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Asia Pack Ltd.

BSE: 530899 Sector: Others
NSE: N.A. ISIN Code: INE784M01016
BSE LIVE 14:20 | 06 Dec 15.73 0.74
(4.94%)
OPEN

15.16

HIGH

15.73

LOW

15.16

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 15.16
PREVIOUS CLOSE 14.99
VOLUME 2155
52-Week high 17.70
52-Week low 8.85
P/E 10.85
Mkt Cap.(Rs cr) 4.15
Buy Price 15.51
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00
OPEN 15.16
CLOSE 14.99
VOLUME 2155
52-Week high 17.70
52-Week low 8.85
P/E 10.85
Mkt Cap.(Rs cr) 4.15
Buy Price 15.51
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00

Asia Pack Ltd. (ASIAPACK) - Auditors Report

Company auditors report

To The Members of ASIA PACK LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying Standalone Financial Statements of ASIA PACK LIMITED(‘The company') which comprise the balance sheet as at 31st March2016 the statement of profit and loss and the cash flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these Standalone Financial Statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Standalone Financial Statements that give a true andfair 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 Standalone Financial Statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe Standalone Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Standalone Financial Statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe Standalone Financial Statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Standalone Financial Statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances but not for thepurpose of expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of the accounting policiesused and the reasonableness of the accounting estimates made by the Company's Managementas well as evaluating the overall presentation of the Standalone Financial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Standalone Financial Statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Financial Statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

I. in the case of the Balance Sheet of the state of affairs of company as at March 312016; and II. in the case of the Statement of Profit and Loss of the Profit for the yearended on that date.

III. in the case of the cash flow statement of the cash flows for the year ended forthe year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the ‘Annexure-A' a statement on the matters specified in theparagraph 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 bestof 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 theCompany so far as appears from our examination of those books.

c) The Balance Sheet the Statement of ProAt and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid Anancial statements comply with the AccountingStandards speciAed 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 31 March2016 taken on record by the Board of Directors none of the directors is disqualiAed ason 31 March 2016 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls refer to ourseparate report in ‘Annexure-B'; and

g) With respect to the other matters included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to ourbest of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its Anancialposition.

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred to the Investor Educationand Protection Fund by the Company.

For Jain Nilesh and Company

Chartered Accountants

Firm Registration Number: 018943 C

Sd/-

Nilesh Jain

(Proprietor)

M. No. 413903

Place: Nathdwara

Date: 28/05/2016

Annexure A to the Auditors' Report

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the Standalone Financial Statements for the year ended 31 March 2016 we reportthat:

i. In respect of its fixed assets: a. The Company has maintained proper recordsshowing full particulars including quantitative details and situation of fixed assets ;b. These fixed assets have been physically verified by the management at reasonableintervals as per the policy of the company. According to the information and explanationgiven to us no material discrepancies were noticed on such physical verification. c.According to the information and explanation given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties areheld in the name of the company.

ii. In respect of its inventories: a. According to the information and explanationgiven to us physical verification of inventory has been conducted at reasonable intervalsby the management and no material discrepancies were noticed on such physical verificationand generally the company does not hold any physical inventory.

iii. According to information and explanations given to us the company has not grantedloans secured or unsecured to any company firm Limited Liability Partnership or anyother party covered in the register maintained under section 189 of the Companies Act2013.

iv. According to information and explanations given to us the Company has compliedwith the provisions of section 185 and 186 of the Companies Act 2013 in respect of loansand investments made.

v. According to the information and explanation given to us the Company has notaccepted any deposit from public in terms of section 73 to 76 of the Companies Act 2013.

vi. We are informed that the Central Government has not prescribed maintenance of costrecords under section 148 (1) of the Act. vii. In respect of statutory dues:

a. According to the information and explanations given to us and according to therecords of the Company amounts deducted/ accrued in the books of account in respect ofundisputed statutory dues as applicable and including Provident fund Income tax Salestax and Service tax and other material statutory dues have generally been regularlydeposited with the appropriate authorities. As explained to us the company did not haveany dues on accounts of employees' state insurance and duty of excise. According to theinformation and explanations given to us no undisputed amounts payable in respect of theaforesaid dues were outstanding as at 31st March 2016 for a period of morethan six months from the date they became payable.

b. As per information & explanation provided to us there are no pending demandsagainst the company where any disputes are pending in respect of income tax sales tax service tax custom duty excise duty where appeals if any are pending against orders bythe concerning department.

viii. The Company does not have any loan or borrowings from any financial institutionsbanks or debenture holders during the year and the company has not issued any debenture.Accordingly paragraph 3(viii) of the order is not applicable.

ix. The company did not raised by way of initial public offer or further public offer(including debt instruments) and term loans during the year. Accordingly paragraph 3(ix)of the order is not applicable.

x. According to the information and explanations given to us no material fraud by thecompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit. xi. According to the information and explanations given to us andbased on our examination of the records of the company the company has paid/ provided formanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Act.

xii. According to the information and explanations given to us the company is not aNidhi Company. Accordingly paragraph 3(xii) of the order is not applicable.

xiii. According to the information and explanations given to us transactions with therelated parties are in compliance with sections 177 and 188 of the Act where applicableand the details of such transaction have been disclosed in the Standalone FinancialStatements as required by the applicable accounting standards. xiv. According to theinformation and explanations given to us and based on our examination of the records ofthe company the company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year.

xv. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe order is not applicable.

xvi. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Jain Nilesh and Company

Chartered Accountants

(FRN 018943C)

Sd/-

Nilesh Jain

Proprietor

Membership No. 413903

Date : Nathdwara

Place : 28/05/2016

Annexure B to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ASIA PACKLIMITED ("the Company") as of March 31 2016 in conjunction with our audit ofthe Standalone Financial Statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the Standalone Financial Statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for my /our audit opinion on the Company's internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of Standalone Financial Statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of StandaloneFinancial Statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the StandaloneFinancial Statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects in an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 commensuratewith the size of the company and nature of its business based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For Jain Nilesh and Company

Chartered Accountants

Firm Registration Number: 018943 C

Sd/-

Nilesh Jain

(Proprietor)

M. No. 413903

Date: Nathdwara

Place: 28/05/2016

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