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Auditor Report of Kiran Print Pack Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Kiran Print-Pack Ltd., which comprise the Balance Sheet as at 31st March, 2014 and also the Statement of Profit and Loss and the Cash Flow Statement for the year then ended 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 of the Companies Act, 1956 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 our audit. We 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 the 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 judgement, 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 the 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 our information and according to the explanations given to us, the financial statements give the informa- tion required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31stMarch, 2014;

(b) In the case of the Statement of Profit and Loss, of the Loss of the Company for the year ended on that date; and

(c) In the case of the Cash Flow Statement, of the cash flows of the Company 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 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, 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, we report that:

(I) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit;

(ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books;

(iii) The Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this report are in agreement with the books of accounts;

(iv) In our opinion, the Balance Sheet and the Statement of Profit & Loss dealt with by this report 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 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013;

(v) On the basis of written representations received from all the directors of the Company and taken on record by the Board of Directors, none of the directors is disqualified as on 31st 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;

Re : KIRAN PRINT-PACK LIMITED

Annexure to the Auditors'' Report referred to in our report of even date

On the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we further report as under. Matters specified in clauses (i)(c), (vi), (viii), (xi), (xii), (xiii), (xiv), (xv), (xvi), (xvii), (xviii), (xix), (xx) and (xxi) of paragraph 4 of the CARO 2003 do not

apply to the Company. Accordingly, no comments have been made on these clauses which are not applicable to the company.

(I) (a) The Company has maintained proper records showing full particulars, including quantitative details and situations of fixed

assets.

b) The fixed assets have not been physically verified by the management during the year but there is a regular programme of verifica- tion which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrep- ancies 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) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size

of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification of inventory as compared to the book records.

(iii) (a) The Company has granted interest free advances to seven parties covered in the register maintained under section 301 of the Companies Act, 1956 on call basis. The maximum amount involved was Rs. 2,24,69,379 and the year-end balance was Rs. Nil.

(b) In our opinion, the other terms and conditions on which the advances have been granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are prima facie, not prejudicial to the interest of the Company.

(c) According to the information and explanations given to us, the loans given by the Company are without any stipulation as to the payment of principal and as explained to us, the receipts of the principal amounts are regular.

(d) The Company has taken unsecured interest free loans from two parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved was Rs. 1,77,000 and the year-end balance was Rs. Nil.

(e) In our opinion, the rate of interest, wherever applicable and other terms and conditions on which the loan has been taken from the parties listed in the register maintained under section 301 of the Companies Act, 1956 is prima facie, not prejudicial to the interest of the Company.

(f) According to the information and explanations given to us, the loans taken by the Company are without any stipulation as to the payment of principal and as explained to us, the Company is regular in the payment of the principal amounts.

(iv) In our opinion and according to the information and explanations given to us, there is adequate internal control system commensu- rate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to sale of goods and services. We have neither come across nor have been informed of any continuing failure to correct major weaknesses in internal control system.

(v) Based on the audit procedures applied by us and according to the information and explanations given to us, there are no transac- tions with any party listed in the register maintained under section 301 of the Companies Act, 1956, that exceeded an amount of Rs. 5,00,000 during the year under audit.

(vi) In our opinion, the Company has an internal audit system commensurate with the size and the nature of its business.

(vii) (a) As per the records of the Company and according to the information and explanations given to us, the Company is generally regular in depositing with the appropriate authorities the undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, 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 of outstanding statutory dues as at the last day of the financial year concerned, for a period of more than six months from the date they became payable.

(b)According to the information and explanations given to us, there are no dues of Income Tax/Sales Tax/Wealth Tax/Service Tax/Customs Duty/ Excise Duty/Cess, which have not been deposited on account of any dispute

(viii) The accumulated losses as at the end of the financial year do not exceed fifty percent of its net worth and the Company has incurred cash losses in the current financial year and in the immediately preceding financial year.

For ASL & CO. Chartered Accountants Firm Regn. No.: 101921W

Saurabh P. Shah (Partner) Membership No. 41749

Place: Mumbai Dated : 29thMay, 2014


Mar 31, 2012

We have audited the attached Balance Sheet of Kiran Print-Pack Ltd. as at 31st March, 2012 and also the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the auditing standards generally accepted in india. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the companies (auditor’s report) order, 2003 issued by the central government of india in terms of sub-section (4a) of section 227 of the companies act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

Further to our comments in the Annexure referred to above, we report that:

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit;

(ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books;

(iii) The Balance Sheet and Statement of Profit & Loss dealt with by this report are in agreement with the books of accounts;

(iv) In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

On the basis of written representations received from all the directors of the Company and taken on record by he Board of Directors, we report that none of the directors are disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the significant accounting policies and notes forming part of the accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

(a) in the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2012;

(b) in the case of Statement of Profit & Loss, of the Loss for the year ended on that date and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Re : KIRAN PRINT-PACK LIMITED

Annexure to the Auditors’ Report referred to in paragraph 3 of our report of even date

On the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we further report as under. No comments have been made on the clauses not applicable to the Company.

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situations of fixed

assets.

(b) The fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies 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) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification o f inventory as compared to the book records.

(iii) (a) The Company has granted advances to five companies and four other parties covered in the register maintained under

section 301 of the Companies Act, 1956 on call basis. The maximum amount involved is Rs. 2,49,57,707 and the year-end balance was Rs. 2,38,42,178.

(b) In our opinion, the rate of interest, wherever applicable and other terms and conditions on which the advances have been granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are prima facie, not prejudicial to the interest of the Company.

(c) The parties have repaid the principal amounts and interest as stipulated, wherever applicable.

(d) The Company has not taken any advances from any party covered in the register maintained under section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to sale of goods and services. We have neither come across nor have been informed of any continuing failure to correct major weaknesses in internal control system.

(v) In our opinion, the Company has an internal audit system commensurate with the size and the nature of its business.

(vi) (a) The Company is generally regular in depositing with the appropriate authorities the undisputed statutory dues including

Provident Fund, Investor Education Protection Fund, Employees’ State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it. There are no arrears of outstanding statutory dues as at the last day of the financial year concerned, for a period of more than six months from the date they became payable.

(b) There are no dues of Income Tax/Sales Tax/Wealth Tax/Service Tax/Customs Duty/ Excise Duty/Cess, which have not been deposited on account of any dispute.

(vii) The accumulated losses as at the end of the financial year do not exceed fifty percent of its net worth and the Company has incurred cash losses in the current financial year and in the immediately preceding financial year.

(viii) The Company has neither taken any loans from a financial institution or a bank nor issued any debentures.

(ix) The company is not dealing or trading in shares and securities.

(x) The Company has not given any guarantees for loans taken by others from banks or financial institution.

(xi) The Company has not made any preferential allotment of shares during the current financial year.

(xii) The Company has not raised any money by way of public issue during the year covered by our audit.

(xiii) Based on the audit procedures performed and the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For ASL & CO. Chartered Accountants

Saurabh P. Shah (Partner)

Place: Mumbai

Dated : August 6, 2012


Mar 31, 2010

We have audited the attached Balance Sheet of Kiran Print-Pack Ltd. as at 31st March, 2010 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

Further to our comments in the Annexure referred to above, we report that:

(I) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit;

(ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books;

(iii) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts;

(iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

On the basis of written representations received from all the directors of the Company and taken on record by he Board of Directors, we report that none of the directors are disqualified as on 31st March, 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

In our opinion and to the best of our information and according to the explanations given to us, the said accounts, subject to Note No. 2 in Schedule L, regarding non provision of doubtful debtors amounting to Rs. 408,833 and read together with the significant accounting policies and notes forming part of the accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

(a) in the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2010;

(b) in the case of Profit & Loss Account, of the Loss for the year ended on that date and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Annexure to the Auditors Report referred to in paragraph 3 of our report of even date

On the basis of such checks of the books and records of the Company as we considered appropriate and according to the information an explanations given to us, we further report as under. No comments have been made on the clauses not applicable to the Company.

(I) (a) The Company has maintained proper records showing full particulars, including quantitative details and situations of fixed assets.

(b) The fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies 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) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification of inventory as compared to the book records.

(iii) (a) The Company has granted advances to six companies and four other parties covered in the register maintained under section 301 of the Companies Act, 1956 on call basis. The maximum amount involved is Rs. 150.77 lacs and the year-end balance was Rs. 150.27 lacs.

(b) In our opinion, the rate of interest, wherever applicable and other terms and conditions on which the advances have been granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are prima facie, not prejudicial to the interest of the Company.

(c) The parties have repaid the principal amounts and interest as stipulated, wherever applicable.

(d) The Company has not taken any advances from any party covered in the register maintained under section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to sale of goods and services. We have neither come across nor have been informed of any continuing failure to correct major weaknesses in internal control system.

(v) In our opinion, the Company has an internal audit system commensurate with the size and the nature of its business.

(vi) (a) The Company is generally regular in depositing with the appropriate authorities the undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it. There are no arrears of outstanding statutory dues as at the last day of the financial year concerned, for a period of more than six months from the date they became payable.

(b) There are no dues of Income Tax/Sales Tax/Wealth Tax/Service Tax/Customs Duty/ Excise Duty/Cess, which have not been deposited on account of any dispute.

(vii) The accumulated losses as at the end of the financial year do not exceed fifty percent of its net worth and the Company has not incurred cash losses in the current financial year and the immediately preceding financial year.

(viii) The Company has neither taken any loans from a financial institution or a bank nor issued any debentures.

(ix) The Company has not given any guarantees for loans taken by others from banks or financial institution.

(x) The Company has not made any preferential allotment of shares during the current financial year.

(xi) The Company has not raised any money by way of public issue during the year covered by our audit.

(xii) Based on the audit procedures performed and the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For ASL & CO.

Chartered Accountants

Saurabh P. Shahr

Place : Mumbai (Partner)

Dated : June 18, 2010 Firm Regn. No.: 101921W

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