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Ganga Papers India Ltd.

BSE: 531813 Sector: Industrials
NSE: N.A. ISIN Code: INE278O01015
BSE 00:00 | 19 Nov 91.70 4.30
(4.92%)
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91.65

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91.75

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91.65

NSE 05:30 | 01 Jan Ganga Papers India Ltd
OPEN 91.65
PREVIOUS CLOSE 87.40
VOLUME 851
52-Week high 99.00
52-Week low 39.20
P/E 53.31
Mkt Cap.(Rs cr) 99
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 91.65
CLOSE 87.40
VOLUME 851
52-Week high 99.00
52-Week low 39.20
P/E 53.31
Mkt Cap.(Rs cr) 99
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ganga Papers India Ltd. (GANGAPAPERS) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS' REPORT

To the Members of Ganga Papers India Limited

Report on the Financial Statements

We have audited the accompanying financial statements of GANGA PAPERS INDIA LIMITED(the ‘Company') which comprises the Balance Sheet as at 31st March 2017the Statement 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 stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified u/s.133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors' 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 specifiedu/s.143(10) of the Act. Those Standards require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether the financialstatements 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the accompanying financial statements give the information required by theAct 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 31st March 2017 and its profit and its cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the ‘Annexure-A' a statement on the matters specified in theparagraph 3 and

4 of the Order.

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 account;

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified u/s. 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 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' to this report; and

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements Refer Note 31 to the financial statements; (ii) TheCompany has made provision as required under the applicable law or accounting standardsfor material foreseeable losses if any and as required on long-term contracts includingderivative contracts.

(iii) No amount was required to be transferred to the Investor Education and ProtectionFund by the Company.

(iv) The Company has provided requisite disclosures in the financial statements asregards its holding and dealings in Specified Bank Notes as defined in the NotificationS.O. 3407(E) dated the November 8 2016 of the Ministry of Finance during the period fromNovember 8 2016 to December 30 2016. Based on audit procedures performed and therepresentations provided to us by the management we report that the disclosures are inaccordance with the books of account maintained by the Company and as produced to us bythe Management.

For Achal Srivastava & Co.

Chartered Accountants

Firm's Registration No.013385C

per Aadesh Kumar Agrawal

Partner

Membership No. 410473

Pune

May 30 2017

Annexure-A to the Independent Auditors' Report

The Annexure-A referred to in Paragraph 1 under the heading of "Report on OtherLegal and Regulatory Requirements" of our report to the members of GANGA PAPERS INDIALIMITED (the ‘Company') for the year ended 31st March 2017. We reportthat:

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

(b) The Company has a regular programme of physical verification of its fixed assets bywhich all fixed assets are verified in a phased periodical manner which in our opinion isreasonable having regard to the size of the Company and the nature of its assets. Inaccordance with this program certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company except in case of leasehold land.

(ii) The management has conducted physical verification of inventory at reasonableintervals during the year. The Company is maintaining proper records of inventory and nomaterial discrepancies were noticed on physical verification.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013. Accordingly the provisions of clause 3(iii)(a) (b) and (c) of theOrder are not applicable to the Company and hence not commented upon.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.

(v) The Company has not accepted any deposits from the public. Therefore theprovisions of clause 3(v) of the Order are not applicable to the Company and hence notcommented upon.

(vi) We have broadly reviewed the books of account and records maintained by theCompany relating to the products of the Company pursuant to the Rules made by the CentralGovernment for the maintenance of cost records under sub-section (1) of Section 148 of theCompanies Act and we are of the opinion that prima facie the prescribed accountsand records have been made and maintained. We have however not made a detailedexamination of the records with a view to determining whether they are accurate orcomplete.

(vii) In respect of Statutory dues:

(a) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues including Provident Fund Employees' StateInsurance Income Tax Sales Tax Service Tax Duty of Customs Duty of Excise ValueAdded Tax Cess and other material statutory dues have generally been regularly depositedduring the year by the Company 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 Tax

Sales Tax Service Tax Duty of Customs Duty of Excise Value Added Tax Cess andother material statutory dues were outstanding at the year end for a period of more thansix months from the date they became payable.

(b) According to the information and explanations given to us there are no materialdues of Income Tax Service Tax Duty of Customs Duty of Excise which have not beendeposited with the appropriate authorities on account of any dispute. However accordingto the information and explanations given to us the following dues of Sales Tax and ValueAdded Tax have not been deposited by the Company on account of disputes:

Name of the Statute Nature of Dues Amount Period to which the amount Relates Forum where dispute is pending
MVAT Act Value
2002 Added 12561104 From Financial Joint
Tax year 1993-94 to Commissioner
CST Act 1956 Sales Tax 6157523 Financial year (Appeals) and
2003-04 BIFR

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of loans or borrowing to financial institutionbank Government or dues to debenture holders. However the Company has outstandingliability of Deferred Sales Tax at Rs.58335891 as on 31st March 2017.

(ix) According to the information and explanations given by the management the Companyhas not raised any money by way of initial public offer/ further public offer and debtinstruments during the year. Monies raised by way of term loan have been applied by theCompany for the purposes for which they were raised.

(x) According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the course of our audit. (xi) Accordingto the information and explanations given to us the managerial remuneration has beenpaid/ provided in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Companies Act 2013.

(xii) The Company is not a Nidhi Company. Therefore the provisions of clause 3(xii) ofthe Order are not applicable to the Company and hence not commented upon.

(xiii) According to the information and explanations given to us transactions with therelated parties are in compliance with sections 177 and 188 of Companies Act 2013 whereapplicable and the details have been disclosed in the notes to the financial statementsas required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and on an overallexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review and hence reporting requirements under clause 3(xiv) are notapplicable to the Company and hence not commented upon.

(xv) According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him asreferred to in section 192 of Companies Act 2013.

(xvi) According to the information and explanations given to us the provisions ofsection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For Achal Srivastava & Co.

Chartered Accountants

Firm's Registration No.013385C

per Aadesh Kumar Agrawal

Partner

Membership No. 410473

Pune

May 30 2017

Annexure-B to the Independent Auditors' Report

Report on the Internal Financial Controls over Financial Reporting under Clause (i) ofsub-section 3 of Section 143 of the Companies Act 2013 ("the Act") We haveaudited the internal financial controls over financial reporting of Ganga Papers IndiaLimited ("the Company") as of 31st March 2017 in conjunction withour audit of the 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the 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 Companies Act 2013.

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 Financial Controls Over Financial Reporting(the

"Guidance Note") and the Standards on Auditing as specified under section143(10) of the

Companies Act 2013 to the extent applicable to an audit of internal financialcontrols both applicable to an audit of Internal Financial Controls and both issued bythe Institute of Chartered Accountants of India. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

An 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 systemover financial 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 (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31st March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Achal Srivastava & Co.

Chartered Accountants

Firm's Registration No.013385C

per Aadesh Kumar Agrawal

Partner

Membership No. 410473

Pune

May 30 2017