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AUDITOR'S REPORT

Mayur Floorings Ltd.

You can view full text of the latest Auditor's Report for the company.
Market Cap. (₹) 2.40 Cr. P/BV 0.51 Book Value (₹) 9.30
52 Week High/Low (₹) 7/5 FV/ML 10/1 P/E(X) 44.62
Bookclosure 01/07/2019 EPS (₹) 0.11 Div Yield (%) 0.00
Year End :2015-03 
We have audited the accompanying standalone financial statements of Mayur Floorings Limited which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information, Management's responsibility for the financial statements.

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide 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 explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 st March, 2015, and its profit / loss and its cash flows for the year ended on that date.

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;

(b) In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and

(c) In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

Report on other legal and regulatory requirements. ,

1. As required by the Companies (Auditor's Report) Order, 2015 (the Order) issued by the Central Government of India in terms of sub section(11)of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order to the extend 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 the best 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 by the Company so far as it appears from our examination of those books .

(c) The company do not have any branch hence Section 143 (8) of the Act is not applicable to the company.

(d) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(e) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(0 On the basis of the written representations received from the directors as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act.

(g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion 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 under contingent liability on its financial position in its financial statements. The company is in possession of decree against machine supplier and same is pending under consideration of judiciary.

(ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

(iii) There were no amount which were required to be transferred, to the Investor Education and Protection Fund by the Company.

Annexure to the Auditors' Report

The Annexure referred to in our report to the members of Mayur Floorings Limited the Company') for the year Ended on 31.03.2015. We report that:

S.No. Particulars                                              Auditors   
                                                               Remark
(i) (a) whether the company is maintaining proper records Yes showing full particulars, including quantitative details and situation of fixed assets;

(b) whether these fixed assets have been physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so, whether the same have been properly dealt with in the books of account; Yes

(ii) (a) whether physical verification of inventory has been conducted at reasonable intervals by the management; Yes

(b)   are the procedures of physical verification of inventory 
      followed by the management reasonable and adequate in 
      relation to the size of the company and the nature of 
      its business. If not, the inadequacies in such procedures
      should be reported;                                       Yes

(c)   whether the company is maintaining proper records of
      inventory and whether any material discrepancies were 
      noticed on physical verification and if so, whether the 
      same have been properly dealt with in the books of 
      account;                                                  Yes
(iii) (iii) whether the company has granted any loans, secured or insecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act. If so, N.A.

(a)   whether receipt of the principal amount and interest 
      are also regular; and                                     N.A.

(b)   if overdue amount is more than rupees one lakh, whether 
      reasonable steps have been taken by the company for 
      recovery of the principal and interest;                   NA
(iv) is there an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. Whether there is a continuing failure to correct major weaknesses in internal control system. Yes

(v)   in case the company has accepted deposits, whether the 
      directives issued by the                                No except 
      Reserve Bank of india and the provisions of sections    unsecured
      73 to 76 or any other relevant provisions of the        loan of
      Companies Act and the rules framed there under, where   rs 08.90
      applicable, have been complied with? 11 not, the nature lacs taken
      of contraventions should be stated; If an order  has    from
      been passed by company Law Board or National Company    Director
      Law Tribunal or Reserve  Bank of India or any court or  Shri
      any other tribunal, whether the same has been complied  Mahaveer 
      with or not- .                                          Sundrawat

S.No. Particulars                                        Auditors 
                                                         Remark

(vi)  where maintenance of cost records has been 
      specified by the Central Government under 
      sub-section (1) of section 148 of the Companies 
      Act, whether such accounts and records have been 
      made and maintained;                                  NA
(vii) (a) is the company regular in depositing undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the Yes, except appropriate authorities and if not, the extent of the arrears of outstanding statutory dues minor delay, as at the last day of the financial year concerned for a period of more than six months from the date they became payable, shall be indicated by the auditor.

(b)   in case dues of income tax or sales tax or wealth 
      tax or service tax or duty of                       Yes Income Tax
      customs or duty of excise or value added tax or     Rs.08.39 Lacs
      cess have not been deposited on account of any      disputed
      dispute, then the amounts involved and the          amount not
      forum where dispute is by pending  shall be         deposited by
      mentioned. (A mere representation to the concerned  Company for 
      Department shall not constitute a dispute).         which company
                                                          has made
                                                          application 
                                                          for rectific
                                                          ation of
                                                          error U/s 154
(c) whether the amount required to be transferred to NA investor education and protection fund in accordance with the relevant provisions of the Comanies Act, 1956 (1 of 1956) and rules made there under has been transferred to such fund within time.

(viii) whether in case of a company which has been registered for a period not less than five NA years, its accumulated losses at the end of the financial year are not less than fifty percent of its net worth and whether it has incurred cash losses in such financial year and in the immediately preceding financial year;

(ix) whether the company has defaulted in repayment of dues to a financial institution or NA bank or debenture holders- If yes, the period and amount of default to be reported;

(x) whether the company has given any guarantee for loans taken by others from bank No or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company;

(xi)  whether term loans were applied for the purpose 
      for which the loans were obtained;                Yes

(xii) whether any fraud on or by the company has been 
      noticed or reported during the year; If yes, 
      the nature and the amount involved is to be 
      indicated.                                         No

For: Surendra Kumar Jain & Company Chartered Accountant S K Jain (Proprietor) Membership No 071318 Date: 26.04.2015, Banswara.

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