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Yuvraaj Hygiene Products Ltd.

BSE Live

Oct 28, 16:00
0.63 -0.03 (-4.55%)
Volume
AVERAGE VOLUME
5-Day
32,258
10-Day
27,325
30-Day
45,029
3,600
  • Prev. Close

    0.66

  • Open Price

    0.63

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Yuvraaj Hygiene Products is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2006

Auditor's Report

We have audited the accompanying financial statements of Yuvraaj Hygiene Products Limited (the ''Company'') which comprises of Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss and Cash flow statement for the year then ended and a summary of significant accounting policies and other explanatory information. 2. MANAGEMENT''S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS The management and Board of Directors of the Company are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the ''Act'') with respect to 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with rule 7 of Companies (Accounts) Rules, 2014. This responsibility includes maintenance of adequate accounting records in accordance with the provision 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; design, implementation and maintenance of adequate internal financial controls, that are operating effectively for ensuring the accuracy and completeness of 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. 3. AUDITOR''S RESPONSIBILITY a) Our responsibility is to express an opinion on these 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 there under. We conducted our audit in accordance with Standards on Auditing specified under Section 143(10) of the Act. Those standards require that comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. b) An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedure selected depends 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 and 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 management, and Board of Directors, as well as evaluating the overall presentation of the financial statements. c) We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion. 4. BASIS FOR QUALIFIED OPINION a. As per Management''s estimate Goodwill has a life of 25 years and accordingly the Company has written off goodwill for 3 years and 3 months in this year''s Statement of Profit and loss amounting to Rs. 33.65 lacs, which in our opinion is not in accordance with Accounting Standard prescribed u/s 133 of the Act read with Rule 7 of Companies (Accounts) Rules, 2014. Had Goodwill been written off on a systematic basis (SLM) over a maximum period of 5 years, the Loss would have been understated by Rs. 134.59 lacs and the Reserves and Surplus negative balance would have understated by similar amount. b. We also draw attention to Note no. 25M to the financial statements relating to Debit or credit balances on whatever account are subject to confirmation from parties / authorities concerned, the impact on financials thereof cannot be ascertained. 5. QUALIFIED OPINION In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter in paragraph 4a and possible effects of matters in paragraph 4b described in Basis for Qualified Opinion paragraph, the aforesaid 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 its loss and its cash flows for the year ended on that date. 6. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS 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 As required by Section 143(3) of the Act, we further report that: a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. b) Except for the possible effects of the matter described in the Basis of Qualified Opinion paragraph above, in our opinion, proper books of accounts, as required by law have been kept by the Company, so far as it appears from our examination of the 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) Except for the possible effects of the matter described in the Basis of Qualified Opinion paragraph above, in our opinion, the aforesaid financial statements comply with the applicable Accounting standards specified under the 133 of the Act read with the Rule 7 of the Companies (Accounts) Rules 2014. e) On the basis of written representations received from the directors as on 31st March, 2015 and 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; and f) In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014: * The Company has disclosed the impact of pending litigations as at 31st March, 2015 on its financial position in its financial statements. (Refer note 23 of the Financial Statements); * The Company did not have any long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise; and 4 There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sums does not arise. Annexure to referred to in paragraph 6 of our report of even date to the members of YUVRAAJ HYGIENE PRODUCTS LIMITED on the accounts of the company for the year ended 31st March, 2015 On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we report that; i. In respects of the Company''s fixed assets: (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. However the maintenance needs to be improved. (b) As explained to us, fixed assets have been physically verified by the management at all locations at reasonable intervals. As informed to us no material discrepancies were noticed on such verification. ii. In respect of the Company inventories: (a) The inventories have been physically verified during the year at reasonable intervals by the Management. (b) As explained to us, 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) The Company is maintaining proper records of inventories. The discrepancies noticed on verification between the physical stocks and book records were not material and have been properly dealt with in the books of account. iii. The Company has not granted any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under Section 189 of the Act, except unsecured loans from directors and relatives amounting to Rs Rs. 6.79 lakhs 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 with regard to purchase of inventories and fixed assets and the sale of goods. Further on the basis of our examination of the books and records of the Company and according to the information or explanations given to us, no major weakness has not been noticed or reported. v. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public covered under Section 73 to76 of the Companies Act, 2013 during the period covered by audit. vi. On the basis of records produced, we are of the opinion that prima facie cost records and accounts prescribed by the Central Government under Section 148(1) of the Act, in respect of products of the Company covered under the rules under said section have been maintained. However we are neither required to carry out nor have carried out any detailed examination of such accounts and records. vii. In respect of statutory dues, (a) According to information and explanation given to us and based on the records of the company examined by us, the company is regular in depositing the undisputed statutory dues, including Income Tax, Sales Tax, Customs Duty, Cess and other statutory dues as applicable, with the appropriate authorities in India; There have been delays in respect of Profession Tax and Income Tax deducted at source. We have been informed that there are no undisputed statutory dues as at the year-end outstanding for a period of more than six months from the date they become payable, except balances dues of income tax self assessment tax of Rs. 449,510/ for AY 2013-14 (including interest till the date of filing the return for the above year). (b) According to information and explanation given to us and based on the records of the company examined by us, the particulars of dues of sales tax including value added tax, as at 31st March, 2015 which have not been deposited on account of any dispute, are as follows:- Name of the Nature of the Amount in Rs. Period to which the Statute Dues amount relates (FY) Central Sales Sales Tax and 250,664 2005-06 Tax Act,1956 Interest Central Sales Sales Tax and 880,877 2008-09 Tax Act,1956 Interest Central Sales Sales Tax and 600,360 2009-10 Tax Act,1956 Interest Central Sales Sales Tax and 3203,613 2010-11 Tax Act,1956 Interest Central Sales Sales Tax and 380,924 2010-11 Tax Act,1956 Interest 5,316,438 Name of the Forum where the dispute is pending Statute Central Sales Deputy Commissioner of Sales Tax Act,1956 Tax(Appeals) CBD Belapur, Navi Mumbai Central Sales Deputy Commissioner of Sales Tax Act,1956 Tax(Appeals) CBD Belapur, Navi Mumbai Central Sales Deputy Commissioner of Sales Tax Act,1956 Tax(Appeals) CBD Belapur, Navi Mumbai Central Sales Deputy Commissioner of Sales Tax Act,1956 Tax(Appeals) CBD Belapur, Navi Mumbai Central Sales Deputy Commissioner of Sales Tax Act,1956 Tax(Appeals) CBD Belapur, Navi Mumbai (c) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of reporting delay in transferring such sums does not arise viii. The accumulated losses of the company at the end of the financial year are less than fifty percent of its net worth. The Company has incurred cash loss during the financial year covered by our audit but not during the immediately preceding financial year ix. According to information and explanation given to us and based on the records of the company examined by us, the Company has not defaulted in repayment of dues to Financial Institutions and banks and has not issued any 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 a bank or financial institution during the year xi. In our opinion and according to the information and explanations given to us, the term loans have been applied for the purpose for which it was obtained. xii. During the course of our examination of the books and records of the company, carried in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud on or by the Company noticed or reported during the course of our audit nor have we been informed of any such instance by the Management. For P.P.Jayaraman & Co. Chartered Accountants Firm Registration No. 104139W P.P.Jayaraman Proprietor Membership No. 041354 Place: Thane Date: 30th May, 2015