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Uniroyal Industries Ltd.

BSE: 521226 Sector: Industrials
NSE: N.A. ISIN Code: INE980D01019
BSE LIVE 15:15 | 14 Dec 9.06 -0.37
(-3.92%)
OPEN

9.00

HIGH

9.06

LOW

9.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 9.00
PREVIOUS CLOSE 9.43
VOLUME 1050
52-Week high 13.36
52-Week low 7.10
P/E 20.59
Mkt Cap.(Rs cr) 7
Buy Price 9.05
Buy Qty 5000.00
Sell Price 9.90
Sell Qty 2000.00
OPEN 9.00
CLOSE 9.43
VOLUME 1050
52-Week high 13.36
52-Week low 7.10
P/E 20.59
Mkt Cap.(Rs cr) 7
Buy Price 9.05
Buy Qty 5000.00
Sell Price 9.90
Sell Qty 2000.00

Uniroyal Industries Ltd. (UNIROYALIND) - Auditors Report

Company auditors report

To the Members of Uniroyal Industries Limited

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of Uniroyal IndustriesLimited ("the Company") which comprise the Balance Sheet as at 31st March2016 the statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation& presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2016 and its profit and its cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub section (11) of section 143 ofthe Act we give in the Annexure "A" a statement on the matters specified inparagraphs 3 & 4 of the Order.

2. As required by Section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit; b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c) The Balance Sheet the Profit and Loss Statement and theCash Flow Statement dealt with by this Report are in agreement with the books of account.d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014; e) On the basis of the written representations receivedfrom the directors as on 31st March 2016 taken on record by the Board of Directors noneof the directors is disqualified as on 31st March 2016 from being appointed as adirector in terms of Section 164 (2) of the Act. f) With respect to the adequacy of theinternal financial controls over financial reporting of the Company and the operatingeffectiveness of such controls refer to our separate report in "Annexure B";and g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us: i. TheCompany does not have any pending litigations which would impact its financial position.ii. The Company does not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and iii. There were no amounts whichwere required to be transferred to the Investor Education and Protection Fund by theCompany during the year.

A G P R S & Associates
Chartered Accountants
Firm's Regn. No. 006943N
sd-
Place : Panchkula Pankaj Khullar
Dated : 30 May 2016 Partner
Membership No. 502358

ANNEXURE "A"

Referred to in paragraph 1 of our report of even date:

(I) a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.. b) The company has a regularprogramme of physical verification of its fixed assets by which all fixed assets areverified in a phased manner over a period of three years. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets. c) According to the information & explanations given to us andon the basis of our examination of the records of the company the title deeds ofimmovable properties are held in the name of the Company.

(ii) The stock of Finished Goods Stores Spare Parts and Raw Material lying in thefactory (other than stock in transit) have been Physically verified by the managementduring and at the year-end. In our opinion and according to information and explanationsgiven to us the frequency of physical verification is reasonable. The discrepanciesnoticed on verification between the physical stock and the book records were not material& have been properly dealt within books of accounts. (iii) The company has not grantedany loans secured or unsecured to companies firms Limited Liability Partnerships orother parties covered in the register maintained under Section 189 of the Companies Act2013(" the Act").Accordingly paragraphs 3 (iii) (a) (iii) (b) & (iii) (c)of the Order are not applicable to the Company.

(iv) In our opinion and according to the information & explanations given to usthe Company has not granted any loan made any investment or provided any guarantees orsecurity to the parties covered under Section 185 and 186 of the Act. Accordinglyparagraph 3 (iv) of the Order is not applicable to the Company.

(v) In our opinion and according to information and explanations given to us theCompany has not accepted deposits as per directives issued by the Reserve Bank of Indiaand provisions of Sections 73 to 76 or any other relevant provisions of the Act and therules framed thereunder. Accordingly paragraph 3 (v) of the Order is not applicable tothe Company.

(vi) In our opinion and according to information and explanations given to us CentralGovernment has not prescribed maintenance of cost records under sub section (1) of section148 of the Companies Act 2013 for any of the products manufactured by the Company.

(vii) a) According to information & explanations given to us and on the basis ofour examination of the records of the Company amounts deducted /accrued in the books ofaccounts in respect of undisputed statutory dues including provident fund employees stateinsurance income tax sales tax service tax duty of customs duty of excise valueadded tax cess and other statutory dues have been generally regularly deposited duringthe year by the Company with the appropriate authorities. According to information &explanations given to us no undisputed amounts payable in respect of provident fundemployees state insurance income tax sales tax service tax duty of customs duty ofexcise value added tax cess and other statutory dues were in arrears as at 31 March 2016for more than six months from the date they became payable. b) In our opinion andaccording to information and explanations given to us there are no dues of Income tax orSales tax or Service tax Professional tax Customs duty Excise duty and Value added taxor cess which have not been deposited with the appropriate authorities on account of anydispute.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of dues to its bankers or to its financialinstitutions or debenture holders. The Company does not have loans or borrowings fromgovernment.

(ix) In our opinion and according to the information and explanations given to us theCompany did not raise any money by way of public issue / follow-on-offer (including debtinstruments) during the Year. However term loans raised have been applied for the purposesfor which they have been raised.

(x) According to information and explanations given to us no material fraud by thecompany or any fraud on the company by its officers/ employees has been noticed orreported during the course of our audit.

(xi) In our opinion and according to information & explanations given to usmanagerial remuneration has been paid/ provided in accordance with the requisite approvalsmandated by the provisions of Section 197 Read with schedule V to the Companies Act.

(xii) In our opinion and according to information & explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable to the Company.

(xiii) According to information & explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 & 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the AccountingStandards.

(xiv) According to information & explanations given to us and based on theexaminations of our records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly paragraph 3 (xiv) of the Order is not applicable to the Company.

(xv) According to information & explanations given to us and based on theexaminations of our records of the Company the Company has not entered into any non cashtransactions with directors or persons connected with them. Accordingly paragraph 3 (xv)of the Order is not applicable to the Company.

(xvi) According to information & explanations given to us the Company is notrequired to be registered under Section 45-IA of the Reserve Bank of India Act 1934.Accordingly paragraph 3 (xvi) of the Order is not applicable to the Company.

A G P R S & Associates
Chartered Accountants
Firm's Regn. No. 006943N
sd-
Place : Panchkula Pankaj Khullar
Dated : 30 May 2016 Partner
Membership No. 502358

Annexure B to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ('the Act') We have audited the internal financial controlsover financial reporting of Uniroyal Industries Ltd. ('the Company') as of 31 March 2016in conjunction with our audit of the standalone financial statements of the Company forthe year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of the internal controlstated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India ('ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over the financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over theFinancial Reporting (the "Guidance Note") and the Standards on Auditing issuedby ICAI and deemed to be prescribed under section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls both applicable for toan audit of Internal Financial Controls and both issued by the Institute of CharteredAccountants of India. Those Standards and the

Guidance Note require that we comply with the ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over the financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the

Company's internal financial controls system over the financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of the financial reporting andthe preparation of financial statements for the external purposes in accordance withgenerally accepted accounting principles. A company's internal financial controls overfinancial reporting includes those policies and procedures that (1) pertains to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatement due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material aspects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

A G P R S & Associates
Chartered Accountants
Firm's Regn. No. 006943N
sd-
Place : Panchkula Pankaj Khullar
Dated : 30 May 2016 Partner
Membership No. 502358