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Ruchira Papers Ltd.

BSE: 532785 Sector: Industrials
NSE: RUCHIRA ISIN Code: INE803H01014
BSE LIVE 15:40 | 12 Dec 196.20 -0.85
(-0.43%)
OPEN

201.50

HIGH

206.90

LOW

193.75

NSE 15:51 | 12 Dec 194.75 -2.95
(-1.49%)
OPEN

200.40

HIGH

206.90

LOW

192.60

OPEN 201.50
PREVIOUS CLOSE 197.05
VOLUME 147244
52-Week high 206.90
52-Week low 100.10
P/E 11.73
Mkt Cap.(Rs cr) 440
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 201.50
CLOSE 197.05
VOLUME 147244
52-Week high 206.90
52-Week low 100.10
P/E 11.73
Mkt Cap.(Rs cr) 440
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ruchira Papers Ltd. (RUCHIRA) - Auditors Report

Company auditors report

To The Members of

Ruchira Papers Limited

Report on the Standalone Financial Statements:

We have audited the accompanying standalone financial statements of Ruchira PapersLimited ("The Company") which comprise the Balance Sheet as at March 31 2017the Statement of Profit and Loss the Cash Flow Statement for the year then ended and asummary 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand 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 statementsbased on our audit.

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 andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2017 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 bythe Central Government of India in terms of subsection (11) of section 143 of the Act wegive in the "Annexure A" a statement on the matters specified in paragraphs 3and 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 bestof 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 theCompany 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 Statementdealt with by this Report are in agreement with the books of accounts.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rule 2014.

(e) On the basis of the written representations received from the directors as on March31 2017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164 (2) of theAct.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B" and

(g) With respect of the other matters to be included in the Auditors' Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our knowledge and belief and according to the information andexplanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statement.

(ii) The Company has long term contracts for which there were no material foreseeablelosses. The Company does not have long term derivative contracts.

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company during the Year.

(iv) The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 08th November2016 to 30th December 2016. Based on audit procedures and relying on the managementrepresentations we report that the disclosure are in accordance with books of accountsmaintained by the Company and as produced to us by the management- Refer Note No. 30 tofinancial statements.

For Subhash Sajal & Associates
Chartered Accountants
Registration No.018178N
Subhash Mittal (F.C.A.)
Date: 22.05.2017 Partner
Place: Kala- Amb Membership No. 089077

Annexure A to Independent Auditor's Report

Referred to in our Independent Auditor's of even date to the members of Ruchira PapersLimited on the Standalone financial statements as of and for the ended March 31 2017 i(a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets were physically verified by the Management during the year inaccordance with a regular verification programme which in our opinion provides forphysical verification of all the Fixed Assets at reasonable interval. According toinformation and explanation given to us no material discrepancies have been noticed onsuch verification.

(c) In our opinion and according to information and explanations given to us and on thebasis of an examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company.

ii. The physical verification of inventory except stocks in transit have been conductedat reasonable intervals by the Management during the year. The Discrepancies noticed onphysical verification of inventory as compared to book records were not material and havebeen dealt with in books of account.

iii. The company has not granted any loans secured or unsecured to companies firmslimited Liability Partnership or other parties covered in the register maintained underSection 189 of the Act.

iv. No transactions relating to Loans Investment Guarantees and Security has beenmade during the year under the provisions of Section 185 and 186 of the Companies Act2013. Accordingly the provisions of clause 3 (iv) of the said Order are not applicable tothe Company.

v. In our opinion and according to information and explanations given to us the companyhas not accepted any deposit from the public within the meaning of Sections 73 to 76 ofthe Act or any other relevant provisions of the Act and the Rules framed thereunder.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 requiredto maintain cost records as specified under Section 148 (1) of the Act in respect of itsproducts. We have broadly reviewed the same and are of the Opinion that prima facie theprescribed accounts and records have been made and maintained.

vii. (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is generally regular in depositingthe undisputed statutory dues including Provident Fund Employees' State InsuranceIncome Taxes Sales Tax Service Tax Duty of Customs Duty of Excise Value Added TaxCess and other material statutory dues as applicable with the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Employees' State Insurance Income Taxes Sales TaxWealth Tax Service Tax Duty of Customs Duty of Excise Value Added Tax Cess and othermaterial statutory dues were in arrears as at 31st March 2017 for a period of more than 6months from the date they became payable.

(b) According to the information and explanations given to us the records of theCompany examined by us there are no dues of Income Tax Sales Tax Service-Tax Duty ofCustom Duty of Excise Value Added Tax And Cess which have not been deposited on accountof any dispute.

viii. According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any financial Institution or bank. The Company does not have any loans and borrowingsfrom Government. Further the Company has not issued any debentures.

ix. The Company has not raised any money by way of initial public offer further publicoffer (including debt instruments) except term loans. The term loans raised during theyear were applied for the purpose for which those are raised.

x. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

xi. In our opinion and according to information and explanations given to us theCompany has paid/provided for managerial remuneration in accordance with the requisiteapprovals 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 applicableto 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 theCompany has entered into transactions with related parties in compliance with theprovisions of Sections 177 and 188 of the Act wherever applicable. The details of suchrelated party transactions have been disclosed in the financial statements as required bythe applicable accounting standards.

xiv. In our opinion and according to information and explanations given to us theCompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year under review. Accordingly the provisions ofClause 3(xiv) of the orders are not applicable to the Company.

xv. In our opinion and according to information and explanations given to us theCompany has not entered into any non-cash transactions with its directors or personsconnected with him. Accordingly the provisions of Clause 3(xv) of the order are notapplicable to the Company.

xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3 (xvi) of the order arenot applicable to the Company.

For Subhash Sajal & Associates
Chartered Accountants
Registration No.018178N
Subhash Mittal (F.C.A.)
Date: 22.05.2017 Partner
Place: Kala- Amb Membership No. 089077

Annexure B to Independent Auditor's Report

Referred to in paragraph 2(f) of the Independent Auditor's Report of even date to themembers of Ruchira Papers Limited on the standalone financial statements for the yearended March 31 2017

Report on the Internal Financial Controls under Clause (i) of Subsection 3 of Section143 of the Act

We have audited the internal financial controls over financial reporting of RuchiraPaper Limited ("the Company") as at March 31 2017 in conjunction with our auditof 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 internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith 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 prescribedunder section 143 (10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial control over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls overfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that

(i) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(ii) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(iii) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or deposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal controls over financial reportingincluding the possibility of collusion or improper management override of controlsmaterial misstatements due to error or fraud may occur and not be detected. AlsoProjections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the company has in all material respects an adequate internalfinancial controls system financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31 2017 based on the internalcontrols over financial reporting criteria established by the Company considering theessential components over internal control stated in the Guidance Note on audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Subhash Sajal & Associates
Chartered Accountants
Registration No.018178N
Subhash Mittal (F.C.A.)
Date: 22.05.2017 Partner
Place: Kala- Amb Membership No. 089077