| We have audited the accompanying financial statements of ASIA PACK
LIMITED which comprise the balance sheet as at 31st March 2014,
statement of profit and loss and cash flow Statement for the year ended
on that date and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position &
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
under the companies Act 1956(the Act) read with the General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of the Companies Act, 2013. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on the audit. We had conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of my information and according to the
explanations given to us, the financial statements give a true and fair
view in conformity with the accounting principles generally accepted in
India:
I. in the case of the Balance Sheet, of the state of affairs of company
as at March 31, 2014; and
II. in the case of the Statement of Profit and Loss, of the loss for
the year ended on that date.
III. In the case of the cash flow statement, of the cash flows for the
year ended for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003, as
amended, issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the order.
2. As required by section 227(3) of the Act, I report that:
1. we have obtained all the information and explanations which to the
best of my knowledge and belief were necessary for the purpose of
audit;
2. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from the examination of those
books;
3. the Balance Sheet, Statement of Profit and Loss and cash flow
statement dealt with by this Report are in agreement with the books of
account;
4. in our opinion, the Balance Sheet, Statement of Profit and Loss and
cash flow statement comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956 read with
the General Circular 15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013;
and
5. on the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
Annexure to Independent Auditors' Report of Asia Pack Limited
Referred to in Paragraph 1 under the heading of "report on other legal
and regulatory requirements" of our report of even date.
1. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. The fixed assets have been physically verified by the management
during the year, which in our opinion is reasonable, having regard to
the size of the Company and nature of its assets. No material
discrepancies were noticed on such physical verification as informed by
the management.
c. In our opinion, the Company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
The company does not have any inventory. Accordingly, the provision of
Clause 4(ii) of the order is not applicable.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties:
a. The company has not given any unsecured loan & Advances during the
year to any party covered in the register maintained under Section 301
of the Companies Act, 1956 in the previous years.
b. The Company has not taken any loan during the year from companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956. Consequently, the requirements of the
clause (iii) (f) and (iii) (g) of paragraph 4 of the order are not
applicable.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of audit, we have not
observed any continuing failure to correct any major weaknesses in
internal controls.
5. a. In our opinion and according to the information and explanation
given to us, there are no transactions that need to be entered into the
register in pursuance of section 301 of the Act.
b. In our opinion and according to the information and explanations
given to us, there is no transactions made in pursuance of contracts /
arrangements entered in the Register maintained under section 301 of
the Companies Act, 1956 with any subsidiary companies, firms or other
parties. Consequently, the requirements of the clause 5(b) is not
applicable
6. According to the information and explanation given to us, the
Company has not accepted any deposit from public in terms of section
58A of the Companies Act, 1956.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. We are informed that the Central Government has not prescribed
maintenance of cost records under section 209(1) of the Companies Act
1956 for any of the products of the company.
9. In respect of statutory dues:
a. In our opinion and according to the records of the Company, the
company has been regular in depositing its undisputed statutory dues as
applicable and including Provident fund, Employees State Insurance,
Income tax, Sales tax, and Service tax as applicable with the
appropriate authorities except for certain minor delays occasionally.
We are informed that there were no liabilities towards Investor
Education and Protection Fund, Excise duty or Customs duty or Cess.
Further according to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2014 for a period of more than six months
from the date of becoming payable.
b. As per explanation provided to us, there are no pending demands
against the company where any disputes are pending in respect of income
tax, sales tax, service tax, wealth tax, custom duty, excise duty where
appeals if any are pending against orders by the concerning department.
10. The Company does not have any accumulated losses at the end of the
financial year.
11. Based on the examination of the books of account and related
records and according to the Information and explanations given to us,
the company has not defaulted in repayment of any dues of banks. The
company has not issued any debenture.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/Society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the Company.
14. In our opinion and according to the information and explanations
given to us, the company is not dealing or trading in shares,
securities, debentures and other investments. Therefore clause 4 (xiv)
of the Companies (Auditors Report) Order 2003 is not applicable to the
Company.
15. According to the information and explanations given to us, the
Company has not given guarantees for loans taken by others from banks
or financial institutions.
16. According to the information and explanations given to us the
company did not seek or apply or obtain any term loans during the year
and no loans or dues there against were outstanding since earlier
periods.
17. According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we report that
no funds raised on short term basis have been used for long-term
investment and vice versa.
18. During the year, the Company has not made any allotment of shares.
19. The Company has neither issued any debentures nor created any
securities in respect thereof.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year.
For Manish Dani & Co.
Chartered Accountants
Firm Registration Number: 013509 C
Manish Dani
Place: Nathdwara Proprietor
Date: 30.05.2014 Membership No. 406440 |