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Kaiser Corporation Ltd.

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Oct 28, 16:00
0.54 0.02 (3.85%)
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Dec 27, 11:22
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Kaiser Corporation is not listed on NSE

Annual Report

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

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of Kaiser Press Limited (the Company), which comprises the balance sheet as at 31 March 2013, statement of profit and loss and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 (the Act). This responsibility includes the design, implementation and maintenance of internal controls relevant to the preparation and presentation of the financial statements that give a true and fair view and that 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 conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, 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 ouraudit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true andfairviewinconformitywiththeaccountingprinciplesgenerallyacceptedinlndia: (a) in the case of the balance sheet, of the state of affairs of the Company as at March 31,2013; (b) in the case of the statement of profit and loss, of the profit for the year ended on that date; and (c) inthe case of cash flow statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (hereinafter referred to as the Order), issued by the Central Government of India in terms of Section 227(4A) of the Act and on the basis of such checks as we considered appropriate, we give in the Annexure here to a statement on the matters specified in paragraphs 4 and 5 of the said Order. 2. Asrequiredby section 227(3) of the Act,we reportthat: a. We have obtained all the information and explanations which to the best of our knowledge and belief were necessaryforthe purpose 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, statement of profit and loss and cash flow statement dealt with by this report are in agreement with the books of account; d. In our opinion, the balance sheet, statement of profit and loss and cash flow statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of theAct; e. On the basis of written representations received from the directors of the Company, as on 31 March, 2013 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 March, 2013 from being appointed as a director in terms of clause (g) of sub-section (1)ofSection274oftheAct. ANNEXURE TO INDEPENDENT AUDITORS REPORT (REFERRED TO IN PARAGRAPH 1 OF REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE) 1. Inrespect 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) The fixed assets have been physically verified by the management at reasonable intervals and no discrepancies were notified by the management on such verification. c) During the year, the Company has not disposed off any of its fixed assets. 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 year of completion of such reconciliation. 3. lnre spectof loans, securedorun secured,grante dorta ken by the Company to/from companies, firms or other parties covered in the register maintained under Section 301 of the Act: a) The Company has granted interest free loans to one party during the year.The maximum amount involved during the yearwas Rs. 2,695,000 and year end balance was Rs. 2,695,000. b) In our opinion and according to the information and explanations given to us, the aforesaid loan is interest free and other terms and conditions, are prima facie not prejudicial to the interest of the Company. c) The aforesaid loan is repayable on demand and there are no fixed terms for repayment. d) During the year, the Company has not taken any loans, secured or unsecured, from the Companies, firms orotherparties covered in the registermaintained underSection 301 of theAct. Accordingly, the provision of clause 4(iii)(f), 4(iii)(g), of the Order are not applicable to the Company. 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 underSection 301 of the Act have been so entered. (b) In our opinion and according to the information and explanations given to us, the transactions exceeding value of five lakhs rupees in respect of any party, during the year, 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 58Aand 58AAof the Act and the rules framed hereunder.Accordingly, provisions;of Clause4(vi)oftheOrderarenotapplicableto the Company. 7. The Company does not have internal audit system during the year. 8. According to the information and explanations given to us, the Company is in process of updating its records made and maintained pursuant to Rules made by the Central Governmentforthe maintenance of cost records underSection 209(1) (d) of the Act. However, we have not made a detailed examination of the same. 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 2013 which is outstanding for a period of more than the six month from the date they became payable. b) According to information and explanations given to us, there are no dues on account of income tax, wealth tax, service tax, excise duty and cess which have not been deposited with the appropriate authorities on account of any dispute. 10. TheCompany has accumulated losses attheend of the financial year and itsaccumula te dlosses are not more then fifty percent of its net worth. The Company has not incurred cash loss during the financial year and in the immediately preceding financial year. 11. In our opinion and according to the information and explanations given to us, the Company has no borrowings from banks, financial institutions and byway 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 byway 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 chitfund oranidhi/mutual benefit fund/society and accordingly, provisions of 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 ortrading in shares, securities, debentures and other investments and accordingly, provisions of Clause 4(xiv) of the Order are not applicable to the Company. 15. According to information and explanations given to us, the Company has given guarantee to bank for loans taken by subsidiary company However, the terms and conditions whereof, are not prejudicial to the interest of the Company 16. The Company has not raised any term loan during the year. 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, provisions of clause (xvii) of the Order are not applicable to the Company. 18. According to the information and explanations given to us, during the year, the Company has not made any preferential allotment of shares to the parties or companies covered in the register maintained underSection 301 oftheAct. 19. According to the information and explanations given to us, the Company has not issued any debentures during the year. 20. The Company has not raised funds byway of public issue during the year. 21. During the course of our examination of book so faccount and records of the Company carriedout 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 year, 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: 30 May 2013