You are here » Home » Companies » Company Overview » Kay Power & Paper Ltd

Kay Power & Paper Ltd.

BSE: 530255 Sector: Industrials
NSE: N.A. ISIN Code: INE961B01013
BSE 00:00 | 10 Dec 3.61 0
(0.00%)
OPEN

3.60

HIGH

3.61

LOW

3.60

NSE 05:30 | 01 Jan Kay Power & Paper Ltd
OPEN 3.60
PREVIOUS CLOSE 3.61
VOLUME 4000
52-Week high 6.11
52-Week low 2.68
P/E 0.23
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.60
CLOSE 3.61
VOLUME 4000
52-Week high 6.11
52-Week low 2.68
P/E 0.23
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Kay Power & Paper Ltd. (KAYPOWERPAPER) - Auditors Report

Company auditors report

To Members of Kay Power And Paper Limited

REPORT ON THE INDIAN ACCOUNTING STANDARDS (IND AS) FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of Kay Power And PaperLimited ("the Company") which comprise the Balance Sheet as at March 31 2018and the Statement of Profit and Loss (including other Comprehensive Income) the Cash FlowStatement and the Statement of Changes in Equity for the for the year ended as on thatdate and a summary 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 preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance cash flows and Changes in Equity of the Company in accordance with accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 The Act read with rule 7 of the Companies (Indian Accounting Standards)Rules 2015 (as amended). This responsibility also includes maintenance of adequateaccounting records in accordance of the provisions of the Act for safeguarding the assetsof the company and for preventing and detecting frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of internal controlrelevant to the preparation and presentation of the financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error.

AUDITOR'S 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 there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. These 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 performingprocedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement in the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation and fair presentation 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 accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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: of the state of affairs of the Company as at March31 2018 and its total comprehensive income (comprising of profit and other comprehensiveincome) its cash flows and the changes in equity for the year ended on that date

OTHER MATTER

The comparative financial information of the Company for the year ended March 31 2017and the transition date opening balance sheet as at April 1 2016 included in thesefinancial statements are based on the previously issued statutory financial statementsfor the years ended March 31 2017 and March 31 2016 prepared in accordance with theCompanies (Accounting Standards) Rules 2006 (as amended) which were

audited by the predecessor auditor who expressed an unmodified opinion vide reportsdated May 30 2017 and May 28 2016 respectively. The adjustments to those financialstatements for the differences in accounting principles adopted by the Company ontransition to the Ind AS have been audited by us.

Our opinion is not qualified in respect of these matters.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section (11) of Section 143 of the Act we give in theAnnexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

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 Statement of Profit and Loss (including other comprehensiveincome) the Cash Flow Statement and the Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account;

(d) In our opinion financial statements comply with the Indian Accounting Standardsspecified under Section 133 of the Act except IND AS 19 regarding 'Employee Benefits' onaccount of non-provision for liability towards post-employment defined benefit plans likegratuity payable to employees as described in the para j of Notes to accounts.

(e) On the basis of written representations received from the directors as on March 312018 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 from being appointed as a director in terms of sub-section (2) ofSection 164 of the Companies Act 2013

(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;

(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 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company did not have any pending litigation as on March 31 2018 having materialimpact on its financial position.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses as on March 31 2018.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year ended on March 31 2018.

iv. The reporting on disclosures relating to Specified Bank Notes is not applicable tothe Company for the year ended March 31 2018.

For A C Doshi & Co.
Chartered Accountants
Place : Satara CA Abhijit Doshi
Date : May 28 2018 Proprietor
Mem. No.103730
FRN : 117550W

Annexure A

Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'Section of our Report of even date to the Members of Kay Power And Paper Limited for theyear ended on 31st March 2018 i. a) The Company has maintained proper records showingfull particulars including quantitative details and situation of the fixed assets.

b) As per our information and explanations given to us fixed assets have beenphysically verified by the management during the year and no material discrepancies werenoticed on such verification.

c) The title deeds of immovable properties are held in the name of the company;

ii. According to information and explanations given to us the physical verification ofinventory has been conducted at reasonable intervals by the management and no materialdiscrepancies were noticed during such verification.

iii. In our opinion and according to the information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms limitedliability partnerships and other parties covered in the register maintained under Section189 of the Companies Act 2013.

iv. In respect of loans investments guarantees and security the provisions ofsection 185 and 186 of the Companies Act 2013 have been complied with.

v. In our opinion and according to information and explanations given to us theCompany does not have any deposits accepted from the public during the year under audit.

vi. The Company is maintaining cost records as prescribed under Section 148 (1) of theCompanies Act 2013. However we have not verified the same for completeness or accuracy.

vii. According to records of Company is regular in depositing with appropriateauthorities undisputed statutory dues including provident fund dues and Profession tax. Noamount is outstanding as at 31/3/2018 for a period more than 6 months from the date theybecome payable.

viii. According to information and explanations given to us no undisputed amountspayable in respect of income tax sales tax excise duty were in arrears as at 31/ 3/2018for a period more that six months from the date they became payable.

According to the information and explanations given to us and the records of theCompany examined by us there are no dues of income tax sales-tax service-tax valueadded tax goods and service tax with effect from July 1 2017 which have not beendeposited on account of any dispute.

ix. In our opinion and according to information and explanations given to us theCompany had defaulted in repayment of dues to IREDA earlier and it has made agreement forOne Time settlement scheme for the repayment of the loan taken from IREDA. The Company haspaid all instalments due as per scheme of OTS sanctioned by IREDA during the year.

x. According to information and explanations given to us The company has not raised anymoneys by way of initial public offer or further public offer (including debt instruments)and term loans during the year

xi. Based 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.

xii. The company has not paid or provided for any Managerial Remuneration referred bythe provisions of section 197 read with Schedule V to the Companies Act;

xiii. The company is not a Nidhi Company;

xiv. The Company has entered into transactions with related parties in compliance withthe provisions of Sections 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the financial statements as required under IndianAccounting Standard (Ind AS) 24 Related Party Disclosures specified under Section 133 ofthe Act read with Rule 7 of the Companies (Accounts) Rules 2014.

xv. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review;

xvi. Based upon the audit procedures performed and information and explanations givenby the management the company has not entered into any non-cash transactions withdirectors or persons connected with him within the meaning of the provisions of section192 of Companies Act 2013;

xvii. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For A C Doshi & Co.
Chartered Accountants
Place : Satara CA Abhijit Doshi
Date : May 28 2018 Proprietor
Mem. No.103730
FRN : 117550W

Annexure - B to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Kay Powerand Paper Limited ("the Company") as of 31 March 2018 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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 Companies Act 2013.

Auditors' 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 issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia.

Those Standards and the Guidance Note require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether adequateinternal financial controls over financial reporting was established and maintained and ifsuch controls operated effectively in all material respects. Our audit involves performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. 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. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe Company's internal financial controls system over 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2018 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 A C Doshi & Co.
Chartered Accountants
Place : Satara CA Abhijit Doshi
Date : May 28 2018 Proprietor
Mem. No.103730
FRN : 117550W