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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 08, 16:00
0.58 0.02 (3.57%)
Volume
AVERAGE VOLUME
5-Day
111,765
10-Day
100,321
30-Day
242,804
78,881
  • Prev. Close

    0.56

  • Open Price

    0.56

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Apr 08, 15:46
0.60 0.00 (0.00%)
Volume
No Data Available
297,166
  • Prev. Close

    0.60

  • Open Price

    0.60

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.60 (568805)

Annual Report

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

Auditor's Report

We have audited the accompanying standalone financial statements of MERCATOR LIMITED (the Company), which comprise the Balance Sheet as at 31st March, 2015, 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 Standalone Financial Statements The Company''s 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 standalone 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 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 with the provisions of the Act for safeguarding 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 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 standalone 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 thereunder. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10)of the Act. 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 materialism statement. 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 those 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, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. 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 standalone financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 India, of the state of affairs of the Company as at 31st March, 2015, and its profits and its 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, 2015 (the Order), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2015, we give in the Annexure 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 ourknowledge 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 faras 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 standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)Rules, 2014. e) On the basis of the written representations received from the directors as on 31st March, 2015taken on record by the Board of Directors, none of the directors is disqualified as on31st March, 2015 from being appointed as a director in terms of Section 164(2) of the Act. f) With respect to the other matters to be included in the Auditor''s Report in accordance withRule 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 disclosed the impact of pending litigations on its financial position in itsfinancial statements - Refer Note 3.3 to the financial statements; ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long- term contracts including derivative contracts; iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT [Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' in the Independent Auditor''s Report of even date to the members of Mercator Limited (the Company) on the standalone financial statements for the year ended March 31,2015.] i. a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets; b) These fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification. ii. a) As explained to us, the inventory has been physically verified during the year by the management. In our opinion having regard to the nature and location of the inventory, the frequency of physical verification is reasonable. 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. c) In our opinion, the company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification. iii. On the basis of the records produced before us and verified by us and according to information and explanations given to us, the company has not granted loan to body corporates covered in the register maintained under section 189 of the Companies Act,2013(the Act).Hence clauses iii(a) and iii(b) are not applicable. 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, for the 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 Control system and there is no continuing failure to correct the same. v. The company has not accepted any deposits during the year to which the provisions of sections 73 to 76 or any other relevant provisions of the Act and the rules made thereunder are applicable. vi. On the basis of the records produced , we are of the opinion that prima facie,the cost records and accounts prescribed by the Central Government under sub-section (1) of section 148 of the Companies Act, and applicable to the company in respect of coal handling activity have been made and maintained by the company. However, we are not required to carry out and have not carried out any detailed examination of such records and accounts. vii. (a) The company is regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities and there are no undisputed statutory dues outstanding as at 31st March 2015, for a period of more than six months from the date they become payable. (b) According to the information and explanations given to us ,the disputed statutory dues not deposited on account of disputed matters pending before appropriate authorities are as under: Name Nature Amount Year/s Forum where of the of the (Rs. in lakhs) to dispute is Statute dues which pending the amount relates Service Service 8,296.46 2006- Commissioner Tax Tax 07 to of Service tax, under 2013-14 Mumbai Finance Act, 1994 Income Income 1,357.15 2010-11 Commissioner Tax Tax of Income 170.69 2009-10 tax(Appeals) 8.71 2002-03 545.83 2006-07 1840.32 2007-08 Income Tax Appellate 7,426.10 2008-09 Amounts paid under protest and not charged to the Statement of Profit and Loss has not been included above. [Refer Note 3.3 to the financial statements] (c) According to the information and explanations given to us the amounts required to be transferred to investor education and protection fund in accordance with the relevant provisions and rules made thereunder have been transferred to such fund within time. viii. The Company does not have any accumulated losses as on 31st March 2015 and has not incurred cash losses in the financial year and in the immediately preceding financial year. ix. Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to a financial institutions, bank or debenture holders during the year. x. In our opinion and according to the information and explanations given to us ,the company has given guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are not prejudicial to the interest of the company; xi. In our opinion and according to the information and explanations given to us, term loans were applied for the purpose for which the loans were obtained. xii. During the course of our examination of the books of account and records of the Company, carried out in accordance with generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any incidence of fraud on or by the Company noticed or reported during the year, nor have we been informed of any such case by the management. For CNK & Associates LLP Chartered Accountants Firm Registration No.: 101961W Himanshu Kishnadwala Partner Membership No. 37391 Dated: May 29, 2015 Place: Mumbai