 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of Ruchira Papers
Limited as at 31st March 2012 and also the Profit & Loss Account 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.
2. 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 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 principals 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.
3. As required by the Companies (Auditor's 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 & 5 of the said
Order.
4. Further to our comments in the Annexure referred to 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 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, Profit & Loss Account and Cash flow statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
e) In our opinion and based on information and explanations given to us
none of the directors are disqualified as on 31st March 2012 from being
appointed as directors in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956 on the said date;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said account read together with
significant accounting policies and notes to accounts give the
information required by the Companies Act, 1956 in the manner so
required and give a true and fare view in conformity with the
accounting principles generally accepted in India :
a) In the case of Balance Sheet, of the state of affairs of the Company
as at 31st March 2012.
b) In the case of Profit & Loss Account, of the profit of the Company
for the year ended on that date.
c) In the case of Cash Flow Statement, of the cash flows of the Company
for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF RUCHIRA PAPERS LIMITED ON THE ACCOUNTS AS AT AND FOR THE
YEAR ENDED 31st MARCH, 2012
1. (i) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed assets
on the basis of available information.
(ii) We were informed that these fixed assets of the Company have been
physically verified by the management at reasonable intervals and no
material discrepancies have been noticed on such verification.
(iii) There was no substantial disposal of fixed assets during the
year.
2. (i) The management has conducted physical verification of inventory
at reasonable intervals during the year.
(ii) The procedure of physical verification of inventory followed by
the management is, in our opinion, reasonable and adequate in relation
to the size of the Company and nature of its business.
(iii) The Company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
3. (i) The Company has taken Unsecured loans from three Directors
covered in the register maintained under section 301 of the Companies
Act, 1956. The maximum amount during the period of such loans was Rs
496.80 lacs and the amount remaining unpaid at the yearend was Rs 496.80
lacs.
(ii) The loans taken by the Company are free of interest and are not
due for repayment at the year end.
(iii) There are no overdue amounts of the principal repayable at the
year end.
(iv) The Company has not granted any loans to parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(v) Since the company has not granted any loans to parties, the
question of reporting whether terms & conditions of such loan are
prejudicial to the interest of company does not arise.
(vi) Further in the light of above, the question of, whether reasonable
steps are taken for recovery/repayment of overdue of such loan, does
not arise.
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 its business with regard to
purchase of inventory and fixed assets and for the sale of goods &
Services. During the course of our audit, no major weakness has been
noticed in the internal control in respect of these areas.
5. (i) According to information and explanations given to us, we are
of the opinion that the transactions that need to be entered in to the
register maintained under Section 301 have been so entered ;and
(ii) Transactions made in pursuance of such contracts or arrangements
have been made at prices which appear reasonable having regard to the
prevailing market prices at the relevant time and as per information
available with the Company.
6. The Company has not accepted any deposits from the public.
7. In our opinion the Company has an internal audit system
commensurate with the size and nature of its business.
8. We have broadly reviewed the cost records 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 and are of the opinion that prima facie, the prescribed cost
records have been made and maintained. We have not, however made a
detailed examination of said records with a view to determine whether
they are accurate or complete.
9. (i) According to information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the undisputed statutory dues in respect of provident fund,
investor education and protection funds, employees' state insurance,
income tax, sales tax, wealth tax, custom duty, excise duty, service
tax, cess and others as applicable have been regularly deposited by the
Company during the year with the appropriate authorities.
(ii) According to information and explanations given to us and
according to the books and records as produced and examined by us ,
there are no disputed dues of sales tax, income tax, custom duty,
wealth tax, service tax and cess matters . The details of disputed
excise duty dues which have not been deposited by the company with the
authorities as at March 31 ,2012 are as follows :-
Name of the Statute Nature of the dues Amount Forum where
dispute
is pending
The Central Excise
Act, 1944 Excise Duty &
Penalty 31042816 Custom,
Excise &
thereon.
Service Tax
Appellate
Tribunal,
New Delhi.
10. The Company has no accumulated losses at the end of the financial
year and has not incurred any cash losses in the current and
immediately preceding financial year.
11. Based on our audit procedures and as per information and
explanations given by the management, we are of the opinion that
Company has not defaulted in repayment of dues to financial
institutions or banks.
12. According to information and explanations given to us and based on
the documents and records produced 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. 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's Report) Order, 2003 are not applicable to the
Company.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in securities.
15. According to information and explanations given to us the Company
has not given any guarantees for loans taken by others from the banks
and financial institutions.
16. Based on information and explanations given to us by the
management, the term loans were applied for the purpose for which the
loans were obtained.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, in our
opinion, there are no funds raised on short term basis which have been
used for long term investment.
18. The Company has not made any preferential allotment of Shares to
parties or 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 through a Public Issues
during the year.
21. Based upon the audit procedures performed for the purpose of
reporting true and fair view of the financial statements and as per the
information and explanations given by the management, we report that no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For J.L.Garg & Co.
Chartered Accountant
Registration No.004730N
I.C.Goel ( F.C.A.)
Partner
Membership No.004631
Place-Kala-Amb
Date -11/08/2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of Ruchira Papers
Limited as at 31st March 2011 and also the Profit & Loss Account 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.
2. 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 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 principals 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.
3. As required by the Companies (Auditor's 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 & 5 of the said
Order.
4. Further to our comments in the Annexure referred to 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 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, Profit & Loss Account and Cash flow statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
e) In our opinion and based on information and explanations given to us
none of the directors are disqualified as on 31st March 2011 from being
appointed as directors in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956 on the said date;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said account read together with
significant accounting policies and notes to accounts give the
information required by the Companies Act, 1956 in the manner so
required and give a true and fare view in conformity with the
accounting principles generally accepted in India :
a) In the case of Balance Sheet, of the state of affairs of the Company
as at 31st March 2011.
b) In the case of Profit & Loss Account, of the profit of the Company
for the year ended on that date.
c) In the case of Cash Flow Statement, of the cash flows of the Company
for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF RUCHIRA PAPERS LIMITED ON THE ACCOUNTS AS AT AND FOR THE
YEAR ENDED 31ST MARCH, 2011
1. (i) The Company has maintained proper records
showing full particulars, including quantitative details and situation
of fixed assets.
(ii) We were informed that these fixed assets of the Company have been
physically verified by the management at reasonable intervals and no
material discrepancies have been noticed on such verification.
(iii) There was no substantial disposal of fixed assets during the
year.
2. (i) The management has conducted physical verification of inventory
at reasonable intervals during the year.
(ii) The procedure of physical verification of inventory followed by
the management is, in our opinion, reasonable and adequate in relation
to the size of the Company and nature of its business.
(iii) The Company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
3. (i) The Company has taken Unsecured loans
from three Directors covered in the register maintained under section
301 of the Companies Act, 1956. The maximum amount during the period of
such loans was Rs 430.80 lacs and the amount remaining unpaid at the
year end was Rs 429.80 lacs.
(ii) The loans taken by the Company is free of interest and are not due
for repayment at the year end.
(iii) There are no overdue amounts of the principal repayable at the
year end.
(iv) The Company has not granted any loans to parties covered in the
register maintained under section 301 of the Companies Act,1956.
(v) Since the company has not granted any loans to parties, the
question of reporting whether terms & conditions of such loan are
prejudicial to the interest of company does not arise.
(vi) Further in the light of above, the question of, whether reasonable
steps are taken for recovery/repayment of overdue of such loan, does
not arise.
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 its business with regard to
purchase of inventory and fixed assets and for the sale of goods &
Services. During the course of our audit, no major weakness has been
noticed in the internal control in respect of these areas.
5. (i) According to information and explanations given to us, we are
of the opinion that the transactions that need to be entered in to the
register maintained under Section 301 have been so entered ;and
(ii) Transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion the Company has an internal audit system
commensurate with the size and nature of its business.
8. We have broadly reviewed the books of accounts 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 and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained. We have not,
however made a detailed examination of said records.
9. (i) According to information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the undisputed statutory dues in respect of provident
fund, investor education and protection funds, employees' state
insurance, income tax, sales tax, wealth tax, custom duty, excise duty,
service tax, cess and others as applicable have been regularly
deposited by the Company during the year with the appropriate
authorities.
(ii) According to information and explanations given to us and
according to the books and records as produced and examined by us ,
there are no disputed dues of sales tax, income tax, custom duty,
wealth tax, service tax and cess matters . The details of disputed
excise duty dues which have not been deposited by the company with the
authorities as at March 31 ,2011 are as follows :-
Name of the Statue Nature of Amount Forum where
the dues in Rs. dispute is
pending
The Central Excise Duty 31042816 Custom, Excise
Excise Act, & Penalty &Service Tax
1944 thereon. Appellate
Tribunal,
New Delhi.
10. The Company has no accumulated losses at the end of the financial
year and has not incurred any cash losses in the current and
immediately preceding financial year.
11. Based on our audit procedures and as per information and
explanations given by the management, we are of the opinion that
Company has not defaulted in repayment of dues to financial
institutions or banks.
12. According to information and explanations given to us and based on
the documents and records produced 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. 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's Report) Order, 2003 are not applicable to the
Company.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in securities.
15. According to information and explanations given to us the Company
has not given any guarantees for loans taken by others from the banks
and financial institutions.
16. Based on information and explanations given to us by the
management, the term loans were applied for the purpose for which the
loans were obtained.
17. Based on the information and explanations given to us and on an
overall examination of the Balance
Sheet of the Company, in our opinion, there are no funds raised on
short term basis which have been used for long term investment.
18. The Company has not made any preferential allotment of Shares to
parties or 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 through a Public Issues
during the year.
21. Based upon the audit procedures performed for the purpose of
reporting true and fair view of the financial statements and as per the
information and explanations given by the management, we report that no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For J.L.Garg & Co.
Chartered Accountant
Registration No.004730N
I.C.Goel (F.C.A.)
Partner
Membership No.004631
Place-Kala-Amb
Date 29th July 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of Ruchira Papers
Limited as at 31st March 2010 and also 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.
2. 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 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 principals 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.
3. 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 & 5 of the said
Order.
4. Further to our comments in the Annexure referred to 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 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, Profit & Loss Account and Cash flow statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
e) In our opinion and based on information and explanations given to us
none of the directors are disqualified as on 31st March 2010 from being
appointed as directors in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956 on the said date;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said account read together with
significant accounting policies and notes to accounts give the
information required by the Companies Act, 1956 in the manner so
required and give a true and fare view in conformity with the
accounting principles generally accepted in India :
a) In the case of Balance Sheet, of the state of affairs of the Company
as at 31st March 2010.
b) In the case of Profit & Loss Account, of the loss of the Company for
the year ended on that date.
c) In the case of Cash Flow Statement, of the cash flows of the Company
for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF RUCHIRA PAPERS LIMITED ON THE ACCOUNTS AS AT AND FOR THE
YEAR ENDED 31ST MARCH, 2010
1. (i) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(ii) We were informed that these fixed assets of the Company have been
physically verified by the management at reasonable intervals and no
material discrepancies have been noticed on such verification.
(iii) There was no substantial disposal of fixed assets during the
year.
2. (i) The management has conducted physical verification of inventory
at reasonable intervals during the year.
(ii) The procedure of physical verification of inventory followed by
the management are, in our opinion, reasonable and adequate in relation
to the size of the Company and nature of its business.
(iii) The Company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
3. (i) The Company has taken Unsecured loans from three Directors
covered in the register maintained under section 301 of the Companies
Act, 1956. The maximum amount during the period of such loans was Rs
350.80 lakhs and the amount remaining unpaid at the year end was Rs
350.80 lakhs.
(ii) The loans taken by the Company is free of interest and are not due
for repayment at the year end.
(iii) There are no overdue amounts of the principal repayable at the
year end.
(iv) The Company has not granted any loans to parties covered in the
register maintained under section 301 of the Companies Act,1956.
(v) Since the company has not granted any loans to parties, the
question of reporting whether terms & conditions of such loan are
prejudicial to the interest of company does not arise.
(vi) Further in the light of above, the question of, whether reasonable
steps are taken for recovery/repayment of overdue of such loan, does
not arise.
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 its business with regard to
purchase of inventory and fixed assets and for the sale of goods &
Services. During the course of our audit, no major weakness has been
noticed in the internal control in respect of these areas.
5. (i) According to information and explanations given to us, we are
of the opinion that the transactions that need to be entered in to the
register maintained under Section 301 have been so entered ;and
(ii) Transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion the Company has an internal audit system
commensurate with the size and nature of its business.
8. We have broadly reviewed the books of accounts 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 and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained. We have not,
however made a detailed examination of said records.
9. (i) According to information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the undisputed statutory dues in respect of provident
fund, investor education and protection funds, employees state
insurance, income tax, sales tax, wealth tax, custom duty, excise duty,
service tax, cess and others as applicable have been regularly
deposited by the Company during the year with the appropriate
authorities.
(ii) According to information and explanations given to us and
according to the books and records as produced and examined by us ,
there are no disputed dues of sales tax, income tax, custom duty,
wealth tax, service tax and cess matters . The details of disputed
excise duty dues which have not been deposited by the company with the
authorities as at March 31 ,2010 are as follows :-
Name of Nature of Amount Forum where
the Statute the dues dispute is
pending
The Central Excise Excise Duty & 31042816 Custom Excise
Act, 1944 Penality & Service Tax
Appellate
Tribunal
New Delhi
The Central Excise Excise Duty 46473 Remanded
back to
Commissioner
Appeals for
fresh decision
by H.P. High
Court, Shimla
10. The Company has no accumulated losses at the end of the financial
year and has not incurred any cash losses in the current and
immediately preceding financial year.
11. Based on our audit procedures and as per information and
explanations given by the management, we are of the opinion that
Company has not defaulted in repayment of dues to financial
institutions or banks.
12. According to information and explanations given to us and based on
the documents and records produced 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. 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 (Auditors Report) Order, 2003 are not applicable to the
Company.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in securities.
15. According to information and explanations given to us the Company
has not given any guarantees for loans taken by others from the banks
and financial institutions.
16. Based on information and explanations given to us by the
management, the term loans were applied for the purpose for which the
loans were obtained.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, in our
opinion, there are no funds raised on short term basis which have been
used for long term investment.
18. The Company has not made any preferential allotment of Shares to
parties or 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 through a Public Issues
during the year.
21. Based upon the audit procedures performed for the purpose of
reporting true and fair view of the financial statements and as per the
information and explanations given by the management, we report that no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For J.L. Garg & Co.
Chartered Accountant
Registration No. 004730N
Place : Kala-Amb I.C. Goel (F.C.A.)
Date : 27th July, 2010 Partner
Membership No. 004631
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