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Uniroyal Marine Exports | Auditor's Report > Aquaculture > Auditor's Report from Uniroyal Marine Exports - BSE: 526113, NSE: N.A
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Uniroyal Marine Exports

BSE: 526113|ISIN: INE602H01010|SECTOR: Aquaculture
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Uniroyal Marine Exports is not listed on NSE
Mar 14
Auditor's Report (Uniroyal Marine Exports) Year End : Mar '15
We have audited the accompanying standalone financial statements of
 Uniroyal Marine Exports 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) ofthe 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 ofthe Act, read with Rule 7 ofthe Companies
 (Accounts) Rules, 2014. This responsibility also includes maintenance
 of adequate accounting records in accordance with the provisions ofthe
 Act for safeguarding the assets ofthe 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 ofthe Act and the Rules made
 there under.
 
 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 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 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 ofthe 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 profit/loss 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 Act, we give in the Annexure a
 statement on the matters specified in paragraphs 3 and 4 of the said
 Order, to the extent applicable.
 
 2.  As required by Section 143(3) ofthe Act, we report that:
 
 We have sought and obtained all the information and explanations which
 to the best of our knowledge and belief where necessary for the
 purposes of our audit.
 
 (a) 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
 
 (b) The accounts of the branch offices of the Company have been audited
 by us under Section143 (8) of the Act and have been properly dealt with
 by us in preparing this report.
 
 (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 and with the accounts of the branches
 
 (e) In our opinion, the aforesaid standalone financial statements
 comply with the Accounting Standards specified under Section 133 of the
 Act, read with Rule 7 ofthe Companies (Accounts) Rules, 2014.
 
 (f) On the basis of the written representations received from the
 directors as on 31st March, 2015, taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March, 2015
 from being appointed as a director in terms of Section 164 (2) of the
 Act.
 
 (h) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 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 does not have any pending litigations which would
 impact its financial position.
 
 ii.  The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii.  There were no amounts which were required to be transferred to
 the Investor Education and Protection Fund by the Company.
 
 Annexure to the Independent Auditors'' Report
 
 Annexure referred to in paragraph 1 under ''Report on Other Legal and
 Regulatory Requirements'' section of our report of even date on the
 accounts of the company for the year ended 31st March 2015
 
 i. In respect of its fixed assets:
 
 (a) The Company has maintained proper records showing full particulars,
 including quantitative details and situation of fixed assets.
 
 (b) Physical verification of fixed assets is carried out in a phased
 manner as determined by management, whereby assets held at the
 Company''s factory have been verified during the year. The programme of
 verification is reasonable considering the nature of assets and size of
 the Company and no material discrepancies were noticed on such
 verification.
 
 ii. In respect of its inventories:
 
 a) As explained to us, the inventories were physically verified during
 the year by the Management at reasonable intervals.
 
 b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventories
 followed by the Management were reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 c) In our opinion and according to the information and explanations
 given to us, the Company has generally maintained proper records of its
 inventories and no material discrepancies were noticed on physical
 verification.
 
 iii. The Company has not granted any loans, secured or unsecured, to
 companies, firms or other parties covered in the Register maintained
 under Section 189 of the Companies Act, 2013 and accordingly, the
 provisions of clause (iii) of paragraph 3 of the Order are not
 applicable to the Company.
 
 iv. In our opinion and according to the information and explanations
 given to us, there is generally an adequate internal control system
 commensurate with the size of the Company and the nature of its
 business, for the purchase of inventories and fixed assets and for the
 sale of goods and services, and during the course of our audit, we have
 not observed any continuing failure to correct major weaknesses in such
 internal control system
 
 v.  According to information and explanations given to us, the Company
 has not accepted any deposits and accordingly, the provisions of clause
 (v) of paragraph 3 of the Order are not applicable to the Company.
 
 vi. In our opinion and according to the information and explanations
 given to us, the requirement for maintenance of cost records pursuant
 to the Companies (Cost Records and Audit) Rules, 2014 specified by the
 Central Government of India under Section 148 of the Companies Act,
 2013 are not applicable to the Company for the year under audit.
 
 vii.  According to the information and explanations given to us and the
 books of account examined by us, in respect of statutory dues:-
 
 a. The Company has generally been regular in depositing undisputed
 statutory dues, including Provident Fund, Employees'' State Insurance,
 Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise
 Duty, Value Added Tax, Cess and other material statutory dues
 applicable to it with the appropriate authorities during the year.
 There were no undisputed amounts payable in respect of the aforesaid
 statutory dues outstanding as at March 31, 2015 for a period of more
 than six months from the date they became payable.
 
 b. We have been further informed that there are no dues in respect of
 service tax, sales tax, income tax, wealth tax, excise duty and cess
 which have been deposited on account of any dispute.
 
 c. The amounts, if any, required to be transferred to Investor
 Education and Protection Fund in accordance with the relevant
 provisions of the Companies Act, 1956 (1 of 1956) and rules made there
 under, have been transferred to such fund within time.
 
 viii. The accumulated loss of the Company has exceeded 50% of its net
 worth (Share capital and free reserves) as on the date of the financial
 statements. The company has incurred cash losses during the financial
 year covered by our audit and also the previous year.
 
 ix.  On the basis of verification of records and according to the
 information and explanations given to us, the Company has not defaulted
 in repayment of dues to Financial Institutions/Banks. The Company has
 not raised any monies against issue of debentures.
 
 x.  In our opinion and according to the information and explanations
 given to us, the Company has not given any guarantee for loan taken by
 others from banks or financial institutions during the year, .
 
 xi. To the best of our knowledge and belief and according to the
 information and explanations given to us, term loans availed by the
 Company was applied for the purpose for which these loans were raised.
 
 xii.  During the course of our examination of the books and records of
 the Company, carried out in accordance with the generally accepted
 auditing practices in India, and according to the information and
 explanations given to us, we have neither come across any instances of
 material fraud on or by the Company, noticed or reported during the
 year, nor have we been informed of such case by management.
 
                                              For KURUVILLA & INDUKUMAR
                                                  Chartered Accountants
                                                  Reg.No. 013882S
 
 Place : Kozhikode                                INDUKUMAR. M.G
 Date : 02-06-2015                                Partner (M No. 200004)
 
Source : Dion Global Solutions Limited
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