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Mercator Ltd.

BSE: 526235 | NSE: MERCATOR |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE934B01028 | SECTOR: Shipping

BSE Live

Apr 09, 16:00
0.60 0.02 (3.45%)
Volume
AVERAGE VOLUME
5-Day
111,765
10-Day
100,321
30-Day
242,804
219,628
  • Prev. Close

    0.58

  • Open Price

    0.60

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Apr 09, 15:48
0.60 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
1,079,083
10-Day
1,414,264
30-Day
1,424,789
444,046
  • Prev. Close

    0.60

  • Open Price

    0.60

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.60 (500000)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

1. We have audited the attached Balance Sheet of MERCATOR LINES LIMITED as at 31st March 2008, the related Profit and Loss Account and the Cash Flow Statement of the Company 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. 2. We conducted our audit in accordance with auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in 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. 3. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, and on the basis of such checks as considered appropriate and according to the information and explanations given to us during the course of the audit, we enclose in the Annexure hereto a statement on the matters specified in Paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to in above paragraph, 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 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 appears from our examination of the books of the Company; c) The Balance Sheet, Profit and Loss Account and the Cash Flow Statement dealt with by the report are in agreement with the books of account of the Company; d) In our opinion, the Balance Sheet, Profit and Loss Account and the Cash Flow Statement comply with the mandatory Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956. d) On the basis of written representations received from the directors of the Company as on 31st March 2008, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2008, from being appointed as a director in terms of Section 274(1) (g) of the Companies Act, 1956. f) 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 Notes to Accounts in Schedule I 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 2008; b. In the case of the Profit and Loss Account, of the Profit for the year ended on that date, c. In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. Statement referred to in paragraph 3 of the Auditors Report of even date to the Members of MERCATOR LINES LIMITED on the accounts for the year ended 31st March 2008. On the basis of such checks as considered appropriate and in terms of the information and explanations given to us, we state as under: 1(a) The company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets; 1(b) As explained to us, the management at reasonable intervals carries out the physical verification of the fixed assets. The discrepancies noticed on such verification, which were not material, have been appropriately dealt with in the accounts 1(c) The fixed assets disposed off by the company were not substantial and does not affect the going concern assumption. 2(a) As explained to us, the inventories of bunker and lube have been physically verified during the year by the management. In our opinion, having regard to the nature and location of stocks, the frequency of the physical verification is reasonable. 2(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of the above mentioned inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. 2(c) In our opinion, the Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification. 3(a) As per the information and explanations given to us, the Company has granted unsecured loans to 6 parties covered in the register maintained under section 301 of the Companies Act, 1956. The outstanding balance as on 31st March 2008 is Rs. 43,103.40 Lacs and maximum balance outstanding during the year is 61,428.28 lacs. 3(b) In case of the aforesaid unsecured loans granted to the parties covered in the register maintained under Section 301 of the Companies Act, 1956, looking to the long term involvement of the company in the subsidiaries and their businesses, the rate of interest and the other terms and conditions are not prima-facie prejudicial to the interests of the Company. 3(c) In case of the aforesaid unsecured loan granted to the parties covered in the register maintained under Section 301 of the Companies Act, 1956, the repayment of principal amount and interest, where applicable is regular. 3(d) In case of the aforesaid unsecured loans granted to the parties covered in the register maintained under Section 301 of the Companies Act, 1956, the company is taking reasonable steps for the timely recovery of the principal and interest. 3(e) As per the information and explanations given to us, the Company has not taken unsecured loans from a Company or any other party covered in the register maintained under section 301 of the Companies Act, 1956, the provisions of Clause 3(f) and 3(g) are not applicable. 4 In our opinion and as explained to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal controls and there is no continuing failure for the same. 5(a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been entered in register required to be maintained under that section. 5(b) In our opinion and as explained to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 6 The Company has not accepted any deposits from public during the year 7 In our opinion, the Company has an internal audit system commensurate with the size of the Company and the nature of its business. 8 The maintenance of cost records has not been prescribed by the Central Government under section 209 (1) (d) of the Companies act, 1956. 9(a) According to the information and explanations given to us and the records examined by us, the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income-tax, sales-tax, wealth-tax, service tax, custom duty, excise-duty, cess and other statutory dues and there are no undisputed statutory dues outstanding as at 31st March 2008, for a period of more than six months from the date they became payable. 9(b) According to the information and explanations given to us, there are no dues of income-tax, sales tax, wealth tax, service tax, custom duty, excise duty and cess which have not been deposited on account of any dispute. 10 The company does not have any accumulated losses as on 31st March 2008 and has not incurred any cash losses during the financial year and in the immediately preceding financial year. 11 Based on the information and explanations given to us, the Company has not defaulted in repayment of any dues to financial institutions and banks. 12 Based on our examination of the records and as explained to us, the Company has not granted any loans and/or advances 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, nidhi/mutual benefit fund/society. The provisions of clause 4(xiii) are therefore not applicable to the company. 14 During the year, the Company does not have any transactions in respect of dealing and trading in shares, securities, debentures and other investments. All shares, debentures and other investments held by the company are held by the Company in its own name. 15 According to the information and explanations given to us, the terms and conditions on which the Company has given guarantees for loans taken by subsidiaries and others from banks and financial institutions are, considering the long term involvement of the company in these entities, not prejudicial to the interests of the company. 16 According to the information and explanations given to us, the term loans raised were used for the purpose for which they were raised. 17 As explained to us and on an overall examination of the balance sheet of the Company, in our opinion there are no funds raised on short-term basis which have been used for long-term investment by the Company. 18 According to the information and explanation given to us, the Company has made preferential allotment of shares/warrants to parties covered in the register maintained under section 301 of the Companies Act, 1956 at prices not prejudicial to the interests of the company. 19 During the period covered by our audit report the Company has issued unsecured debentures and there is no question of creating any security for the same. 20 The Company has not raised any money by public issues during the period covered by our report. 21 Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit. For and on behalf of Contractor Nayak & Kishnadwala Chartered Accountants H. V. Kishnadwala Partner, Membership No 37391 Mumbai 14th May 2008