Mar 31, 2015
We have audited the accompanying standalone financial statements of
UNISON METALS LIMITED.("the Company"), which comprise the Balance Sheet
as at March 31, 2015, and the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of 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 standalone financial statements that give a
true and fair view of the financial position , financial performance
and cash flow of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting
Standards specified under Section 133 of the Act, read with rule 7 of
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 misstatement, whether due to fraud or error
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements 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 be included in the audit report under the
provisions of the Act and the Rules made thereunder.
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 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 financial control relevant to the Company's
preparation of the financial statements that give a true and fair view,
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by 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 standalone 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 of the state of affairs of the Company as
at 31st March, 2015 and its Profit and 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 paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we report that:
a) we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, the Statement of Profit and Loss and cash flow
statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the aforesaid standalone financial statements,
comply with the applicable Accounting Standards referred to under
section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules 2014
e) on the basis of written representations received from the directors
as on March 31, 2015, and 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 164(2) of the Act.
f) With respect to 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 explanations given to us::
(i) The Company has disclosed the impact if any, of pending litigations
in its financial statements- Refer Note No. 26, Note No. 11(a), Note
No. 12(a) & 12(b) to the financial statements.
(ii) The Company did not have any long-term contracts including
derivative contracts; as such the question of commenting on any
material foreseeable losses thereon does not arise .
(iii) There has been no delay in transferring amount required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 1 Under Report on Other legal & Regulatory
Requirements of our Report of even date.)
(i) a) The Company has maintained proper records showing full
particulars including quanti- tative details and situation of fixed
assets;
b) As explained to us, the fixed assets have been physically verified
by the management in reasonable interval and no material discrepancies
have been noticed on such verifica- tion.
(ii) a) The inventory has been physically verified by the management
during the year at reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reason- able 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. In our
opinion, discrepancies noticed on physical verification of stocks were
not material.
(iii) a) The Company has granted unsecured loans to the parties covered
in the register main- tained under section 189 of the Act,
b) In the case of the loans granted to the parties listed in the
register maintained under section 189 of the Act, the borrowers have
been regular in the payment of the interest and principal amount where
ever stipulated.
c) There are no overdue amounts of more than rupees one lakh in respect
of the loans granted to the parties listed in the register maintained
under section 189 of the Act.
(iv) In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business of with
regard to purchases of inventory and fixed assets and sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
(v) The company has not accepted any deposits from public within the
meaning of the provisions of Section 73 to 76 of the Companies Act,2013
and rules made thereunder.
(vi) We have broadly reviewed the books of account maintained by the
Company pursuant to the rules made by the Central Government of India,
regarding the maintenance of cost records under sub section (1) of
section 148 of the Companies Act, 2013 and are of the opinion that
prima facie, the prescribed accounts and records have been maintained.
We have, however not made a detailed examination of the records with a
view to determine whether they are accurate or complete.
(vii) a) According to the information and explanations given to us and
the records examined by us, the Company is regular in depositing with
appropriate authorities the 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 material statutory dues applicable to it.; and
there are no such undisputed amount payable which are in arrears as at
March 31, 2015 for a period of more then six months from the date they
became payable.
b) According to the information and explanations given to us, details
of dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Duty of
Customs, Duty of Excise, Value Added Tax and Cess which have not been
deposited on account of dispute are given below.
Name of the Particulars Period of
Statute Which
the Amount
Relates
Income Tax Act, 1961 Income Tax 2009-10
Income Tax Act, 1961 Income Tax 2008-09
Name of the Statute Forum Amount
Where the in (Rs.)
Dispute is pending
Income Tax Act,1961 Commissioner Of 990130
Income tax(Appeals)
Income Tax Act,1961 Income Tax Appellate 36953
Tribunal
c) There has been no delay in transferring amount required to be
transferred, to the Investor Education and Protection Fund by the
Company.
(viii) There are no accumulated losses of the Company as on March 31,
2015. The Company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks, financial institutions. There are no debentures.
(x) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
(xi) According to the information and explanations given to us and in
our opinion the term loan raised have been applied for the purpose for
which they were obtained.
(xii) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statement 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 course of our audit.
For KISHAN M. MEHTA & CO.
Chartered Accountants.
Firm's Registration No.105229W
Place : Ahmedabad (K. M. MEHTA)
Date : 1st June, 2015 Patner
Membership No. 13707
Mar 31, 2014
We have audited the accompanying financial statements of UNISON METALS
LIMITED. ("the Company"), which comprise the Balance Sheet as at March
31, 2014, and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of the 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 Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"), which continues to be
applicable in light of Section 133 of the Companies Act 2013 read with
the general circular No. 15/2013 dated 13th September 2013 of the
Ministry of Corporate Affairs. 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
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 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. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by 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 March 31, 2014;
b) in the case of the statement of Profit and Loss , of the profit for
the year ended on that date; and
c) in the case of the 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, 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 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 purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss, and 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
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Act, which continues to be
applicable in light of Section 133 of the Companies Act 2013 read with
the general circular No. 15/ 2013 dated 13th September 2013 of the
Ministry of Corporate Affairs.
e) on the basis of written representations received from the directors
as on March 31, 2014, and 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 clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956
ANNEXURE Referred to in paragraph 3 of our report of even date
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, the fixed assets have been physically verified
by the management in reasonable, internal and no, material
discrepancies have been noticed on such verification.
(c) During the year, the Company has not disposed off any substantial
part of fixed assets.
(ii) (a) The inventory has been physically verified by the management
during the year at reasonable intervals.
(b) In our opinion and according to the information and explanation
given to us, 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. In our
opinion, discrepancies noticed on physical verification of stock were
not material.
(iii) (a) The company has not granted any loan, secured or unsecured,
to companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act,1956 therefore, provision of sub
section para (iii)(b), 4 (iii) (c) and 4 (iii)(d) of the companies
(Auditor''s Report ) order, 2003 are not applicable.
(b) The Company had taken unsecured loan from three parties covered in
the register maintained under Section 301 of the Companies Act, 1956.
The maximum amount involved during the year was Rs.48.10 lacs and year
end balance of loan taken from such party was Rs.26.75 lacs.
(c) In our opinion, the rate of interest other terms and conditions of
loans taken from the party covered in the register maintained under
Companies Act,1956 are not, prima facie prejudicial to the interest of
the company.
(d) The company is regular in repaying the principal amounts wherever
stipulated and has been regular in the payments of interest.
(iv) In our opinion and according to the information and explanation
given to us, these are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchases of inventory, fixed assets and for sale of
goods and services. During the course of our audit, no major weakness
has been noticed in internal control in respect of these areas.
(v) (a) Based on the audit procedures applied by us and according to
the information and explanation provided by the management, we are of
the opinion that the particulars of contracts or arrangement that need
to be entered in the register maintained under section 301 of the
Companies Act,1956 have been entered.
(b) According to information and explanation given to us the
transactions made in pursuance of contracts or arrangement entered in
the register maintained u/s. 301 of companies act,1956. have been made
at prices which are reasonable having regard to the prevailing market
price at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the company has complied with the provision of section
58A and 58AA or any other relevant provision of the Companies Act,1956
and rules framed there under with regard to deposit accepted from the
public. We have been informed by the company that no order has been
passed by the Company Law Board or National Company Law Tribunal or
Reserve Bank of India or any Court or any Tribunal.
(vii) As per the information and explanation given to us the company
did not have formal internal audit system however it has adequate
internal control system commensurate with size of the company.
(viii) We have broadly reviewed the books of account maintained by the
company pursuant to the rules made by the Central Government of India,
regarding the maintenance of cost records under Section 209(1)(d) of
the Act and are of the opinion that prima facie, the prescribed
accounts and records have been maintained. We have, however not made a
detailed examination of the records with a view to determine whether
they are accurate or complete.
(ix) (a) According to the information and explanations given to us and
the records examined by us, company is generally regular in depositing
with appropriate authorities undisputed statutory dues including
provident fund, employees'' state insurance, income tax, sales tax,
wealth tax, Service tax, custom duty, cess and any other material
statutory dues applicable to it.
(b) According to the information and explanations given to us, and the
records of the company details of dues of income tax/sales tax/wealth
tax/service tax/custom duty /excise duty/cess which have not been
deposited on account of disputes are given below.
Name of the Particulars Period of Forum
Statute Which Where the
the Amount Dispute is
Relates pending
Income Tax Act,1961 Income Tax 2008-2009 & Commissioner of
2009-2010 Income Tax (Appeals
Name of the statue Amount in (Rs)
Income Tax Act,1961 3,16,420
(x) There are no accumulated losses of the Company as on 31/03/2014 The
company has not incurred cash losses during the financial year covered
by our audit and in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanation
given to us the company has not defaulted in repayment of dues to bank
or financial institutions.
(xii) The company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) In our opinion, the company is not a chit fund or nidhi mutual
benefit fund/Society therefore, the provisions of para-4 (xiii) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
(xiv) In our opinion, the company is not dealing or trading in shares,
securities, debentures and other investments. According, the provision
of para 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
(xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks and financial institutions.
(xvi) The company has not raised any term loan during the year.
(xvii) According to the information and explanation 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
investment.
(xviii) The company has not made any preferential allotment of shares
during the year.
(xix) The company has not issued any debentures and hence, the question
of creating securities or charges in respect thereof does not arises.
(xx) The company has not raised any money by way of public issues
during the year.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statement and as
per the information and explanation given by the management, we report
that no fraud on or by the company has been noticed or reported during
the course of our audit.
For KISHAN M. MEHTA & CO.
Chartered Accountants.
Firm''s Registration No.105229W
PLACE : AHMEDABAD. (K. M. MEHTA)
DATED : 31st May, 2014 Patner
Membership No. 13707