To
The Members of
G. K. P. Printing & Packaging Limited
Thane, Maharastra-401208
Report on the Ind AS Financial Statements
Opinion
We have audited accompanying the Ind AS financial statements of G. K. P. Printing
& Packaging Limited ("the Company"), which comprise the balance sheet as
at 31th March 2023, and statement of Profit and Loss, including the statement
of Other Comprehensive Income, the Cash Flows statement and the Statement of Changes in
Equity for the year ended 31th March 2023, and notes to the financial
statements, including a summary of significant accounting policies and other explanatory
information (hereinafter referred to as "Ind AS financial Statements").
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid Ind AS financial statements give the information required by
the Companies Act, 2013, as amended (the act) in the manner so required and give a true
and fair view in conformity with the accounting principles generally accepted in India, of
the state of affairs of the Company as at March 31, 2023, its profit or loss including
other comprehensive income, its cash flows and the changes in equity for the year ended on
that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013. Our responsibilities under those
Standards are further described in the Auditors Responsibilities for the Audit of the
standalone Ind AS Financial Statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit
of the financial statements under the provisions of the Companies Act, 2013 and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on Ind AS financial statement.
Key Audit Matter
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the Ind AS financial statements of the current period. These
matters were addressed in the context of our audit of the Ind AS financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
Information Other than the financial statements and Auditors report thereon
The Companys Board of Directors is responsible forthe preparation of the other
information. The other information comprises the information included in the Management
Discussion and Analysis, Boards Report including Annexures to Boards Report, Business
Responsibility Report, Corporate Governance and Shareholders Information, but does not
include the standalone Ind AS financial statements and our auditors report thereon.
Our opinion on the financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.
In connection with our audit of the Ind AS financial statements, our responsibility is
to read the other information and, in doing so, consider whether such other information is
materially inconsistent with the financial statements or our knowledge obtained 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
misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Responsibility of Management and those charged with governance for Ind AS Financial
Statements
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of
these Ind AS financial statements that give a true and fair view of the financial
position, financial performance including other comprehensive income, cash flows and
changes in equity of the Company in accordance with the accounting principles generally
accepted in India, including the Indian accounting Standards (Ind AS) specified under
section 133 of the Act. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the
assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the Ind AS financial statement that give a true and fair view and are free
from material misstatement, whether due to fraud or error.
In preparing the Ind AS financial statements, Management is responsible for assessing
the Companys ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless the
Management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
Those charged with governance are also responsible for overseeing the Companys
financial reporting process.
Auditors Responsibilities for the Audit of the Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Ind AS financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Ind AS financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section 143(3)(i)
of the Companies Act, 2013, we are also responsible for expressing our opinion on whether
the company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditors
report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
• Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the Ind AS financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the Ind AS financial statements for
the financial year ended 31st March 2023 and are therefore the key audit
matters. We describe these matters in our auditors report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"),
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Companies Act, 2013, we give in the Annexure A a statement on the matters
specified in paragraphs 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 best
of our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books;
(c) The Balance Sheet, the Statement of Profit and Loss including the statement of
Other Comprehensive income, and the Cash Flow Statement and Statement of Changes in Equity
dealt with by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian
Accounting Standards specified under Section 133 of the Act, read with Companies (Indian
Accounting standard) Rules, 2022;
(e) On the basis of the written representations received from the directors as on 31th
March, 2023 taken on record by the Board of Directors, none of the directors is
disqualified as on 31th March, 2023 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 financial
reporting of the Company with reference to these Ind AS financial statements and the
operating effectiveness of such controls, refer to our separate Report in "Annexure
B" to this report;
(g) With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion
and to the best of our information and according to the explanations given to us:
i. The Company has not any pending litigation which should require to disclose on
its financial position.
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
iv. (a) The management has represented that, to the best of its knowledge and belief,
as disclosed in to the accounts, no funds have been advanced or loaned or invested (either
from borrowed funds or share premium or any other sources or kind of funds) by the Company
to or in any other persons or entities, including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall:
• directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Company
or
• Provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.
(b) The management has represented, that, to the best of its knowledge and belief, as
disclosed in the accounts, no funds have been received by the Company from any persons or
entities, including foreign entities ("Funding Parties"), with the
understanding, whether recorded in writing or otherwise, that the Company shall:
• directly or indirectly, lend or invest in other persons or entities identified
in any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the
Funding Party or
• Provide any guarantee, security or the like from or on behalf of the Ultimate
Beneficiaries.
(c) Based on such audit procedures as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11, as provided under (a) and (b)
above, contain any material misstatement.
v. There has no dividend paid during the period ended 31st March, 2023 by
the Company hence is in compliance with section 123 of the Act is not arise.
vi. With respect to the matter to be included in the Auditors Report under Section
197(16) of the Act:
In our opinion and according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the current year is in accordance
with the provisions of Section 197 of the Act. The remuneration paid to any director is
not in excess of the limit laid down under Section 197 of the Act. The Ministry of
Corporate Affairs has not prescribed other details under Section 197(16) of the Act which
are required to be commented upon by us.
"Annexure A" to the Independent Auditors Report
Referred to in paragraph 1 under the heading Report on Other Legal & Regulatory
Requirement of our report of even date to the financial statements of the Company for the
period ended March 31, 2023 :
1. Property, Plant. Equipment and intangible Assets:
a. The Company is maintaining proper records showing full particulars, including
quantitative details and situation of Property, Plant, Equipment;
b. The Property, Plant, Equipment are physically verified by the management according
to a phased programme, designed to cover all the items over a period of three years which,
in our opinion, is reasonable having regard to the size of the company and nature of its
assets. Pursuant to the programme, a portion of the Property, Plant and Equipment has been
physically verified by the management during the year and no material discrepancies have
been noticed on such verification.
c. The title deeds of all the immovable properties (other than properties where the
Company is the lessee and the lease agreements are duly executed in favour of the lessee),
as disclosed in Note 2 on Property, plant and equipment to the financial statements, are
held in the name of the Company.
d. The Company has not revalued its Property, Plant, Equipment and intangible Assets
during the year. Accordingly, the reporting under clause 3(i) (d) of the Order is not
applicable to the company.
e. Based on the information and explanations furnished to us, no proceedings have been
initiated on or are pending against the Company for holding Benami property under Benami
Transactions (Prohibitions) Act, 1988(as amended in 2016) (formerly the Benami Transaction
(Prohibition) Act, 1998(45 of 1988) and Rules made thereunder, and therefore the question
of our commenting on whether the company has appropriately disclosed the details in its
financial statements does not arise.
2. Inventory:
a. The physical verification of inventory (excluding stocks with third parties) has
been conducted at reasonable intervals by the Management during the year and, in our
opinion, the coverage and procedures of such verification by Management is appropriate.
The discrepancies noticed on physical verification of inventory as compared to book
records were not 10% or more in aggregate for each class of inventory.
b. The Company has not been sanctioned working capital limits in excess of Rs. 5 crore,
in aggregate, at any points of time during the period, from banks or financial
institutions on the basis of security of current assets and hence reporting under clause
3(ii) (b) of Order is not applicable.
3. Loans given by the Company:
The Company has not made investments in, companies, firms, Limited Liability
Partnerships, and granted unsecured loans to other parties, during the year. Further the
Company has not provided any guarantee or security or granted any advances in the nature
of loans, secured or unsecured, to companies , firms, Limited Liability Partnerships or
any other parties and hence reporting under clause iii( a) to iii(f) in not applicable.
4. Loans to directors & Investment by the Company:
In our opinion, and according to the information and explanations given to us, the
Company has not granted any loans or provided any guarantees or security in respect to any
parties covered under the Section 185 of the Act. The company has not given guarantees or
provided security requiring compliance under section 185 or 186 of the Act, hence clause
IV of the order, not applicable to the Company.
5. Deposits
The Company has not accepted any deposits or amounts which are deemed to be deposits
within the meaning of Sections 73, 74, 75 and 76 of the Act and the Rules framed there
under to the extent notified.
6. Cost records:
To the best of our knowledge and belief, the Central Government has not specified
maintenance of Cost Records under sub-section (1) of Section 148 of the Act, in respect of
Companys Products/Services. Accordingly, the provisions of clause 3(vi) of the Order are
not applicable.
7. Statutory Dues:
a. According to the information and explanations given to us and the records of the
Company examined by us, in our opinion, the Company is generally regular in depositing
undisputed statutory dues in respect of provident fund, employees state insurance, income
tax, goods and services tax and labour welfare fund, there were no delay in depositing
undisputed statutory dues, including sales tax, service tax, duty of customs, duty of
excise, value added tax, cess and other material statutory dues, as applicable, with the
appropriate authorities.
b. There are no dues in respect of Goods and Service Tax, Provident Fund, Employees
State Insurance, Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise,
Value Added Tax, Cess and Other Statutory Dues that have not been deposited with the
appropriate authorities on account of any dispute.
8. Unrecorded income
According to the information and explanations given to us and the records of the
Company examined by us, there are no transactions in the books of account that has been
surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961, that has not been recorded in the books of account.
9. Repayment of Loans:
a. According to the records of the Company examined by us and the information and
explanations given to us, the Company has not defaulted in repayment of loans or other
borrowings or in the payment of interest to any lender during the year.
b. According to the information and explanations given to us and on the basis of our
audit procedures, we report that the Company has not been declared Willful Defaulter by
any bank or financial institution or government or any government authority.
c. In our opinion, and according to the information and explanations given to us, the
company has not obtained any term loans during the year. Accordingly, clause 3(ix) (C) of
the order is not applicable.
d. According to the information and explanations given to us, and the procedures
performed by us, and on an overall examination of the standalone financial statements of
the Company, we report that the Company has not used funds raised on short-term basis for
the long-term purposes.
e. According to the information and explanations given to us and on an overall
examination of the standalone financial statements of the Company, we report that the
Company has not taken any funds from any entity or person on account of or to meet the
obligations of its subsidiaries, associates or joint ventures.
f. According to the information and explanations given to us and procedures performed
by us, we report that the Company has not raised loans during the year on the pledge of
securities held in its subsidiaries, joint ventures or associate companies.
10. Utilization of IPO & FPO and Private Placement and Preferential issues:
a. The Company has not raised any money by way of initial public offer and through debt
instruments by way of further public offer during the year.
b. The Company has not made preferential allotment or private placement of shares
during the year and the requirement to report on clause 3(x) (b) of the order is not
applicable to the company.
11. Reporting of Fraud:
a. During the course of our examination of the books and records of the Company,
carried out in accordance with the generally accepted auditing practices in India, and
according to the information and explanations given to us, we have neither come across any
instance of material fraud by the Company or on the Company, noticed or reported during
the year, nor have we been informed of any such case by the Management.
b. During the course of our examination of the books and records of the Company,
carried out in accordance with the generally accepted auditing practices in India, and
according to the information and explanations given to us, no report under Section 143(12)
of the Act, in Form ADT-4, as prescribed under rule 13 of Companies (Audit and Auditors)
Rules, 2014 has been filed with the Central Government. Accordingly, the reporting under
Clause 3(xi) (b) of the Order is not applicable to the Company.
c. During the course of our examination of the books and records of the Company,
carried out in accordance with the generally accepted auditing practices in India, and
according to the information and explanations given to us, the Company has not received
whistle-blower complaints during the year, which have been considered by us for any
bearing on our audit and reporting.
12. NIDHI Company:
As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to
it, the reporting under Clause 3(xii) of the Order is not applicable to the Company.
13. Related Party Transaction:
The Company has entered into transactions with related parties in compliance with the
provisions of Sections 177 and 188 of the Act. The details of such related party
transactions have been disclosed in the financial statements as required by applicable
Indian Accounting Standards.
14. Internal Audit
a. According to the information and explanations given to us, the company has an
internal audit system commensurate with the size and nature of its business.
b. We have considered the reports of the Internal Auditors for the period under audit.
15. Non-Cash Transaction:
The Company has not entered into any non-cash transactions with its directors or
persons connected with him. Accordingly, the reporting on compliance with the provisions
of Section 192 of the Act under Clause 3(xv) of the Order is not applicable to the
Company.
16. Register under RBI Act, 1934:
The provisions of Section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are
not applicable to the Company. Accordingly, the requirement to report on clause (xvi)
(a), (b), (c) & (d) of the Order is not applicable to the Company.
17. Cash Losses
The Company has not incurred any cash losses in the financial year or in the
immediately preceding financial year.
18. Auditors resignation
There has been no resignation of the statutory auditors during the year and
accordingly, the provisions of clause 3(xviii) of the Order is not applicable.
19. Financial Position
According to the information and explanations given to us and on the basis of the
financial ratios, ageing and expected dates of realization of financial assets and payment
of financial liabilities, other information accompanying the standalone financial
statements, our knowledge of the Board of Directors and management plans and based on our
examination of the evidence supporting the assumptions, nothing has come to our attention,
which causes us to believe that any material uncertainty exists as on the date of the
audit report that the Company is not capable of meeting its liabilities existing at the
date of balance sheet as and when they fall due within a period of one year from the
balance sheet date. We, however, state that this is not an assurance as to the future
viability of the Company. We further state that our reporting is based on the facts up to
the date of the audit report and we neither give any guarantee nor any assurance that all
liabilities falling due within a period of one year from the balance sheet date, will get
discharged by the Company as and when they fall due.
20. Corporate Social Responsibility
The Provision of Section 135 of the Companies Act 2013 in relation to Corporate Social
Responsibility are not applicable to the Company during the year and hence reporting under
this clause is not applicable.
"Annexure B" to the Independent Auditors Report of even date on the Ind
AS Financial Statements of G. K. P. Printing & Packaging Limited.
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 G. K. P.
Printing & Packaging Limited ("the Company") as of March 31, 2023 in
conjunction with our audit of the Ind AS financial statements of the Company for the
period ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys Management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India. These responsibilities include
the design, implementation and maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to respective companys policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as
required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the companys internal financial
controls over financial reporting with reference to these Ind AS financial statement based
on our audit. We conducted our audit in accordance with the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting (the "Guidance Note")
issued by the Institute of Chartered Accountants of India and the Standards on Auditing
prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to
an audit of internal financial controls. Those Standards and the Guidance Note require
that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal financial controls over financial
reporting with reference to these Ind AS financial statement was established and
maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting with reference to these
Ind AS financial statements and their operating effectiveness. Our audit of internal
financial controls over financial reporting included obtaining an understanding of
internal financial controls over financial reporting with reference to these Ind AS
financial statements, assessing the risk that a material weakness exists, and testing and
evaluating the design and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditors judgment, including the
assessment of the risks of material misstatement of the Ind AS financial statements,
whether due to fraud or error.
We believe that the audit evidence we have obtained, is sufficient and appropriate to
provide a basis for our audit opinion on the internal financial controls system over
financial reporting with reference to these Ind AS financial statements of the Company.
Meaning of Internal Financial Controls over Financial Reporting with reference to these
Ind AS Financial Statements
A companys internal financial control over financial reporting with reference to these
Ind AS financial statements is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting
principles.
A companys internal financial control over financial reporting with reference to these
Ind AS financial statements includes those policies and procedures that:
(1) Pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company;
(2) Provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and
(3) Provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the companys assets that could have a
material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting with
reference to these Ind AS Financial Statements
Because of the inherent limitations of internal financial controls over financial
reporting with reference to these Ind AS financial statements, including the possibility
of collusion or improper management override of controls, material misstatements due to
error or fraud may occur and not be detected. Also, projections of any evaluation of the
internal financial controls over financial reporting with reference to these Ind AS
financial statements to future periods are subject to the risk that the internal financial
control over financial reporting with reference to these Ind AS financial statements may
become inadequate because of changes in conditions, or that the 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 given
to us, the Company has, in all material respects, an adequate internal financial controls
system over financial reporting with reference to these Ind AS financial statements and
such internal
financial controls over financial reporting with reference to these Ind AS financial
statements were operating effectively as at March 31, 2023, based on the internal
control over financial reporting criteria established by the Company considering the
essential components of internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
For Keyur Shah & Co.
Chartered Accountants FRN.: 141173W
Keyur Shah Proprietor
Membership No.: 153774 UDIN 23153774BGWLVG6421
Date: 29th May, 2023
Place: Ahmedabad
+91-9892691696
