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Shree Karthik Papers Ltd.

BSE: 516106 Sector: Industrials
NSE: N.A. ISIN Code: INE538D01015
BSE LIVE 15:40 | 22 Sep 17.90 -0.90
(-4.79%)
OPEN

19.00

HIGH

19.00

LOW

17.86

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 19.00
PREVIOUS CLOSE 18.80
VOLUME 23674
52-Week high 20.95
52-Week low 5.84
P/E 7.78
Mkt Cap.(Rs cr) 34
Buy Price 0.00
Buy Qty 0.00
Sell Price 17.90
Sell Qty 8.00
OPEN 19.00
CLOSE 18.80
VOLUME 23674
52-Week high 20.95
52-Week low 5.84
P/E 7.78
Mkt Cap.(Rs cr) 34
Buy Price 0.00
Buy Qty 0.00
Sell Price 17.90
Sell Qty 8.00

Shree Karthik Papers Ltd. (SHKARTHIKPAP) - Auditors Report

Company auditors report

To the Members of M/s. SHREE KARTHIK PAPERS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of M/s. SHREE KARTHIK PAPERSLIMITED ("the company") which comprise the Balance Sheet as at June 302015 and the statement of Profit and Loss for the year ended and a summary ofsignificant 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 basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions 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 theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements 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 areappropriateness in the circumstances but not for the purpose of expressing an opinion onthe effectiveness of the Company’s internal control. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by management as well as evaluating the overall presentation ofthe financial statements. We believe that the audit evidence we have obtained issufficient 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 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 state of affairs of the Company as at June30 2014;

(b) in the case of the Statement of Profit and Loss of the profit of the Company forthe 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) issuedby the Central Government of India in terms of Sub Section (11) of Section.143 of theCompanies Act 2013 we give in the annexure a statement on the matters specified in theparagraph 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 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 and the statement of Profit and loss and the cash Flow Statementdealt with by this Report are in agreement with the books of account

d) In our opinion the Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with Accounting Standards specified under Section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on June30 2015 taken on record by the Board of Directors none of the directors is disqualifiedas on June 30 2015 from being appointed as a director in terms of Section 164(2) of theAct.

f) 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 does not have any pending litigations which would impact its financialposition

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses

iii. There were no amounts which required to be transferred to the Investor Educationand Protection Fund by the Company.

For Giri & Co.
Chartered Accountants
(Sd./-) R. Giri BCom FCA FCMA BL
Place : Coimbatore Senior Partner
Date : 14.08.2015 Membership Number : 25458

ANNEXURE TO THE AUDITORS’ REPORT

The Annexure referred to in our report to the members of M/S. SHREE KARTHIKPAPERS LIMITED (‘the Company") for the year ended June 30 2015. We reportthat:

i) In respect of Fixed Assets :

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

b) As per the information and explanations given to us fixed assets have beenphysically verified by the Management at reasonable intervals and No discrepancies werenoticed on such Verification.

ii) In respect of Inventories :

a) As per the information and explanation given to us the inventories have beenphysically verified by the management at reasonable intervals during the year.

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

c) The Company is maintaining proper records of inventories. No material discrepancieswere noticed on physical verification of inventory.

iii) a) According to the information and explanations given to us the Company has notgranted loans unsecured from or to Companies firm or other parties listed in theRegister maintained Under Section 189 Of the Companies Act2013 (‘the Act’)butthe Company has taken loans unsecured from the parties listed in the Registermaintained Under Section 189 Of the Companies Act2013 (‘the Act’) the termsand Conditions are not prima facie prejudicial to the interest of the Company and theterms of arrangements do not Stipulate and repayment Schedule and the loans are repayableon demand.

During the year the company has financial transactions with the Directors as detailedbelow:

Name of the Directors Balance as on 01.07.2014 Balance as on 30.06.2015
M.S. Velu Rs.159319850/- Rs.136101378/-
Managing Director
S.S. Velu Rs.21242544/- Rs.17700623/-
Director
Vignesh Velu Rs.16796408/- Rs.20615976/-
Executive Director

b) There are no overdue amounts in respect of the loans granted to the bodies Corporatelisted in the register maintained Under Section 189 of the Act.

iv) In our opinion and according to the information and explanations given to us thereis an internal control System Commensurate With the Size of the Company and the nature Ofits business with regard to purchase of inventory & fixed assets and Sale of goods andServices.

v) The Company has not accepted and deposits from the public.

vi) We have broadly reviewed the books of accounts maintained by the company pursuantto the order made by the Central Government for maintenance of cost records under section148(1) of the act and are of the opinion that prima facie the Prescribed accounts andrecords have been made and maintained However we have not made a detailed examination ofthe records.

vii) According to the records of the Company and the information and explanations givento us in respect of Statutory and other dues:

(a) The Company was regular in depositing Provident Fund and Employee’ StateInsurance dues Excise duty Service tax customs duty CESS Investor Education &Protection Fund Income Tax Sales Tax and all other applicable Statutory dues with theappropriate authorities and there were no arrears outstanding for a period of more than 6month as at 30th June2015 (b) According to the information and explanation given to usthe following dues have not been deposited on account of disputes. The company isconfident of getting these claim quashed as the demands have been raised only on technicalgrounds.

Sl. No. Name of the Statute Nature of Dues Forum where dispute pending Amount
Rs.
a. Sales Tax 1995-1996 Penalty Sales Tax Appellate. Tribunal (AB) (Appeal pending) 221858
b. 1999-2000 (CST) Tax Penalty The Appellate Asst. Commissioner(Ct.)Cbe. (Appeal pending) 1588951
1799951
c. 2000-2001 (CST) Tax Penalty The Appellate Asst. Commissioner(Ct.) Cbe. (Appeal pending) 2761182
2943768
d. 2003-2004 (CST) Tax Sales Tax Appellate Tribunal (AB) (Appeal pending) 444575
e. 2004-2005 (CST) Tax Penalty The Appellate Asst. Commissioner(Ct.)Cbe. (Appeal pending) 1525088
1602309
f. 2004-2005 (TNGST) Tax Penalty The Appellate Asst. Commissioner(Ct.)Cbe. (Appeal pending) 117030
58515
g. 2006-2007 (Income Tax) Tax CIT (Appeals) Cbe. 5840144

(c) According to the information and explanations given to us there were no amountswhich required to be transferred to the Investor Education and Protection Fund by theCompany in accordance with the relevant provisions of the Companies Act2013 and rulesthere under viii) The Company has accumulated losses at the end of the financial year andhas not incurred cash loss in the financial year and in the immediately precedingfinancial year. ix) According to the information and explanations given to us and therecords examined by us the Company has not defaulted in repayment of dues to financialinstitutions or banks. x) In our opinion and according to the information and theexplanations given to us the Company has not given any guarantee for loans taken byothers from banks of financial institutions. xi) As informed to us the term loans wereutilized by the Company for the purpose for which they were obtained. xii) According tothe information and explanations given to us no material fraud on or by the Company hasbeen noticed or reported during the Course of our audit.

For Giri & Co.
Chartered Accountants
(Sd./-) R. Giri BCom FCA FCMA BL
Place : Coimbatore Senior Partner
Date : 14.08.2015 Membership Number : 25458