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)
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