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Seshasayee Paper & Boards Ltd.

BSE: 502450 Sector: Industrials
NSE: SESHAPAPER ISIN Code: INE630A01016
BSE 00:00 | 18 Jul 855.35 0
(0.00%)
OPEN

855.00

HIGH

878.95

LOW

855.00

NSE 13:19 | 19 Jul 848.00 -7.60
(-0.89%)
OPEN

855.65

HIGH

863.95

LOW

835.00

OPEN 855.00
PREVIOUS CLOSE 855.35
VOLUME 761
52-Week high 1225.00
52-Week low 650.00
P/E 9.03
Mkt Cap.(Rs cr) 1,079
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 855.00
CLOSE 855.35
VOLUME 761
52-Week high 1225.00
52-Week low 650.00
P/E 9.03
Mkt Cap.(Rs cr) 1,079
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Seshasayee Paper & Boards Ltd. (SESHAPAPER) - Auditors Report

Company auditors report

TO THE MEMBERS OF

M/s SESHASAYEE PAPER AND BOARDS LIMITED

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying Standalone Ind AS Financial Statements of SESHASAYEEPAPER AND BOARDS LIMITED (‘the Company') which comprise the Balance Sheet as at 31stMarch 2018 the Statement of Profit and Loss (including Other Comprehensive Income) theCash Flow Statement the Statement of Changes in Equity for the year then ended and asummary of the Significant Accounting Policies and other explanatory information.

Management's Responsibility for the Standalone Ind AS 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 ofthese Standalone Ind AS Financial Statements that give a true and fair view of thefinancial position financial performance including other Comprehensive Income cashflows and Changes in Equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder Section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing 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 Standalone IndAS Financial Statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these Standalone Ind AS FinancialStatements based on our audit.

In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theAudit Report under the provisions of the Act and the Rules made thereunder.

We conducted our audit of the Standalone Ind AS Financial Statements inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the Standalone Ind AS FinancialStatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Standalone Ind AS Financial Statements. The procedures selecteddepend on the Auditors' judgment including the assessment of the risks of materialmisstatement of the Standalone Ind AS Financial Statements whether due to fraud or error.In making those risk assessments the Auditor considers internal financial controlsrelevant to the Company's preparation of the Standalone Ind AS Financial Statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the Standalone Ind ASFinancial Statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the Standalone Ind AS Financial Statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Ind AS Financial Statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2018 and its Profit total Comprehensive Income its cash flowsand the Changes in Equity for the year ended on that date.

Other Matters

The comparative financial information of the Company for the year ended 31st March 2017and the transition date opening Balance Sheet as at 1st April 2016 included in theseStandalone Ind AS Financial Statements are based on the statutory financial statementsprepared in accordance with the Companies (Accounting Standards) Rules 2006 audited byone of us whose report for the year ended 31st March 2017 and 31st March 2016dated 30th May 2017 and 28th May 2016 respectively expressed an unmodified opinion onthose Standalone Financial Statements as adjusted for the differences in the accountingprinciples adopted by the Company on transition to the Ind AS which have been audited byus.

Our opinion on the Standalone Ind AS Financial Statements and our report on Other Legaland Regulatory Requirements below is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit we report to theextent applicable 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 including Other ComprehensiveIncome the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid Standalone Ind AS Financial Statements comply with theIndian Accounting Standards prescribed under Section 133 of the Act.

e) On the basis of the written representations received from the Directors as on 31stMarch 2018 taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2018 from being appointed as a Director in terms of Section164(2) of the Act.

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 A'. Our Report expresses an unmodified opinion on theadequacy and operating effectiveness of the Company's Internal Financial Controls OverFinancial Reporting.

g) With respect to the Other Matters to be included in the Auditors' 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 explanationsgiven to us

: i. The Company has disclosed the impact of pending litigations on its financialposition in its Standalone Ind AS Financial Statements.

ii. The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses. iii. There has been no delay intransferring amounts required to be transferred to the Investor Education and ProtectionFund.

2. As required by the Companies (Auditors' Report) Order 2016 (‘the Order')issued by the Central Government in terms of Section 143(11) of the Act we give in‘Annexure B' a statement on the matters specified in paragraphs 3 and 4 of the Order.

MAHARAJ N R SURESH AND CO. R SUBRAMANIAN AND COMPANY LLP
Firm Regn. No. 001931S Firm Regn. No. S200041
N R Suresh N Krishnamurthy
Membership No. 021661 Membership No. 019339
Partner Partner
Chartered Accountants Chartered Accountants
Place : Chennai
Date : May 26 2018

ANNEXURE ‘A' TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONEIND AS FINANCIAL STATEMENTS OF SESHASAYEE PAPER AND BOARDS LIMITED.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section

143 of the Companies Act 2013 (‘the Act').

We have audited the Internal Financial Controls Over Financial Reporting of SESHASAYEEPAPER AND BOARDS LIMITED (‘the Company') as of March 31 2018 in conjunction with ouraudit of the Standalone Ind AS Financial Statements of the Company for the year ended onthat 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 Controlstated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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 deemed to beprescribed under

Section 143(10) of the Companies Act 2013 to the extent applicable to an audit ofInternal Financial Controls both applicable to an audit of Internal Financial Controlsand both issued by ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate Internal Financial Controls Over Financial Reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the InternalFinancial Controls System Over Financial Reporting and their operating effectiveness. Ouraudit of Internal Financial Controls Over Financial Reporting included obtaining anunderstanding of Internal Financial Controls Over Financial Reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the Auditors' judgment including the assessment of the risks of materialmisstatement 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: (i) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (ii) 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 (iii) provide reasonable assuranceregarding prevention or timely detection of unauthorised acquisition use or dispositionof the Company's assets that could have a material effect on the financialstatements.

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 orthat the 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 FinancialControls Over Financial Reporting were operating effectively as at March 31 2018based on the Internal Control Over Financial Reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by ICAI.

MAHARAJ N R SURESH AND CO. R SUBRAMANIAN AND COMPANY LLP
Firm Regn. No. 001931S Firm Regn. No. S200041
N R Suresh N Krishnamurthy
Membership No. 021661 Membership No. 019339
Partner Partner
Chartered Accountants Chartered Accountants
Place : Chennai
Date : May 26 2018