Mar 31, 2015
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)
Mar 31, 2014
We have audited the attached Balance Sheet of Uniroyal Marine Exports
Limited as at 31st March, 2014 and Profit and Loss Account of the
Company for the year ended on that date annexed thereto and Cash Flow
Statement for the year ended on that date and a summary of significant
accounting policies and other explanatory information.
Managements'' Responsibility for the Financial Statements
Management is responsible for the preparation ofthese 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 Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation ofthe 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 financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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 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 control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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.
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014.
b) in the case of the Profit and Loss Account, of the loss for the year
ended on that date; and
c) in the case of the Cash Flow Statement, of the 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, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief where necessary for the purpose of our
audit.
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 ofthe Companies Act, 1956.
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Referred to in Paragraph 1 of our report of even date
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
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.
(c) The Fixed Assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the company
and such disposal has, in our opinion, not affected the going concern
status of the company.
ii. In respect of its inventories:
(a) The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) 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 inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
iii. a) According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured, to companies,
firms and other parties covered in the register maintained under
section 301 of the Companies Act, 1956. Accordingly, paragraphs
4(iii)(b), (c) and (d) of the order are not applicable. b) According
to the information and explanations given to us, the Company has not
taken any loans during the year secured or unsecured from companies,
firms and other parties covered in the register maintained under
section 301 of the Companies Act, 1956.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business for the
purchases of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weakness in such internal control
systems.
v. a. According to the information and explanations given to us, we are
of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Companies Act, 1956 have been entered
in the register required to be maintained under that section; and
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
vi. The Company has not accepted any deposits from the public
attracting sec.58A & 58 AA of the Companies Acceptance of deposit Rules
1975 during the year.
vii. In our opinion, the Company has an internal audit system
commensurate with the size and the nature of its business.
viii. We have broadly reviewed the books of account maintained by the
Company pursuant to the rules prescribed by the Central Government for
maintenance of cost records and are of the opinion that prima facie the
prescribed accounts and records have been made and maintained. We have,
however, not made a detailed examination of such records.
ix. a. The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund. Employee''s State Insurance,
Income-tax, Sales-tax, Wealth Tax, Service Tax, Customs Duty, Cess and
other material statutory dues applicable to it.
b. According to the information and explanations given to us, no
undisputed amounts in respect of Income-tax, Sales-tax, Wealth Tax,
Service tax, Customs Duty, Excise Duty and Cess were in arrears as at
31st March, 2014 for a period more than six months from the date they
became payable.
c. 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.
x. The company has incurred cash losses during the financial year
covered by our audit and also the previous year. However the
accumulated loss has not exceeded 50% of its net worth as on the date
of the financial statements.
xi. In our opinion and according to the information and explanations
given to us, Company has not defaulted in repayment of dues to
financial institutions and banks during the year.
xii. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii. The provisions of any special statute applicable to chit fund /
nidhi / mutual benefit fund / societies are not applicable to the
Company.
xiv. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the Company.
xv. In our opinion and according to the information and explanations
given to us, the Company has not during the year, given any guarantee
for loan taken by others from banks or financial institutions.
xvi. 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.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long term
investment.
xviii. According to the information and explanations given to us, the
company has not during the year made any preferential allotment of
shares to parties and companies covered in the register maintained
under section 301 of the Companies Act, 1956 .
xix. The Company has not issued any debentures during the year.
xx. The Company has not raised money by way of public issues during the
year.
xxi. 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
Kozhikode INDUKUMAR. M.G
30.05.2014 Partner
(M. No. 200004)
Mar 31, 2013
Report on the Financial Statements
We have audited the attached Balance Sheet of Uniroyal Marine Exports
Limited as at 31st March, 2013 and Profit and Loss Account of the
Company for the year ended on that date annexed thereto and Cash Flow
Statement for the year ended on that date and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for 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 Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control 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 conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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 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 control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, 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. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Profit and Loss Account, of the loss for the year
ended on that date; and
c) in the case of the Cash Flow Statement, of the 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, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31,2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
Referred to in Paragraph 1 of our report of even date
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that: 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.
(c) The Fixed Assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the company
and such disposal has, in our opinion, not affected the going concern
status of the company.
ii. In respect of its inventories:
(a) The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) 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 inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
iii. a) According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured, to companies,
firms and other parties covered in the register maintained under
section 301 of the Companies Act, 1956. Accordingly, paragraphs
4(iii)(b), (c) and (d) and of the order are not applicable. b)
According to the information and explanations given to us, the Company
has not taken any loans during the year secured or unsecured from
companies, firms and other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business for the
purchases of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weakness in such internal control
systems.
v. a. According to the information and explanations given to us, we are
of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Companies Act, 1956 have been entered
in the register required to be maintained under that section; and
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
vi. The Company has not accepted any deposits from the public
attracting sec.58A & 58 AAof the Companies Acceptance of deposit Rules
1975 during the year.
vii. In our opinion, the Company has an internal audit system
commensurate with the size and the nature of its business.
viii. Maintenance of cost records was not mandatory for the company.
ix. a. The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Employee''s State Insurance,
Income-tax, Sales-tax, Wealth Tax, Service Tax, Customs Duty, Cess and
other material statutory dues applicable to it.
b. According to the information and explanations given to us, no
undisputed amounts in respect of Income-tax, Sales-tax, Wealth Tax,
Service tax, Customs Duty, Excise Duty and Cess were in arrears as at
3T'' March, 2013 for a period more than six months from the date they
became payable.
c. 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.
x. In our opinion, the company has no accumulated losses carried from
earlier year, but has incurred cash losses during the financial year
covered by our audit.
xi. In our opinion and according to the information and explanations
given to us, Company has not defaulted in repayment of dues to
financial institutions and banks during the year.
xii. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii. The provisions of any special statute applicable to chit fund /
nidhi / mutual benefit fund / societies are not applicable to the
Company.
xiv. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the Company.
xv. In our opinion and according to the information and explanations
given to us, the Company has not during the year, given any guarantee
for loan taken by others from banks or financial institutions.
xvi. 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.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long term
investment.
xviii. According to the information and explanations given to us, the
company has not during the year made any preferential allotment of
shares to parties and companies covered in the register maintained
under section 301 of the Companies Act, 1956.
xix. The Company has not issued any debentures during the year.
xx. The Company has not rai sed money by way of public issues during
the year.
xxi. 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
Kozhikode INDUKUMAR. M.G
28.09.2013 Partner
(200004)
Mar 31, 2012
We have audited the attached Balance Sheet of Uniroyal Marine Exports
Limited as at 31st March, 2012 and Profit and Loss Account of the
Company for the year ended on that date annexed thereto and Cash Flow
Statement for the year ended on that date. These financial statements
are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
1. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion and as annexure by the Compliance Certificate.
2. As required by Companies (Auditors Report) Order, 2003, issued by
the Central Government in terms of Section 227(4A) of the Companies
Act, 1956, we enclose in Annexure a statement on the matters specified
in paragraphs 4 and 5 of the said Order.
3. Further to our comments in the annexure referred to, we report
that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion, proper books of account, as required by law, have
been kept by the Company, so far as appears from our examination of the
books of account.
(c) The Balance Sheet and Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet and Profit and Loss Account and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) ofSection211 ofthe Companies Act, 1956, to the extent
applicable.
(e) On the basis of written representations received from the Directors
of the Company as at March 31,2012 and taken on record by the Board of
Directors, we report that no Director is disqualified from being
appointed as Director of the Company under clause (g) of sub section
(1) of Section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
statement on significant accounting policies and other notes in Notes
on Account 35(g) regarding non funding of gratuity plan, give the
information required by the Companies Act, 1956, in the manner so
required, and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at March31,2012
(ii) in the case of the Profit and Loss Account, of the Profit of the
Company for the year ended on that date, and
(iii) in the case of the Cash Flow statement, of the Cash Flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS'REPORT
Referred to in Paragraph 2 of our report of even date
i. Inrespectofitsfixedassets:
(a)The Company has generally 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.
(c) The company has disposed small portion of land during the year, the
profit of which is disclosed in Note No. 17.
ii. In respect of its inventories:
(a) The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) 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 inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
iii. a) According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured, to companies,
firms and other parties covered in the register maintained under
section 301 of the Companies Act, 1956. Accordingly, paragraphs
4(iii)(b), (c) and (d) of the order are not applicable,
b) According to the information and explanations given to us, the
Company has not taken any loans during the year secured or unsecured
from companies, firms and other parties covered in the register
maintained under section 301 of the Companies Act, 1956. In our opinion
and according to the information and explanations given to us, there
are adequate internal control systems commensurate with the size of the
Company and the nature of its business for the purchases of inventory,
fixed assets and for the sale of goods and services. During the course
of our audit, we have not observed any continuing failure to correct
major weakness in such internal control systems.
iv. a. According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Companies Act, 1956 have been entered
in the register required to be maintained under that section; and
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 3 01 of
the Companies Act, 1956 have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
v. The Company has not accepted any deposits from the public
attracting sec.58A & 58 AAofthe Companies Acceptance of deposit Rules
1975 during the year.
vi. In our opinion, the Company has an internal audit system
commensurate with the size and the nature of its business.
vii. Maintenance of cost records was not mandatory for the company.
viii. a. The Company is generally regular in depositing with
appropriate authorities
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employee's State Insurance, Income-tax,
Sales-tax, Wealth Tax, Service Tax, Customs Duty, Cess and other
material statutory dues applicable to it.
b. According to the information and explanations given to us, no
undisputed amounts in respect of Income-tax, Sales-tax, Wealth Tax,
Service tax, Customs Duty, Excise Duty and Cess were in arrears as at
31st March, 2012 for a period more than six months from the date they
became payable.
c. Details of Dues of Income Tax , Sales Tax , Wealth Tax, Service Tax
.Custom
Duty, Excise Duty and cess which have not been deposited as at March
31,2012 on account of disputes are given below:
Period to which Forum where
Name of the Nature of dues Amount the amount
dispute is
Statue (Rs m Lakhs) relates pending
Sales Tax Sales Tax 10.86 Assessment Deputy
Applicableto Year 2008 -09 Commissioner
various states
ix. In our opinion, the company does not have accumulated losses, and
has not incurred cash losses during the financial year covered by our
audit. In the immediately preceding year there was accumulated loss but
there was no cash loss.
x. In our opinion and according to the information and explanations
given to us, Company has not defaulted in repayment of dues to
financial institutions and banks.
xi. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xii.The provisions of any special statute applicable to chit fund /
nidhi / mutual benefit fund / societies are not applicable to the
Company.
xiii.In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor's Report)
Order, 2003 are not applicable to the Company.
xiv.In our opinion and according to the information and explanations
given to us, the Company has not during the year, given any guarantee
for loan taken by others from banks or financial institutions.
xv. 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.
xvi.According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we report that
no funds raised on short-term basis have been used for long term
investment.
xvii. According to the information and explanations given to us, the
company has not during the year made any preferential allotment of
shares to parties and companies covered in the register maintained
under section 301 ofthe Companies Act, 1956.
xviii.The Company has not issued any debentures during the year.
xix.The Company has not raised money by way of public issues during the
year.
xx.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 SUDHIR & KURUVILLA
Chartered Accountants
Reg.No.004177S
Kozhikode K. C. KURUVILLA, FCA
Date: 13.08.2012 Partner (M.No.018313)
Mar 31, 2010
We have audited the attached Balance Sheet of Uniroyal Marine Exports
Limited as at 31st March, 2010 and Profit and Loss Account of the
Company for the year ended on that date annexed thereto and Cash Flow
Statement for the year ended on that date. These financial statements
are the responsibility of the Companys management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
1. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by Companies (Auditors Report) Order, 2003, issued by
the Central Government in terms of Section 227(4A) of the Companies
Act, 1956, we enclose in Annexure a statement on the matters specified
in paragraphs 4 and 5 of the said Order.
3. Further to our comments in the annexure referred to, we report
that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion, proper books of account, as required bylaw, have
been kept by the Company, so far as appears from our examination of the
books of account.
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956, to the
extent applicable.
(e) On the basis of written representations received from the Directors
of the Company as at March 31, 2010 and taken on record by the Board of
Directors, we report that no Director is disqualified from being
appointed as Director of the Company under clause (g) of sub section
(1) of Section 274 of the Companies Act, 1956.
(f) In our opinion, and to the best of our information and according to
the explanations given to us, the said accounts read together with the
statement on significant accounting policies and other notes given in
Schedule-14, give the information required by the Companies Act, 1956,
in the manner so required, and give a true and fair view in conformity
with the accounting principles generally accepted in India:
(i) in the case of the Balance Sheet.of the state of affairs of the
Company as at March 31,2010
(ii) in the case of the Profit and Loss Account, of the Profit of the
Company for the year ended on that date, and
(iii)in the case of the cash flow statement, of the Cash Flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT Referred to in Paragraph 2 of our
report of even date
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
Companys 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.
(c) The company has not disposed off any substantial portion of fixed
assets.
ii. In respect of its inventories:
(a) The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) 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 inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
iii. (a) According to the information and explanations given to us, the
company has not granted any loans,secured or unsecured to companies,
firms and other parties covered in the register maintained Under
Section 301 of the Companies Act, 1956. Accordingly, paragraphs 4 (iii)
(b), (c)and (d) of the order are notapplicale. (b) According to the
information and explanations given to us, the Company has not taken any
loans during the year secured or unsecured from companies, firms and
other parties covered in the register maintained under section 301 of
the Companies Act, 1956. In our opinion and according to the
information and explanations given to us, there are adequate internal
control systems commensurate with the size of the Company and the
nature of its business for the purchase of inventory, fixed assets and
for the sale of goods and services. During the course of our audit, we
have not observed any continuing failure to correct major weakness in
such internal control systems.
iv. (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Companies Act, 1956 have been entered
in the register required to be maintained under that section; and (b)
In our opinion and according to the information and explanations given
to us, the transactions made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
Act, 1956 have been made at prices which are reasonable having regard
to prevailing market prices at the relevant time.
v. The company has not accepted any deposits from the public
attracting sec.58A & 58 AA of the Companies Acceptance of deposit Rules
1975 during the year.
vi. In our opinion, the company has an internal audit system
commensurate with the size and the nature of its business.
vii. Maintenance of cost records were not mandatory for the company.
viii. (a) The company is generally regular in depositing with
appropriate authorities undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Employees State
Insurance, Income-tax, Sales -tax, Wealth Tax, Service Tax, Customs
Duty, Cess and other materia! statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amount in respect of income-tax, Sales -tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty and Cess were in arrears as at
31sl March, 2010 for a period more than six months from the date they
became payable
ix. In our opinion, the company has accumulated losses, however the
company has not incurred cash losses during the financial year covered
by our audit and in the immediately preceding financial year.
x. In our opinion and according to the information and explanations
given to us, Company has not defaulted in repayment of dues to
financial institutions and banks.
xi. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xii. The provisions of any Special statute applicable to chit fund /
nidhi / mutual benefit fund / society are not applicable to the
Company.
xiii. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 are not applicable to the Company.
xiv. In our opinion and according to the information and explanations
given to us, the Company has not during the year, given any guarantee
for loan taken by others from banks or financial institutions.
xv. 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.
xvi. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long term
investment.
xvii. According to the information and explanations given to us, the
company has not during the year made any preferential allotment of
shares to parties and companies covered in the register maintained
under section 301 of the Companies Act, 1956.
xviii. The Company has not issued any debentures during the year.
xix. The Company has not raised money by way of public issues during
the year.
xx. During the course of our examination of the books and records of
the Company, carried out in accordance with generally accepted auditing
practices in India, and according to the information and explanation
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 SUDHIR & KURUVILLA
Chartered Accountants
Reg.No.004177S
K. C. KURUVILLA, FCA
Partner (18313)
Place: Kozhikode
Date : 26-07-2010
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