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Control Print Ltd.

BSE: 522295 Sector: Industrials
NSE: CONTROLPR ISIN Code: INE663B01015
BSE 00:00 | 27 Sep 332.55 -6.20
(-1.83%)
OPEN

338.80

HIGH

349.20

LOW

331.55

NSE 00:00 | 27 Sep 333.40 -4.50
(-1.33%)
OPEN

341.70

HIGH

342.55

LOW

331.50

OPEN 338.80
PREVIOUS CLOSE 338.75
VOLUME 4409
52-Week high 416.85
52-Week low 200.00
P/E 16.86
Mkt Cap.(Rs cr) 543
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 338.80
CLOSE 338.75
VOLUME 4409
52-Week high 416.85
52-Week low 200.00
P/E 16.86
Mkt Cap.(Rs cr) 543
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Control Print Ltd. (CONTROLPR) - Auditors Report

Company auditors report

ON THE STANDALONE FINANCIAL STATEMENTS

TO THE MEMBERS OF CONTROL PRINT LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial statements of Control printLimited ("the Company") which comprise the standalone Balance sheet as at March31 2021 the standalone statement of profit and Loss (including other Comprehensiveincome) the standalone statement of Changes in Equity and the standalone Cash Flowstatement for the year then ended and notes to financial statements including a summaryof significant accounting policies and other explanatory information (hereinafter referredto as "the standalone Financial statements").

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 Companies Act 2013 (the 'Act') in the manner so required and give a true and fairview in conformity with the Companies (indian Accounting standards) Rules 2015 asamended ("ind As") and accounting principles generally accepted in india ofthe state of affairs of the Company as at 31st March 2021 total comprehensive income(comprising of profit and other comprehensive income) the changes in equity and its cashflow for the year ended on that date.

Basis for Opinion

we conducted our audit of the standalone financial statements in accordance with thestandards on Auditing (sAs) specified under section 143(10) of the Act. ourresponsibilities under those standards are further described in the Auditor'sResponsibilities for the Audit of standalone Financial statements section of our report.we are independent of the Company in accordance with the Code of Ethics issued by theinstitute of Chartered Accountants of india ('iCAi') together with ethical requirementsthat are relevant to our audit of the standalone financial statements under the provisionsof the Act and the rules made thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and Code of Ethics. We believe thatthe audit evidence that we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide a separateopinion on these matters.

Response to Key Audit Matter Trade Receivables

Receivables (net of provisioning) of Rs 5634.33 Lakhs part of the current assets ofthe company as at 31-Mar-21 Principal Audit Procedures Evaluating and testing the controlsfor managing trade receivables including subsequent collection unidentified credits andprovisioning.

Validating the Aging of receivables review of trend customer wise reasons for longoutstanding balances evaluation of disputes and possibility of recovery and existence ofthe customers. on sample basis requested to various customers for confirmations over emailduring the current COViD 19 Pandemic.

Assessing the appropriateness and completeness of the related disclosure in thecompany's Financial statements.

Conclusion

Our procedures did not identify any material exceptions Inventory inventories (net ofprovisions) of Rs 6686.96 Lakhs part of the current assets of the company as at31-Mar-21. The inventory is lying at various locations including at 3rd partypremises.

Principal Audit Procedures

Testing the assumptions for inventory valuation basis

Review the policy of the management for physical verification and the documents relatedto management's physical count procedure actually followed at different locations.

Relied on physical verification report by internal auditors

Assess the appropriateness and completeness of the related disclosure in the company'sFinancial statements.

Conclusion

Our procedures did not identify any material exceptions.

Information other than the Standalone Financial Statements and Auditor's Report thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report but does not includethe standalone financial statements and our auditor's report thereon. Our opinion on thestandalone financial statements does not cover the other information and we do not expressany form of assurance conclusion thereon.

in connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.If based on the work we have performed we conclude that there is a material misstatementof this other information we are required to report that fact. we have nothing to reportin this regard.

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 Act with respect to the preparation of these standalone Financial statementsthat give a true and fair view of the financial position financial performance (includingother comprehensive income) changes in equity and cash flow of the Company in accordancewith the accounting principles generally accepted in india including the indianaccounting standards (ind As) prescribed under section 133 of the AcT this responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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 are free from material misstatement whetherdue to fraud or error.

in preparing the standalone financial statements the Board of Directors is responsiblefor assessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless the Board of Directors either intends to liquidate the Company or tocease operations or has no realistic alternative but to do so. the Board of Directors isalso responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

our objectives are to obtain reasonable assurance about whether the standaloneFinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith sAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone Financial statements.

As part of an audit in accordance with standards on auditing we exercise professionaljudgment and maintain professional skepticism throughout the audit. we also:

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. the risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3) (i) of the Act we are also responsible for explaining our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. if we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the standalone financial statements may be influenced. weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work; and (ii) to evaluate the effect ofany identified misstatements in the standalone financial statements.

we communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

we also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. we describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Other Matters

1. we did not audit the financial statements of Colombo (sri Lanka) Branch included inthe standalone financial statements of the Company whose financial statements reflecttotal assets of Rs 279.39 lakhs as at 31st March 2021 total revenues of Rs 128.30 lakhstotal net profit after tax of Rs 0.92 lakhs and total comprehensive income of Rs 0.92lakhs for the year ended 31st March 2021. The financial statement of abovebranch has been audited by another independent auditor in accordance with the regulationsof that country whose report has been furnished to us and our opinion on the standalonefinancial statements to the extent it has been derived from such audited financialstatements is based solely on the report of such other auditor. our opinion is notmodified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) order 2016 (the "order")issued by the Central Government of india in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure ‘A statement on the matters specified in theparagraphs 3 and 4 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 it appears from our examination of those books.

c. The reports on the accounts of the branch office of the Company audited undersection 143(8) of the Act by branch auditors have been sent to us and have been properlydealt with by us in preparing this report.

d. the Balance sheet statement of profit and Loss (including other comprehensiveincome) the statement of Changes in Equity and the Cash Flow statement dealt with by thisReport are in agreement with the books of account.

e. in our opinion the aforesaid standalone financial statements comply with the indianAccounting standards (ind As) specified under section 133 of the Act.

f. on the basis of the written representations received from the directors as on March31 2021 taken on record by the Board of Directors none of the directors are disqualifiedas on March 31 2021 from being appointed as a director in terms of section 164(2) of theAct;

g. with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refers to ourseparate report in Annexure ‘B'. our report expresses an unmodified opinion on theadequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

h. with respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended: in our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act.

i. 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;

ii. the Company has disclosed the impact of pending litigation as at March 31 2021 onits financial position in its standalone financial statements - Refer Note 42 (C) to thestandalone financial statements.

iii. the Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses; and

iv. There has been no delay in transferring amounts required to be transferred to theinvestor Education and Protection Fund by the Company during the year ended March 312021.

For Jhawar Mantri & Associates

Chartered Accountants

Firm Registration Number: 113221W

sd/- Naresh Jhawar

partner Membership No. 045145

UDiN: 21045145AAAADC8851

place: Navi Mumbai

Date : April 23 2021

ANNEXURE- ‘A' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

1. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of property plant and equipment.

(b) the Company has a program of verification to cover all the items of property plantand equipment in a phased manner which in our opinion is reasonable having regard to thesize of the Company and nature of its assets. pursuant to the program certain propertyplant and equipment were physically verified by the management during the year andwhatever discrepancies noticed on such verification has been properly dealt in the booksof accounts.

(c) According to the information and explanations given to us the records examined byus and based on the examination of the conveyance deeds / registered sale deed provided tous we report that the title deeds comprising all the immovable properties of land andbuildings which are freehold are held in the name of the Company as at the balance sheetdate. In respect of immovable properties of land and building that have been taken onlease and disclosed as fixed assets in the standalone financial statements the leaseagreements are in the name of the Company.

2) As per the information and explanations given to us the inventories have beenphysically verified at reasonable intervals during the year by the management exceptmaterials lying with third parties and goods-in-transit. According to the information andexplanations given to us the procedures for physical verification of inventories followedby the management during the year are reasonable and adequate in relation to the size ofthe Company and the nature of its business. the discrepancies noticed on verificationbetween the physical stocks and the book records were not material and have been properlyadjusted in the books of account. During the year under review the Company has written ofinventory value of Rs 395.20 Lakhs on account of technological obsolescence.

3) the Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained undersection 189 of the Act. therefore the provisions of Clause 3 (iii) (a) (b) and (c) ofthe said order are not applicable to the Company. there is a transfer of Rs 25.14 lakhsduring the year along with the opening outstanding balance of Rs 48.89 lakhs (outstandingas on year end Rs 74.03 lakhs) granted to the wholly owned subsidiary company viz. LibertyChemicals private Limited.

4) in our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Companies act 2013with respect to Loans and Advances made guarantee given and investments made.

5) the Company has not accepted any deposits during the year from the public coveredunder sections 73 to 76 of the Companies Act 2013.

6) As informed to us the Central Government has prescribed maintenance of cost recordsunder section 148(1) of the Act. we have broadly reviewed the cost records maintained bythe Company pursuant to the Companies (Cost Records and Audit) rules 2014 as amended andprescribed by the Central government under sub-section (1) of section 148 of the Act andare of the opinion that prima facie the prescribed cost records have been made andmaintained. we have however not made a detailed examination of the cost records with aview to determine whether they are accurate or complete.

7) According to the information and explanations given to us in respect of statutorydues:

(a) the Company is regular in depositing undisputed statutory dues including providentFund Employees' state insurance income- tax sales tax service tax goods and servicetax Customs Duty excise Duty value Added tax Cess and other material statutory duesapplicable to it to the appropriate authorities.

(b) there were no undisputed amounts payable in respect of provident Fund employees'state insurance income-tax sales tax service tax goods and service tax Customs Dutyexcise Duty value Added tax Cess and other material statutory dues in arrears as atMarch 31 2021 for a period of more than six months from the date they became payable.

(c) Details of dues of income-tax sales tax service tax goods and service taxCustoms Duty excise Duty and value Added tax which have not been deposited as on March31 2021 on account of disputes are given below:

Rs in Lakhs

Name of Statute Nature of Dues Forum where dispute is pending Amount (Involved) Amount (paid) Amount (unpaid)
Central sales tax AcL Local sales tax act sales tax for FY 2012-13 DCsT (appeals) Mumbai 151.42 56.33 95.09
MvAT for FY 2015-t16 DCsT (appeals) Mumbai 39.99 2.00 37.99
sales tax for FY 2015-16 rectification filed with sto Mumbai 222.97 - 222.97
sales tax for FY 2016-17 appeal to be filed with jcst 10.35 - 10.35

8) According to the records of the Company examined by us and the information andexplanations provided to us the Company has not defaulted in repayment of loans orborrowings to any Financial institutions or Banks or dues to debenture holders as at theBalance sheet date.

9) in our opinion and according to the information and explanations given to us thecompany has not raised any money by way of term loans or initial public offer or furtherpublic offer including debt instruments during the year.

10) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in india andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

11) 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 Ac!

12) The company is not a Nidhi Company and the Nidhi Rules 2014 are not applicable toit accordingly paragraph 3(xii) of the order is not applicable.

13) The Company has entered into transactions with related parties in compliance withsections 177 and 188 of the Act. The details of such related party transactions have beendisclosed in the standalone financial statements as required by applicable ind As.

14) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures. accordingly paragraph3(xiv) of the order is not applicable.

15) 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 them. accordingly paragraph 3(xv)of the order is not applicable.

16) the Company is not required to be registered under section 45-^ of the reserve Bankof india act 1934. accordingly paragraph 3(xvi) of the order is not applicable to theCompany.

For Jhawar Mantri & Associates

Chartered accountants

Firm registration number: 113221w

sd/- Naresh Jhawar

partner Membership No. 045145

UDiN: 21045145aaaaDC8851

place: Navi Mumbai

Date : april 23 2021

ANNEXURE- ‘B' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Report on the Internal Financial Controls under Clause

(i) of Sub-Section 3 of Section 143 of the Companies Act 2013 (‘the Act')

We have audited the internal financial controls over financial reporting of ControlPrint Limited ("the Company") as of March 31 2021 in conjunction with our auditof the standalone Financial statements of the Company for the year ended on that date.

Management's Responsibility for the Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of internal Financial Controls over FinancialReporting issued by the institute of Chartered accountants of india ('ICAI'). theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the AcL

Auditor's 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") issued by ICAI and the standards on auditing prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls. those standards and the guidance note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate 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 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

2. provide reasonable assurance that the transactions are recorded as necessary topermit preparation of Financial statements in accordance with the generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and

3. provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial 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 control 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 to the best of our information and according to the explanations givento us the Company has in all material aspects an adequate internal financial controlsystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2021 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in Guidance Note on Audit of internal FinancialControls over Financial Reporting issued by the Institute of Chartered Accountants of india.

For Jhawar Mantri & Associates

Chartered Accountants Firm

registration number: 113221w

Sd/- Naresh Jhawar

partner Membership No. 045145

UDm: 21045145AAAADC8851

place: Navi Mumbai

Date : April 23 2021

.