| We have audited the accompanying financial statements of MAYUR LEATHER
PRODUCTS 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 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 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.
Auditor's Responsibility
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 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 financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, 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, and its profit and its cash flows for the year
ended on that date.
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 companies Act,2013 we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the order, to the extent 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 Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report is in agreement with the books
of account;
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014;
(e) 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; and
(f) 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 litigation, if any
on its financial position in its financial statements - refer Note No.
39 to the financial statements;
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses; and
iii. As detailed in Note No. vii(c) of the Annexure to the Auditors
Report, There are delays in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE AUDITORS' REPORT
For the Year Ended on 31st March, 2015
Referred to Para Report on Other Legal and Regulatory Requirements' in
our Report of even date:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets. (b) Fixed Assets have been physically verified by the
management during the year at reasonable intervals. No material
discrepancies were noticed on such verification.
(ii) (a) The inventory of the Company, has been physically verified by
the Management during the year. In our opinion, the frequency of
verification is reasonable.
(b) In our opinion, the procedures of physical verification of
Inventory followed by the Management are reasonable and adequate in
relation to the size of the Company and nature of its business.
(c) The Company has maintained proper records of inventory and the
discrepancies noticed between the physical stocks and the books record
were not material.
(iii) (a) The Company has granted loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013.
(b) Terms & Conditions of the loan granted by the company are not
pre-defined, however the rate of interest & other term & conditions of
loan given by the company secured or unsecured are prima facie not
prejudicial to the interest of the company.
(c ) Terms & Conditions of loan granted by the company are not
pre-defined, however the company is regular in recovery of principal
and interest in respect of loan given.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business with regard to the purchases of inventories, fixed assets and
for the sale of goods. We have not observed any continuing failure to
correct major weakness in internal control system.
(v) As informed to us, the Company has not accepted any deposits under
the provisions of Section73 to 76 or any other relevant provisions of
the Act and the rules framed there under.
(vi) The Central Government has prescribed maintenance of cost records
under sub-section (1) of section 148 of the Companies Act, 2013 in
respect of manufacturing activity of the Company. We have broadly
reviewed the accounts and records of the Company in this connection and
are of the opinion, that prima facie, the prescribed accounts and
records have been made and maintained. We have not, however, carried
out a detailed examination of the same with a view to determine whether
they are accurate or complete.
(vii) (a) According to the books and records as produced and examined
by us in accordance with generally accepted auditing practices in India
and also based on Management representations, undisputed statutory dues
including Provident Fund, Employees' state Insurance Dues, Income Tax,
Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Value
added tax, Cess and Other material Statutory dues have generally been
regularly deposited, by the Company during the year with the
appropriate authorities in India. According to the information and
explanation given to us, no undisputed amounts payable in respect of
the aforesaid dues were outstanding as at March 31st, 2015 for a period
of more than six months from the date of becoming payable.
(b) As at 31st March, 2015, there have been no disputed dues which have
not been deposited with the respective authorities in respect of
Income Tax, Wealth Tax, Service Tax, Sales Tax, Custom Duty, Excise
Duty,Value Added Tax and Cess.
(c) The amount 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 has been
transferred to such fund within time except for Instances detailed
below:
Financial Unclaimed
Year Amount Due Date for
Transfer In Date Of Transfer
Investor
Education &
protection Fund
2002-03 39710 05/12/10 28/06/14
2003-04 26290 09/09/11 28/06/14
2004-05 142251.6 23/08/12 05/08/14
2005-06 35554 17/08/13 25/09/14
2006-07 33000 09/04/14 10/06/14
2006-07
(final) 35332 15/07/14 21/08/14
(viii) The Company has neither accumulated losses as at 31st March,
2015, nor it has incurred any cash loss either during the financial
year ended on that date or in the immediately preceding financial year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of its dues to
any financial institution or bank or to debenture holders during the
year.
(x) The Company has not given guarantees for loans taken by others from
banks or financial institutions.
(xi) During the year, the Company has not obtained any Term Loan.
(xii) As per the information and explanations given to us and on the
basis of examination of records, no fraud on or by the Company was
noticed or reported during the year.
for MADHUKAR GARG & COMPANY
CHARTERED ACCOUNTANTS
FRN 000866C
Place : Jaipur
Date : 30.05.2015 (SUNIL SHUKLA)
PARTNER
M.NO. 071179 |