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Uniroyal Marine Exports Ltd.

BSE: 526113 Sector: Others
NSE: N.A. ISIN Code: INE602H01010
BSE LIVE 12:49 | 13 Dec 9.35 -0.49
(-4.98%)
OPEN

9.35

HIGH

9.35

LOW

9.35

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 9.35
PREVIOUS CLOSE 9.84
VOLUME 200
52-Week high 17.29
52-Week low 7.28
P/E 42.50
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.35
Sell Qty 900.00
OPEN 9.35
CLOSE 9.84
VOLUME 200
52-Week high 17.29
52-Week low 7.28
P/E 42.50
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.35
Sell Qty 900.00

Uniroyal Marine Exports Ltd. (UNIROYALMARINE) - Auditors Report

Company auditors report

TO THE MEMBERS OF UNIROYAL MARINE EXPORTS LTD.

Report on the Financial Statements

We have audited the accompanying financial statements of Uniroyal Marine ExportsLimited ("the Company") which comprise the Balance Sheet as at 31stMarch 2017 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Managements' Responsibility for the Financial Statements

The Companys' Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

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 there under.

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 misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditors' judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Companys' preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial control systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Companys' Directors as well asevaluating the overall presentation of 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2017 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 (Auditors 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 in paragraphs 3and 4 of the said Order to the extent applicable.

2. 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 bestof 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 theCompany so far as appears from our examination of those books;

c) The balance sheet statement of profit and loss and cash flow statement dealt withby this report are in agreement with the books of account;

d) In our opinion the aforesaid financial statements comply with the accountingstandards specified under section 133 of the Act read with rule 7 of the Companies(Accounts) Rules 2014;

e) On the basis of written representations received from the directors as on March 312017 taken on record by the board of directors none of the directors is disqualified ason March 31 2017 from being appointed as a director in terms of Section 164 (2) of theAct;

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate 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. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016. Based on audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with books of accountmaintained by the Company and as produced to us by the Management -Refer Note 13(a) to thefinancial statements.

For KURUVILLA & INDUKUMAR
Chartered Accountants
(ICAI Firm Reg. No. 013882S)
INDUKUMAR. M.G; FCA
Place : Kochi Partner
Date :30 May 2017 (ICAI Mem No 200004)

Annexure A to the Independent Auditors' Report

Annexure referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date on the accounts of the company for theyear ended 31st March 2017.

1.(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) We are informed that the fixed assets of the company have been physically verifiedby the management during the year and no material discrepancies between the book recordsand the physical inventory have been noticed. In our opinion the frequency ofverification is reasonable.

(c) In our opinion and according to the information and explanations given to us thetitle deeds of immovable properties are held in the name of the Company

2. (a) We are informed that the inventory has been physically verified by themanagement during the year. In our opinion the frequency of such verification isreasonable.

(b) The discrepancies noticed on the aforesaid verification between the physical stocksand book records were not material.

3. According to the information and explanations given to us the Company has notgranted any loan secured or unsecured to companies firms limited liability partnershipsor other parties covered in the register required under section 189 of the Companies Act2013. Accordingly paragraph 3 (iii) of the Order is not applicable

4. In our opinion and according to the information and explanations given to us theCompany has not given any loans made any investments provided any guarantees and givenany security to which the provisions of section 185 and 186 of the Companies Act 2013 areapplicable.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits and accordingly paragraph 3 (v) of the Order is notapplicable.

6. The Central Government of India has not prescribed the maintenance of cost recordsunder sub-section (1) of section 148 of the Act for any of the activities of the Company.

7. (a) According to the information and explanations given to us no undisputed amountspayable in respect of employees' state insurance income-tax sales tax wealth taxservice tax duty of customs duty of excise value added tax cess and other materialstatutory dues were in arrears as at March 31 2017 for a period of more than six monthsfrom the date they became payable.

(b) According to the information and explanations given to us and the records of thecompany examined by us there are no dues of income-tax sales tax service tax duty ofcustoms duty of excise and value added tax which have not been deposited on account ofany dispute.

8. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to any financial institutions bankersgovernment or debenture holders during the year.

9. The company has not obtained any term loans or raised any moneys by way of initialpublic offer or further public offer (including debt instruments) during the year.

10. According to the information and explanations given to us no fraud by the Companyor on by its officers or employees has been noticed or reported during the course of ouraudit.

11. According to the information and explanations given to us managerial remunerationhas been paid or provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with schedule V to the Companies Act.

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

13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with section 188 of the Companies Act 2013 and the details of suchtransactions have been disclosed in the financial statements of the Company as required bythe applicable accounting standards.

14. According to the information and explanations given to us and based on ourexamination of the 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 (xiv) of the Order is not applicable.

15. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with them. Accordingly paragraph (xv) ofthe Order is not applicable.

16. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934.

For KURUVILLA & INDUKUMAR
Chartered Accountants
Reg.No. 013882S
Place : Kochi INDUKUMAR. M.G
Date: 30 May 2017 Partner (M No. 200004)

Annexure B to the Independent Auditors' Report for the year ended March 31 2017(referred to in our report of even date)

Report on the Internal Financial Control under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial control over financial reporting of UniroyalMarine Exports Ltd ("the Company") as of March 31 2017 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial control based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the guidance note on audit of internal financial controls over financial reportingissued 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.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the guidance note on audit of internal financial controls over financial reporting(the ‘Guidance Note') and the standards on auditing (the ‘Standards') issued byICAI and deemed to be prescribed under section 143 (10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial control system over financial reporting and their operatingeffectiveness. Our audit of internal financial control over financial reporting includedobtaining an understanding of internal financial control 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 overfinancial 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 financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (i) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (ii) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (iii) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition effect on the financialstatements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of conclusion or improper management override ofcontrol material misstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial control 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 respects an adequate internalfinancial control over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31 2017 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the guidance note issued by the ICAI.

For KURUVILLA & INDUKUMAR
Chartered Accountants
Reg.No. 013882S
Place : Kochi INDUKUMAR. M.G
Date: 30 May 2017 Partner
(M No. 200004)