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Meyer Apparel Ltd.

BSE: 531613 | NSE: | Series: NA | ISIN: INE100C01024 | SECTOR: Textiles - Readymade Apparels

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Annual Report

For Year :
2016 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

Report on the Audit of the Standalone Financial Statement

Opinion

We have audited the standaIone financiaI statements of MEYER APPAREL LIMITED (FORMERLY KNOWN AS GIVO LIMITED) (“the Company”), which comprises the BaIance Sheet as at March 31,2016, the Satement of Profit and Loss, the Cash FIow Statement for the year then ended and notes to the financiaI statement, incIuding a summary of significant accounting poIicies and other expIanatory information .

In our opinion and to the best of our information and according to the expIanations given to us, the financiaI 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 principIes generaIIy accepted in India:

(a) in the case of the BaIance Sheet, of the state of affairs of the Company as at March 31, 2016.

(b) in the case of the Profit & Loss Account, of the Ioss for the year ended on that d ate.

(c) In the case of the Cash FIow Statement, of the cash fIows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143 (10) of the Act. Our responsibiIities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethicaI requirements that are reIevant to our audit of the financiaI statements under the provisions of the Companies Act, 2013 and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We beIieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion .

Emphasis of Matter

1. We draw attention to Item No. 9 of Note 30 to the Financial Statements which describes that the company has been registered with the BIFR New Delhi as Case No.62/2016 pursuant to the Reference application filed on 15t h December, 2015 under the SICA, 1985 as the accumulated Iosses are more than its net worth. Our opinion is not quaIified in respect of this matter.

2. We draw attendtion to Item No.10(a) of Note 30 to the Financial Statements which describes the uncertainty related outcome of the interim stay order on payment of Bonus for financiaI year 2014-15. Our opinion is not quaIified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professionaI judgment, were of most significance in our audit of the financiaI statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Management’s Responsibility for the Standalone Financial Statement

The Company’s Board of Directors is responsibIe for the matters stated in section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone that give a true and fair view of the financial position, financial performance, (changes in equity) 5 and cash flows of the company in accordance with 6 the accounting principles generally accepted in India, incIuding the accounting Standards specified under section 133 of the Act. This responsibiIity aIso incIudes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irreguIarities; seIection and appIication of appropriate impIementation and maintenance of accounting poIicies; making judgments and estimates that are reasonabIe and prudent; and design , impIementation and maintenance of adequate internaI financiaI controIs, that were operating effectiveIy for ensuring the accuracy and compIeteness of the accounting records, reIevant to the preparation and presentation of the financiaI statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to Iiquidate the Company or to cease operations, or has no reaIistic aIternative but to do so.

Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditors’ Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financiaI statements as a whoIe are free from materiaI misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high IeveI of assurance, but is not a guarantee that an audit conducted in accordance with SAs wiII always detect a materiaI misstatement when it exists. Misstatements can arise from fraud or error and are considered materiaI if, individuaIIy or in the aggregate, they couId reasonabIy be expected to infIuence the economic decisions of users take non the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professionaI judgment and maintain professionaI skepticism throughout the audit. We aIso:

- Identify and assess the risks of materiaI misstatement of the financiaI statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resuIting from error, as fraud may invoIve coIIusion , forgery, intentionaI omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internaI controI reIevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143 (3) (i) of the Companies act, 2013, we are aIso responsibIe for expressing our opinion on whether the company has adequate internaI financiaI controIs system in pIace and the operating effectiveness of such controIs.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

- ConcIude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a materiaI uncertainty exists reIated to events or conditions that m ay cast significant doubt on the Company’sabiIity to continue as a going concern . If we concIude that a materiaI uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern .

- EvaIuate the overaII presentation, structure and content of the financiaI statements, incIuding the discIosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, incIuding any significant deficiencies in internaI controI that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them aII reIationships and other matters that may reasonabIy be thought to bear on our independence, and where applicable, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unIess Iaw or reguIation precIudes pubIic discIosure about the matter or when , in extremeIy rare circumstances, we determine that a matter shouId not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the CentraI Government of India in terms of sub-section (11) of section 143 of the Act, 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 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 account as required by law have been kept by the Company so far as appears from our examination of those books.

c) the BaIance Sheet, Statement of Profit and Loss and Cash FIow statement deaIt with by this Report are in agreement with the books of account.

d) in our opinion , the aforesaid financiaI statements compIy with the Accounting Standards specified under Section 133 of the Act, read with RuIe 7 of the Companies (Accounts) RuIes, 2014;

e) on the basis of written representations received from the directors as on March 31, 2016, and take non record by the Board of Directors, none of the directors is disquaIified as on March 31, 2016, from being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internaI financiaI controIs over financiaI reporting of the Company and the operating effectiveness of such controIs, refer to our separate Report in “Annexure A”

g) With respect to the other matters to be incIuded in the Auditors ’ Report in accordance with RuIe 11 of the Companies (Audit and Auditors) RuIes, 2014 in our opinion and to the best of our information and according to expIanations given to us:

i. the company has disclosed the impact, if any, of pending litigations on its financial position in its financial statement. (Refer item nos. 1,2 and 3 of Note No. 30)

ii . the company do not have any Iong term contracts incIuding 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.

The Annexure referred to in paragraph 1 of Report on other Legal and Regulatory Requirements section of Our Report of even date to the members of MEYER APPAREL LIMITED (FORMERLY KNOWN AS GIVO LIMITED) on the accounts of the company for the Year ended March 31. 2016.

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

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such verification.

(c) The company do not have any immovable property.

(ii) (a) As expIained to us, inventories have been physicaIIy verified at the quarter-end by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory foIIowed by the management are reasonabIe and adequate in reIation to the size of the company and the nature of its business.

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

(iii) The Company has not granted any Ioans, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 189 of the Act.

(iv) The company has not granted any loan, in respect of loans, investments, guarantees, and security whether provisions of section 185 and 186 of the Companies Act, 2013.

(v) The company has not accepted any deposits from the pubIic.

(vi) As per information & explanation given by the management, maintenance of cost records has not been prescribed by the CentraI Government under sub-section (1) of section 148 of the Act.

(vii) (a) According to the records of the company, 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 to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities.

(b) According to the information and explanations given to us there were no outstanding statutory dues as on March 31, 2016 for a period of more than six months from the date they became payabIe.

(c) According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes, except as given below.

Name of Statute

Nature of Dues

Amount (Rs . in Lacs )

Period to which the amount relates

Forum where dispute is pending

Customs Act, 1962

Custom Duty

1282 Lacs and interest thereon

1993-94

Hon’bIe Supreme Court

Customs Act, 1962

Custom Duty

59.65 Lacs

2008-09

Commissioner of Customs (AppeaI) Delhi

EmpIoyees Provident Fund and MisceIIaneous Act, 1952

Interest and damages

4.09 Lacs

2013-14

Hon’ble EPFAT Delhi

(viii) Based on our audit procedures and according to the information and explanation given to us, we are of opinion that the Company has not defaulted in repayment of dues to banks.

(ix) The company had not raised moneys by way of initial public offer or further public offer (including debt instruments) and term loans during the year.

(x) Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

(xi) Based on the audit procedures performed and the information and explanations given to us, we report that managerial remuneration has been paid in accordance with the requisite approvaIs mandated by the provisions section 197 read with Schedule VI of the Companies Act, 2013

(xii) The company is not a Nidhi company hence cIause (xii) of para 3 of CARO, 2016 is not appIicabIe.

(xiii) According to the information and explanations given to us, all the transaction with the related parties are in compliance with sections 177 and 178 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements as required by applicable accounting standards.

(xiv) According to the information and explanations given to us, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.

(xv) According to the information and explanations given to us, the company has not entered into any non-cash transactions with directors or persons connected with him.

(xvi) The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

For B.S . Sawhney & Associates

Chartered Accountants

Sd/-

BALJIT SINGH

Partner

Membership No.083207

FRN 008241N

Place: New Delhi

Date: 28-05-2016