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Kalptaru Papers Ltd.

BSE: 590036 Sector: Industrials
NSE: N.A. ISIN Code: INE783C01019
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Kalptaru Papers Ltd. (KALPTARUPAPERS) - Auditors Report

Company auditors report

To

The Shareholders

KALPTARU PAPERS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of KALPTARU PAPERS LIMITED("the company")which comprise the Balance Sheet as at 31 March 2015 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters in section 134(5)of the Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on our judgmentincluding the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments we considersinternal financial control relevant to the Company’s preparation of the financialstatements that give true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made byCompany’s Directors as well as evaluating the overall presentation of the financialstatements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India; a) In the case of the Balance Sheet of the stateof affairs of the Company as at March 31 2015 subject to depreciation on fixed assets.The depreciation is required to be calculated on the basis of remaining useful life. Theremaining useful life is determined by management on assumption basis; b) In the case ofthe Statement of Profit and Loss of the profit for the year ended on that date subject todepreciation on fixed assets. The depreciation is required to be calculated on the basisof remaining useful life. The remaining useful life is determined by management onassumption basis.; and c) In the case of the Cash Flow Statement of the cash flows forthe year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central

Government of India in terms of sub-section (11) of Section 143 of the Act we give inAnnexure "A" a statement on matters specified in paragraphs 3 and 4 of the saidorder

2. As required by section 143(3) of the Actwe report that : a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books .

c) the Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) It is informed to us the functioning of unit was stopped in september 2013 due toorders of pollution control board and various other reasons which make the unit unviable.

f) On the basis of written representations received from the directors as on 31 March2015 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2015 from being appointed as a director in terms of Section 164(2) of theAct.

g) With respect to the other matters included in the Auditor’s Report and to ourbest of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note 34 to the financial statements; ii.The Company did not have any long-term contracts including derivatives contracts for whichthere were any material foreseeable losses. iii. There has been no delay in transferringamounts required to be transferred to the Investor Education and Protection Fund by theCompany

For V. D. AGGARWAL & CO.
CHARTERED ACCOUNTANTS
CA ABHIJAI AGGARWAL
BM1 DILKHUSH INDUSTRIAL AREA
Place : Ahmedabad G T KARNAL ROAD AZADPUR
Date : 30/05/2015 DELHI-110033

ANNEXURE TO THE AUDITOR’S REPORT

The Annexure referred to in our report to the members of KALPTARU PAPERS LIMITED forthe year ended 31st March 2015. On the basis of the information and explanation given tous during the course of our audit we report that:

1. (a) As informed to us The company is in process of updating of proper recordsshowing full particulars including quantitative details and situation of its fixed assets.

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

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

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) In our opinion and on the basis of our examination of the records the Company isgenerally maintaining proper records of its inventories. No material discrepancy wasnoticed on physical verification of stocks by the management as compared to book records.

3. According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties listed in the register maintained underSection 189 of the Companies Act. Thus sub clauses (a) & (b) are not applicable to thecompany.

4. In our opinion and according to the information and explanations given to us thereis generally an adequate internal control procedure commensurate with the size of thecompany and the nature of its business for the purchase of inventories & fixed assetsand payment for expenses & for sale of goods. During the course of our audit no majorinstance of continuing failure to correct any weaknesses in the internal controls has beennoticed.

5. In our opinion and according to the information and explanations given to us companyhasn’t accepted any deposits from the directives issued by the Reserve Bank of Indiaand as per the provisions of sections 73 to 76 or any other relevant provisions of theCompanies Act

6. As per information & explanation given by the management maintenance of costrecords has been prescribed by the Central Government under clause (d) of sub-section (1)of section 148 of the Act and we are of the opinion that prima facie the prescribedaccounts and records have been made and maintained.

7. (a) According to the records of the company undisputed statutory dues includingProvident Fund Investor Education and Protection Fund Employees’ State InsuranceIncome-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty cess to theextent applicable and any other statutory dues have generally been regularly depositedwith the appropriate authorities. According to the information and explanations given tous there were following outstanding statutory dues as on 31st of March 2015 for a periodof more than six months from the date they became payable.

S.No Name of Statute Nature of Due Amount ( Rs.)
1 Central Sale tax Act1956 CST Payable 170755.00
2 Gujarat Vat Act2005 VAT Payable 582109.38

(b) According to the information and explanations given to us there is followingpayable in respect of income tax wealth tax service tax sales tax customs duty andexcise duty which have not been deposited on account of any disputes.

S.No Name of Statute Nature of Due Amount ( Rs.)
1 Gujarat Vat Act FY 2003-04 591056.00
2 Gujarat Vat Act FY 2006-07 68764.00
3 Gujarat Vat Act FY 2009-10 444355.00

(c) In our opinion company has transferred the amount which is required to betransferred to investor education and protection fund in accordance with the relevantprovisions of the Companies Act 1956 (1 of 1956) and rules made thereunder within time.

8. The accumulated losses of the company have exceed fifty percent of its net worth asat 31st March 2015. The company has incurred a cash loss of Rs. 47184002.45 in thecurrent financial year and Rs. 92289152.82 in the financial year (immediately precedingfinancial year).

9. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has defaulted in repayment of dues toa Indian Overseas Bank so all accounts of company in Indian Overseas Bank has beenconverted to Not Performing Assets during last financial year i.e. FY 2013-14.

10. According to the information and explanations given to us the Company has notgiven any guarantees for loan taken by others from a bank or financial institution.

11. In our opinion Terms Loans were applied for the purpose for which loans wereobtained.

12. Based on the audit procedures performed and the information and explanations givento us we report that no fraud on or by the Company has been noticed or reported duringthe year nor have we been informed of such case by the management.

For V. D. AGGARWAL & CO.
CHARTERED ACCOUNTANTS
CA ABHIJAI AGGARWAL
Place : Ahmedabad BM1 DILKHUSH INDUSTRIAL AREA
Date : 30/05/2015 G T KARNAL ROAD AZADPUR DELHI-110033