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Kaiser Corporation Ltd.

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Dec 08, 16:00
1.39 0.06 (4.51%)
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Kaiser Corporation is not listed on NSE

Annual Report

For Year :
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Auditor's Report

We have audited the attached Balance Sheet of KAISER PRESS LIMITED, (the Company) as at 30th June 2008 and the related Profit and Loss Account for the year ended 30th June 2008 annexed thereto and the Cash Flow Statement for the year ended on that date annexed thereto. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Auditing Standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 1. As required by the Companies (Auditors report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 2. Further to our comments in the Annexure referred to above, we report that; a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. b) In our opinion, proper books of accounts as required by the law have been kept by the Company, so far as appears from our examination of those books. c) The Balance Sheet and the Profit and Loss account dealt with by this report are in agreement with the books of accounts. d) The Balance Sheet and the Profit and Loss Account dealt with by this report are prepared in accordance with the Accounting Standards referred to in section 211 (3C) of the Companies Act, 1956. e) On the basis of written representations received from the Directors as on June 30, 2008 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on June 30, 2008 from being appointed as director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. f) In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Profit and Loss Account read together with the Significant Accounting Policies and other notes thereon, give the information required by the Companies Act, 1956, in the manner so required and present a true and fair view in conformity with the accounting principles generally accepted in India; (a) in the case of the Balance Sheet, of the state of affairs of the company as at 30th June 2008; (b) in the case of the Profit and Loss Account, of the Loss for the year ended on that date and (c) in the case of Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED ON 30th June, 2008. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 our comments in respect of matters specified in paragraphs 4 and 5 of the said order are as follows: i. (a) According to the information and explanations given to us and in our opinion, the Company has maintained proper records showing full particulars, including quantitative details and the situation of fixed assets. (b) According to information and explanations given to us, the fixed assets have been physically verified by the management during the year at reasonable intervals. As explained to us, no material discrepancies were noticed as compared to the book records, on such physical verification. (c) In our opinion and according to the information and explanations given to us, the Company has not made substantial disposal of the fixed assets during the year and the going concern status of the Company is not affected. ii. (a). As explained to us, inventories of the Company have been physically verified during the year by the management at regular intervals. (b) In our opinion and according to 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 information and explanations given to us, the Company has maintained proper records of inventories. The discrepancies noticed on physical verification of inventories as compared to the book records were not material and the same have been properly dealt within the books of account. iii. (a) According to the information and explanations given to us, the Company has taken unsecured Loans from Three parties covered in the register maintained under section 301 of the Companies Act, 1956; and year end outstanding balance of loans taken from them was Rs. 36,69,000/-. (b) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act. (c) As per the information and explanations given to us the rate of interest, wherever applicable and other terms and conditions on which loans have been given to the parties listed in the register maintained under section 301 of the Companies Act 1956 are not prima facie prejudicial to the interest of the company. (d) In our opinion and according to information and explanations given to us, the company is regular in repaying the principal amounts and interest wherever applicable. (e) Since there is no overdue amount in respect of loans given, sub-clause (d)of para 4(iii) of the Order is not applicable. iv. In our opinion and according to the information and explanations given to us, there are adequate internal control System commensurate with the size of the Company and nature of its business for the purchase of inventories and fixed assets and also for sale of Services. During the course of our audit, we have not observed any major weaknesses in internal controls. v. In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act, 1956; (a) According to the information and explanation given to us, we are of the opinion that the transaction that need to be entered in to the register under section 301 of the companies act 1956 have been so entered. (b) In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act 1956, according to the information and explanations given to us the transactions in pursuance of such contracts or arrangements have been made at prices which are prima facie reasonable having (regard to the prevailing market prices at the relevant time vi. According to the information and explanations given to us, the company has not accepted deposits from the public. Accordingly, the provisions of section 58A and 58AA or any other relevant provisions of the Act of the Companies Act, 1956 and rules framed there under, together with directives issued by the Reserve Bank of India are not applicable to the Company. vii. According to the information and explanations given to us and in our opinion, the Company has an internal audit system commensurate with the size of the company and nature of its business. viii. According to the information and explanations given to us, the maintenance of cost records has not been prescribed by the Central Government under section 209 (1) (d) of the Companies Act, 1956. ix. (a) According to the information and explanations given to us and according to the records, the Company has been regular in depositing undisputed statutory dues, including Income Tax, Sales Tax, Provident Fund, Employees State Insurance, Excise Duty, Service Tax and any other statutory dues with appropriate authorities during the year. As per the information and explanations given to us and in our opinion, the statutes relating to Investors Education and Protection Fund, Custom Duty and Cess, are not applicable to the Company. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 30th June, 2008 for a period of more than six months from the date of they becoming payable. (b) According to the information and explanations given to us and the examination of the records of the Company and in our opinion there are no disputed sales tax, income tax, custom tax, wealth tax, excise duty, Service Tax, cess dues which have not been deposited on account of disputed matters pending before the appropriate authorities. x. The Company has incurred losses from operation accumulated at the end of the financial year amounting to Rs. 63,18,815/- which are less than fifty percent of its net worth. It has incurred cash losses in the financial year amounting to Rs. 19,19,872/-. In the financial year immediately preceding the previous year the company has incurred loss from operation amounting to Rs. 30,77,057/-. xi. In our opinion and according to information and explanations given to us, the Company has not defaulted in repayment of dues to financial institution of banks. The Company has not issued any debentures during the financial year. xii. In our opinion and according to information and explanations given to us, the Company has not given any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiii. In our opinion and according to the information and explanations given to us, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Accordingly, the clause 4(xiii) and sub-clauses (a) to (d) of the Order is not applicable to the Company. xiv. In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in securities. xv. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. xvi. According to the information and explanations given to us, the Company has applied term loans for the purpose for which the loans were obtained. xvii. According to the information and explanations given to us, the Company has not raised any funds on short-term or long-term basis and consequently the paragraph (xvii) of the Order is not applicable. xviii. During the year the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956. xix. According to the information and explanations given to us, the Company has not issued any debentures and consequently the paragraph (xix) of the Order is not applicable. xx. According to the information and explanations given to us, the Company has not raised any money by way of public issues during the year. xxi. According to information and explanations given to us, no fraud on or by the Company has been noticed or reported. For B. B. SHAH & ASSOCIATES Chartered accountants BIPIN B.SHAH (Partner) Place : MUMBAI Dated : 13/10/2008