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Control Print Ltd.

BSE: 522295 Sector: Industrials
NSE: CONTROLPR ISIN Code: INE663B01015
BSE LIVE 15:59 | 02 Dec 235.15 -3.45
(-1.45%)
OPEN

238.45

HIGH

244.45

LOW

231.75

NSE LIVE 15:47 | 02 Dec 235.55 -2.40
(-1.01%)
OPEN

235.20

HIGH

242.00

LOW

231.40

OPEN 238.45
PREVIOUS CLOSE 238.60
VOLUME 2206
52-Week high 424.00
52-Week low 226.00
P/E 15.54
Mkt Cap.(Rs cr) 368.48
Buy Price 235.15
Buy Qty 3.00
Sell Price 0.00
Sell Qty 0.00
OPEN 238.45
CLOSE 238.60
VOLUME 2206
52-Week high 424.00
52-Week low 226.00
P/E 15.54
Mkt Cap.(Rs cr) 368.48
Buy Price 235.15
Buy Qty 3.00
Sell Price 0.00
Sell Qty 0.00

Control Print Ltd. (CONTROLPR) - Auditors Report

Company auditors report

To the Members of Control Print Limited

Report on the Financial Statements

1. We have audited the accompanying standalone financial statements of Control PrintLimited ("the Company") for the quarter ended March 312016 and the year to dateresults for the period April 12015 to March 312016 pursuant to the requirement ofRegulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations2015.

2. We have relied on financials of the foreign branch audited by the Firm of CharteredAccountants who have issued the Audit Report thereof in Sri Lanka.

Management’s Responsibility for the (Standalone) Financial Statements

3. The Management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (‘the Act’) with respect tothe preparation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of Companies (Accounts) Rules2014. This responsibility includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor’s Responsibility

4. Our responsibility is to express an opinion on these financial statements based onour audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act andother applicable authoritative pronouncements issued by the Institute of CharteredAccountants of India. Those Standards require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement.

5. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof 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 accounting policiesused and the reasonableness of the accounting estimates made by the Company’sManagement and Board of Directors as well as evaluating the overall presentation of thefinancial statements.

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

Opinion

7. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) In the case of Balance Sheet of the state of affairs of the Company as at March312016;

b) In the case of the Profit and Loss Account of the profit for the year ended on thatdate;

c) In the case of the Cash Flow Statement of the Cash Flows of the Company for the yearended on that date.

Report on Other Legal and Regulatory Requirements

8. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection143 of the Act and on the basis of such checks of the books and records of theCompany as we considered appropriate and according to the information and explanationsgiven to us. We give in the Annexure a statement on the matters Specified in paragraphs 3and 4 of the Order.

9. As required by Section 143(3) of the Act we further 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 purpose 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 reports on the accounts of the branch office at Sri Lanka audited under Section143(8) by the branch auditors have been sent to us and properly dealt with by us inpreparing the report;

d) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

e) In our opinion the aforesaid financial statements comply with the applicableAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

f) On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct;

g) As informed to us the Company has initiated the Internal Financial Control Processwhich will be integrated and strengthened further with the implementation of SAP in thenext financial year. Hence we are not in a position to issue a separate report on theadequacy of internal financial control over internal financial reporting and the operativeeffectiveness of such controls;

h) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014:

i. The Company has pending litigations which would impact its financial position asreferred to in Note No. 36(1) (b) of the accounts on Contingent Liabilities not providedfor:

Financial Year Name of Statute Nature of Dues Amount inRs. Forum where dispute is pending
2007-2008 Central Sales Tax Act 1956 CST liability 925147/- Joint Commissioner of Sales Tax Appeals - (Mumbai)
2008-2009 Central Sales Tax Act 1956 CST Liability 4057828/- Joint Commissioner of Sales Tax Appeals - (Mumbai)
2009-2010 Central Sales Tax Act 1956 CST Liability 6904384/- Joint Commissioner of Sales Tax Appeals - (Mumbai)

ii. The Company has not made provision as on Mach 312016 as required under theapplicable law or accounting standard for material forseeable losses as the Company didnot have any long-term contracts including derivative contracts; as such the question ofcommenting on any material foreseeable losses thereon does not arise.

iii. The Company during the year under report has transferred Rs.409194/- forfinancial year 2007-08 to the Investor Education and Protection Fund.

For Dosi and Jain
Chartered Accountants
Firm Registration No. 112435W
Chandresh Gandhi
Place : Mumbai Partner
Dated : May 25 2016 Membership No. 43172

ANNEXURE TO INDEPENDENT AUDITORS’ REPORT

Annexure referred to in paragraph 7 Our Report of even date to the members of ControlPrint Limited on the accounts of the Company for the year ended March 312016.

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

i) In respect of Fixed Assets

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

b) As explained to us fixed assets have been physically verified by the management atthe year end on a rotational basis at the plants. Further discrepancies noticed on suchverification have been properly dealt in the books of accounts;

c) The title deeds of immovable properties as disclosed in the Fixed Assets Schedule tothe Financial Statement are held in the name of the Company.

ii) In respect of Inventories

a) The inventories have been physically verified by the management by followingreasonable and adequate procedures during the year end based on the inventory recordsmaintained.

b) The discrepancies noticed on the verification between physical stocksand book stocks have been properly dealt with in the books of accounts by the Company.

iii) The Company has not granted any loans secured or unsecured to/from companiesfirms LLPs or other parties covered in the register maintained under Section 189 of theAct during the year.

There is a transfer of Rs.760000 during the year alongwith the outstanding balance ofRs.1500000/- . towards loan granted in the earlier year to the wholly-owned subsidiarycompany Liberty Chemicals Private Limited.

iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions with Section 185 and 186 of the Companies Act2013 in respect of the loans and investments made and guarantees and security provided byit.

v) The Company has not accepted any deposits from the public covered under Sections 73to 76 of the Companies Act 2013.

vi) As informed to us the Central Government has prescribed maintenance of costrecords under subsection (1) of Section 148 of the Act. The Company has appointed the CostAuditor whose report has been received upto the financial year 2014 -15.

vii) In respect of Statutory dues

(a) According to the information and explanations given to us and based on the recordsof the Company examined by us the Company is generally regular in depositing theundisputed statutory dues including Provident Fund Employees’ State InsuranceIncome-Tax Sales-Tax Wealth Tax Service Tax Custom Duty Excise Duty and othermaterial statutory dues as applicable with the appropriate authorities in India.According to the information and explanations given to us there are no undisputed amountsoutstanding as on March 312016 fora period of more than six months from the date theybecome payable by the Company.

(b) According to the information and explanations given to us and based on the recordsof the Company examined by us dues of Central Sales Tax Rs.11887359/- which have notbeen deposited on account of disputes are referred to in Note No. 9 (h)(i) of ourIndependent Audit Report of even date.

(c) There has been a transfer of during the year under report of Rs.409194/- for theyear 2007-08 to the Investor Education and Protection Fund.

viii) According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any financial institution or bank or Government or dues to debentureholders as on theBalance Sheet date.

ix) In our opinion and according to the information and explanations given to us theCompany has not raised any term loans or initial public offer or further public offerduring the year.

x) During the course of our examination of the books and records of the Companycarried in accordance with the auditing standards generally accepted in India we haveneither come across any instance of fraud on or by the Company noticed or reported duringthe course of our audit nor have we been informed of any such instance by the Management.

xi) The Company has paid/provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.

xii) As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto itthe provisions of Clause 3(xii) of the Order are not applicable to the Company.

xiii) The Company has entered into transactions with related parties in compliance withthe provisions of Sections 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the financial statements as required under AccountingStandard (AS) 18 Related Party Disclosures specified under Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014.

xiv) The Company has made preferential allotment during the year on account conversionof 600000 warrants issued in the previous year and the same is in compliance with Section42 of the Companies - Act 2013 and applied for the intended purposes. Further no privateplacement of shares or fully or partly convertible debentures have been issued during theyear under review.

xv) The Company has not entered into non cash transactions with its directors orpersons connected with them. Accordingly the provisions of Clause 3(xv) of the Order arenot applicable to the Company.

xvi) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For Dosi and Jain
Chartered Accountants
Firm Registration No. 112435W
Chandresh Gandhi
Place : Mumbai Partner
Dated : May 25 2016 Membership No. 43172

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