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Speciality Papers Ltd.

BSE: 502465 Sector: Industrials
NSE: N.A. ISIN Code: INE260F01011
BSE 00:00 | 04 Mar Speciality Papers Ltd
NSE 05:30 | 01 Jan Speciality Papers Ltd
OPEN 0.94
PREVIOUS CLOSE 0.94
VOLUME 824620
52-Week high 0.94
52-Week low 0.35
P/E
Mkt Cap.(Rs cr) 15
Buy Price 0.94
Buy Qty 1500.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.94
CLOSE 0.94
VOLUME 824620
52-Week high 0.94
52-Week low 0.35
P/E
Mkt Cap.(Rs cr) 15
Buy Price 0.94
Buy Qty 1500.00
Sell Price 0.00
Sell Qty 0.00

Speciality Papers Ltd. (SPECIALPAPERS) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS

To

The Members

SPECIALITY PAPERS LIMITED.

Report on the Financial Statements

1. We have audited the attached Balance Sheet of SPECIALITY PAPERS LIMITED as at31st March 2014 the Profit and Loss account and also the Cash Flow Statement for theyear ended on that date annexed thereto. These financial statements are the responsibilityof the company’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audit.

2. Management’s Responsibility for the Financial Statements

Management is responsible for the preparation of the financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to in sub-section (3C) ofsection 211 of the Companies Act 1956 (‘the Act’). 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.

3. Auditor’s responsibility

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

4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures 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 areappropriate in the circumstances. An audit also includes evaluating the appropriatenessof accounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements.

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

5. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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 March31 2014;

b) In the case of the Profit and Loss Account of the profit/loss for the year ended onthat date; and

c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

6. Report on other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2003 ("theOrder") issued by the Central Government of India in terms of sub-section (4A) ofsection 227 of the Act we give in the Annexure a statement on the matters specified inparagraphs 4 and 5 of the Order.

7. 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 purposes of our audit.

b) in our opinion proper books of accounts as required by law have been kept by theCompany so far as it appears from our examination of the 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 accounts;

d) In our opinion the Balance Sheet Statement of Profit/Loss account and CashflowStatement dealt comply with the Accounting Standards referred to in subsection (3C) ofsection 211 of the Companies Act 1956 excepts for comments in paragraph 8 and 9 above;

e) On the basis of written representations received from the Directors as on 31stMarch 2014 and taken on record by the Board of Directors we report that three directorshave been disqualified from being appointed as a director in terms of clause (g) ofsub-section (1) of section 274 of the Act of the Companies Act 1956..

For JAMES SHAH & CO.

CHARTERED ACCOUNTANT

(Mr. James K. Shah)

Proprietor

m.No.36195

Place: Mumbai

Date: 15/09/2014.

Annexure to Independent Auditors’ Report

Referred to in paragraph 6 of the Our Report of even date.

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

(b) Fixed Assets have been physically verified by the Management during the year and nomaterial discrepancies were noticed on such verification.

(c) According to the information and explanation given to us the Company has notdisposed off any substantial part of fixed assets during the year.

2. (a) The management has conducted physical verification of inventory at reasonableintervals during the year.

The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

The Company is maintaining proper records of inventory and no material discrepancieswere 'noticed on physical verification carried out at the end of the year.

3. (a) During the year company has not granted any interest free loans and advances tothe parties covered in the register maintained under Section 301 of the Companies Act1956.

(b) In respect of loans/advances granted repayment of the principal amount isstipulated.

(c) There is no overdue amount of loans/advances granted to companies firms or otherparties listed in the register maintained under section 301 of the Companies Act 1956.

(d) The Company has taken Interest free loans from eight parties covered in theregister maintained under section 301 of the Companies Act 1956. The year end balance ofloans taken from such parties was Rs.4305.54 lakhs.

In our opinion and according to the information and explanation given to us the rateof interest and other terms and conditions in respect of loans taken from these partiesare prima facie not prejudicial to the interest of the company.

In respect of loans taken there is no agreed period for repayment of these loans.

4. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business for the purchase of inventory and fixed assets and for the sale ofgoods.

5. (a) According to the information and explanations provided by the management we areof the opinion that the particulars of contracts or arrangement referred to in section 301 of the Act that need to be entered in the register maintained under section 301 havebeen so entered.

(b) In respect of transactions made in pursuance of such contracts or arrangementsexceeding the value of Rupees five lakhs have been entered in to during the financial yearat prices which are reasonable having regard to the prevailing market prices at therelevant time.

6. The Company has not accepted deposit from the public within the meaning of section58A and 58AA of the Companies Act 1956. Hence the provision of clause 4(vi) are notapplicable to the Company.

7. According to the information and explanations provided by the management theCompany’s present internal audit system is commensurate with its size and the natureof its business.

8. We have broadly reviewed the books of account maintained by the Company pursuant tothe rules made by the Central Government for the maintenance of cost records under section209(l)(d) of the Companies Act 1956 and are of the opinion that prima facie theprescribed accounts and records have been made and maintained.

9. According to the books and records as produced and examined by us in accordance withgenerally accepted auditing practices in India and also Management representationsundisputed statutory dues in respect of Provident fund Professional Tax Income TaxSales Tax VAT Wealth Tax Sendee Tax Custom Duty Excise Duty Cess and materialstatutory dues if any applicable to it has been reqularly deposited with theappropriate authorities.

10. The Company has no accumulated losses exceeding fifty percent of its net worth ason the balance sheet date and has incurred cash loss during the financial year andimmediately preceding financial year.

11. In our opinion and according to the information and explanation given to us and thebooks of accounts verified by us the company has not defaulted in repayment of dues to afinancial institution or bank.

12. The Company has not granted any loans and advances on the basis of security by wayof pledge of shares debentures and other security.

13. The provisions of any special statute as specified under clause (xiii) of paragraph4 of the Order applicable to chit fund/nidhi/mutual benefit fund are not applicable to theCompany.

14. In our opinion and according to the information and explanations given to us theCompany is not dealing in or trading in securities.

15. According to the information and explanations given to us the company has not givenany guarantee for loans taken by others from banks or financial institutions.

16. According to the information and explanations given to us term loans have beenapplied for the purpose for which they were raised.

17. According to the information and explanations given to us we report that noshort-term funds were raised.

18. The Company has not made preferential allotment of shares to the parties andcompanies covered in the Register maintained under section 3 01 of the Companies Act 1956during the year.

19. The Company has not issued any debentures.

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

21. To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the company was noticed or reported during theyear.

For JAMES SHAH & CO.

CHARTERED ACCOUNTANT

(Mr. James K. Shah)

Proprietor

m.No.36195

Place: Mumbai

Date: 15/09/2014.