Report on the Financial Statements
We have audited the accompanying financial statements of Mayur
Uniquoters Limited (the Company), which comprise the Balance
Sheet as at March 31,2013, and the Statement of Profit and Loss and
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 21
I of the Companies Act, 1956 (the Act). 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.
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
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 evaluation 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
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 information
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
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at march 31, 2013,
(b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) in the case of Cash Flow Statement, of the cash flows 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
(the Order) 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, We report that:
(a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
(b) 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
(c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
(d) 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;
(e) on the basis of written representations received from the directors
as on March 31,2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2013, from being
appointed as a director in terms of clause (g) of sub-section (I) of
section 274 of the companies Act, 1956.
(f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Referred to in our Report of even date:
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
(b) Fixed Assets have been physically verified by the management during
the year at reasonable intervals. No material discrepancies were
noticed on such verification.
(c) Substantial part of fixed assets have not been disposed off during
2. (a) The inventory of the Company, has been physically verified by
the Management during the year. In our opinion, the frequency of
verification is reasonable.
(b) In our opinion, the procedures of physical verification of
Inventory followed by the Management are reasonable and adequate in
relation to the size of the Company and nature of its business.
(c) The Company has maintained proper records of inventory and the
discrepancies noticed between the physical stocks and the books record
were not material.
3. (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Hence requirements of
clause 3(b), 3(c) and 3(d) are not applicable.
(e) The company has not taken any loans, secured or unsecured from
companies firm or other parties covered in the register maintained
under section 301 of the Act. Hence requirements of clause 3(f) and
3(g) are not applicable.
4. There are adequate internal control procedure commensurate with the
size of the Company and the nature of its business with regard to the
purchases of inventories, fixed assets and for the sale of goods. We
have not observed any continuing failure to correct major weakness in
internal control system.
5. (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act 1956
have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act 1956 and exceeding the value of rupees five lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
6. As informed to us, the Company has not accepted any deposits under
the provisions of Section 58A and 58AA of the Act and the rules framed
7. In our opinion, the Company''s present internal audit system is
commensurate with its size and nature of its business.
8. The Central Government has prescribed maintenance of cost records
under Section 209 (I) (d) of the Companies Act, 1956 in respect of
manufacturing activity of the Company. We have broadly reviewed the
accounts and records of the Company in this connection and are of the
opinion, that prima facie, the prescribed accounts and records have
been made and maintained. We have not, however, carried out a detailed
examination of the same with a view to determine whether they are
accurate or complete.
9. (a) According to the books and records as produced and examined by
us in accordance with generally accepted auditing practices in India
and also based on Management representations, undisputed statutory dues
including Provident Fund, Employees'' state Insurance Dues, Investor
Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, Cess and Other material
Statutory dues have generally been regularly deposited, by the Company
during the year with the appropriate authorities in India. According to
the information and explanation given to us, no undisputed amounts
payable in respect of the aforesaid dues were outstanding as at March 3
Ist, 2013 for a period of more than six months from the date of
(b) As at 31st March, 2013, there have been no disputed dues which have
not been deposited with the respective authorities in respect of Income
Tax, Wealth Tax, Service Tax, Sales Tax, Custom Tax, Excise Duty and
Cess except as given below:
Name of Statute Nature of Dues Amount Forum where dispute
Lacs) is pending
Textile Committee Textile Committee 7.69 Textile Cess Appellate
(Cess) Rules,1975 Cess Tribunal, Mumbai
Act, Service Tax (GTA) 1.76 Central Excise &
1944 Appellate Tribunal,
Act,1944 Service Tax (GTA) 2.04 Central Excise &
Service Tax Appellate
Tribunal, New Delhi
Act, 1944 Service Tax (Export) 7.23 Commissioner (Appeals),
Service Tax Division,
10. The Company has neither accumulated losses as at 31st March, 2013,
nor it has incurred any cash loss either during the financial year
ended on that date or in the immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of its dues to
any financial institution or bank or to debenture holders during the
12. The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. Considering the nature of activities carried on by the Company
during the year, the provisions of any special statute applicable to
chit fund / nidhi / mutual benefit fund / societies are not applicable
14. The Company has not dealt or traded in shares, securities,
debentures or other investments during the year.
15. The Company has not given guarantees for loans taken by others
from banks or financial institutions.
16. During the year, the Company has obtained Term Loan from ICICI
Bank Limited for Rs 545.81 Lacs and the same was applied for the
purpose for which it was obtained.
17. On the basis of review of utilization of funds, which is based on
overall examination of the balance sheet of the company, related
information as made available to us and as represented to us by the
Management, funds raised on short -term basis have not been used for
long -term investment.
18. The Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by public issue during the
21. As per the information and explanations given to us and on the
basis of examination of records, no fraud on or by the Company was
noticed or reported during the year.
For MADHUKAR GARG & COMPANY
Place : Jaipur MANISH SURI
Date : 23 rd May, 2013 (Partner)
M. No. 074998