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Emami Paper Mills
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« Mar 14
Auditor's Report (Emami Paper Mills) Year End : Mar '15
We have audited the accompanying financial statements of EMAMI PAPER
 MILLS LIMITED (the Company), which comprise the Balance Sheet as at
 31st March, 2015, the Statement of Profit and Loss, the Cash Flow
 Statement for the year then ended, and a summary of the significant
 accounting policies and other explanatory information, in which are
 incorporated the Returns for the year ended on that date audited by the
 branch auditors of the Company''s branch at Gulmohar.
 
 MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
 
 The Company''s Board of Directors is responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (the Act) with respect
 to the preparation of these financial statements that give a true and
 fair view of the financial position, financial performance and cash
 flows of the Company in accordance with the accounting principles
 generally accepted in India, including the Accounting Standards
 specified under Section 133 of the Act, read with Rule 7 of the
 Companies (Accounts) Rules, 2014. This responsibility also includes
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding the assets of the Company and
 for preventing and detecting frauds and other irregularities; selection
 and application of appropriate accounting policies; making judgments
 and estimates that are reasonable and prudent; and design,
 implementation and maintenance of adequate internal financial controls,
 that were operating effectively for ensuring the accuracy and
 completeness of the accounting records, relevant to the preparation and
 presentation of the financial statements that give a true and 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 our audit.
 
 We have taken into account the provisions of the Act, the accounting
 and auditing standards and matters which are required to be included in
 the audit report under the provisions of the Act and the Rules made
 thereunder.
 
 We conducted our audit in accordance 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 the audit
 to obtain reasonable assurance about whether the financial statements
 are free from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and the disclosures in the financial statements.  The
 procedures selected depend on the auditor''s judgment, including the
 assessment of the risks of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk
 assessments, the auditor considers internal financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s Directors, as well as
 evaluating the overall presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide 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
 explanations given to us, the aforesaid financial statements give the
 information required by the Act in the manner so required and give a
 true and fair view in conformity with the accounting principles
 generally accepted in India, of the state of affairs of the Company as
 at 31st March, 2015, and its profit and its cash flows for the year
 ended on that date.
 
 EMPHASIS OF MATTERS
 
 We draw attention to the following matters in the Notes to the
 financial statements :
 
 Note 2.35 to the financial statements which, describes the change in
 depreciation rate as required under schedule II of the Act.
 
 Our opinion is not modified in respect of these matters.
 
 OTHER MATTER
 
 We did not audit the financial statements of Gulmohar branch included
 in these financial statements of the Company whose financial statements
 reflect total assets of Rs. 2,118.92 Lacs as at 31st March, 2015 and
 total revenues of Rs. 6,402.14 Lacs for the year ended on that date, as
 considered in these financial statements. The financial statements of
 this branch have been audited by the branch auditor whose reports have
 been furnished to us, and our opinion in so far as it relates to the
 amounts and disclosures included in respect of the branch, is based
 solely on the report of such branch auditor.
 
 Our opinion is not modified in respect of this matter.
 
 REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
 
 (i) As required by the Companies (Auditor''s Report) Order, 2015 (the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of Section 143 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 3 and 4 of the Order.
 
 (ii) 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 best of 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 the Company so far as it appears from our examination of
 those books and proper returns adequate for the purposes of our audit
 have been received from the branch not visited by us.
 
 (c) The reports on the accounts of the branch of the Company audited
 under Section 143 (8) of the Act by branch auditor have been sent to us
 and have been properly dealt with by us in preparing this report.
 
 (d) The Balance Sheet, the Statement of Profit and Loss and the Cash
 Flow Statement dealt with by this Report are in agreement with the
 books of account and with the returns received from the branch not
 visited by us.
 
 (e) In our opinion, the aforesaid financial statements comply with the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014.
 
 (f) The note described in Emphasis of Matters paragraph above, in our
 opinion, would not have an adverse effect on the functioning of the
 Company.
 
 (g) On the basis of the written representations received from the
 directors as on 31st March, 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March, 2015
 from being appointed as a director in terms of Section 164 (2) of the
 Act.
 
 (h) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i. The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements - Refer Note 2.29 & 2.42
 to the financial statements.
 
 ii. The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii. There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 The Annexure referred to in our report to the members of Emami Paper
 Mills Limited (the Company^ for the year ended on 31st March 2015. We
 report that:
 
 (i) (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 (b) The fixed assets were physically verified during the year by the
 management in accordance with a program of verification, covering all
 fixed assets over a period of three years, which in our opinion
 provides for physical verification of all major items of fixed assets
 at reasonable intervals..
 
 (ii) (a) The inventories have been physically verified during the year
 by the management. In our opinion, the frequency of verification is
 reasonable.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventories
 followed by the management are reasonable and adequate in relation to
 the size of the Company and nature of its business.
 
 (c) In our opinion and according to the information and explanations
 given to us, the Company has maintained proper records of its inventory
 and no material discrepancies were noticed on physical verification.
 
 (iii) The Company has granted loans to three companies listed in the
 register maintained under Section 189 of the Companies Act, 2013.
 
 (a) In respect of loans granted, repayment of the principal amount is
 as stipulated and payment of interest has been regular.
 
 (b) There are no overdue amount of more than rupees one lakh in respect
 of the loans granted to the bodies corporate listed in the register
 maintained under Section 189 of the Act.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there is an adequate internal control system commensurate
 with the size of the Company and the nature of its business, for the
 purchase of inventory and fixed assets and for the sale of goods and
 services. During the course of our audit, we have not observed any
 major weakness or continuing failure to correct any major weakness in
 the internal control system of the company in respect of these areas.
 
 (v) The company has not accepted any deposit from the public during the
 year.
 
 (vi) To the best of our knowledge and as explained, the Central
 Government has not prescribed the maintenance of cost records under
 clause 148(1) of the Companies Act, 2013, for the year for the
 products/services of the Company.
 
 (vii) According to the information and explanations given to us in
 respect of statutory and other dues :
 
 a) The Company has been regular in depositing undisputed statutory
 dues, including Provident Fund, Employees State Insurance, Income Tax,
 Service Tax, Sales Tax, Value Added Tax, Wealth Tax, duty of Custom,
 duty of Excise, Cess and other statutory dues with the appropriate
 authorities during the year. According to the information and
 explanations given to us, no undisputed amounts payable in respect of
 the aforesaid dues were outstanding as at 31st March, 2015 for a period
 of more than six months from the date of becoming payable.
 
 (b) According to the information and explanations given to us, details
 of dues of duty of Excise, Sales Tax, Entry Tax, Value Added Tax,
 Income Tax and Employees State Insurance which have not been deposited
 as on 31st March, 2015 on account of dispute are given below :
 
 Particular           Financial Year to  Forum where matter is Amount 
                      which the matter   pending               Rs in 
                      Pertains                                 Lacs
   
 The Central Excise   1994-95            ACCE                   0.87
 Act 1944 & Service 
 Tax (Finance Act, 
 1994)
 
                      2002-03 to 2006-07 ACCE                   1.10
 
                      2006-07            Tribunal              74.81
 
                      2007-08            Tribunal               0.10
 
                      2011-12            Comm. Appeals          5.06
 
 Particular           Financial Year to  Forum where matter is Amount 
                      which the matter   pending               Rs in 
                      Pertains                                 Lacs
 
 Central Sales Tax    1993-94            Tribunal               16.26
 
                      2004-05            DCCT                    0.53
 
                      2006-07            Tribunal                3.82
 
                      2008-09            Tribunal                0.46
 
                      2009-10            Comm. Appeals          17.12
 
                      2010- 11           Comm. Appeals           7.34
 
 Value Added Tax Act, 2006-07            Tribunal                0.59
 Orissa
 
                      2007-08            Tribunal                0.80
 
                      2009- 10           Comm. Appeals          10.89
 
                      2010- 11           Comm. Appeals          25.48
 
 Entry Tax Act (Orissa2006- 07           Addl. Comm.             1.30
 
                      2007- 08           Addl. Comm.             0.11
 
                      2008- 09           Addl. Comm.            32.00
 
                      2009- 10           Addl. Comm.            32.05
 
                      2010- 11           Addl. Comm.            42.36
 
 Orissa Sales Tax     1989- 90           High Court              0.79
 
 ESIC                 1996- 97           ESIC Court              0.22
 
 Income Tax Act, 1961 1995- 96           Comm. Appeals           2.20
 
 
 (c) The amount required to be transferred to investor education and
 protection fund in accordance with the relevant provisions of the
 Companies Act, 1956 (1 of 1956) and rules made thereunder has been
 transferred to such fund within time.
 
 (viii) The Company does not have accumulated losses as at the end of
 the year and the Company has not incurred cash losses during the
 current year and in the immediately preceding financial year.
 
 (ix) Based on our audit procedures and on the basis of information and
 explanations given by the management, we are of the opinion that the
 company has not defaulted in the repayment of dues to financial
 institution and banks.
 
 (x) According to information given to us, the Company has not given any
 guarantee for loans taken by others from banks or financial
 institution.
 
 (xi) To the best of our knowledge and belief and according to the
 information and explanations given to us, term loans availed by the
 company were applied for the purpose for which the loans were obtained.
 
 (xii) To the best of our knowledge and belief and according to the
 information and explanations given to us, no fraud on or by the Company
 was noticed or reported during the year.
 
 
                       For S. K. AGRAWAL & COMPANY
                       Chartered Accountants 
                       Registration No. 306033E
 
                       S. K. Agrawal
 Place : Kolkata       Partner
 Dated : 6th May, 2015 Membership No. 9067
 
Source : Dion Global Solutions Limited
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