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Kanpur Plastipack Ltd.

BSE: 507779 Sector: Industrials
NSE: N.A. ISIN Code: INE694E01014
BSE LIVE 15:40 | 20 Sep 133.00 0.55
(0.42%)
OPEN

130.55

HIGH

135.00

LOW

130.55

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 130.55
PREVIOUS CLOSE 132.45
VOLUME 10233
52-Week high 179.85
52-Week low 90.00
P/E 13.33
Mkt Cap.(Rs cr) 159
Buy Price 0.00
Buy Qty 0.00
Sell Price 133.00
Sell Qty 50.00
OPEN 130.55
CLOSE 132.45
VOLUME 10233
52-Week high 179.85
52-Week low 90.00
P/E 13.33
Mkt Cap.(Rs cr) 159
Buy Price 0.00
Buy Qty 0.00
Sell Price 133.00
Sell Qty 50.00

Kanpur Plastipack Ltd. (KANPURPLASTIPA) - Auditors Report

Company auditors report

TO THE MEMBERS OF KANPUR PLASTIPACK LIMITED

Report on the Financial Statements

To The Board of Directors of Kanpur Plastipack Limited

1. We have audited the accompanying financial statements of Kanpur Plastipack Limited("the Company") which comprise the balance sheet as at 31 March 2016 thestatement of profit and loss and the cash flow statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation and presentation of these 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 financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit.

4. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

5. 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 financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the 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 to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the financial statements.

7. 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

8. 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 of the state of affairs of the Companyas at 31 March 2016 and its profit and its cash flows for the year ended on that date.

a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2016;

b) In the case of the statement of Profit & Loss of the profit for the year onthat date; and c) In the case of the Cash Flow Statement of the cash flows for the yearended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure A a statement on the matters specified inthe paragraph 3 and 4 of the order.

10. 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 ouropinion proper books of account as required by law have been kept by the Company so far asit appears from our examination of those books;

c) The balance sheet the statement of profit and loss and the cash flow statementdealt with by this Report are in agreement with the books 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 31March 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2016 from being appointed as a director in terms of Section164 (2) of the Act;

f ) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements

(ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For PANDEY & COMPANY
Chartered Accountants
Firm No. : 000357C
AMIT PANDEY
Place: KANPUR Partner
Date: 23rd May 2016 Membership No. 402377

ANNEXURE TO THE AUDITORS REPORT

Referred to in Paragraph 9 under the heading of "Report on other legal andregulatory requirements "of our report of even date to the members of KanpurPlastipack limited on the standalone financial statements as of and for the year endedMarch 31 2016.

I. In respect of its Fixed Assets:

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

b) The physical verification of fixed asset is to be conducted by the management. c)According to the information and explanations 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) The inventories have been physically verified during the year by the management. Inour opinion the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c) The Company has maintained proper records of inventories. As explained to us therewere no material discrepancies noticed on physical verification of inventories as comparedto the book records.

III. The Company has not granted any loans secured or unsecured to Companies FirmLimited Liability Partnerships (LLP) or other parties covered by clause (76) of Section 2of the Companies Act 2013.

IV. The Company neither granted any loan to Directors nor made any investment socompliance to section 185 and 186 of Companies Act 2013 is not required.

V. The Company has accepted the Deposits from Directors Promoters their relatives andInter Corporate Deposits amounting to H307 Lacs which are exempted deposits under

Section 73 to 76 of the Companies Act 2013 read with Companies (Acceptance ofDeposits) Rules 2014.

VI. We have broadly reviewed the books of account maintained by the Company in respectof products where pursuant to the rules made by the Central Government of India themaintenance of cost records has been specified under subsection (1) of section 148 of theAct and are of the opinion that prime facie the prescribed accounts and records havebeen made and maintained. We have however not made a detailed examination of the costrecords with a view to determine whether they are accurate or complete.

VII. In respect of statutory dues:

a) According to the records of the Company undisputed statutory dues includingProvident Fund Investor Education and Protection Fund Employees’ State InsuranceIncome-Tax Sales Tax Wealth Tax Service Tax Customs Duty Excise Duty Cess and otherstatutory dues have been generally regularly deposited with the appropriate authorities.According to the information and explanations given to us no undisputed amounts payablein respect of the aforesaid dues were outstanding as at March 31 2016 for a period ofmore than six months from the date of becoming payable.

b) The disputed statutory dues aggregating that have not been deposited on account ofdisputed matters pending before appropriate authorities are as under:

Nature of the Statute Nature of dues Period to which amount relates Amount Forum where dispute is
( Rs in Lacs) pending
Central Excise Classification of product Financial year 116.00 Allahabad High
Act 1944 1986 to 1990 Court
Rebate claims 2012-13 and 28.9 Joint Secretary New Delhi
2013-14
Service tax on Financial year 41.78 Commissioner
Common input service 2009-10 to 2012-13 Appeal Kanpur
against exempted goods
Refund Claims Financial year 54.94 Commissioner
2012-13 Appeal Kanpur
Uttar Pradesh Penalty under Financial year 2.73 Appellate Tribunal
Trade Tax 1948 UPTT 2006-07 and 2007-08 Commercial Tax Kanpur
Central sales CST Form C Financial year 2.45 Additional
Tax Act 1956 2010-11 Commissioner
Grade 2 (Appeals)
Commercial Tax Kanpur
Additional Tax Financial year 3.52 Appellate Tribunal
2009-10 Commercial Tax Kanpur
Income Tax Act 1961 Income Tax Assessment year 1996-97 Income disputed 153.33;Tax demand Nil as there were brought forward losses High Court Allahabad
Income Tax Assessment year 2005-06 Disallowed expenditure 47.27; Disputed Tax 21.36 High Court Allahabad
Income Tax Act 1961 Income Tax Assessment year 2010-11 1.98 Disputed Tax Deposited CIT(A)
Income Tax Assessment year 2012-13 17.08 Disputed Tax Demand CIT(A)
Tax Deducted at source A.Y. 2009-10 (1- 115.79 Tax CIT(A)
10-09 to 31-03-
2010) 2010-11
2011-12 2012-13
2013-14 2014-15 and 2015-16
(upto December)
Penalty U/S Assessment year 200.00; ACIT Central Circle Kanpur
271(AAA) 2012-13 addition of Income from Other Sources
Income Tax Assessment year 2013-14 Expenditure disallowed 8.31; Tax demand Nil. CIT (Appeals)

VIII. Based on our audit procedures and according to the information and explanationsgiven to us we are of the opinion that the Company has not defaulted in repayment of duesto financial institutions banks and debenture holders.

IX. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

X. According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during thecourse of our audit.

XI. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

XII. The Company is not a Nidhi company. Accordingly paragraph 3(xii) of the Order isnot applicable.

XIII. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

XIV. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe 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.

XVI. The Company does not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For PANDEY & COMPANY
Chartered Accountants
Firm No. : 000357C
AMIT PANDEY
Place: KANPUR Partner
Date: 23rd May 2016 Membership No. 402377