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Karur KCP Packkagings Ltd.

BSE: 531363 Sector: Industrials
NSE: KARURKCP ISIN Code: INE727F01019
BSE LIVE 15:07 | 19 Jun Stock Is Not Traded.
NSE 00:00 | 29 Jan Stock Is Not Traded.
OPEN 46.50
PREVIOUS CLOSE 48.90
VOLUME 3220
52-Week high 77.45
52-Week low 44.50
P/E 7.43
Mkt Cap.(Rs cr) 55
Buy Price 0.00
Buy Qty 0.00
Sell Price 46.50
Sell Qty 980.00
OPEN 46.50
CLOSE 48.90
VOLUME 3220
52-Week high 77.45
52-Week low 44.50
P/E 7.43
Mkt Cap.(Rs cr) 55
Buy Price 0.00
Buy Qty 0.00
Sell Price 46.50
Sell Qty 980.00

Karur KCP Packkagings Ltd. (KARURKCP) - Auditors Report

Company auditors report

Independent Auditors Report

To

The Members of

Karur K.C.P. Packkagings Limited

Report on the Financial Statements

We have audited the accompanying financial statements of M/s. KARUR K.C.P. PACKKAGINGSLIMITED ("the Company") which comprise the Balance Sheet as at 31st March2014 the Statement of Profit and Loss and Cash Flow Statement for the year then ended anda summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the accounting principles generally accepted in India includingAccounting Standards notified under the Companies Act 1956 ("the Act") readwith the General Circular 15/2013 dated 13th September 2013 of the Ministry of CorporateAffairs in respect of Section 133 of the Companies Act 2013. This responsibility includesthe design implementation and maintenance of internal control relevant to the preparationand presentation of the financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financialstatements based on ouraudit. We conducted our Audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statement whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the entity’s internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statement.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the a fore said 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 Balance Sheet of the state ofaffairs of the company as at 31st March 2014; (b) In the case of Statement of Profit andLoss of the Profit for the year ended on that date; and (c) In the case of Cash FlowStatement 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 ("theOrder") issued by the Central Government of India in terms of Section 227 (4A) ofthe Act we give in the Annexure a statement on the matters specified in paragraph 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 ourknowledge 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 theCompany so far as appears from our examination of those books;

c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this report are in agreement with the books of account;

d) In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards notified under the Companies Act 1956 readwith the General Circular 15/2013 dated 13th September 2013 of the Ministry of CorporateAffairs in respect of Section 133 of the Companies Act 2013;

e) e)On the basis of the written representation received from the Directors as on 31stMarch 2014 and taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2014 from being appointed as a Director in terms of Section274 (1) (g) of the Companies Act 1956.

For MSS SRIRAM & Co.
Chartered Accountants
ICAI Firm Registration No 007909S
P.R.MAHADEVAN
Place : Karur Partner
Date : 30th May 2014 Membership Number : 007377

(Referred to in paragraph 1 under the heading ‘Report on Other Legal andRegulatory Requirement’s of our report of even date)

1. In respect of fixed assets:

a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b. According to the information and explanations furnished to us the fixed assets havebeen physically verified by the management during the year in a periodical manner whichin our opinion is reasonable having regard to the size of the company and thenature of assets. No material discrepancies were noticed on such verification.

c. The Assets disposed off during the year are not substantial and therefore do notaffect the going concern status of the company.

2. In respect of Inventories :

a. As explained to us the inventories have been physically verified by the managementduring the year at reasonable intervals.

b. In our opinion and according to the information and explanation given to us theprocedures of physical verification of the inventories followed by the management arereasonable and adequate in relation to the size of the company and nature of its business.

c. In our opinion and according to the information and explanation given to us theCompany has maintained proper records of inventories and discrepancies noticed on physicalverification of inventories as compared to book records were not material and have beenappropriately dealt with in the books of accounts.

3. In respect of loans and advances :

a. The Company has not granted any secured or unsecured loans to the Companies / Firmsand any other parties covered in the register maintained under section 301 of TheCompanies Act 1956.

b. The Company has not taken any secured or unsecured loans from the Companies / Firmsand any other parties covered in the register maintained under section 301 of TheCompanies Act 1956 excepting holding of interest free unsecured deposits from theManaging Director availed in the earlier years.

4. In respect of internal control system:

In our opinion and according to the information and explanations given to us there areadequate internal control systems commensurate with the size of the company and nature ofits business for the purchase of Inventory Fixed Assets and for the sale of goods andservices. Further in our opinion and according to information and explanations given tous there is no continuing failure to correct major weakness in internal control.

5. In respect of related party transactions:

In respect of contracts and arrangements entered in the register maintained inpursuance of section 301 of the Companies Act 1956 to the best of our knowledge andbelief and according to the information and explanations given to us:

i. The particulars of contracts or arrangements referred to in Section 301 that neededto be entered into Register maintained under the said Section have been so entered.

ii. where each of such transactions is in excess of Rs. 500000/- in respect of anyparty during the year the transactions have been made at the prices which are prima faciereasonable having regard to prevailing market prices at the relevant time.

6. Public Deposits

In our opinion and according to the information and explanations given to us thecompany has not accepted or invited any deposits from the public during the year.Therefore the provisions of the clause 4 (vi) of the Order are not applicable to theCompany.

7. Internal Audit

Company has an adequate Internal Audit System commensurate with the size and nature ofits business.

8. Cost Records

We have broadly reviewed the cost records maintained by the Company pursuant to theCompanies (Cost Accounting Records) Rules 2011 prescribed by the Central Government underSection 209 (1) (d) of the Companies Act 1956 and are of the opinion that prima faciethe prescribed cost records have been maintained. We have however not made a detailedexamination of the cost records with a view to determine whether they are accurate orcomplete.

9. Statutory Dues:

a. According to the information and explanations given to us and the records examinedby us the company is regular in depositing with appropriate authorities undisputedstatutory dues including Provident Fund Investor Education and Protection Fund EmployeesState Insurance Income Tax Sales Tax Wealth Tax Service Tax Customs Duty ExciseDuty Cess and other statutory dues applicable to it. According to the information andexplanations given to us no undisputed arrears of statutory dues were outstanding as at31st March 2014 for a period of more than six months from the date they became payable.

b. The details of disputed statutory dues are given below:-

Name of the Statute Nature of the dues Period to which the amount relates Amount Rs. In Lakhs Forum where dispute in pending
Central Excise / Service Tax Dispute on Cenvat / Service Tax Credit Interest and Penalty Aug-06 to Nov-06 15.86 Commissioner (Appeals)
Mar-05 to Nov-05 25.00 Appellate Tribunal
Feb-07 61.73 Appellate Tribunal
May-06 to Dec-06 16.44 Commissioner (Appeals)

10. Accumulated Losses:

The Company does not have accumulated losses at 31st March 2014. The Company has notincurred cash losses during the financial year covered by our audit and in the immediatelypreceding financial .

11. Defaulting of Term Loans:

In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of its dues to Financial Institutions and Banks.The Company has not issued any debentures.

12. Security For Loans Granted:

Based on our examination of documents and records the Company has not granted anyloans and advances on the basis of security by way of pledge of shares debentures orother securities.

13. Special Law :

The Company is not a chit / nidhi/ mutual benefit fund/society. Therefore theprovision of clause xiii of paragraph 4 of the Order are not applicable to the Company.

14. Dealing in Securities :

According to the information and explanations given to us the Company is not dealingin or trading in shares securities and debentures and other investments. Accordingly theprovisions of clause xiv of paragraph 4 of the Order are not applicable to the company.

15. Guarantee For Loans:

According to the information and explanations given to us the Company has givenguarantee for the loan availed by its wholly owned subsidiary company M/s Shriudha VenturePte Ltd. Singapore from the bank.

16. Purpose & Application of Term Loans :

According to the information and explanations given to us the Company has applied theTerm Loans for the purposes for which they were obtained.

17. Short Term Funds & Application:

According to the information and explanations given to us and on an overall examinationof the Sources and Application of the Funds of the Company we report that the company hasused no funds raised on short term basis for long term investments.

18. Preferential Allotments :

The Company has not made any preferential allotment of shares to the parties andcompanies covered in the register maintained under Section 301 of the Companies Act 1956during the year.

19. Debentures:

The Company has not issued any Debentures since incorporation and hence the provisionsof clause 4 (xix) are not applicable to the company.

20. Public Issue :

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

21. Frauds:

In our opinion and according to the information and explanations given to us and basedon the books and records examined by us there are no frauds on or by the Company that hasbeen noticed or reported during the year

For MSS SRIRAM & Co.
Chartered Accountants
ICAI Firm Registration No 007909S
P.R.MAHADEVAN
Place : Karur Partner
Date : 30th May 2014 Membership Number : 007377