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Yuvraaj Hygiene Products | Auditor's Report > Engineering > Auditor's Report from Yuvraaj Hygiene Products - BSE: 531663, NSE: N.A
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Yuvraaj Hygiene Products

BSE: 531663|ISIN: INE139D01020|SECTOR: Engineering
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Mar 14
Auditor's Report (Yuvraaj Hygiene Products) Year End : Mar '15
 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
 
 
Source : Dion Global Solutions Limited
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