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Uniply Industries
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« Mar 13
Auditor's Report (Uniply Industries) Year End : Mar '14
We have audited the accompanying financial statements of Uniply
 Industries Limited (the Company), which comprise the Balance Sheet as
 at 31st March, 2014, the Statement of Profit and Loss and the Cash
 Flow Statement for the year then ended, and a summary of the signifi
 cant accounting policies and other explanatory information.
 
 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 fl ows of the Company in accordance
 with the Accounting Standards notifi ed under the Companies Act, 1956
 (the Act) read with the General Circular 15/2013 dated 13th September
 2013 of the Ministry of Corporate Affairs in respect of section 133 of
 the Companies Act, 2013. 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.
 
 Auditor''s 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 the
 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 judgement, 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 the internal control relevant to the
 entity''s preparation and fair presentation of the financial statements
 in order to design audit procedures that are appropriate in the
 circumstances, but not for the purpose of expressing an opinion on the
 effectiveness of the entity''s internal control. 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 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.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, 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 31st March, 2014;
 
 (b) in the case of the Statement of Profit and Loss, of the Loss for
 the year ended on that date, and
 
 (c) in the case of the Cash Flow Statement, of the cash fl ows 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 (the
 Order) issued by the Central Government of India in terms of
 sub-section (4A) of section 227 of the Act, we give in the Annexure a
 statement on the matters specifi ed in paragraphs 4 and 5 of the order.
 
 2.  As required by section 227 (3) of the Act, we report that:
 
 (a) We have 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 Balance Sheet, 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, Statement of Profit and Loss,
 and the Cash Flow Statement comply with the Accounting Standards notifi
 ed under the Companies Act, 1956 read with the General Circular 15/2013
 dated 13 September 2013 of Ministry of Corporate Affairs in respect of
 section 133 of the Companies Act, 2013; and
 
 (e) On the basis of the written representations received from the
 directors as on 31st March, 2014 taken on record by the Board of
 Directors, none of the directors are disqualified as on 31st March,
 2014 from being appointed as a director in terms of clause (g) of
 sub-section (1) of section 274 of the Act.
 
 ANNEXURE REFERRED TO IN PARA 1 UNDER THE HEADING OF REPORT ON OTHER
 LEGAL AND REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE:
 
 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 assets.
 
 b) All the assets have been physically verifi ed by the management at
 reasonable intervals. No material discrepancies were noticed on verifi
 cation 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 verifi cation of inventory
 at reasonable intervals.
 
 b) The procedures of physical verifi cation 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 verifi
 cation as compared to the books and records.
 
 3) According to the information & explanations given to us, the company
 has neither taken nor granted any secured or unsecured loans to
 companies, fi rms 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 in the register maintained
 under section 301 of the Companies Act, 1956.
 
 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, Value Added Tax, Wealth Tax, Service Tax,
 Customs Duty, Excise Duty, Cess on account of any dispute, except the
 following :-
 
 S.No     Name of Statute         Nature of Dues        Amount
 
 1        Tamil Nadu Value        VAT - On SEZ         54,21,138 
          Added Tax, 2006         Sales
 
 2        Tamil Nadu Value        VAT-Penalty on          70,233
          Added Tax, 2006         ITC
 
          TOTAL                                        54,91,371
 
 
 
 
 
 
 
 
 Name of Statute        Period to which        Forum Where
                           the amount       dispute is pending
                            relates
  
                                            Appellate 
 Tamil Nadu Value
 Added Tax, 2006           2007-2008        Commissioner
                                            Commercial Tax Dept
 
                                            Appellate
 Tamil Nadu Value
 Added Tax, 2006           2006-2007        Commissioner
                                            Commercial Tax Dept
 
 TOTAL
 
 10) The company has accumulated losses at the end of the financial
 year and has incurred cash loss during the financial year and has also
 incurred cash loss during 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
 or mutual benefit fund or 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 information and explanations given to us, the company
 has not given any guarantee for loans taken by others from banks 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
 investments.
 
 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
 the year.
 
 21) During the course of our examination of books and records of the
 company, carried out in accordance with the generally accepted auditing
 practices in India, and according to the information and explanations
 given to us by the management, we have neither come across any
 instances of fraud report on or by the company, noticed or reported
 during the year nor have we been informed of such case by the
 management.
 
                                      For C. Ramasamy & B. Srinivasan
 
                                                Chartered Accountants 
 
                                                         FRN: 002957S
 
                                                          C. Ramasamy
 
 Place: Chennai                                               Partner
 
 Date: 20.05.2014                                Mmebership No: 23714
Source : Dion Global Solutions Limited
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