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Uniply Industries | Auditor's Report > Miscellaneous > Auditor's Report from Uniply Industries - BSE: 532646, NSE: UNIPLY
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Uniply Industries

BSE: 532646|NSE: UNIPLY|ISIN: INE950G01015|SECTOR: Miscellaneous
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« Mar 14
Auditor's Report (Uniply Industries) Year End : Mar '15
We have audited the accompanying financial statements of M/s UNIPLY
 INDUSTRIES LIMITED (the company), 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 financial statement that give a
 true and fair view of the financial position, financial performance and
 cash flows of the company in accordance with the accounting principle
 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 misstatements, whether due to fraud or
 error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statement 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 the 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
 statement, whether due to fraud or error. In making those risk
 assessment, the auditor considers internal financial control relevant
 to the Company''s preparation of the financial statements that the
 give true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls.  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 financial
 statements.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid 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 31st March, 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 cash flow statement, of the cash flows 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 the paragraph 3 and 4 of the
 Order, to the extent applicable.
 
 2. As required by Section 143 (3) of the Act, we report that:
 
 a. We have sought and obtained all the information and explanation
 which to the best of our knowledge and belief were necessary for the
 purposes of our audit.
 
 b. In our opinion, proper books of accounts as required by law have
 been kept by the 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
 Flow Statement dealt with by this Report are in agreement with books of
 account.
 
 d. In our opinion, the aforesaid financial statements comply with the
 Accounting Standards 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 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.
 
 f. 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 explanation given to us:
 
 i. The company does not have any pending litigation which would impact
 its financial position.
 
 ii. The company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii. There has been no delay in transferring amounts, required to be
 transferred to the Investor Education and Protection Fund by the
 Company.
 
 The Annexure referred to in our Independent Auditor''s Report to the
 members of M/s UNIPLY INDUSTRIES LIMITED for the year ended on
 31.03.2015. We report that:
 
 i. (a) The company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed 
 assets.
 
 (b) These fixed assets have been physically verified by the management
 at reasonable intervals and no material discrepancies were noticed on
 such verification and the same have been properly dealt with in the
 books of account.
 
 ii. (a) The Management has conducted physical verification of inventory
 at reasonable intervals.
 
 (b) The procedures of physical verification of inventory followed by
 the management are reasonable and adequate in relation to the size of
 the company and the nature of its business.
 
 c) The company is maintaining proper records of inventory. No material
 discrepancies in inventory were noticed during the physical
 verification.
 
 iii. As informed to us, the company has not granted any loans, secured
 or unsecured to companies, firms or other parties covered in the
 register maintained under section 189 of the Companies Act. Hence
 clause (a) & (b) are not applicable.
 
 iv. In our opinion and according to the information and explanations
 given to us, there are adequate internal control systems 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. There are no major weaknesses in internal control system.
 Accordingly the issue of continuing failure to correct major weakness
 in internal control in these areas does not apply.
 
 v. The company has not accepted any deposits.
 
 vi. Maintenance of cost records has not been specified by the Central
 Government under sub - section (1) of section 148 of the Companies Act.
 
 vii. (a) According to the information and explanations given to us and
 on the basis of our examination of the records of the Company, the 
 company is 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 appropriate authorities.
 
 According to the information and explanations given to us, no
 undisputed amounts payable in respect of the above were in arrears as
 at 31st March 2015 for a period of more than six months from the date
 they became payable.
 
 (b) According to the information and explanations given to us, there
 are no dues of income tax or sales tax or wealth tax or service tax or
 duty of customs or duty of excise or value added tax or cess have not
 been deposited on account of any dispute, except the following
 
 Name of                Nature of       Amount       Period for
 the statute            dues            (in Rupees)  which the
                                                     amount
                                                     relates
 
 Tamilnadu Value        VAT on           54,21,138/-  2007-08
 Added tax,2006         SEZ sales
 
 Tamilnadu Value        VAT                 70,233/-  2007-08
 Added tax,2006         Penalty on ITC
 
 TOTAL                                    54,91,371/-
 
 
 Name of the Statue         Forum where dispute is pending
 
 
 Tamilnadu Value            Appellate Commissioner, 
 Added tax,2006             Commercial tax department
 
 Tamilnadu Value            Appellate Commissioner, Commercial 
  Added tax,2006            tax department
 
 
 (c) According to the information and explanations given to us there are
 no amounts which are required to be transferred to investor education
 and protection fund in accordance with the relevant provisions of the
 Companies Act, 1956 (1 of 1956) and rules made there under during the
 year.
 
 viii. The company has accumulated losses at the end of financial year
 and has not incurred any cash losses during the financial year covered
 by our Audit and has incurred cash loss during the immediately
 preceding financial year.
 
 ix. The company has defaulted in repayment of two quarterly
 installments of Rs.20,00,000/- each of term loan to bank during the
 year. There are no other default in repayment of loan to banks and
 other financial institution.
 
 x. In our opinion and according to the information and explanations
 given to us, the company has not given any guarantee for loans taken by
 others from bank or financial institutions.
 
 xi. The term loans obtained have been applied for the purpose for which
 the loans were obtained.
 
 xii. Based upon the audit procedures performed for the purpose of
 reporting true and fair view of the financial statements and as per the
 information and explanations given by the management, we report that no
 fraud on or by the company has been noticed or reported during the
 year.
 
                                      For C.Ramasamy & B.Srinivasan 
                                              Chartered Accountants
                                             FRN:002957S C.Ramasamy
 Place: Chennai                                             Partner
 Date: 03.06.2015                                      M.No: 023714
Source : Dion Global Solutions Limited
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