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.which comprise the Balance Sheet as at 31st March 2015 the Statement of Profit and Lossthe Cash Flow Statement for the year then ended and a summary of the significantaccounting 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 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.
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 thereunder.
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 of the financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall 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.
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 2015 and its Loss and its 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 2015 ("the Order")issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 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 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 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 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 does not have any pending litigations which could impact its financialposition.
ii) The Company did not have any long-term contracts including derivative contracts forwhich 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.
For ASL & CO.
Firm Regn. No.: 101921W
Saurabh P. Shah
Membership No. 41749
Dated: May 14 2015
Annexure referred to in paragraph 1 under the heading "Report on Other Legal andRegulatory Requirements" of the Independent Auditors' Report of even date on theFinancial Statements of Kiran Print-Pack Ltd. for the year ended 31st March 2015
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) The Company has maintained proper records showing full particulars includingquantitative details and situations of fixed assets.
(b) The fixed assets have not been physically verified by the management during theyear but there is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. No materialdiscrepancies were noticed on such physical verification.
ii) (a) The inventory has been physically verified during the year by the management.In our opinion the frequency of such verification is reasonable.
(b) (a) The procedures of physical verification of inventory followed by the managementare reasonable and adequate in relation to the size of the Company and the nature of itsbusiness.
(c) The Company is maintaining proper records of inventory. No material discrepancieswere noticed on physical verification of inventory as compared to the book records.
iii) The Company has not granted any loans to companies firms or other parties coveredin the register maintained under section 189 of the Companies Act 2013.
iv) In our opinion and according to the information and explanations given to us thereis adequate internal control system commensurate with the size of the Company and thenature of its business with regard to purchases of inventory fixed assets and with regardto the sale of goods and services. We have neither come across nor have been informed ofany continuing failure to correct major weaknesses in the internal control system.
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) (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 Wealth Tax Service Tax Custom Duty Excise Duty ValueAdded Tax Cess and other material 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 theinformation and explanations given to us there are no dues of Income Tax or Sales Tax orWealth Tax or Service Tax or Customs Duty or Excise Duty or Value Added Tax or Cess whichhave not been deposited on account of any dispute.
vii) According to the information and explanations given to us there is no amountrequired to be transferred to the Investor Education and Protection Fund.
viii) The accumulated losses of the Company as at the end of the financial year do notexceed fifty percent of its net worth and the Company has not incurred cash losses in thecurrent financial year and has incurred cash losses in the immediately preceding financialyear.
ix) The Company does not have any dues repayable to any financial institution or bankor debenture holders.
x) According to the information and explanations given to us the Company has not givenany guarantee for loans taken by others from banks or financial institutions.
xi) The Company has not taken any term loan.
xii) Based on the audit procedures performed and the information and explanations givento us we report that no fraud on or by the Company has been noticed or reported duringthe course of our audit for the year.
For ASL & CO.
Saurabh P. Shah
Dated: May 14 2015