| We have audited the accompanying standalone financial statements of
Mayur Floorings Limited 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 financial statements.
The Company's Board of Directors is responsible for the matters
stated in Section 134(5) of the 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 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes 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
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.
Auditors' 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 of the 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. 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
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 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 31 st March, 2015, and its profit / loss and its cash flows for the
year ended on that date.
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
(b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company 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 Order
to the extend applicable.
As required by Section 143 (3) of the Act, we 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
purposes of our audit.
(b) 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 .
(c) The company do not have any branch hence Section 143 (8) of the Act
is not applicable to the company.
(d) 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.
(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 of the Companies (Accounts) Rules, 2014.
(0 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.
(g) 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 has disclosed the impact of pending litigations under
contingent liability on its financial position in its financial
statements. The company is in possession of decree against machine
supplier and same is pending under consideration of judiciary.
(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 amount which were required to be transferred, to
the Investor Education and Protection Fund by the Company.
Annexure to the Auditors' Report
The Annexure referred to in our report to the members of Mayur
Floorings Limited the Company') for the year Ended on 31.03.2015. We
report that:
S.No. Particulars Auditors
Remark
(i) (a) whether the company is maintaining proper records Yes
showing full particulars, including quantitative
details and situation of fixed assets;
(b) whether these fixed assets have been physically verified
by the management at reasonable intervals; whether any
material discrepancies were noticed on such verification
and if so, whether the same have been properly dealt
with in the books of account; Yes
(ii) (a) whether physical verification of inventory has been
conducted at reasonable intervals by the management; Yes
(b) are the procedures of physical verification of inventory
followed by the management reasonable and adequate in
relation to the size of the company and the nature of
its business. If not, the inadequacies in such procedures
should be reported; Yes
(c) whether the company is maintaining proper records of
inventory and whether any material discrepancies were
noticed on physical verification and if so, whether the
same have been properly dealt with in the books of
account; Yes
(iii) (iii) whether the company has granted any loans,
secured or insecured to companies, firms or other
parties covered in the register maintained under
section 189 of the Companies Act. If so, N.A.
(a) whether receipt of the principal amount and interest
are also regular; and N.A.
(b) if overdue amount is more than rupees one lakh, whether
reasonable steps have been taken by the company for
recovery of the principal and interest; NA
(iv) is there an adequate internal control system
commensurate with the size of the company and the
nature of its business, for the purchase of inventory
and fixed assets and for the sale of goods and
services. Whether there is a continuing failure to
correct major weaknesses in internal control system. Yes
(v) in case the company has accepted deposits, whether the
directives issued by the No except
Reserve Bank of india and the provisions of sections unsecured
73 to 76 or any other relevant provisions of the loan of
Companies Act and the rules framed there under, where rs 08.90
applicable, have been complied with? 11 not, the nature lacs taken
of contraventions should be stated; If an order has from
been passed by company Law Board or National Company Director
Law Tribunal or Reserve Bank of India or any court or Shri
any other tribunal, whether the same has been complied Mahaveer
with or not- . Sundrawat
S.No. Particulars Auditors
Remark
(vi) where maintenance of cost records has been
specified by the Central Government under
sub-section (1) of section 148 of the Companies
Act, whether such accounts and records have been
made and maintained; NA
(vii) (a) is the company regular in depositing
undisputed statutory dues including provident
fund, employees' state insurance, income-tax,
sales-tax, wealth tax, service tax, duty of
customs, duty of excise, value added tax, cess
and any other statutory dues with the Yes, except
appropriate authorities and if not, the extent
of the arrears of outstanding statutory dues minor delay,
as at the last day of the financial year concerned
for a period of more than six months from the date
they became payable, shall be indicated by the
auditor.
(b) in case dues of income tax or sales tax or wealth
tax or service tax or duty of Yes Income Tax
customs or duty of excise or value added tax or Rs.08.39 Lacs
cess have not been deposited on account of any disputed
dispute, then the amounts involved and the amount not
forum where dispute is by pending shall be deposited by
mentioned. (A mere representation to the concerned Company for
Department shall not constitute a dispute). which company
has made
application
for rectific
ation of
error U/s 154
(c) whether the amount required to be transferred to NA
investor education and protection fund in
accordance with the relevant provisions of
the Comanies Act, 1956 (1 of 1956)
and rules made there under has been transferred
to such fund within time.
(viii) whether in case of a company which has been
registered for a period not less than five NA
years, its accumulated losses at the end of the
financial year are not less than fifty percent
of its net worth and whether it has incurred cash
losses in such financial year and in the
immediately preceding financial year;
(ix) whether the company has defaulted in repayment of
dues to a financial institution or NA
bank or debenture holders- If yes, the period and
amount of default to be reported;
(x) whether the company has given any guarantee for
loans taken by others from bank No
or financial institutions, the terms and
conditions whereof are prejudicial to the
interest of the company;
(xi) whether term loans were applied for the purpose
for which the loans were obtained; Yes
(xii) whether any fraud on or by the company has been
noticed or reported during the year; If yes,
the nature and the amount involved is to be
indicated. No
For: Surendra Kumar Jain & Company
Chartered Accountant
S K Jain (Proprietor)
Membership No 071318
Date: 26.04.2015, Banswara.
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