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MW Unitexx | Auditor's Report > Computers - Software Medium/Small > Auditor's Report from MW Unitexx - BSE: 532442, NSE: N.A
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MW Unitexx
BSE: 532442|ISIN: INE578D01011|SECTOR: Computers - Software Medium/Small
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Mar 12
Auditor's Report (MW Unitexx) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the attached financial statements of MW Unitexx Limited
 (hereinafter referred to as the Company), comprising of the Balance
 Sheet as at 31sl March 2013, the Statement of Profit and Loss and the
 Cash Flow Statement for the year then ended along with the Significant
 Accounting Policies and other explanatory information forming an
 integral part thereof.
 
 Management''s Responsibility for the Financial Statements
 
 Management is responsible for the preparation of these 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 Standards referred to in Section 211 (3C) of the
 Companies Act, 1956(hereinafter referred to as the Act). This
 responsibility includes the design, implementation and maintenance of
 internal control 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 financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. 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 of
 material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements.  The
 procedures selected depend on the Auditor''s judgment, including
 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 control relevant to the
 Company''s preparation and fair presentation of the financial statements
 in order to design audit procedures that are appropriate in the
 circumstances. An audit also includes evaluating the appropriateness of
 accounting policies used and the reasonableness of the accounting
 estimates made by the management, as well as evaluating the overall
 financial statement presentation.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a reasonable basis for our audit opinion.
 
 Basis for Qualified Opinion
 
 As stated in the NotesNo. 25.11. 2 ,3 and 4 respectively of the
 financial statements regarding;
 
 (i) Continuation of capitalization by the Company in respect of Pre-
 operative expenses aggregating to Rs. 3,042.48 Lacs in respect of
 Unimart Project under the head Capital Work in Progress despite lack of
 movement in the said Project during the year.
 
 (ii) Balance appearing under the head Trade Receivable, Current
 Liabilities and Loans & Advances are subject to confirmations from the
 respective parties,
 
 (Hi) Non-provision against certain Loans and Advances representing
 interest-free refundable depositsto agents for more than a year
 amounting to Rs. 7,851.82 Lacs against which no performance has been
 received and further, no confirmation was obtained by the Company.
 
 Accordingly, (i) Pre-operative expenses under the head Capital Work in
 Progress have been overstated and loss for the year has been
 understated by Rs 3,042.48 Lacs (ii) Loans and Advances have been
 overstated and loss for the year has been understated by Rs 7,851.82
 Lacs.
 
 In our opinion and to the best of our information and according to the
 explanations given to us, except for the effects of the matters
 described in the Basis for Qualified Opinion paragraph, the 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:
 
 (a) In the case of the Balance Sheet, of the state of affairs of the
 Company as at 31sl March 2013;
 
 {b) In the case of the Statement of Profit and Loss, of the Profit /
 Loss 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, 2003 as
 amended by the Companies (Auditor''s Report) (Amendment) Order, 2004
 issued by the Central Government of India in terms of sub-section (4A)
 of Section 227 of the Act, we enclose in the Annexure a statement on
 the matters specified in paragraph 4 of the said Order, to the extent
 applicable to the Company during the year under review.
 
 2.  Further to our comments in the Annexure referred to in 1. above, as
 required by Section 227(3) of the Act, we report as follows:
 
 (a) We have obtained all the information and explanations, which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit;
 
 (b) In our opinion, proper books of account as required by law have
 been kept by the Company so far as appears from our examination of
 those books;
 
 (c) 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;
 
 (d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
 and the Cash Flow Statement comply with the Accounting
 Standardsasreferredto in sub-section (3C) of section 211 of the Act;
 
 (e) On the basis of written representations received from the
 respective directors as on 31sl March 2013 and taken on record by the
 Board of Directors, none of the directors is disqualified as on 31sl
 March 2013 from being appointed as a director in terms of clause (g) of
 sub-section (1) of Section 274 of the Act;
 
 Annexure to the Auditors'' Report
 
 (Referred to in paragraph IV. I of our report of even date)
 
 In terms of the information and explanations given to us and the books
 and records examined by us and on the basis of such checks as we
 considered appropriate, we further report as under:
 
 (i) The Company has maintained proper records showing full particulars
 including quantitative details and situation of fixed assets. As
 explained to us, the fixed assets were physically verified by the
 management during the year and no discrepancies were noticed upon
 physical verification of assets and comparison of the same with the
 updated fixed assets register. During the year, the Company has not
 disposed off substantial part of the fixed assets and the going concern
 status of the Company has not been affected.
 
 (ii) The inventories have been physically verified by the management
 during the year under review at regular intervals.The frequency of
 physical verification in respect of inventories, in our opinion, is
 reasonable and commensurate with the size of the Company and nature of
 its operations. In our opinion, the procedures of physical verification
 of inventories followed by the management are reasonable and adequate
 and the Company has maintained proper records showing full particulars
 including quantitative details and situation of its inventories.
 
 (iii) During the year under review, the Company has taken interest-free
 unsecured loan, fromthreebodies corporate representing parties covered
 in the register maintained under section 301 of the Act. In our
 opinion, the other terms and conditions of the said loans are not prima
 facie prejudicial to the Company''s interests. The maximum and closing
 balance of the said loan is given as under:
 
 Nature and number of the Parties Maximum balance during the Closing
 balance (Rs.) year (Rs.)
 
 Body Corporate - 3 18,80,46,619 18,25,77,190
 
 During the year under review, Company hasgranted advances to a body
 corporate representing aparty covered in the register maintained under
 section 301 of the Act. In our opinion, the terms and conditions of the
 said loans are not prima facie prejudicial to the Company''s interests.
 The maximum and closing balances of the said loan are given as under:
 
 Nature and number of the Parties Maximum balance during the Closing
 balance (Rs.) year (Rs.) Body Corporate - 1 6,50,00,000 3,03,781
 
 The above loans taken as well as granted are demand loans and hence
 there are no overdue amounts involved. Also, in our opinion, the
 Company is taking reasonable steps to repay/recover the aforesaid
 loans.
 
 (iv) In our opinion, there are adequate internal control procedures
 commensurate with the size of the Company and the nature of its
 business in respect of purchase of inventory, fixed assets and with
 regard to sale of goods and provision of services.  During our audit,
 we have not come across any continuing failure to correct major
 weakness in internal controls prevailing in the Company.
 
 (v) Transactions entered with the parties listed in the register
 maintained under section 301 of the Act have been so entered. In our
 opinion, the said transactions,entered during the year in respect of
 each party aggregating to Rs. 5.00 Lacs or more have been made at
 prices which are reasonable, having regard to the prevailing market
 prices at the relevant time, wherever such market prices are available.
 
 (vi) The Company has not accepted any deposits from the public during
 the year within the purview of the directives issued by the Reserve
 Bank of India and the provisions of Sections 58A and 58-AA of the
 Actand the rules framed thereunder.
 
 (vii) In our opinion, the Company has a formal internal audit system
 which is commensurate with the size of the Company and the nature of
 its business.
 
 (viii) As explained to us, the Central Government has prescribed during
 the year under review for the maintenance of cost records under clause
 (d) of section (1) of section 209 of the Act. However; the Company has
 not got the same verified by a Cost Accountant, as required.
 
 (ix) As per the records verified by us, the Company is generally
 regular in depositing the undisputed statutory dues involving Provident
 Fund, Customs Duty, Value Added Tax and Income Tax with the appropriate
 authorities and there was no amount remaining outstanding for more than
 six months as at the Balance Sheet date. As regards Investors Education
 and Protection Fund, Wealth Tax, Excise Duty, Service Tax and Cess, we
 were explained that the said statutes were not applicable to the
 Company during the year under review.
 
 As per the records verified by us and based on the explanations given
 to us, there were no disputed statutory liabilities with the Company at
 any time during the year under review.
 
 (x) The accumulated losses with the Company as at the close of the year
 are not more than fifty percent of its net worth as at the Balance
 Sheet date. The Company has not incurred cash losses in its current as
 well as immediately preceding previous year
 
 (xi) The Company has not defaulted in repayment of any dues/credit
 facilities obtained from banks during the year under review.
 
 (xii) As per the records verified by us, the Company has not granted
 loans and/or advances on the basis of security by way of pledge of
 shares, debentures and other securities during the year under review.
 
 (xiii) The provisions of any special statutes applicable to a chit
 fund, Nidhi or mutual Benefit Companies are not applicable to the
 Company during the year.
 
 (xiv) The Company has not dealt with or traded in shares, securities,
 debentures and other investments during the year under review. The
 Investments held by the Company are in its own name.
 
 (xv) As per the records verified by us and based on the explanations
 given to us, the Company has given guarantee amounting to Rs. 500.00
 Lacsfor loans taken by others from bank.
 
 (xvi) The Company has taken term loans during the year under review.
 Based on certificate received from an independent Chartered Accountant
 and based on information and explanations given to us, term loans
 raised during the year have been applied for the puiposes for which
 they were raised.
 
 (xvii) Based on the overall examination of the Balance sheet and the
 funds flow, we are of the opinion that no funds raised by the Company
 on short term basis were utilised for long term investment.
 
 (xviii)The Company has not made any preferential allotment of shares
 during the year under review
 
 (xix) No debentures were issued by the Company during the year under
 review.
 
 (xx) The Company has not raised any money by public issue during the
 year under review.
 
 (xxi) As per the records verified by us and based on the explanations
 given to us, no fraud on or by the Company has been noticed or reported
 during the year that causes the financial statements to be materially
 misstated.
 
                                For Shyam Malpani & Associates
 
                                Chartered Accountants
 
                                Firm Registration No. 120438 W
 
                                Sd/- 
 
                                Shyam Malpani
 
                                Proprietor 
 
                                Membership No. F- 34171
 
 Place : Mumbai,
 
 dated : 28,h May, 2013
Source : Dion Global Solutions Limited
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