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Kaiser Corporation Ltd.

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Annual Report

For Year :
2016 2015 2014 2013 2012 2011 2008 2007 2006

Auditor's Report

1. We have audited the attached balance sheet of Kaiser Press Limited as at 31 March 2011 and also the profit and loss account and the cash flow statement for the period ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with 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. 3. As required by the Companies (Auditor''s Report) (Amendment) Order, 2004, (hereinafter referred to as ''Order'') issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (hereinafter referred to as Act); we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to in paragraph 3 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 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 appears from our examination of those books; c) The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account; d) As at 31 March 2011, the Company has accounted for deferred tax assets of Rs. 4,209,202 (including Rs 1,011,963 pertaining to current period) based on future projected profitability and management''s perception and judgment about virtual certainty of future taxable profits that would be available to realise deferred tax assets. In view of past performance of the Company and considering other relevant factors, in our opinion, the criteria of virtual certainty that there will be future taxable profits is not met as laid down in Accounting Standard (AS) 22 ''Accounting for Taxes on Income'' notified by the Central Government and hence, accounting of deferred tax assets is not in accordance with the Accounting Standard. Consequently, the loss (after extra ordinary item) for the period is lower by Rs. 1,011,963 and accumulated losses are lower by Rs.4,209,202 and assets are higher by Rs 4,209,202 as at 31 March 2011. (Refer note 5 of Schedule ''15'') e) Subject to what is stated in paragraph (d) above, in our opinion, the balance sheet, profit and loss account and cash flow statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Act, to the extent applicable; f) On the basis of written representations received from the directors of the Company, as on 31 March 2011 And taken on record by the Board of directors, we report that none of the directors is disqualified as on 31 March 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act; g) We further report that, had the observations made by us in paragraph 4 (d) above been considered, the loss (after extraordinary item) for the period would have been Rs. 3,416,558 (as against the reported figure of Rs. 2,404,595), accumulated losses would have been Rs 14,534,816 (as against the reported figure of Rs 10,325,614). h) In our opinion and to the best of our information and according to the explanations given to us, subject to what is stated in paragraph 4 (g) above the said accounts read with in particular note 14 of Schedule 15 regarding non- furnishing of the quantative information as required under Part- II of Schedule VI of the Act, and other notes thereon in Schedule 15, 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: i. in the case of the balance sheet, of the state of affairs of the Company as at 31 March 2011; ii. in the case of the profit and loss account, of the loss for the period ended on that date; and iii. in the case of the cash flow statement, of the cash flows for the period ended on that date. ANNEXURE TO THE AUDITORS'' REPORT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE 1. In respect of its fixed assets: a) The Company has maintained records for its fixed assets to show full particulars including quantitative details and situation of its fixed assets. b) There is a regular programme of verification of fixed assets which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. c) During the period, the Company has disposed off substantial part of its fixed assets. However, this has not affected the going concern status. 2. In respect of its inventories: a) In our opinion and according to information and explanations given to us, physical verification of inventory has been conducted by the management at reasonable intervals. 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 the nature of its business. c) In our opinion and according to the information and explanations given to us, the Company needs to improve the maintenance of records of inventory so as to give proper and complete quantitative and value wise information. As the inventory records are not complete at the time of physical verification, the differences between physical stocks and book records cannot be determined. As explained to us, adjustment, if, any, in the financial statements will be made in the period of completion of such reconciliation. 3. a) According to information and explanations given to us, the Company has not granted any loans, secured or unsecured, to / from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii)(b), 4(iii)(c), 4(iii)(d), of the Order are not applicable to the Company. b) The Company has taken interest free unsecured loans from one party amounting to Rs. 1,129,023 during the period. The maximum amount involved during the period was Rs. 594,830 and the period end balance was Rs. 194,830. c) In our opinion and according to information and explanations given to us, in respect of such interest free unsecured loans taken by the Company, the other terms and conditions are prima facie, not prejudicial to the interest of the Company. d) In respect of such loans taken by the Company, the principal amounts are repayable on demand. 4. 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 continuing failure to correct major weaknesses in internal control system. 5. a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered in the register maintained under Section 301 of the Act, have been so entered. b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements entered in the register maintained under Section 301 of the Act have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. 6. According to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the rules framed hereunder. 7. The Company does not have internal audit system during the period. 8. As explained to us, the Central Government has not prescribed maintenance of cost records under Section 209(1)(d) of the Act. 9. a) According to the information and the explanations given to us, the Company is generally regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income-tax, sales-tax, wealth tax, service tax, custom duty, excise duty, cess and other statutory dues, with the appropriate authorities. According to the information and explanation given to us, there are no undisputed amounts payable in respect of income tax, wealth tax, service tax, sales tax, custom duty, excise duty and cess as at 31 March 2011 which is outstanding for a period of more than the six month from the date they became payable. b) According to the information and explanations given to us and in our opinion, there are no dues of wealth tax, service tax, excise duty and cess that have not been deposited with the appropriate authorities on account of any dispute. 10. The Company has accumulated losses at the end of the financial period. The Company has incurred cash losses (after extra ordinary items) during the financial period, however it has not incurred cash loss in the immediately preceding financial period. 11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to banks. The Company does not have any borrowings from financial institutions and by way of debentures. 12. According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. 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 and accordingly, Clause 4(xiii) of the Order are not applicable to the Company. 14. In our opinion and according to the information and explanations given to us, the Company is not dealing in or trading in shares, securities, debentures and other investments and accordingly, Clause 4(xiv) of the Order are not applicable to the Company. 15. According to information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. 16. The Company has not raised any term loan during the period. 17. According to the information and explanations given to us, the Company has not raised any funds on short-term or long-term basis and therefore, the clause (xvii) of the Order is not applicable. 18. According to the information and explanations given to us, the Company has not made any preferential allotment of shares to the parties or companies covered in the register maintained under Section 301 of the Act during the period. 19. According to the information and explanations given to us, the Company has not issued any debentures during the period. 20. The Company has not raised funds by way of public issue during the period. 21. During the course of our examination of books of account and records of the Company, carried out in accordance with the generally accepted auditing practices in India, we have not come across any instance of fraud on or by the Company, noticed or reported during the period, nor have we been informed of such case by the management. FOR SURESH SURANA & ASSOCIATES Chartered Accountants Firm Reg. No.121750W (Ramesh Gupta) PARTNER Membership No.: 102306 Mumbai; Dated: 29/08/2011.