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Mohit Paper Mills | Auditor's Report > Paper > Auditor's Report from Mohit Paper Mills - BSE: 530169, NSE: N.A
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Mohit Paper Mills

BSE: 530169|ISIN: INE388C01017|SECTOR: Paper
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Mohit Paper Mills is not listed on NSE
Mar 14
Auditor's Report (Mohit Paper Mills) Year End : Mar '15
 We have audited the accompanying financial statements of Mohit Paper
 Mills Limited (the Company), which comprise the Balance Sheet as at
 31st March, 2015, the Statement of Profit and Loss and the 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
 
 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 and presentation 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 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.
 
 Auditors'' 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 there under. 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 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 system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of 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.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  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 Companies Act, 2013, we give in
 the Annexure a statement on the matters specified in paragraphs 3 and 4
 of the Order to the extent applicable.
 
 2.  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
 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 it appears from our examination of those
 books;
 
 (c) The Balance Sheet, the 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 aforesaid Balance Sheet, the Statement of
 Profit & Loss and Cash Flow Statement comply with the Accounting
 Standards specified under Section 133 of the Act, read with Rule 7 of
 the Companies (Accounts) Rules, 2014;
 
 (e) On the basis of written representations received from the directors
 as on March 31,2015, taken on record by the Board of Directors, none of
 the directors is disqualified as on March 31,2015 from being appointed
 as a director in terms of Section 164(2) of the Act; and
 
 (f) With respect to 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 no pending litigations that would materially affect
 the financial position of the Company.
 
 (ii) The Company did not have any long-term contracts including
 derivative contracts; for which there were any material foreseeable
 losses.
 
 (iii) There were no amounts which were required to be transferred to
 the Investor Education and Protection Fund by the Company.
 
 Annexure to the Independent Auditors'' Report
 
 Referred to in Paragraph 1 under the heading of Report on Other Legal
 and Regulatory Requirements of our report of even date to the members
 of Mohit Paper Mills Limited for the year ended 31 March 2015.
 
 (i) (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of
 fixed assets.
 
 (b) The Company has conducted the physical verification of fixed assets
 during the year and has not identified any material differences during
 the verification.
 
 (ii) (a) The inventories have been physically verified at reasonable
 intervals by the management.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedure 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 is maintaining proper records of its
 inventories and no material discrepancies were noticed on such physical
 verification.
 
 (iii) (a) The company has not granted any loans, secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under section 189 of the Companies Act, 2013.
 
 (b) In view of our comment in paragraph 3(a) above, clause (iii) (a)
 and (b) of paragraph 3 of the Companies (Auditor''s Report) Order, 2015
 are not applicable to the Company.
 
 (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 audit, we have not observed any
 continuing failure to correct major weaknesses in internal control
 system.
 
 (v) The Company has not accepted any deposits from the public.
 
 (vi) We have broadly reviewed the cost records maintained by the
 Company pursuant sub-section (1) of Section 148 of the Companies Act,
 2013 and are of opinion that prima facie, the prescribed accounts and
 records have been maintained.
 
 (vii) (a) According to the records of the Company and information and
 explanations given to us, the Company is regular in
 depositing with appropriate authorities undisputed statutory dues
 including Provident Fund, Employee State Insurance, Income-tax,
 Sales-tax, Wealth Tax, Service Tax, Duty of Custom, Duty of Excise,
 Value Added Tax, Cess and any other statutory dues with the appropriate
 authorities and we have been informed that no arrears of undisputed
 statutory dues outstanding as at the last day of the financial year
 under audit for a period of more than six months from the date they
 become payable.
 
 (b) According to the records of the Company and the information and
 explanations given to us, there were no disputed demands outstanding as
 at 31st March, 2015.
 
 (c) There are no amounts 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 there
 under.
 
 (viii) The Company does not have accumulated losses at the end of the
 financial year under audit and has not incurred cash losses during the
 financial year covered by audit and in the immediately preceding
 financial year.
 
 (ix) According to the information and explanations given to us, the
 Company has not defaulted in repayment of dues to the financial
 institution or bank.
 
 (x) 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.
 
 (xi) According to the information & explanations given to us, no term
 loans were obtained during the year under audit.
 
 (xii) Based upon the audit procedures performed and according to the
 information & explanations given to us, no fraud on or by the Company
 has been noticed or reported during the year of our audit.
 
 ForAjay Shreya & Co.
 Chartered Accountants
 Firm Registration No.: 021423N
 
 Ajay Jain
 (Proprietor)
 Membership No.: 085354
 
 Place: New Delhi
 Date: 30.05.2015
 
 
Source : Dion Global Solutions Limited
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