1. We have audited the attached Balance Sheet of M/s.Uniply Industries
Limited, as at 31st March, 2012, and also the Profit and Loss Account
and the Cash Flow Statement for the year ended on that date annexed
thereto. These Financial statements are the responsibility of the
Company s management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose the Annexure, a
statement on the matters specified in paragraph 4 and 5 of the said
Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
i. We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purpose of our
ii. In our opinion proper books of accounts as required by law have
been kept by the company so far as appears from our examination of such
iii. The Balance Sheet, the Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
iv. In our opinion, the Balance Sheet, the profit and loss account and
the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in Sub-section (3C) of Section 211 of
the Companies Act, 1956.
v. On the basis of the written representations received from the
directors, as on 31.03.2012 and taken on record by the Board of
Directors, we report that none of the directors are disqualified as on
31.03.2012 from being appointed as a director in terms of clause (g) of
sub-section 1 to section 274 of the Companies Act 1956;
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, 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 Balance Sheet, of the State of Affairs of the Company
as at 31st March 2012.
b) In the case of Profit and Loss Account, of the profit 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.
ANNEXURE REFERRED TO IN PARAGRAPH (3) OF THE AUDITORS REPORT TO THE
MEMBERS OF UNIPLY INDUSTRIES LIMITED, ON THE ACCOUNTS FOR THE YEAR
In the terms of the information and explanations given to us and the
books and records examined by us in the normal course of audit and to
the best of our knowledge and belief, we state that:
1) a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
b) All the assets have been physically verified by the management at
reasonable intervals. No material discrepancies were noticed on
verification made during the year.
c) The Company has not disposed off its substantial part of the fixed
assets during the year and as such has not affected the going concern
of the company.
2) 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
3) As informed to us, the company has neither taken nor granted any
secured / unsecured loans to companies, firms or other parties listed
in the register maintained under Section 301 of the Companies Act 1956.
4) 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. Accordingly the issue of continuing failure to correct major
weakness in internal control system does not arise.
5) a) In our opinion and according to information and explanation given
to us, there are no contracts or arrangements that need to be entered
into the register maintained under section 301 of the Companies Act,
b) In our opinion and according to information and explanation given to
us, as there are no contracts or arrangements that need to be entered
under section 301 of companies Act 1956, paragraph (v) (b) of the order
is not applicable.
6) The company has not accepted any deposits from the public.
7) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8) We have broadly reviewed the books of accounts maintained by the
company pursuant to the rules made by the Central Government for the
maintenance of cost records under Section 209(1) (d) of the Companies
Act, 1956 and we are of the opinion that prima facie the prescribed
accounts and records have been maintained.
9) a) The company is generally regular in depositing undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess and other statutory dues applicable to
it with appropriate authorities and there are no arrears of outstanding
statutory dues as at the last day of the financial year concerned for a
period of more than six months from the date they became payable.
b) According to the records of the Company there are no dues
outstanding of Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty, Cess on account of any dispute, except the
No Name of Statute Nature of Amount Period to Forum where
Dues which the pending
1 Central Sales CST 14,55,204 2007-2008 Appellate
Tax Act, 1956 Discrepancy Commercial
in C Forms Department
2 Tamil Nadu VAT On SEZ 57,87,837 2007-2008 Appellate
Value Added Sales Commercial
Tax, 2006 Department
3 Tamil Nadu VAT Penalty 70,233 2006-2007 Appellate
Value Added on ITC Commercial
Tax, 2006 Department
10) The company has accumulated losses at the end of the financial year
and has not incurred cash loss during the financial year and in the
immediately preceding financial year.
11) Based on the information and explanations given by the management,
we are of the opinion that the Company has not defaulted in repayment
of dues to banks and financial institutions. The company has no
outstanding dues to debenture holders.
12) According to the information and explanations given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13) In our opinion, and according to the information and explanations
given to us, the nature of activities of the Company does not attract
the provisions of any special statute applicable to Chit fund and
Nidhi/mutual benefit fund/societies.
14) In our opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4 (xiv) of the Companies (Auditor s Report) Order,
2003 are not applicable to the company.
15) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or other financial institutions.
16) The term loans availed have been used for the purpose for which it
has been availed.
17) According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the company, we report that
no funds raised on short term basis have been used for long term
18) The company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act 1956 during the year.
19) The company has not issued any debentures and as such the creation
of security or charge does not arise.
20) The company has not raised any money through public issue during
21) According to the information and explanations given to us 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
Place : Chennai Partner
Date : 23.05.2012 Membership No: 023714