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Asia Pack Ltd.

BSE: 530899 Sector: Others
NSE: N.A. ISIN Code: INE784M01016
BSE 00:00 | 20 Jul 27.85 1.30
(4.90%)
OPEN

27.85

HIGH

27.85

LOW

27.85

NSE 05:30 | 01 Jan Asia Pack Ltd
OPEN 27.85
PREVIOUS CLOSE 26.55
VOLUME 2
52-Week high 28.35
52-Week low 13.15
P/E 92.83
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 27.85
CLOSE 26.55
VOLUME 2
52-Week high 28.35
52-Week low 13.15
P/E 92.83
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Asia Pack Ltd. (ASIAPACK) - Auditors Report

Company auditors report

To

The Members

Asia Pack Ltd.

Nathdwara

Report on the Standalone financial statements

We have audited the accompanying Standalone financial statements of ASIA PACK LIMITEDwhich comprise the Balance Sheet as at 31st March 2017 the statement of Profitand Loss the Cash Flow Statement for the year then ended and a summary of the significantaccounting policies and other explanatory information.

Management's Responsibility for the Standalone 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 Standalone financial statements that give true and fair view of the financialposition and financial performance of thecompany 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; indesign 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 Standalone financialstatements that give a true and fair view and is free from material misstatement whetherdue to fraud or error.

Auditors' Responsibility.

Our responsibility is to express an opinion on these Standalone financial statementsbased on our audit. We have taken into account the provision of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provision 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 Standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone financial statements. The Procedures selected depend on theauditors' judgement including the assessment of the risks of material misstatement of thefinancial statement whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to theompany 's preparation oftheStandalone financial statementsthat give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. As audit also includes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the company's directors as well as evaluating the overallpresentation of the standalone financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our Audit opinion of the standalone financial statements .

Opinion

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 31st March 2017 and its Profit and its cash flow for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

The Companies (Auditor's Report) Order 2016 ("the Order") issued by CentralGovernment of India in terms of sub-section (1) of section 143 of the Act is applicable tothe company We give in the ‘Annexure-A" statement on the matters specified inparagraph 4 and 5 of the order.

As required by section 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanations to the best of ourknowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of accounts 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 the Cash Flow Statementdealt with by this report are in agreement with the books of account.

d) In our opinion the aforesaid Standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rule 2014.

e) On the basis of written representations received from the directors as on March 317201 taken on record by the Board of Directors none of the directors is disqualified as onMarch 31 20P from being appointed as a director in terms of Section 164(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".

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 would impact its financialposition

ii. The Company did not have any long term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred to the Investor Educationand Protection Fund by the Company

iv. The Company has provided requisite disclosures in its standalone financialstatements as to holdings as well as dealing in Specified Bank Notes during the periodfrom 08th November 2016 to 30th December 2016 and these are inaccordance with the books of accounts maintained by the company. Refer to note 24(X) tothe Standalone Financial Statements.

For VINOD SINGHAL & CO.

CHARTERED ACCOUNTANTS

Registration No.: 005826C

sd/-

PRATEEK GOYAL

Partner

Membership No.:411040

Nathdwara 29th May 2017

"ANNEXURE-A" to the Independent Auditor's 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 Standalone Financial Statements for the year ended 31 March 2017 we reportthat:

i. In respect of its fixed assets:

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

b. These fixed assets have been physically verified by the management at reasonableintervals as per the policy of the company. According to the information and explanationgiven to us no material discrepancies were noticed on such physical verification.

c. According to the information and explanation 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. According to the information and explanation given to us physical verification ofinventory has been conducted at reasonable intervals by the management and no materialdiscrepancies were noticed on such physical verification and however the company does nothold 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 the Company has notaccepted any deposit from public in terms of section 73 to 76 of the Companies Act 2013.

vi. We are informed that the Central Government has not prescribed maintenance of costrecords under section 148 (1) of the Act.

vii. In respect of statutory dues:

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 2017 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 demandsagainst the company where any disputes are pending in respect of income tax sales tax service tax custom duty excise duty where appeals if any are pending against orders bythe concerning department.

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 not raised by way of initial public offer or further public offer(including debt instruments) and term loans during the year. Accordingly paragraph 3(ix)of the order is not applicable.

x. According to the information and explanations given to us no material fraud by thecompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi. According to the information and explanations given 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. According to the information and explanations given to us the company is not aNidhi Company. Accordingly paragraph 3(xii) of the order is not applicable.

xiii. According to the information and explanations given to us transactions with therelated parties are in compliance with sections 177 and 188 of the Act where applicableand the details of such transaction have been disclosed in the Standalone FinancialStatements as required by the applicable accounting standards.

xiv. According to the information and explanations given to us and based on ourexamination of the records of the company thecompany 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. Accordingly paragraph 3(xv) ofthe order is not applicable.

xvi. The company is not required to be registered under section 45 IA of the ReserveBank of Inda Act 1934.

For VINOD SINGHAL & CO.

CHARTERED ACCOUNTANTS

Registration No.: 005826C

sd/-

PRATEEK GOYAL

Partner

Membership No.:411040

Nathdwara 29th May 2017

"ANNEXURE-B" to the Independent Auditor's Report of even date on theStandalone Standalone financial statements of ASIA PACK LIMITED

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

We have audited the Internal Financial Controls over financial reporting oASIA PACKLIMITED as of March 31 2017 in conjunction with our audit of the Standalone financialstatements 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 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 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 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 standalone financial statements whether due to fraud orerror.

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 Standalone financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company's' internal financial control overfinancial reporting 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 Standalone financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the Company are being madeonly in accordance 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 Company's assets that could have amaterial effect on the standalone 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

We have framed our opinion on the basis of the management representation letterreceived by the Company's management. In our opinion the Company has in all materialrespects an adequate internal financial controls system over financial reporting and suchinternal financial controls over financial reporting were operating effectively as atMarch 31 2017 based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control

stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the institute of Chartered Accountants of India.

For VINOD SINGHAL & CO.

CHARTERED ACCOUNTANTS

Registration No.: 005826C

sd/-

PRATEEK GOYAL

Partner

Membership No.:411040

Nathdwara 29th May 2017