You are here » Home » Companies » Company Overview » Mayur Leather Products Ltd

Mayur Leather Products Ltd.

BSE: 531680 Sector: Others
NSE: N.A. ISIN Code: INE799E01011
BSE 00:00 | 19 Feb 3.55 0
(0.00%)
OPEN

3.40

HIGH

3.55

LOW

3.40

NSE 05:30 | 01 Jan Mayur Leather Products Ltd
OPEN 3.40
PREVIOUS CLOSE 3.55
VOLUME 400
52-Week high 18.65
52-Week low 3.33
P/E
Mkt Cap.(Rs cr) 2
Buy Price 3.55
Buy Qty 42.00
Sell Price 3.55
Sell Qty 200.00
OPEN 3.40
CLOSE 3.55
VOLUME 400
52-Week high 18.65
52-Week low 3.33
P/E
Mkt Cap.(Rs cr) 2
Buy Price 3.55
Buy Qty 42.00
Sell Price 3.55
Sell Qty 200.00

Mayur Leather Products Ltd. (MAYURLEATHER) - Auditors Report

Company auditors report

TO THE MEMBERS OF MAYUR LEATHER PRODUCTS LIMITED

Report on the Standalone Indian Accounting Standards (Ind AS) Financial Statements

1. We have audited the accompanying standalone Ind AS financial statements of MayurLeather Products Limited (the Company) which comprise the Balance Sheet as at March 312018 the Statement of Profit and Loss (including Other Comprehensive Income) the CashFlow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Ind AS Financial Statements

2. 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 of thesestandalone Ind AS financial statements to give a true and fair view of the financialposition financial performance (including other comprehensive income) cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards specified in the Companies(Indian Accounting Standards) Rules 2015 (as amended) under Section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of 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 standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit.

4. We have taken into account the provisions of the Act and the Rules made there underincluding the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules made thereunder.

5. We conducted our audit of the standalone Ind AS financial statements in accordancewith the Standards on Auditing specified under Section 143(10)of the Act and otherapplicable authoritative pronouncements issued by the Institute of Chartered Accountantsof India. Those Standards and pronouncements require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe standalone Ind AS financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditors' judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk' assessments the auditor considers internal financial controlrelevant to the Company s preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accounting'policies used and the reasonableness of the accounting estimates made by the Company sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our qualified audit opinion on the standalone Ind AS financialstatements.

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2018 and its total comprehensive income (comprising of profit andother comprehensive income) its cash flows and the changes in equity for the year endedon that date.

Other Matter

9. The comparative financial information of the Company for the year ended March 312017 and the transition date opening balance sheet as at April 1 2016 included in thesestandalone Ind AS financial statements are based on the previously issued statutoryfinancial statements for the years ended March 31 2017 and March 31 2016 prepared inaccordance with the Companies (Accounting Standards) Rules 2006 (as amended) which wereaudited by the predecessor auditor who expressed an unmodified opinion vide reports datedMay 30 2017 and May 30 2016 respectively. The adjustments to those financial statementsfor the differences in accounting principles adopted by the Company on transition to theInd AS have been audited by us. Our opinion is not qualified in respect of this matter.

10. As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act (the Order)and on the basis of such checks of the books and records of the Company as we consideredappropriate and according to the information and explanations given to us we give in theAnnexure B a statement on the matters specified in paragraphs 3 and 4 of the Order.

11. 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 purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the Cash Flow Statement and the Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on March31 2018 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 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 with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in Annexure A.

g) With respect to the other matters to be included in the Auditors' Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our knowledge and belief and according to the information andexplanations given to us:

i. The Company has disclosed the impact if any of pending litigations as at- March31 2018 on its financial position in its standalone Ind AS financial statements ReferNote 47 to the standalone Ind AS financial statements;

ii. The Company does not have derivative contracts and in respect of other long-termcontracts there are no material foreseeable losses as at March 31 2018;

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended March 312018;

iv. The reporting on disclosures relating to Specified Bank Notes is not applicable tothe Company for the year ended March 31 2018.

For H.C. GARG & COMPANY
CHARTERED ACCOUNTANTS
FRN:000152C
Sd/-
Place: Jaitpura Jaipur (MADHUKAR GARG)
Date: 01.06.2018 PROPRIETOR
M.NO. 070162

annexure A to Independent Auditor's Report

Referred to in paragraph 12(g) of the Independent Auditors' Report of even dateto the members of Mayur Leather Products Limited on the standalone Ind AS FinancialStatements for the year ended March 31 2018.

Report on the Internal Financial Controls with reference to financial statements underClause

(i) of Subsection 3 of Section 143 of the Act

1. We have audited the internal financial controls with reference to financialstatements of Mayur Leather Products Limited (the Company) as of March 31 2018 inconjunction with our audit of the standalone Ind AS financial statements of the Companyfor the year ended on that date.

2. 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 internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively' for ensuring the orderly and efficient conduct ofits business including adherence to company s policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company's internalfinancial controls with reference to financial statements based on our audit. We conductedour audit in accordance with the Guidance Note on Audit of Internal Financial ControlsOver Financial Reporting (the Guidance Note) and the Standards on Auditing deemed to beprescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of internal financial controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls with reference to financial statementswas established and maintained and if such controls operated effectively in all materialrespects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system with reference to financial statements and theiroperating effectiveness. Our audit of internal financial controls with reference tofinancial statements included obtaining an understanding of internal financial controlswith reference to financial statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness' ofinternal control based on the assessed risk. The procedures selected depend on the auditors judgement including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is' sufficient and appropriateto provide a basis for our qualified audit opinion on the Company s internal financialcontrols system with reference to financial statements.

Meaning of Internal Financial Controls with reference to financial statements

6. A company s internal financial controls with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for' external purposes in accordancewith generally accepted accounting principles. A company s internal financial controlswith reference to financial statements includes those policies and procedures that (1)Pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company; (2) Providereasonable assurance that transactions are recorded as necessary to permit preparation of78 financial statements in accordance with generally accepted accounting principles andthat receipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) Provide reasonableassurance regarding prevention' or timely detection of unauthorised acquisition use ordisposition of the company s assets that could have a material effect on the financialstatements.

Inherent Limitations of Internal Financial Controls with reference to financialstatements

7. Because of the inherent limitations of internal financial controls with reference tofinancial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to financial statements to future periods are subject to the risk that theinternal financial controls with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

Opinion

8. In our opinion the Company has maintained in all material respects an adequateinternal financial controls system with reference to financial statements and suchinternal financial controls with reference to financial statements were operatingeffectively as at March 31 2018 based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India.

For H.C. GARG & COMPANY
CHARTERED ACCOUNTANTS
FRN:000152C
Sd/-
(MADHUKAR GARG)
Place: Jaitpura Jaipur PROPRIETOR
Date: 01.06.2018 M.NO. 070162

Annexure B to Independent Auditors'

Report Referred to in paragraph 11 of the Independent Auditors' Report of even date tothe members of Mayur Leather Products Limited on the Ind AS Financial Statements as of andfor the year ended March 31 2018.

i. (a)The Company is maintaining proper records showing full particulars includingquantitative details and situation of property plant and equipment and intangible assets.

(b) The property plant and equipment are physically verified by the Management isreasonable having regard to the size of the Company and the nature of its assets. Nomaterial discrepancies have been noticed on such verification.

(c) The title deeds of immovable properties as disclosed in Note 7(a) on propertyplant and equipment to the Ind AS financial statements are held in the name of theCompany.

ii. The physical verification of inventory (excluding inventories lying with thirdparties and stock in transit) have been conducted at reasonable intervals by theManagement during the year. In respect of inventory lying with third parties these havesubstantially been confirmed by them. The discrepancies noticed on physical verificationof inventory as compared to book records were not material.

iii. The Company has granted loans to body corporate covered in the register maintainedunder section 189 of the Companies Act 2013 (the Act).

a. In our opinion the rate of interest and other terms and conditions on which theloans had been granted to the Body Corporate listed in the register maintained undersection 189 of the Act prima facie not prejudicial to the interest of the company.

b. In our opinion and according to the Information and Explanation given to us that isabsence of agreement/arrangement there is no stipulation of schedule of Repayment ofPrincipal and Payment of Interest. Hence we are unable to make specific comment on theRegularity of Repayment of Principal and Payment of Interest in such case.

c. In our Opinion and according to the information and Explanation given to us as inabsence of agreement/arrangement we are unable to verify the total amount overdue for morethan ninety days if any in respect of loan granted to a Body corporate listed in theregister maintained under section 189 of the Act.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 186 of the Companies Act 2013 inrespect of investments made. The Company has not granted any loans or provided anyguarantees or security to the parties covered under Section 185 and 186 of the CompaniesAct 2013.

v. The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the Rules framed there under to the extentnotified.

vi. Pursuant to the rules made by the Central Government of India the Company isrequired to maintain cost records as specified under Section 148(1) of the Act in respectof its products. We have broadly reviewed the same and are of the opinion that primafacie the prescribed accounts and records have been made and maintained. We have nothowever made a detailed examination of the records with a view to determine whether theyare accurate or complete.

vii. (A) According to the books and records as produced and examined by us inaccordance with generally accepted auditing practices in India and also based onManagement representations undisputed statutory dues including Provident Fund Employees'state Insurance Dues Income Tax Sales Tax Service Tax Custom Duty Excise Duty VATGoods & Service Tax Act w.e.f. 01.07.2017 Cess and Other material Statutory dues havegenerally been regularly deposited by the Company during the year with the appropriateauthorities in India. According to the information and explanation given to us noundisputed amounts payable in respect of the aforesaid dues were outstanding as at March31st 2018 for a period of more than six months from the date of becoming payable.

(B) According to the information and explanations given to us and the records of theCompany examined by us these have been no deposited dues which have not been depositedwith the respective authorities in respect of Income Tax Service Tax Duty of CustomDuty of Excise and VAT Goods & Service Tax Act w.e.f. 01.07.2017 as at March 312018

viii. According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any financial institution or bank or Government or dues to debenture holders as at thebalance sheet date.

ix. The Company has not raised any moneys by way of initial public offer furtherpublic offer (including debt instruments) and term loans during the year. Accordingly theprovisions of Clause 3(ix) of the Order are not applicable to the Company.

x. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

xi. The Company has paid/ provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.

xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto it the provisions of Clause 3(xii) of the Order are not applicable to the Company.

xiii. The Company has entered into transactions with related parties in compliance withthe provisions of Sections 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the Ind AS Financial Statements as required underIndian Accounting Standard (Ind AS) 24 Related Party Disclosures specified under Section133 of the Act.

xiv. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Accordingly theprovisions of Clause 3(xiv) of the Order are not applicable to the Company.

xv. The Company has not entered into any non cash transactions with its directors orpersons connected with him. Accordingly the provisions of Clause 3(xv) of the Order arenot applicable to the Company.

xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For H.C. GARG & COMPANY
CHARTERED ACCOUNTANTS
FRN:000152C
Sd/-
Place: Jaitpura Jaipur (MADHUKAR GARG)
Date: 01.06.2018 PROPRIETOR
M.NO. 070162