Mar 31, 2015
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Unishire Urban
Infra Limited ("the Company") which comprises the Balance Sheet as at
March 31, 2015 and the statement of Profit and Loss 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 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 fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
Accounting Standards notified under the Companies Act, 1956 ('the Act')
(which continue to be applicable in respect of section 133 of the
Companies Act, 2013 in terms of General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs) and in accordance
with the accounting principles generally accepted in India. This
responsibility included 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 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
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, but not for the purpose of expressing an opinion on the
effectiveness of the Company's internal control. An audit also includes
evaluating the appropriateness of the 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 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 March 31, 2015
b) In the case of the Statement of Profit and Loss, of the Company for
the year ended on that date and
c) In the case of 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 (Auditors Report) Order, 2003 ("the
Order") issued by the Central Government in terms of Section 227(4A) of
the Act, we give in the Annexure a statement on the matters specified
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 and 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 and the Statement of Profit and
Loss and the Cash Flow Statement comply with the Accounting Standards
notified under the Act (which continue to be applicable in respect of
Section 133 of the Companies Act, 2013 in terms of General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate
Affairs).
e) On the basis of the written representations received from the
directors taken on record by the Board of Directors, none of the
Directors is disqualified as on March 31, 2015 from being appointed as
a director in terms of Section 274(1) (g) of the Act.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
Annexure referred to in our report of even date on the accounts for the
year ended 31st March, 2015
1. a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
b) The assets are physically verified, in phases, by the management
during the year as per the regular programme of verification, which in
our opinion is reasonable having regard to the size of the company and
nature of its assets. No material discrepancies were noticed on such
physical verification. The discrepancies noticed on such verification
have been appropriately dealt with in the books of accounts.
2. a) The inventory has been physically verified at reasonable
intervals during the year by the management.
In our opinion, the frequency of such verification is adequate. It was
represented to us that inventories with third parties are also verified
from time to time. b) In our opinion and according to the information
and explanations given to us the procedure of physical verification of
inventories followed by the management were reasonable and adequate in
relation to the size of the company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us the company has maintained proper records of its
inventories and no material discrepancies were noted on such physical
verification of stock of commodities, shares & securities.
3. During the year, the company has granted loan to any company, firm
or other parties covered in the register maintain under section 189 of
the Companies Act, 2013.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business.
5. The company has not accepted deposits within the meaning of
sections 73 to 75 of the Companies Act, 2013 during the year.
6. We have broadly reviewed the books of accounts maintained by the
Company pursuant to the rules made by the Central Government under
section 148(1) of the Companies Act, 2013 for maintenance of cost
records and are of the opinion that prima-facie, the prescribed
accounts and records have been made and maintained.
7 a) According to the records provided to us, the company is regular in
depositing undisputed statutory dues including provident Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax. Duty of
Customs, Duty of Excise, Value Added Tax, Cess and Other Statutory dues
with the appropriate authorities. However, We have observed a few
instances of belated remittances of Tax deducted at source.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax , Wealth Tax, Sales
Tax, Service Tax, Duty of Customs , Duty of Excise, Value Added Tax and
Cess were in arrears, as at 31st March, 2015 for a period of more than
six months from the date they became payable.
c) No fund is required to be transferred to Investor Education and
Protection Fund.
8. The Company does not have any accumulated losses and it has not
incurred cash losses in the current financial year and in the
immediately preceding financial year.
9. The Company has not defaulted in repayment of dues to any financial
institution or bank or debenture holders as the Company has not taken
any loan from any financial institution or bank or debenture holders.
10 The Company has not given any guarantee for loans taken by others.
11 The Company has not obtained any term loans during the year as such
the same is not applicable.
12 No fraud on or by the company has been noticed or reported during
the year.
Arun Jain& Associates
Chartered Accountants
(Firm Reg. No.325867E)
Arun Kumar Jain
Place: Kolkata Proprietor
Date:29th May, 2015 Membership No. 053693
Mar 31, 2014
We have audited the accompanying financial statements of Unishire Urban
Infra Limited ("the Company") which comprises the Balance Sheet as at
March 31, 2014 and the statement of Profit and Loss 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 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 fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
Accounting Standards notified under the Companies Act, 1956 (''the Act'')
(which continue to be applicable in respect of section 133 of the
Companies Act, 2013 in terms of General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs) and in accordance
with the accounting principles generally accepted in India. This
responsibility included 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 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
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, but not for the purpose of expressing an opinion on the
effectiveness of the Company''s internal control. An audit also includes
evaluating the appropriateness of the 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 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 March 31, 2014
b) In the case of the Statement of Profit and Loss, of the Company for
the year ended on that date and
c) In the case of 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 (Auditors Report) Order, 2003 ("the
Order") issued by the Central Government in terms of Section 227(4A) of
the Act, we give in the Annexure a statement on the matters specified
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 and 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 and the Statement of Profit and
Loss and the Cash Flow Statement comply with the Accounting Standards
notified under the Act (which continue to be applicable in respect of
Section 133 of the Companies Act, 2013 in terms of General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate
Affairs).
e) On the basis of the written representations received from the
directors taken on record by the Board of Directors, none of the
Directors is disqualified as on March 31, 2014 from being appointed as
a director in terms of Section 274( 1) (g) of the Act.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
Requirements'' section of our report of even date of Unishire Urban
Infra Limited)
1. In respect of the Company''s fixed assets:
a) The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
b) According to the information and explanations given to us, the fixed
assets were physically verified by the management in accordance with
programme of verification, which in our opinion is reasonable having
regard to the size of the Company and the nature of its assets. The
discrepancies noticed on physical verification were not material and
have been properly dealt with in the books of account.
c) The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
2. In respect of the Company''s inventories:
a) As explained to us, stock of commodities, shares & securities were
physically verified during the year by the Management.
b) In our opinion and according to the information and explanations
given to us the procedure of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us the company has maintained proper records of its
inventories and no material discrepancies were noted on such physical
verification of stock of commodities, shares & securities.
3. The Company has granted unsecured loans to companies, Firms or other
parties covered in the register maintained under section 301 of the
Act.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business.
5. In our opinion and according to the information and explanations
given to us, no transactions need to be entered into the register in
pursuance of section 301 of the Act.
6. The Company has not accepted any deposits from the public within the
meaning of section 58A and 58AA of the Act and the rules framed there
under.
7. In our opinion, the requirement of reporting on an internal audit
system is not applicable for the company.
8. The Central Government has not prescribed maintenance of cost
records under section 209( 1) (b) of the Companies Act, 1956 for any of
the products of the company.
9. According to the information and explanations given to us and the
records of the company examined by us, in our opinion, the company is
generally regular in depositing the undisputed statutory dues including
provident fund, employee''s state insurance, income-tax, sales-tax,
wealth-tax, customs duty, excise duty, cess and other material
statutory dues as applicable with appropriate authorities.
10. In our opinion, there are no accumulated losses of the company.
11. According to the records of the company examined by us and the
information and explanations given to us, the company has not defaulted
in repayment of due to any financial institution or bank or debenture
holders as at the balance sheet date.
12. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special nature applicable to chit
fund/nidhi/mutual benefit fund/ securities are not applicable to the
company.
14. In our opinion, the company has maintained proper records of the
transactions in shares, securities, debentures and other securities and
timely entries have been made therein. The shares, securities,
debentures and other securities have been held by the company, in its
name except to the extent of the exemption, if any, granted under
section 49 of the Act.
15. 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 banks or financial institutions during the period.
16. The company has not taken any term loans.
17. On the basis of an overall examination of the balance sheet of the
company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short-term
basis, which have been used for long term investments and vice- versa.
18. The company has not made any preferential allotment of share to
parties and companies covered in the register maintained under section
301 of the Act during the year.
19. The company has no debentures and hence the question of creating of
any security does not arise.
20. The company has raised money by public issue of Rs. 643 Lacs and
Prefential Allotment of Rs. 1272.56 Lacs during the year and such
provision of clause 20 of Paragraph 3 of the aforesaid order in our
opinion is applicable to the company.
21. During the course of our examination of the 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, we have neither come across any instance of
material fraud on or by the company, noticed or reported during the
year, we have not been inform of such case by the, management.
Arun Jain & Associates
Chartered Accountants
(Firm Reg. No.325867E)
Arun Kumar Jain
Place: Kolkata Proprietor
Date: 30th May, 2014 Membership No. 053693