The Members of M/s Rama Pulp & Papers Ltd.
1. Report on the Financial Statements
We have audited the accompanying financial statements of M/s. Rama Pulp & PapersLtd which comprise the Balance Sheet as at March 31 2019 and the Statement of Profitand Loss for the year then ended and a summary of significant accounting policies andother explanatory information.
2. Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance in accordance with theAccounting Standards referred to in section 129(1) of the Companies Act 2013 read withthe General Circular 15/2013 dated 13 th September 2013 of the Ministry of CorporateAffairs in respect of Section 133 of the Companies Act 2013 and in accordance with theaccounting principles generally accepted in India. This responsibility includes thedesign implementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial 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 the 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 judgmentincluding the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments we haveconsidered internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe Company's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements.
5. We believe that the audit evidences obtained are sufficient and appropriate toprovide a basis for our audit opinion.
In our opinion and to the best of information and according to the explanations givento us the financial statements give the information required by the Act in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India.
(a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2019;
(b) in the case of the Statement of Profit and Loss of the profit for the year &its cash Flow. ended on that date
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditor's Report) Order 2015 issued by the Central
Government of India in terms of subsection (11) of section 143 of the Companies Act2013
and on the basis of such checks of the books and records of the company as we consider
appropriate and according to the information and explanations given to us we give inthe
Annexure 'A' statement on the matters specified in paragraphs 3 and 4 of the Order.
8. As required by section 143(3) of the Act we report that:
(i) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of audit;
(ii) In our opinion proper books of accounts as required by law have been kept by theCompany so far as appears from examination of those books;
(iii) The Balance Sheet Statement of Profit and Loss & cash Flow statement dealtwith by this Report are in agreement with the books of accounts;
(iv) In our opinion the Balance Sheet Statement of Profit and Loss comply with theAccounting Standards notified under the Act and read with Rule 7 of the Company's(Accounts) Rules 2014 & read with the General Circular 15/2013 dated 13th September2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act2013.
(v) On the basis of written representations received from the directors as on March 312019 and taken on record by the Board of Directors We report that none of the directorsis disqualified as on March 31 2019 from being appointed as a director in terms ofsub-section (2) of section 164 of the Companies Act 2013.
(vi) In our opinion & to the best of our information and according to explanationgiven to us we report as under with respect to other matters to be included in AuditorsReport in accordance with Rule 11 of the companies (Audit & Auditors) Rule 2014.
i. The company does not have any pending litigation which would impact its financialposition except Service Tax liability as per para (vii) (b) of the Annexure 'A' of thisreport.
ii. The company did not have any long term contracts including derivative contracts assuch the question of commenting any material foreseeable losses there on does not arise
iii. There has been no delay in transferring amounts required to be transferred to TheInvestors Education & Protection Fund by the company.
| ||For VIDYA & CO |
| ||Chartered Accountants |
| ||Firm Registration No.: Firm Reg. No. 308022E |
| ||Amit Nagar |
| ||Partner |
| ||Membership No: .056156 |
|Place: Mumbai || |
|Date: 30th May 2019 || |