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Innovative Tech Pack Ltd.

BSE: 523840 Sector: Industrials
NSE: N.A. ISIN Code: INE965C01038
BSE 00:00 | 23 May 64.50 1.40
(2.22%)
OPEN

62.60

HIGH

65.00

LOW

62.10

NSE 05:30 | 01 Jan Innovative Tech Pack Ltd
OPEN 62.60
PREVIOUS CLOSE 63.10
VOLUME 1307
52-Week high 116.40
52-Week low 62.10
P/E 13.78
Mkt Cap.(Rs cr) 141
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 62.60
CLOSE 63.10
VOLUME 1307
52-Week high 116.40
52-Week low 62.10
P/E 13.78
Mkt Cap.(Rs cr) 141
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Innovative Tech Pack Ltd. (INNOVATIVETECH) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

INNOVATIVE TECH PACK LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of Innovative Tech Pack Limited("the Company") which comprise the Balance Sheet as at March 312017 theStatement of Profit & Loss the Cash Flow Statement for the year then ended and asummary of the 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements to give a true and fair view of the financial position andfinancial performance of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesignimplementation and maintenance of adequate internal financial controlsthat wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act and the Rules made thereunderincluding the accounting standards and matters which are required to be included in theaudit report. We conducted our audit in accordance with the Standards on Auditingspecified under Section 143(10)of the Act and other applicable authoritativepronouncements issued by the Institute of Chartered Accountants of India. Those Standardsand pronouncements require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditors' judgmentincluding the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the financialstatements. Opinion

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 of the state of affairs of the Company as at March312017 of its profit for the year ended on that date and of the Cash Flow for the yearended on that date.

Report on Other Legal and Regulatory Requirements

i. With respect to the matters specified in paragraphs 3 and 4 of ‘the Companies(Auditor's Report) Order 2016' issued by the Central Government of India in terms ofsub-section (11) of section 143 of the Act refer our report in Annexure 1.

ii. 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 it appears from our examination of those books.

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

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on March312017 & taken on record by the Board of Directors none of the directors isdisqualified as on March 312017 from being appointed as a director in terms of Section164 (2) of the Act.

(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 2.

(g) With respect to the other matters to be included in the Auditors' Report inaccordance with

Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our knowledge and belief and according to the information and explanations givento us:

I. The Company does not have any pending litigations as at March 312017which wouldimpact its financial position.

II. The Company does not have any long-term contracts including derivative contracts asat March 312017

III. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year ended March 312017.

IV. The company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016.

For KRA & Associates

Chartered Accountants

Firm Registration Number: 002352N

Sd/-

Pankaj Jain

Partner

Membership Number: 089920

Place : New Delhi

Date : 30 May 2017

ANNEXURE1

TO THE INDEPENDENT AUDITOR'S REPORT

[Referred to in paragraph (i) under ‘Report on Other Legal and RegulatoryRequirements' in the Independent Auditor's Report of even date to the members ofInnovative Tech Pack Limited on the financial statements for the year ended March 2017]

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

(b) The fixed assets of the Company have been physically verified by the management andas informed no material discrepancies were noticed on such verification.

(c) The title deeds of immovable properties recorded in the books of account of theCompany are held in the name of the Company.

(ii) The inventories have been physically verified by the management during the year.In our opinion the frequency of verification is reasonable. As informed discrepanciesnoticed on physical verification were not material and they were properly dealt with inthe books of accounts.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under Section 189 of theAct. Accordingly paragraph 3 (iii) (a) 3 (iii)(b) and 3 (iii)(c) of the Order are notapplicable to the Company.

(iv) The company during the year has not given any loan or provided any guarantee orsecurity or made investments to/in parties covered under section 185 of the Companies Act2013. Further according to the information and explanation given to us in respect ofloans investments guarantees and securities the Company has complied with theprovisions of Section 186 of the Act.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the provisions of Sections 73to 76 of the Act and the rules framed there under.

(vi) We have broadly reviewed the books of account maintained by the Company in respectof products where the maintenance of cost records has been specified by the CentralGovernment under sub-section (1) of Section 148 of the Act and the rules framed thereunder and we are of the opinion that prims face the prescribed accounts and records havebeen made and maintained. We have not however made a detailed examination of the recordswith a view to determine whether they are accurate or complete.

(vii) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund employees' state insurance incometax sales tax service tax value added tax customs duty excise duty secs and anyother material statutory dues applicable to ithowever there have been slight delays infew cases. The Company has not paid installments of advance tax due in first two quartersand there is shortfall on payment of advance tax which was paid subsequently. According tothe information and explanations given to us no undisputed amounts payable in respect ofprovident fund employees' state insurance income tax sales tax service tax valueadded tax customs duty excise duty secs and any other material statutory duesapplicable to it were outstanding at the year end for a period of more than six monthsfrom the date they became payable.

According to the information and explanation given to us no dues are outstanding withrespect to income tax sales tax service tax value added tax customs duty excise dutyon account of any dispute.

(viii) According to the information and explanations given to us the Company has notdefaulted in repayment of loans or borrowings to financial institution(s) bank(s)government.

(ix) In our opinion and according to the information and explanations given to us theCompany has utilized the money raised by way of the term loans during the year for thepurposes for which they were raised. Further the company has not raised the money by wayof public issue.

(x) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud by the Company or any fraud on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such instance by themanagement.

(xi) According to the information and explanations given to us managerial remunerationhas been paid in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable to the Company.

(xiii) According to the information and explanation given to us all transactionsentered into by the Company with the related parties are in compliance with Sections 177and 188 of Act where applicable and the details have been disclosed in the FinancialStatements etc. as required by the applicable accounting standards.

(xiv) The Company has during the year made preferential allotment of 6000000convertible share warrants of Rs. 1 each at a premium of Rs.33.37/- per warrant to thepromoter. Requirements of Section 42 of the Act to the extent applicable have beencomplied with and the funds raised have been used for the purposes for which they wereraised.

(xv) According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him.

(xvi) According to the information and explanation given to us the Company is notrequired to be registered under Section 45-IA of the Reserve Bank of India Act 1934.

For KRA & Associates

Chartered Accountants

Firm Registration Number: 002352N

Sd/-

Pankaj Jain

Partner

Membership Number: 089920

Place : New Delhi

Date : 30 May 2017

ANNEXURE2

TO INDEPENDENT AUDITORS' REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Act Referred to in paragraph ii (f) of the Independent Auditors' Report of evendate to the members of Innovative Tech Pack Limited on the financial statements for theyear ended 31st March 2017

We have audited the internal financial controls over financial reporting of InnovativeTech Pack Limited ("the Company") as of 31st March 2017 inconjunction with our audit of the financial statements of the Company for the year endedon 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). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

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 deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate 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 financial statements whether due to fraud or error.

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

Meaning of Internal Financial Controls over Financial Reporting

Company's internal financial control over financial reporting is a process designed toprovide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2)provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial 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 an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31st 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For KRA & Associates

Chartered Accountants

Firm Registration Number: 002352N

Sd/-

Pankaj Jain

Partner

Membership Number: 089920

Place : New Delhi

Date : 30 May 2017