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Kiran Print Pack Ltd.

BSE: 531413 Sector: Services
NSE: N.A. ISIN Code: INE516D01011
BSE 15:15 | 28 Dec 3.68 0.17
(4.84%)
OPEN

3.68

HIGH

3.68

LOW

3.68

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 3.68
PREVIOUS CLOSE 3.51
VOLUME 100
52-Week high 3.83
52-Week low 2.93
P/E 46.00
Mkt Cap.(Rs cr) 2
Buy Price 3.34
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.68
CLOSE 3.51
VOLUME 100
52-Week high 3.83
52-Week low 2.93
P/E 46.00
Mkt Cap.(Rs cr) 2
Buy Price 3.34
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00

Kiran Print Pack Ltd. (KIRANPRINTPACK) - Auditors Report

Company auditors report

To the members of KIRAN PRINT-PACK LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of Kiran Print-Pack Ltd.("the Company") which comprise the Balance Sheet as at 31st March 2017 theStatement of Profit and 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 that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 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; anddesign implementation and maintenance of adequate internal financial

controls that were operating effectively for ensuring the accuracy and completeness ofthe accounting 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

Our responsibility is to express an opinion on these financial statements based on ouraudit.

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 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 financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgement including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 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 31stMarch 2017 and its Profit and 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 2016 ("the Order")issued by the Central Government of India in terms of section 143(11) of the Act we givein the Annexure A a statement on the matters specified in paragraphs 3 and 4 of theOrder 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 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 Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with 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 written representations received from the directors as on 31stMarch 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 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 ourseparate report in Annexure B to this report.

g) 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 does not have any pending litigations which could impact its financialposition.

(ii) The Company did not have any long-term contracts including derivative contractsfor which there could be any material foreseeable losses.

(iii) There is no amount which is required to be transferred to the Investor Educationand Protection Fund by the Company.

(iv) The Company has provided the requisite disclosure in its financial statements asto holdings as well as dealings in Specified Bank Notes during the period from 08.11.2016to 30.12.2016 and the same are in accordance with the books of accounts maintained by theCompany.

For ASL & CO.

Chartered Accountants

Firm Regn. No.: 101921W

Saurabh P. Shah

(Partner)

Membership No. 41749

Place: Mumbai

Dated: 29th May 2017

Annexure A - referred to in paragraph 1 under the heading "Report on Other Legaland Regulatory Requirements" of the Independent Auditors' Report of even date on theFinancial Statements of Kiran Print-Pack Ltd. for the year ended 31st March 2017

On the basis of such checks of the books and records of the Company as we consideredappropriate and according to the information and explanations given to us we furtherreport as under.

(i) (a) As per the information and explanations given to us the Company has maintainedproper records showing full particulars including quantitative details and situations offixed assets.

(b) As per the information and explanations given to us the fixed assets have not beenphysically verified by the management during the year but there is a regular programme ofverification which in our opinion is reasonable having regard to the size of the Companyand the nature of its assets. No material discrepancies were noticed on such physicalverification.

(c) As informed to us the title deeds of the factory premises of the Company are notheld in the name of the Company. Details of the same are as under:

Gross Block (as at 31.03.2017) Rs. 5062358
Net Block (as at 31.03.2017) Rs. 1404653

(ii) The inventory has been physically verified during the year by the management. Inour opinion the frequency of such verification is reasonable. No material discrepancieswere noticed on such physical verification.

(iii) The Company has not granted any loans secured or unsecured to companies firmslimited liability partnership or other parties covered in the register maintained undersection 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to us thecompany has not given any loans or guarantees or made any investments during the year.

(v) According to the information and explanations given to us the Company has notaccepted any deposits within the meaning of sections 73 to 76 of the Companies Act 2013and the rules framed thereunder.

(vi) According to the information and explanations given to us the Central Governmenthas not specified maintenance of cost records under sub-section (1) of section 148 of theCompanies Act 2013 for the activities of the Company for the year.

(vii) (a) As per the records of the Company and according to the information andexplanations given to us the Company is generally regular in depositing with theappropriate authorities the undisputed statutory dues including Employees' StateInsurance Income Tax Sales Tax Service Tax Customs Duty Excise Duty Value Added TaxCess and other statutory dues to the extent applicable to it.

According to the information and explanations given to us there are no arrears ofoutstanding statutory dues as at the last day of the financial year concerned for aperiod of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofIncome Tax or Sales Tax or Service Tax or Customs 'Duty or Excise Duty or Value Added Taxwhich have not been deposited on account of any dispute.

(viii) The Company does not have any dues repayable to any financial institution bankor Government.

(ix) The Company has not raised any money by any public offer or term loans during theyear.

(x) Based on the audit procedures performed and the information and explanations givento us no fraud by the Company or any fraud on the Company by its officers or employeeshas been noticed or reported during the year.

(xi) Based on the audit procedures performed and the information and explanations givento us the managerial remuneration paid during the year is in accordance with theprovisions of section 197 read with Schedule V to the Companies Act 2013.

(xii) Based on the audit procedures performed and the information and explanationsgiven to us all transactions with the related parties are in compliance with section 177and 188 of the Companies Act 2013 and the details have been disclosed in the FinancialStatements as required by the applicable Accounting Standard.

(xiii) The Company has not made any preferential allotment or private placement ofshares or debentures during the year under review.

(xiv) As per the information and explanation given to us the Company has not enteredinto any non-cash transactions with directors or persons connected with him.

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

For ASL & CO.

Chartered Accountants

Saurabh P. Shah

(Partner)

Place: Mumbai

Dated: 29th May 2017

Annexure B - referred to in clause (f) of paragraph 2 under the heading "Report onOther Legal and Regulatory Requirements" of the Independent Auditors' Report of evendate on the Financial Statements of Kiran Print-

Pack Ltd. for the year ended 31st March 2017

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

We have audited the internal financial controls over financial reporting of KiranPrint-Pack Limited ("the Company") as of March 31 2017 in conjunction with ouraudit of the 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to Company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 accordance with the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting (the "Guidance Note") and theStandards on Auditing issued by the Institute of Chartered Accountants of India anddeemed to 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 included obtaining anunderstanding of internal financial controls over financial reporting including obtainingan understanding of internal financial controls over financial reporting assessing therisk that a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement 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

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 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 31 2017 based on theinternal control over financial reporting criteria established by the company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For ASL & CO.

Chartered Accountants

Saurabh P. Shah

(Partner)

Place: Mumbai

Dated: 29th May 2017