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Mayur Uniquoters Ltd.

BSE: 522249 | NSE: MAYURUNIQ |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE040D01038 | SECTOR: Plastics

BSE Live

Dec 03, 16:00
512.80 11.15 (2.22%)
Volume
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5-Day
7,813
10-Day
5,358
30-Day
7,075
12,786
  • Prev. Close

    501.65

  • Open Price

    505.95

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

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NSE Live

Dec 03, 15:57
513.10 10.25 (2.04%)
Volume
AVERAGE VOLUME
5-Day
94,395
10-Day
81,690
30-Day
69,644
230,862
  • Prev. Close

    502.85

  • Open Price

    503.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    513.10 (1300)

Annual Report

For Year :
2018 2017 2016 2015 2013 2012 2011 2010 2008

Auditor's Report

TO THE MEMBERS OF MAYUR UNIQUOTERS LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying Standalone financial statements of MAYUR UNIQUOTERS LIMITED (the Company), which comprise the Balance Sheet as ac 31 March, 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the matters staked in Section 134(5) of the Companies Act. 2013 (the Act) with respect to the preparation of these financial statements chat give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance witch the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules. 2014. This responsibility also includes maintenance of adequate accounting records in accordance witch 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 chat are reasonable and prudent: and design, implementation and maintenance of adequate infernal financial controls, chat were operating effectively for ensuring the accuracy and completeness of the accounting records, 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 have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance witch the Standards on Auditing specified under Section 143(10) Of the Acc. 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 the 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 chose risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, 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 on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Acc 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 ac 3 15t March, 2016, and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) order, 2016 ( the order), issued by the Central Government of India in terms of sub-section (II) of section 143 of the companies Act, 2013 we give in the Annexure ''B'' a statement on the matters specified in paragraphs 3 and 4 of the order, co the extent applicable.

As required by Section 143 (3) of die 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, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid financial statements comply witch the Accounting Standards specified under Section 133 of the Acc, read witch Rule 7 of the Companies (Accounts) Rules, 2014;

(e) On the basis of the written representations received from the directors as on 31“ March, 2016 taken on record by the Board of Directors , none of the directors is disqualified as on 31iL March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act; and

(f) With Respect to the adequacy of the internal financial control over financial reporting of the Company and die operating effectiveness of such Controls, refer to our separate report in Annexure ''A1.

(g) With respect to the other matters co be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors} Rules. 2014, in our opinion and co the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigation on its financial position in its financial statements - refer Note No. 21 (i) co the financial statements;

iir The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and

iii. There has been no delay in transferring amounts, required co be transferred co the Investor Education and Protection Fund by the Company during the year ended March 3 1, 2016-

Referred to in part (f) of Report on Other Legal and Regulatory Requirements of the Independent Auditor''s Report, of even dace co the members of Mayur Uniquoters Limited on the standalone financial statements for the year ended March 3 1, 2016.

Report on the Infernal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Act

1. We have audited the infernal financial controls over financial reporting of Mayur Uniquoters Limited (the Company) as of March 3 1, 2016 in conjunction witch our audit of the standalone financial statements of the Company for die year ended on diastase.

Management''s Responsibility for Internal Financial Controls

2. The Company''s management is responsible for establishing and maintaining infernal 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 Notice on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI).These responsibilities include the design, implementation and maintenance of adequate internal financial controls chat were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence co company''s policies, the safeguarding of its assets, the prevention and decoction of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditor''s Responsibility

3. Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Infernal Financial Controls Over Financial Reporting (the Guidance Note) and the Standards on Auditing deemed to be prescribed under Section 143(10} of the Acc to the extend applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and both issued by the ICAI. Those standards and the Guidance Notice require that we comply witch ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacy of internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk chat a material weakness exists, and testing and evaluating the design and operating effectiveness of internal financial control based on the assessed risk The procedures selected depend on the auditor''s judgment, including the assess men c of the risk of material misstatement of the financial statements, whether due to fraud or error

Inherent Limitations of Internal Financial Controls over Financial Reporting

7. Because of the inherent limitations of internal financial controls over financial reporting, 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 infernal financial controls over financial reporting co future periods are subject to tile risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the polices or procedures may deteriorate.

Opinion

8. In our opinion, the Company has, in all material respects, an adequate internal financial controls systems over financial reporting and such internal financial controls over financial reporting were opening effectively as ac March 31, 2016. 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.

Referred to Para ''Report on Other Legal and Regulatory Requirements'' in our Report of even date:

(i) (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of fixed assets.

(b) Fixed Assets have been physically verified by the management during the year ac reasonable intervals. No materials discrepancies were noticed on such verification.

(c) The tide deeds of immovable properties, as disclosed in Notice 11 co the financial statements on fixed assets, are held in the name of the Company.

(ii) The physical verification of inventory including stocks with third parties have been conducted ac reasonable in travels by the Management during the year. The discrepancies noticed on physical verification of inventory as compared to book records were not material and have been appropriately dealt with in the books of accounts.

(iii) The Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Acc, 1013. Therefore, the provisions of Clause

3 (iii)(a), (iii)(b) and (iii)(c) of the Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, the Company has complied witch the provision of Section 186 of the Companies Act, 2013 in respect of the loans and investments made, and guarantees and security provided by it. The Company has not granted any loans or made any investments, or provided any guarantees or security to the parties covered under Section 185 of the Companies Acc, 2013.

(v) As informed to us, the Company has not accepted any deposits under the provisions of Section 73 to 76 or any other relevant provisions of the Acc and the rules framed there under.

(vi) The Central C o vein men c has prescribed maintenance of cost records under sub-section (I) of section 148 of the Companies Act, 2013 in respect of manufacturing activist/ 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, made a detailed examination of the records witch a view to determine whether they are accurate or com piece.

(vii) {a) According to the books and records as produced and examined by us in accordance which generally accepted auditing practices in India and also based on Management representations, undisputed statutory dues including Provident Fund, Employees'' state Insurance Dues. Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, value added tax. tax and Other material Statutory dues have generally been regularly deposited, by the Company during the year which 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 3lst , 2016 for a period of more than six months from the dace of becoming payable.

(b) According to the information and explanations given to us and the records of the Company examined by us, the particulars of dues of Income Tax, Service Tax, Sales Tax, Duty of C us com, Duty of Excise and Value Added Tax, as ac March 31, 2016 which have not been deposited on account of a dispute, arc as follows;

Name of Statute

Nature of Dues

Amount (Rs. In Lacs)

Forum where dispute is pending

Textile Committee (Cess) Rules, 1975

Textile Committee Cess

7.69

Textile Cess Appel lace Tribunal, Mumbai

Central Excise Acc, 1944

Service Tax (GTA)

1.76

Central Excise Be Service Tax Appellate Tribunal, New Delhi

Central Excise Act, 1944

Service Tax (GTA)

2.04

Central Excise & Service Tax Appellate Tribunal. New Delhi

Central Excise Acc, 194

Service Tax (Export)

2.37

Commissioner (Appeals), Service Tax Division, Jaipur

Income Tax Act, 1961

Income Tax

124,56

Commissioner (Appeals) III, Income Tax, Jaipur

(viii) According to the records of the Company examined by us and the inform ad on and exp Ian ad on given to us, the Company has not defaulted in repayment of loans or borrowings to any financial institution or bank or Government as at the balance sheet date. The Company has not issued any debentures during the Year.

(i*) The Company has not raised any moneys by way of initial public offer or further public offer (including debt instruments).The Company has taken term loans from bank for Rs, 99.70 Lacks during the year and the same was applied for the purpose for which it was obtained.

(x) During the course of our examination of the books and records of the Company, carried out in accordance which 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 by its officers or employees, noticed or reported during the year, nor have we been informed of any such case by the Management

(xi) According to the records of the Company examined by us and the information and explanation given to us, the Company has paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Acc.

(xii) As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it, the provisions of Clause 3(xii) of the Order are not applicable to the Company.

(xiii) According to the records of the Company examined by us and the information and explanation given to us, the Company has entered into transactions which 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 under Accounting Standard (AS) 18, Related Party Disclosures specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(xiv) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of Clause 3(xiv) of the Order are not applicable to the Company.

(xv) The Company has not entered into any non-cash transactions with its directors or persons connected with him. Accordingly, the provisions of Clause 3(xv) of the Order are not applicable to the Company.

(xvi) The Company is not required to be registered under Section 45-1A of the Reserve Bank of India Act, 1934. Accordingly, the provisions of Clause 3(xvi) of the Order are not applicable to the Company.

For MADHUKAR GARG & COMPANY

Chartered Accountants

FRN 000866C

MANISH SURI

Place : Jaipur { Partner)

Date ; 27“’ MAY, 2016 M.N0.074998