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Ultramarine & Pigments Ltd.

BSE: 506685 Sector: Industrials
NSE: ULTRMARINE ISIN Code: INE405A01021
BSE 00:00 | 24 Apr 2020 Ultramarine & Pigments Ltd
NSE 05:30 | 01 Jan 1970 Ultramarine & Pigments Ltd

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OPEN 160.00
PREVIOUS CLOSE 161.00
VOLUME 4571
52-Week high 252.85
52-Week low 103.00
P/E 8.16
Mkt Cap.(Rs cr) 461
Buy Price 157.85
Buy Qty 25.00
Sell Price 161.00
Sell Qty 7.00
OPEN 160.00
CLOSE 161.00
VOLUME 4571
52-Week high 252.85
52-Week low 103.00
P/E 8.16
Mkt Cap.(Rs cr) 461
Buy Price 157.85
Buy Qty 25.00
Sell Price 161.00
Sell Qty 7.00

Ultramarine & Pigments Ltd. (ULTRMARINE) - Auditors Report


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Company auditors report

The Members of Ultramarine & Pigments Limited Report on the Financial Statements 1.Opinion

1.1 We have audited the financial statements of Ultramarine & Pigments Limited("the Company") which comprise the Balance Sheet as at 31st March 2019 and theStatement of Profit and Loss Statement of Changes in Equity and Statement of Cash Flowsfor the year then ended and Notes to the Financial Statements including a Summary ofSignificant Accounting Policies and other explanatory information ("the financialstatements").

1.2 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 March31 2019 and Profit changes in equity and its cash flows for the year ended on that date

2 Basis for Opinion

2.1 We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 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 opinion.

3 Key Audit Matters

3.1 Key audit matters are those matters that in our professional judgment were ofmost significance in our audit of the financial statements of the current period. Thesematters were addressed in the context of our audit of the financial statements as a wholeand in forming our opinion thereon and we do not provide a separate opinion on thesematters. We have determined that there are no other key audit matters to be communicatedin our report

4 Information Other than the Financial Statements and Auditor's Report Thereon

4.1 The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in Board's Reportincluding Annexures to Board's Report and Shareholder's Information but does not includethe financial statements and our auditor's report thereon.

4.2 Our opinion on the financial statements does not cover the other information and wedo not express any form of assurance conclusion thereon.

4.3 In connection with our audit of the financial statements our responsibility is toread the other information and in doing so consider whether the other information ismaterially inconsistent with the standalone financial statements or our knowledge obtainedduring the course of our audit or otherwise appears to be materially misstated.

4.4 If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

5 Responsibilities of Management and Those Charged with Governance for the FinancialStatements

5.1 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 changes in equity and cash flows of the Company in accordance withthe accounting 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 financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

5.2 In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

5.3 Those Board of Directors are also responsible for overseeing the Company'sfinancial reporting process

6 Auditor's Responsibilities for the Audit of the Financial Statements

6.1 Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

6.2 As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also

a. Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

b. Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

c. Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

d. Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

e. Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation

6.3 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.

6.4 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.

6.5 From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the financial statements ofthe current period and are therefore the key audit matters. We describe these matters inour auditor's report unless law or regulation precludes public disclosure about the matteror when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication

7 Report on Other Legal and Regulatory Requirements

7.1 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 "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

7.2 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 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 Statement of Changes in Equityand the Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount.

d) In our opinion the aforesaid financial statements comply with the Indian AccountingStandards prescribed 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 on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in terms of Section164 (2) of the Act.

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". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting; and

g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirement of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the company to its directors during the year is inaccordance with the provisions of section 197 of the Act.

h) 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 - Refer Note 37 to the financial statements.

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.

For Brahmayya & Co.
Chartered Accountants
Firm's registration number: 000511S
R. Nagendra Prasad
Place: Chennai Partner
Date: 15th May 2019 Membership number: 203377

Annexure - 'A' to Independent Auditors' Report

[Referred to in paragraph 7.1 under 'Report on Other Legal and Regulatory requirements'of our Report of even date]

On the basis of such checks as considered appropriate and in terms of the informationand explanation furnished to us we state as under:

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

(b) As explained to us the company has a program of verification to cover all items offixed assets in a phased manner which in our opinion is reasonable. Pursuant to theprogram the management carried out the physical verification of the fixed assets duringthe year. The discrepancies noticed on such verification were not material;

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company except in one case wherein a portion of land costing '28750/- for which the title of property in the name of the company as per revenue recordsand in occupation of a third party claiming the title and the company has taken steps toprotect its title and the case is pending disposal.

(ii) As explained to us the inventories have been physically verified during the yearby the management. The discrepancies noticed on physical verification of the same were notmaterial in relation to the operations of the Company and the same have been properlydealt with in the books of account;

(iii) In our opinion and according to the information and explanations given to us thecompany has not granted any loans secured or unsecured to companies firms limitedliability partnerships or other parties covered in the register maintained under Section189 of the Act. Therefore clauses (iiia) (iiib) and (iiic) of paragraph 3 of the Orderare not applicable to the company for the year;

(iv) In our opinion and according to the information and explanations given to usthere are no loans investments guarantees and securities granted in respect of which theprovisions of section 185 and 186 of the Act are applicable.

(v) The Company has not accepted any deposit to which the provisions of Sections 73 to76 of the Act and The Companies (Acceptance of Deposits) Rules 2014 would apply. Asinformed to us no order has been passed by Company Law Board or National Company LawTribunal or Reserve Bank of India or any court or any other tribunal related to compliancewith above provisions.

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the Companies (Cost Records and Audit) Rules 2014 prescribed by the Central Governmentunder section 148(1) of the Act and are of the opinion that prima-facie the prescribedaccounts and cost records have been made and maintained. We have not however made adetailed examination of the cost records with a view to determining whether they areaccurate or complete;

(vii) (a) According to the information and explanations given to us and the recordsexamined by us the

Company is regular in depositing with appropriate authorities undisputed statutory duesincluding provident fund employees' state insurance income-tax sales-tax service taxGoods and Services Tax duty of customs duty of excise value added tax cess and otherstatutory dues and there are no undisputed statutory dues outstanding as at 31st March2019 for a period of more than six months from the date they became payable.

(b) According to the records of the company and information and explanations given tous there are no outstanding amounts in respect of service tax goods and services taxthat have not been deposited with the appropriate authorities on account of any dispute.Disputed income tax value added tax duty of customs duty of excise that have not beendeposited on account of disputed matters pending before appropriate authorities are asunder :

Name of the Statute Nature of Dues Amount in ' Lakhs Year to which it relates Forum where dispute is pending
Income Tax Act 1961 Income tax 0.51 Financial Year 2005-06 Commissioner of Income Tax (Appeals) Mumbai
Income Tax Act 1961 Income tax 30.36 Financial Year 2009-10 Commissioner of Income Tax (Appeals) Mumbai
Income Tax Act 1961 Income tax 106.80 Financial Year 2011-12 Commissioner of Income Tax (Appeals) Mumbai
Tamil Nadu Value Added Tax Act 2006 Tamil Nadu Value Added Tax 12.60 Financial Year 2012-13 2013-14 and 2015-16 Appellate Deputy Commissioner of Commercial Taxes Chennai
Tamil Nadu Value Added Tax Act 2006 Tamil Nadu Value Added Tax 8.41 Financial Year 2013-14 & 2014-15 Joint Commissioner of Commercial Taxes Chennai

Amounts paid under protest and not charged to Statement of Profit and Loss has not beenincluded above. [Refer

Note 37 to the financial statements].

(viii) According to the information and explanations given to us the company did notavail any loan or borrowings from banks or financial institutions and also did not haveany debentures outstanding during the year under report. Accordingly the provisions ofclause 3(viii) of the Order are not applicable;

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and the company has not availed any term loansduring the year and accordingly the provisions of clause 3(ix) of the Order are notapplicable.

(x) To the best of our knowledge and belief and according to the information andexplanations given to us there have been no cases of fraud by the company or on thecompany by its officers or employees has been noticed or reported during the year underreport.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) 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 sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations give 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.

(xv) 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 3(xv)of the Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Brahmayya & Co.
Chartered Accountants
Firm's registration number: 000511S
R. Nagendra Prasad
Place: Chennai Partner
Date: 15th May 2019 Membership number: 203377

ANNEXURE - "B" TO AUDITORS' REPORT

Referred to in paragraph 7.2(f) of our report of even date

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

1. We have audited the internal financial controls over financial reporting ofUltramarine & Pigments Limited ("the Company") as of 31 March 2019 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

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 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 Companies Act 2013.

Auditors' Responsibility

3. 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 issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls 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 judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. 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

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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

7. Because of the inherent limitations of internal financial controls overfinancial reporting 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 overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate

Opinion

8. In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2019 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 Brahmayya & Co.
Chartered Accountants
Firm's registration number: 000511S
R. Nagendra Prasad
Partner
Date: 15th May 2019 Membership number: 203377


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