The Members Asia Pack Limited Nathdwara
Report on the Ind AS Financial Statements
We have audited the accompanying IndAs Financial Statements of Asia Pack LIMITED("The Company") which comprise the Balance Sheet as at 31st March2018 the statement of Profit and Loss the cash flow statement & the statement ofchanges in Equity for the year ended and a summary of the significant accounting policiesand other explanatory information.
Managements Responsibility for the Financial Statements:
The Companys Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act2013 ("the Act") with respect to the preparation ofthese IndAS Financial Statements that give true and fair view of the financial positionand financial performance including cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (IndAs) specified under Section 133 of the Act read with Rule7 of the Companies (Accounts) Rules 2014 & the Companies (Indian AccountingStandards) Rules 2015 as amended. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the 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; in 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 IndAs financial statements that give a true and fairview and is free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these IndAs financial statements basedon our 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 provision of the Act and the Rules made thereunder. We conducted our audit of theIndAs Financial Statements 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 performingprocedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The Procedures selected depend on the auditors judgement including theassessment of the risks of material misstatement of the IndAs financial statement whetherdue to fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the companys preparation of the IndAs financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe companys directors as well as evaluating the overall presentation of the IndAsfinancial statements. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our Audit opinion of the IndAs financialstatements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid IndAs financial statements give the information required by theAct 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 31st March 2018 and its Profit including its cash flows and the changes in Equityfor the year ended on that date.
The Financial Information of the Company for the Year ended March 31 2017 and thetransition date opening Balance sheet as at April 2016 included in these Ind AS FinancialStatements are based on the previously Statutory Financial Statements for the Year endedMarch 31 2017 audited by us and March 31 2016 prepared in accordance with the Companies(Accounting Standards) Rules 2006 (as amended) which were audited by M/s Jain Nilesh& Co on which they expressed an unmodified opinion dated 29th May 2017 and28th May 2016 respectively. The Adjustment to those financial statements forthe difference in accounting principles adopted by the Company on transition to the Ind AShave been audited by us.
Our opinion on the Financial Statements and our report on Other Legal and RegulatoryRequirements below is not modified in respect of the above matter with respect thefinancial statements certified by the Management.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditors 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 thematters specified in the paragraph 3 & 4 of the order. As required by section 143(3)of the Act we report that: a) We have sought and obtained all the information andexplanations to the best of our knowledge and belief were necessary for the purposes ofour audit. b) In our opinion proper books of accounts as required by Law have been keptby the Company so far as it appears from our examination of those books. c) The BalanceSheet the Statement of Profit & Loss including the Cash Flow Statement &Statement of Changes in Equity dealt with by this report is in agreement with the books ofaccount. d) In our opinion the aforesaid IndAs financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rule 2014 & the Companies (Indian Accounting Standards) Rules2015 as amended. e) On the basis of written representations received from the directorsas on March 31 2018 taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2018 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-B".
For VINOD SINGHAL & CO.
Registration No.: 005826C
Membership No.: 411040
Nathdwara 30th May 2018
"ANNEXURE-A" to the Independent Auditors Report of even date on theFinancial Statements of ASIA PACK LIMITED
The Annexure referred to in our Independent Auditors Report to the members of theCompany on the Financial Statements for the year ended 31 March 2018 we report that: i.In respect of its fixed assets: a. The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets ; b. These fixedassets have been physically verified by the management at reasonable intervals as per thepolicy of the company. According to the information and explanation given to us nomaterial discrepancies were noticed on such physical verification. c. According to theinformation and explanation given to us and on the basis of our examination of the recordsof the company the title deeds of immovable properties are held in the name of thecompany.
ii. In respect of its inventories: a. According to the information and explanationgiven to us physical verification of inventory has been conducted at reasonable intervalsby the management and no material discrepancies were noticed on such physical verificationand however the company does not hold any physical inventory as on balance sheet date.iii. According to information and explanations given to us the company has not grantedloans secured or unsecured to any company firm Limited Liability Partnership or anyother party covered in the register maintained under section 189 of the Companies Act2013. iv. According to information and explanations given to us the Company has compliedwith the provisions of section 185 and 186 of the Companies Act 2013 in respect of loansand investments made. v. According to the information and explanation given to us theCompany has not accepted any deposit from public in terms of section 73 to 76 of theCompanies Act 2013. vi. We are informed that the Central Government has not prescribedmaintenance of cost records under section 148 (1) of the Act. vii. In respect of statutorydues: a. According to the information and explanations given to us and according to therecords of the Company amounts deducted/ accrued in the books of account in respect ofundisputed statutory dues as applicable and including Provident fund Income tax Salestax and Service tax and other material statutory dues have generally been regularlydeposited with the appropriate authorities. As explained to us the company did not haveany dues on accounts of employees state insurance and duty of excise.
According to the information and explanations given to us no undisputed amountspayable in respect of the aforesaid dues were outstanding as at 31st March 2018 for aperiod of more than six months from the date they became payable. b. As per information& explanation provided to us there are no pending demands against the company whereany disputes are pending in respect of income tax sales tax service tax custom duty excise duty where appeals if any are pending against orders by the concerningdepartment.
viii. The Company does not have any loan or borrowings from any financial institutionsbanks or debenture holders during the year and the company has not issued any debenture.Accordingly paragraph 3(viii) of the order is not applicable. ix. The company did notraised by way of initial public offer or further public offer
(including debt instruments) and term loans during the year. Accordingly paragraph3(ix) of the order is not applicable. x. According to the information and explanationsgiven to us no material fraud by the company or on the Company by its officers oremployees has been noticed or reported during the course of our audit. xi. According tothe information and explanations given to us and based on our examination of the recordsof the company the company has paid/ provided for managerial remuneration in accordancewith the requisite approvals mandated by the provisions of section 197 read with ScheduleV to the Act. xii. According to the information and explanations given to us the companyis not a
Nidhi Company. Accordingly paragraph 3(xii) of the order is not applicable. xiii.According to the information and explanations given to us transactions with the relatedparties are in compliance with sections 177 and 188 of the Act where applicable and thedetails of such transaction have been disclosed in the Financial Statements as requiredby the applicable accounting standards. xiv. According to the information and explanationsgiven to us and based on our examination of the records of the company the company hasnot made any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year. xv. According to the information and explanationsgiven to us and based on our examination of the records of the company the company hasnot entered into non-cash transactions with directors or persons connected with him.Accordingly paragraph 3(xv) of the order is not applicable. xvi. The company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.
For VINOD SINGHAL & CO.
Registration No.: 005826C
Nathdwara 30th May 2018
"ANNEXURE-B" to the Independent Auditors Report of even date on theFinancial Statements of ASIA PACK LIMITED
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 Asia PackLIMITED as of March 31 2018 in conjunction with our audit of the financial statements ofthe Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internalfinancial controls based 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 Companys 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 Companies Act 2013.
Our responsibility is to express an opinion on the Companys 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 issued by ICAI and deemedto 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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat 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 auditors 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 Companys internal financial controlssystem over 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;
(2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorizations of management and directors of the Company; and
(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Companys assets that could havea 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.
We have framed our opinion on the basis of the management representation letterreceived by the Companys management. In our opinion the Company has in allmaterial respects an adequate internal financial controls system over financial reportingand such internal financial controls over financial reporting were operating effectivelyas at March 31 2018 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.
For VINOD SINGHAL & CO.
Registration No.: 005826C
Membership No.: 411040
Nathdwara 30th May 2018
Asia Pack Limited
Registered Office: 3rd Floor Miraj Campus Uper Ki Oden Nathdwara RajsamandRajasthan India (PIN-313301) CIN L74950RJ1985PLC003275