To the Members of Mayur Uniquoters Limited
Report on the audit of the Standalone Financial Statements
1. We have audited the accompanying Standalone Financial Statements ofMayur Uniquoters Limited ("the Company") which comprise the Standalone BalanceSheet as at March 31 2019 and the Standalone Statement of Profit and Loss (includingOther Comprehensive Income) Standalone Statement of Changes in Equity and StandaloneStatement of Cash Flows for the year then ended and notes to the Standalone FinancialStatements including a summary of significant accounting policies and other explanatoryinformation.
2. In our opinion and to the best of our information and according tothe explanations given to us except for the indeterminate effect of the matter describedin the Basis for Qualified Opinion section below the aforesaid Standalone FinancialStatements give the information required by the Companies Act 2013 ("the Act")in 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 March31 2019 and total comprehensive income (comprising profit and other comprehensiveincome) changes in equity and its cash flows for the year then ended.
Basis for Qualified Opinion
3. We draw your attention to Note 39 to the Standalone FinancialStatements regarding compliance with Payment of Wages Act 1936 and other applicablelabour laws. In the absence of sufficient appropriate audit evidence due tonon-availability of time booking records with sufficient details we are unable todetermine whether the Company is required to pay any overtime wages. Accordingly we areunable to comment on the impact of the aforesaid on employee benefits expense and contractlabour charges and related liabilities included in the Standalone Financial Statements.
4. We conducted our audit in accordance with the Standards on Auditing(SAs) specified under Section 143(10) of the Act. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit ofthe Standalone Financial Statements section of our report. We are independent of theCompany in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India together with the ethical requirements that are relevant to our auditof the Standalone Financial Statements under the provisions of the Act and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our qualified opinion.
Key Audit Matters
5. Except for the matter described in the Basis for Qualified Opinionsection above we have determined that there are no other key audit matters to becommunicated in our report.
6. The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the annualreport but does not include the Standalone Financial Statements and our auditor'sreport thereon. The annual report is expected to be made available to us after the date ofthis auditor's report. Our opinion on the Standalone Financial Statements does notcover the other information and we will not express any form of assurance conclusionthereon. In connection with our audit of the Standalone Financial Statements ourresponsibility is to read the other information identified above when it becomes availableand in doing so consider whether the other information is materially inconsistent withthe Standalone Financial Statements or our knowledge obtained in the audit or otherwiseappears to be materially misstated. When we read the annual report if we conclude thatthere is a material misstatement therein we are required to communicate the matter tothose charged with governance and take appropriate action as applicable under the relevantlaws and regulations.
Responsibilities of Management and Those Charged With Governance forthe Standalone Financial Statements
7. The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Act with respect to the preparation of these StandaloneFinancial Statements that give a true and fair view of the financial position financialperformance changes in equity and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the 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 Standalone Financial Statements that give a true andfair view and are free from material misstatement whether due to fraud or error.
8. In preparing the Standalone Financial Statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so. Those Board of Directors arealso responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements
9. Our objectives are to obtain reasonable assurance about whether theStandalone Financial Statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these Standalone Financial Statements.
10. As part of an audit in accordance with SAs we exerciseprofessional judgment and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of theStandalone Financial Statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.
Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. UnderSection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls with reference to financialstatements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the Standalone Financial Statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor's report. However future events orconditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation structure and content of the StandaloneFinancial Statements including the disclosures and whether the Standalone FinancialStatements represent the underlying transactions and events in a manner that achieves fairpresentation.
11. We communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
12. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.
13. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the Standalone FinancialStatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.
Report on Other Legal and Regulatory Requirements
14. As required by the Companies (Auditor's Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure B" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.
15. As required by Section 143(3) of the Act we report that:
(a) We have sought and except for the matter described in the Basis for QualifiedOpinion section above obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion except for the indeterminate effects of the matter described in theBasis for Qualified Opinion section above proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books.
(c) The Standalone Balance Sheet the Standalone Statement of Profit and Loss(including Other Comprehensive Income) the Standalone Statement of Changes in Equity andthe Standalone Statement of Cash Flows dealt with by this Report are in agreement with thebooks of account.
(d) In our opinion except for the indeterminate effects of the matter described in theBasis for Qualified Opinion section above the aforesaid Standalone Financial Statementscomply with the Accounting Standards specified under Section 133 of the Act.
(e) On the basis of the written representations received from the directors as on March31 2019 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2019 from being appointed as a director in terms of Section 164(2) of theAct.
(f) With respect to maintenance of accounts and other matters therewith reference ismade to our comment in paragraph 15 (b) above.
(g) 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".
(h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditor's) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financialposition in its Standalone Financial Statements Refer Note 40 to the StandaloneFinancial Statements;
ii. The Company did not have any derivative contracts and in respect of long-termcontracts there are no material foreseeable losses as at March 31 2019;
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 312019; and
iv. The reporting on disclosures relating to Specified Bank Notes is not applicable tothe Company for the year ended March 31 2019.
| ||For Price Waterhouse Chartered Accountants LLP |
| ||Firm Registration Number: 012754N/N500016 |
| ||Anurag Khandelwal |
|Place : Jaitpura Jaipur ||Partner |
|Date : May 30 2019 ||Membership Number: 078571 |