We have audited the attached Balance Sheet of Unno Industries Limited
as at 31st March 2012 and also the Profit and Loss Account of the
company for the period ended on 31st March 2012 and Cash Flow Statement
for the year ended on that date. 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.
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 statement. 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
Subject to the foregoing remark, we report that:-
1. As required by the companies (Auditors Report) Order, 2003 issued by
the central Government of India in terms of Sec. 227 (4A) of the
companies act, 1956, annex hereto a statement on the matters specified
in paragraph 4 and 5 of the said order.
2 Further to our comments in the Annexure referred to in paragraph
above, 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 purpose of our
b. 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
c. The balance sheet and Profit and Loss account and Cash Flow
Statement dealt with by this report, are in agreement with the books of
d. In our opinion, The Profit 86 Loss Account, Balance Sheet Cash Flow
Statement comply with the Accounting Standards referred to in
Sub-section (3C) of section 211 of the Companies Act, 1956.
e. According to the information and explanation given to us and on the
basis of written representation from the directors, taken on record by
Board of Directors, none of the director is disqualified under section
274(l)(g) of the Companies Act, 1956 from being appointed as a director
as on 31st March, 2012.
f. In our opinion and to the best of our information and according to
the explanations given to us the said accounts, subject to our remarks
given above and read together with significant accounting policies and
notes on accounts and Annexure thereto give the information required by
the companies Act. 1956 in the manner so required and give a true and
(i) In the case of Balance Sheet, of the state of affairs of the
company as at 31st March, 2012; and
(ii) In the case of Profit and Loss Account, of the Profit for the year
ended on that date.
(iii) In the case of Cash Flow statement of the cash flow for the year
ended on that date.
ANEXURE TO THE AUDITORS'' REPORT OF UNNO INDUSTRIES LIMITED
(i)(a) The company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
(b) These fixed assets have been physically verified by the management
at reasonable intervals; and no material discrepancies were noticed on
(c) There was no substantial disposal of Fixed Assets During the year.
(ii) (a) The securities held as stock in trade have been confirmed with
the statement of holdings provided by depository participant(s) of
NSDL/CDSL at the financial year end. In our opinion, the frequency of
confirmation is reasonable.
(b) In our opinion, the procedures of confirmation of securities held
as stock in trade followed by the Management are reasonable and
adequate in relation to the size of the Company and the nature of its
(c) On the basis of our examination of the records of the Company
relating to securities held as stock in trade, in our opinion, the
Company has maintained proper records of stock in trade and no material
discrepancies between the book records and the statement of holdings
provided by depository participant(s) of NSDL/CDSL have been noticed.
(iii) (a) The company have not granted any loans, secured or unsecured
to companies, firms or other parties covered in the register maintained
under section 301 of the Act. Unsecured loans taken by the company from
4 parties was Nil as on the date of Balance Sheet.
(b) The rate of interest and other terms and conditions of unsecured
loans taken by the company, are not, prima facie, prejudicial to the
interest of the company;
(c) The Payment of the principal amount and interest in respect of such
loans during the year were regular.
(iv) There is an adequate internal control procedure 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.
During the course of our audit No major weakness has been noticed in
the internal control.
(v) (a) As per information and explanation given to us transaction
needed to be entered in to a register in pursuance to section 301 of
the Act have been properly entered in the said register.
(b) In our opinion and according to the information and explanation
given to us, the transaction entered in to a register in pursuance to
section 301 of the Act and exceeding during the year by Rs. five lakhs
in respect of each party have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
(vi) The company has not accepted deposits from the public, the
directives issued by the Reserve Bank of India and the provisions of
section 58A and 58AA of the Act and the rules framed there under, are
(vii) The Company has a system of internal audit which in our opinion,
is commensurate with its size and nature of its business.
(viii) Central Government has not prescribed maintenance of cost
records under clause (d) of sub-section 209 of the Act.
(ix)(a) According to information and explanations given to us, the
company is generally regular in depositing undisputed statutory dues,
including provident fund, investor education and protection fund,
employees state insurance, income tax, sales tax, wealth tax, custom
duty, excise duty, cess and any other statutory dues with the
appropriate authorities to the extent payable by the company.
(b) According to information and explanations given to us, No
undisputed amount payable in respect of provident fund, investor
education and protection fund, employees state insurance, income tax,
sales tax, wealth tax, custom duty, excise duty, cess and any other
statutory dues were outstanding as at 31.03. 2012 for a period of 6
months from the date they became payable.
(c) As per information and explanation given to us, there is no
disputed dues as on 31st March, 2012.
(x) The Accumulated losses at the end of the financial year are less
than fifty per cent of Company''s net worth. The company has not
incurred cash losses in the financial year nor in the previous year.
(xi) The company has defaulted in repayment of dues to financial
institution or bank.
(xii) The company has not granted loans and advances on the basis of
securities by way of pledge of shares, debenture and other securities.
(xiii) We are informed that the provisions of any Special statute
applicable to Chit funds, Nidhi or Mutual Benefit Society do not apply
to the company.
(xiv) Proper records have been maintained of the transactions and
contracts and timely entries have been made therein; also the shares,
securities, debentures, and other securities that have been held by the
company, in its own name except to the extent of the exemption granted
under section 49 of the Act;
(xv) The company has not given any guarantee for loans taken by others
from banks or financial institutions during the year.
(xvi) The company has not obtained any term loans.
(xvii) According to information and explanation given to us 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
investment by the company and vice versa.
(xviii) The company has not made preferential allotment of shares
during the year to parties and companies covered in the register
maintained under section 301 of the Act.
(xix) No Debenture have been issued by the company.
(xx) No money has been raised by public issues during the year by the
(xxi) To the best of our knowledge and belief and according to
information and explanation given to us, no fraud on or by the company
has been noticed or reported during the year.
For Jain Doshi & Co.
Firm Reg. No.: 007365C
(Rakesh Kumar Jain)
Membership No.: 075938