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Mayur Leather Products Ltd.

BSE: 531680 Sector: Others
NSE: N.A. ISIN Code: INE799E01011
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NSE 05:30 | 01 Jan Mayur Leather Products Ltd
OPEN 11.00
PREVIOUS CLOSE 11.00
VOLUME 95
52-Week high 23.90
52-Week low 10.70
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 11.00
CLOSE 11.00
VOLUME 95
52-Week high 23.90
52-Week low 10.70
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Mayur Leather Products Ltd. (MAYURLEATHER) - Auditors Report

Company auditors report

TO THE MEMBERS OF MAYUR LEATHER PRODUCTS LIMITED Report on the Standalone FinancialStatements

We have audited the accompanying Standalone financial statements of MAYUR LEATHER

st

PRODUCTS LIMITED ("the Company") which comprise the Balance Sheet as at31 March 2017 the Statement of Profit and Loss the Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the 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 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 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 financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's 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 theauditor's 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 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 the 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 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 loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) order2016 (" theorder")issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the companies Act2013 we give in the Annexure 'A' a statement on thematters specified in paragraphs 3 and 4 of the order to the extent applicable.

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 thebest of 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 bythe Company so far as it appears from our examination of those books.;

(c) The Balance Sheet the Statement of Profit and Loss and the Cash FlowStatement dealt with by this Reports 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 the written representations received from the directors as on31st March 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March2017 from being appointed as a director in terms of Section164 (2) of the Act; and

(f) With Respect to the adequacy of the internal financial control over financialreporting of the Company and the operating effectiveness of such Controls refer to ourseparate report in Annexure 'B'.

(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 has disclosed the impact of pending litigation on its financial position in itsfinancial statements –refer Note No. 23(i) to the financial statements;

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

iii. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company during the year ended March 312017.

iv. The Company has provided requisite disclosures in its standalone financialstatements as to holdings as well dealings in Specified Bank Notes during the period from8 November 2016 to 30 December 2016 and these are in accordance with the books ofaccounts maintained by the Company. Refer to Note No. 15 to the standalone financialstatements.

For Madhukar Garg & Company
Chartered Accountants
FRN 000866C
Place : Jaipur
Date: May 30 2017 Sd/
(Sunil Shukla)
(Partner)
(Membership No. 071179)

ANNEXURE 'A' TO THE AUDITORS' REPORT

For the Year Ended on 31 March 2017

Referred to Para Report on Other Legal and Regulatory Requirements' in our Report ofeven date:

(i) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets. (b) Fixed Assets have been physicallyverified by the management during the year at reasonable intervals. No materialdiscrepancies were noticed on such verification.

(c) The title deeds of immovable properties as disclosed in Note 10 on fixed assets tothe financial statements are held in the name of the Company.

(ii) The physical verification of inventory including stocks with third parties havebeen conducted at reasonable intervals by the Management during the year. Thediscrepancies noticed on physical verification of inventory as compared to book recordswere not material and have been appropriately dealt with in the books of accounts.

(iii) The Company has granted loans to body corporate covered in the registermaintained under section 189 of the Companies Act 2013 ("the Act"). a. In ouropinion the rate of interest and other terms and conditions on which the loans had beengranted to the Body Corporate listed in the register maintained under section 189 of theAct prima facie not prejudicial to the interest of the company. b. In our opinion andaccording to the Information and Explanation given to us that is absence ofagreement/arrangement there is no stipulation of schedule of Repayment of Principal andPayment of Interest. Hence we are unable to make specific comment on the Regularity ofRepayment of Principal and Payment of Interest in such case. c. In our Opinion andaccording to the information and Explanation given to us as in absence ofagreement/arrangement we are unable to verify the total amount overdue for more thanninety days if any in respect of loan granted to a Body corporate listed in the registermaintained 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 provision of Section 185 and 186 of the Companies Act 2013in respect of the loans and investments made.

(v) As informed to us the Company has not accepted any deposits under the provisionsof Section 73 to 76 or any other relevant provisions of the Act and the rules framed thereunder.

(vi) The Central Government has prescribed maintenance of cost records under subsection(1) of section 148 of the Companies Act 2013 in respect of manufacturing activity of theCompany. We have broadly reviewed the accounts and records of the Company in thisconnection and are of the opinion that prima facie the prescribed accounts and recordshave been made and maintained. We have not however made a detailed examination of therecords with a view to determine whether they are 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 Valueadded tax Cess and Other material Statutory dues have generally been regularly depositedby the Company during the year with the appropriate authorities in India. According to theinformation and explanation given to us no undisputed amounts payable in respect of theaforesaid dues were outstanding as at March 31 2017 for a period of more than six monthsfrom 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 Sales Tax Duty ofCustom Duty of Excise and Value Added Tax as at March 31 2017 (viii) According to therecords of the Company examined by us and the information and explanation given to us theCompany has not defaulted in repayment of loans or borrowings to any financial institutionor bank or Government as at the balance sheet date. The Company has not issued anydebentures during the Year. (ix) The Company did not raise any money by way of initialpublic offer or further public offer (including debt instruments) and term loans duringthe year. Accordingly paragraph 3(ix) of the order is not applicable. (x) During thecourse of our examination of the books and records of the Company carried out inaccordance with the generally accepted auditing practices in India and according to theinformation and explanations given to us we have neither come across any instance ofmaterial fraud by the Company or on the Company by its officers or employees noticed orreported during the year nor have we been informed of any such case by the Management.(xi) According to the records of the Company examined by us and the information andexplanation given to us the Company has paid/ provided for managerial remuneration ifany in accordance with the requisite approvals mandated by the provisions of Section 197read with Schedule V to the Act.

(xii) As the Company is not a Nidhi Company and the Nidhi Rules 2014 are notapplicable to it the provisions of Clause 3(xii) of the Order are not applicable to theCompany. (xiii) According to the records of the Company examined by us and the informationand explanation given to us the Company has entered into transactions with relatedparties in compliance with the provisions of Sections 177 and 188 of the Act. The detailsof such related party transactions have been disclosed in the financial statements asrequired under Accounting Standard (AS) 18 Related Party Disclosures specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

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

(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 Madhukar Garg & Company
Chartered Accountants
FRN 000866C
Place : Jaipur
Date: May 30 2017 Sd/
(Sunil Shukla)
(Partner)
(Membership No. 071179)

ANNEXURE 'B' TO INDEPENDENT AUDITOR'S REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Act

We have audited the internal financial controls over financial reporting of MAYURLEATHER PRODUCTS LIMITED ("the company") as of March 2017 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat 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 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 of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention 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.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting cased 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 deemed to be prescribedunder Section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal financial control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risk 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 systemover 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 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 (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company (2) 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 (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 oif collusion or improper management override ofcontrols material misstatements due to error of fraud may occur and not be detected.Also projections of nay evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may became inadequate because of changes in conditions or thatthe degree of compliance with the polices or procedures may deteriorate.

Opinion

In our opinion the company has in all material respects an adequate internalfinancial controls systems over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 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.

For Madhukar Garg & Company
Chartered Accountants
FRN 000866C
Place: Jaipur
Date: May 30 2017
SD/
( Sunil Shukla )
( Partner )
(Membership No. 071179)