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Mercury Laboratories Ltd.

BSE Live

Mar 26, 16:00
281.00 -10.00 (-3.44%)
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5-Day
11
10-Day
57
30-Day
109
800
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    291.00

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    304.40

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Mercury Laboratories is not listed on NSE

Annual Report

For Year :
2018 2016 2015 2014

Auditor's Report

Report on the Financial Statements We have audited the accompanying Financial Statements of MERCURY LABORATORIES LIMITED (the Company) which comprise the Balance sheet as at 31st March, 2014 and the Statement of Profit & Loss for the year ended on that date annexed thereto and the 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 notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. 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. Auditor''s Responsibility 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, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating 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 financial statements. 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 India: a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2014; b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and c) in the case of the 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 (Auditors Report) Order, 2003 (the order) and Companies (Auditors Report) Order (Amendment), 2004 (hereinafter collectively referred to as CARO) issued by the Central Government in terms of section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraph 4 & 5 of the said Order 2. As per the requirements under 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 Audit; b) In our opinion, proper books of accounts as required by the law have been kept by the Company, so far as appears from our examination of the said books; c) The Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this report are in agreement with the books of accounts of the Company; d) In our opinion, the Balance Sheet, Statement of Profit and Loss annexed thereto and the Cash Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956 read with the General Circular No.15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. e) On the basis of written representations received from the directors, as on 31st March, 2014, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2014 from being appointed as a director of the Company under clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. ANNEXURE TO AUDITORS'' REPORT (Referred to in paragraph 1 or our report of even date on the accounts for the year ended 31st March 2014 of Mercury Laboratories Limited) (i) (a) The Company has maintained proper records showing full particulars including Quantitative Details and situation of the Fixed Assets for the last Ten years. As informed to us, the Company is in the process of updating its old records. (b) All the assets have not been physically verified by the management during the year but there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. As informed to us, no material discrepancies were noticed on such verification. (c) During the year, the company has not disposed off any substantial fixed asset affecting the going concern. (ii) (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. (b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. (c) On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been adequately dealt within the books of accounts. (iii) (a) The Company has not granted any secured or unsecured loan to Companies , Firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. (b) The Company has taken unsecured loans from 5 persons covered in the Register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 1,38,97,432/- and the year-end balance of the loans was Rs. 1,38,97,432/- (RY. 47,63,008/-). (c) The terms and conditions on which the loans are taken from the parties listed in the registers maintained under Section 301 are not, prima facie, prejudicial to the interest of the company. (d) The Company is regular in paying the interest charges and repayment of deposit. (iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal controls. (v) (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 Section 301 of the Act have been entered into the register required to be maintained under that section. (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 registers maintained under Section 301 and exceeding the value of five lakh rupees 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 time. (vi) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of Sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public.. (vii) In our opinion, the company has an internal audit system commensurate with the size of the company and nature of its business. (viii) We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 and we are of the opinion that prima facie the prescribed accounts and records have been maintained. (ix) (a) According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Income Tax, Sales Tax, Custom Duty, Excise Duty, Service Tax, Cess and material other statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty, Service Tax, Cess and other applicable material statutory liabilities were outstanding, as at 31st March, 2014 for a period of more than six months from the date they became payable. (b) According to the records of the company, there are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty, Cess or other applicable statutory liabilities which have not been deposited on account of any dispute except following : Statute Nature of Dues Amount ( Rs.) Period Forum Sales Tax GST on 89391.00 1991 -92 Tribunal Assessment Appeals Service Wrong Availment 11,47,688.00 2005-08 Commissioner Tax of Credit Appeals 10,80,988.00 2008-13 Additional Commissioner Excise Non Payment of 104,501.00 2008-09 CESTAT, Duty on Expired Ahmadabad Goods Excise Excise Duty on 536,791.00 2005-06 CESTAT, Physician Ahmadabad Sample (x) The Company has no accumulated losses. The company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year. (xi) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions or banks. The Company has not issued any debentures. (xii) As per information given to us, during the year under report, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion, considering the nature of activities carried on by the Company during the year, the Company is not a Chit fund or a Nidhi / mutual benefit fund / society. Therefore, the provisions of Clause 4 (xiii) of CARO, 2003 are not applicable. (xiv) In our opinion, the Company is not dealing or trading in shares, securities, debentures or other investments. Accordingly, the provisions of Clause 4 (xiv) of CARO, 2003 are not applicable (xv) According to the records of the company and based on information & explanation given to us, the company has not given any Guarantee for Loans taken by others from Banks or Financial Institutions. (xvi) No term loans have been obtained during the year. (xvii) On the basis of review of Utilization of fund which is based on overall examination of Balance Sheet of the Company, related information as made available to us and as represented to us by management, we report that fund raised on short term basis have not been used for long term investment. (xviii) The company has not made preferential allotment of shares to parties and companies covered in the register maintained undersection 301 of the Companies Act, 1956. (xix) During the period covered by our audit report, the company has not issued any debentures. (xx) The Company has not raised any money through public issues during the year under report. (xxi) Based upon the audit procedures performed and 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, NARESH&CO. CHARTERED ACCOUNTANTS FRN NO. 106928W Place : VADODARA CA ANIL L. SHAH Date :26thJuly, 2014 PARTNER (MEMBERSHIP NO. 35309)