Mar 31, 2015
We have audited the accompanying financial statements of UNITED LEASING
& INDUSTRIES LIMITED ("the company"), which comprise the Balance Sheet
as at 31st March 20l5,the Statement of Profit and Loss, the Cash Flow
Statement 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 Board of Directors is responsible for the matters stated
in Section 134 (5) of the Companies Act, 2013 with respect to 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 accounting principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the 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 mis-statement, 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 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 there under.
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 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 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 the accounting policies used and there as on
reasonableness of the accounting estimates made by the 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 stand alone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the afore said 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 its cash flows for the year
ended on that date.
Emphasis of Matters
As per Schedule - II of the companies act 2013 company shall recognize
the carrying value in the opening balance of retained earnings where the
remaining useful life of an asset is nil. Company is having negative
opening retained earnings amounting of Rs.1,06,33,599/- , which has
further been increased by asset balances to be written off as per
Schedule- II of companies act , 2013 amounting of Rs.21,114,410/- and
loss during the year by Rs 7,554,583/-, resulting into negative retained
earnings of Rs 39,302,592/-. Our opinion is not qualified /modified in
respect of this matter.
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 section
143 of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 3 and 4 of the Order to the extent applicable.
2. As required by Sectionl43 (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
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, 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 afore said financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164(2) of the
Act.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rulell 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 does not have any pending litigations which would impact
its financial position
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
The Annexure referred to in paragraph 1 of Report on Other Legal and
Regulatory Requirements of our Report of even date to the members of
UNITED LEASING & INDUSTRIES LIMITED on the accounts of the Company for
the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
(i) (a) According to information and explanation provided to us, the
company is maintaining 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 at reasonable intervals, no material discrepancies
were noticed on such verification.
(ii) The company does not have any inventory .accordingly the provision
of the order not applicable
(iii) The Company has not granted loans, secured or unsecured, to
companies, firms or other parties listed in the Register maintained
under Section 189 of the Companies Act, 2013 and hence clauses (a) and
(b) are not applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, having regard to the explanations that some of the items
sold are of special nature and suitable alternative sources are not
readily available for obtaining comparable quotations, there is an
adequate internal control system commensurate with the size of the
Company and the nature of its business with regard to purchase of fixed
assets and the sale of goods and services. During the course of our
audit, we have not observed any major weakness in the aforesaid
internal control system.
v) In our opinion and information and explanation given to us the
company has accepted deposits from the members of the company in
previous years. The company has renewed certain deposits amounting to
Rs 57,07,227/-during the year, but certain procedural guidelines as
mentioned in the section 73 of the company's act 2013 and rules framed
there under has not been followed.
(vi) According to the information and explanations given to us the
Companies (Cost Records and Audit) Rules, 2014, prescribed by the
Central Government under Section 148 (1) of the Companies Act, 2013 are
not applicable to the Company
(vii) According to the information and explanation given to us and
records of the company examined by us:
(a) The company regular in depositing 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 statutory dues with the appropriate
authorities.
(b) There were no undisputed amounts payable in respect of Provident
Fund, Employees' State Insurance, Income-tax, Sales Tax,Wealth Tax,
Service Tax, Duty of Customs, Duty of Excise,Value Added Tax, Cess and
other material statutory dues in arrears as at 31st March, 2015 for a
period of more than six months from the date they became payable
(c) There were no amounts payable in respect of Wealth Tax, Duty of
Customs, Income-tax, Service Tax, Duty of Excise and Cess and other
material statutory dues in arrears as at 31st March, 2015 which have
not been deposited as on 31st March, 2015 on account of disputes.
(d) According to the information and explanation given to us and the
record of the company ;the company is not required to transfer to
investor education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) .
(viii) The company has accumulated losses at the end of financial year
which is more than fifty percent of its net worth. The company has not
incurred cash losses during the financial year covered by the audit and
in immediately preceding financial year.
(ix) According to the information and explanations given to us, the
company has not defaulted in repayment of dues to a financial
institution or bank .
(x) According to the information and explanations given to us the
company has not given any guarantee for loans taken by others from bank
or financial Institutions.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not obtained any term loan during the year
and hence the question of commenting on the application thereof does
not arise.
(xii) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
JP CHAWLA & COMPANY
Chartered Accountants
Firm Regn No. 001875N
Sd/-
J.P.CHAWLA
( Partner)
Membership No. 015488
Place: New Delhi
Dated: 26th May 2015
Mar 31, 2014
We have audited the accompanying financial statements of UNITED LEASING
AND INDUSTRIES 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 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 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 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 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, 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 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.
(c) In the case of 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 theAct, 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 accounts 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 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 notified
under the Companies Act, 1956 read with the General Circular 15/2013
dated 13 September 2013 of the Ministry of Corporate Affairs in respect
of section 133 of the Companies Act, 2013.
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.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, in the opinion
of the Company, no cess is due and payable by the Company.
ANNEXURE-A
REFERRED TO IN PARAGRAPH 1 ON "REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS "FORMING PART OF INDEPENDENT AUDITOR''S REPORT TO THE
MEMBERS OF UNITED LEASING AND INDUSTRIES LIMITED ON THE ACCOUNTS FOR
THE YEAR ENDED MARCH 31,2014
1. In respect of fixed assets
a. According to information and explanations provided to us, the
company has maintained the records to show 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 during the year. In our opinion the frequency of
verification is reasonable having regard to the size of the company and
the nature of its assets. Leased fixed assets have been abandoned with
the lessee and are therefore, not physically verifiable
c. In our opinion, the Company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected.
2 The Company does not have any inventory. Accordingly, the provisions
of paragraph 4 clause (iii) of the Order are not applicable
3. a. The Company has not granted any loans secured or unsecured, to
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956. Consequently, the
requirements of Clauses iii (b), iii(c) and iii (d) of paragraph 4 of
the Order are not applicable.
b. The Company has taken loans from parties covered in the register
maintained under Section 301 of the Companies Act, 1956.The maximum
amount outstanding at any time during the year aggregated to
Rs.1,69,00,000/- and the balance outstanding at year end is Rs.
1,69,00,000/-.
c. In absence of any written agreement between the parties and the
company, we are unable to comment on the provisions of clause iii (f)
and clause iii (g) of paragraph 4 of the Order
4. As the company has not purchased any inventory, and made any sale
of goods during the year so question of adequate internal control
systems commensurate with the size of the Company and the nature of its
business for the purchase of inventory and with regard to sale of goods
and correctness of major weakness of the same does not arise. In case
of fixed assets there are adequate internal control systems
commensurate with the size of the Company and the nature of its
business.
5. a. In our opinion and Based on the examination of the books of
account and related records and according to the information and
explanations provided to us, the transactions made in pursuance of
contracts or arrangements, that need to be entered in the register
maintained under Section 301 of the Companies Act, 1956 have been so
entered. b. In our opinion and according to the information and
explanations given to us, the transactions made in pursuance of
contracts or arrangements entered in the register maintained under
section 301 of the Companies Act, 1956 and exceeding the value of
rupees five lakhs in respect of any party during the year have been
made at prices which are reasonable having regard to prevailing market
prices at the relevant time.
6. In our opinion and according to the records examined by us, the
company has accepted deposits from the public within the meaning of
section 58A and section 58AA or any other provisions of the Act and the
Companies (Acceptance of Deposits)Rules, 1975 with regard to the
deposit accepted from the public. No order has been passed by the
Company Law Board or National Company LawTribunal or Reserve Bank of
India or any Court or any other Tribunal.
7. In our opinion the Company has an adequate internal audit system
commensurate with the size of the Company and nature of its business.
8. As reported by the management cost records prescribed under section
209(1) (d) of the Companies Act 1956 is not applicable to the company.
9. According to the information and explanations given to us and the
records of the Company examined by us:
a. The Company is generally regular in depositing with appropriate
authorities its undisputed statutory dues within the prescribed time
with the appropriate authorities during the year.There was no dues on
account of Cess under section 44IA of the companies Act, 1956 since the
aforesaid section has not yet been made effective by the Central
Government. no undisputed amounts payable in respect of statutory dues
were in arrears as the March 31,2014 for a period of more than six
months from the dates they become payable, wherever applicable. b.
According to the information and explanations given to us, There are no
statutory dues pending which have not been deposited on account of any
dispute, wherever applicable.
10. The Accumulated losses of the company at the end of financial year
are not more than 50% of the Net Worth of the company. The Company has
incurred cash losses during the financial year covered by the audit and
in immediately preceding financial year.
11. Based on the examination of the books of account and related
records and according to the information and explanations provided to
us, the Company has not defaulted in repayment of dues to the financial
institutions and banks.
12. In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the Company on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the company is not a chit fund /nidhi/ mutual fund
/society. Therefore, the provisions of clause (xiii) of paragraph 4 of
the Order are not applicable to the company.
14. In our opinion and according to the explanations given to us and
based on the information available the company is not dealing in or
trading in shares, securities, debentures and other investments.
Accordingly the provisions of clause (xiv) of paragraph 4 of the Order
are not applicable to the Company.
15. In our opinion and according to the explanations given to us and
based on the information available, the company has not given
guarantees for loan taken by others from banks or financial
institutions. Accordingly the provisions of clause (xv) of paragraph 4
of the Order are not applicable to the Company.
16. According to the information and explanations given to us and the
records of the Company examined by us, the company has not obtained any
fresh term loans during the year.
17. According to the information and explanations given to us, and on
an overall examination of the balance sheet of the Company, funds
raised on short-term basis have prima facie, not been utilised for long
term investment.
18. The Company has not made any preferential allotment of shares to
parties covered in the register maintained under section 301 of the
companies act, 1956.Accordingly the provisions of clause (xviii) of
paragraph 4 of the Order are not applicable to the Company.
19. In our opinion and according to the explanations given to us and
based on the information available the company has not raised any
monies by way of debenture issues during the year.Accordingly the
provisions of clause (xix) of paragraph 4 of the Order are not
applicable to the Company.
20. In our opinion and according to the explanations given to us and
based on the information available the company has not raised any
monies by way of public issues during the year.
21. In our opinion and according to the explanations given to us and
based on the information available, no fraud on or by the Company has
been noticed or reported during the year.
J P CHAWLA & COMPANY
Chartered Accountants
FRN: 001875N
Sd/-
Place: New Delhi J P CHAWLA
Date: 27.05.2014 (PARTNER)
Membership Number: 015488
Mar 31, 2011
We have audited the attached Balance Sheet of UNITED LEASING &
INDUSTRIES LTD. as at 31st March,2011 and also the Profit & Loss
Account 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 report
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
our opinion.
As required by the companies (Auditors Report) Order, 2003, issued by
Central Government of India in terms of Sub Section (4A) of Section 227
of the Companies Act, 1956. We enclose in the Annexure as statement on
the matter specified in paragraphs 4 of said order.
Further to our comments in the Annexure referred to above, we report
that
i) We have obtained all the information and explanations, which to the
best or our knowledge and belief were necessary for the purpose of our
audit
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
those books;
iii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of accounts;
iv) In our opinion, the Balance Sheet and the Profit & Loss Account
comply with the mandatory Accounting Standards referred to in Section
(3c) of section 211 of the Companies Act 1956 to the extent applicable;
v) On the basis of written representations received from the directors,
as on 31st March, 2011, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2011 from being appointed as a director in terms of clause (g) of
sub-section (I) of 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, 2011 ;and
b) In the case of the Profit & Loss Account of the Loss for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE
(i) (a) The company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals. No material discrepancies were noticed on such
verification.
(c) Leased fixed assets have been abandoned with the lessees and are
.therefore, not physically verifiable.
(d) No parts of fixed assets have been disposed off during the year.
(ii) (a) Physical verification of inventory has been conducted at
reasonable intervals by the management
(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 and no
material discrepancies were noticed on physical verification.
(iii) The company has not granted unsecured loans to parties covered in
the register maintained under section 301 of the Act
(iv) The company has accepted unsecured loans from companies, firms &
other parties covered in the register maintained under section 301 of
the Act The maximum amount of loans involved during the year was Rs.
1,73,50,000/= from one party and the year end balance of loans taken
from such party was Rs. 1,73,50,000/=.
(v) 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, for the
purchase of inventory and fixed assets and for the sale of goods.
(vi) (a) On the basis of the information and explanations given to us
by the management in our opinion the transactions that need to be
entered into the register in pursuance of section 301 of the Act has
been so entered. However in reaching our opinion we rely upon the
certificate issued by the Company Secretary regarding the completeness
of the registers required to be maintained under section 301 of the act
(b) In our opinion each of these transactions has been made at prices,
which are reasonable, having regard to the prevailing market prices at
the relevant time.
(vii) In our opinion and according to the information and explanations
given to us the directives issued by the Reserve Bank of India and the
provisions of sections 58A and 58AA of the Act and the rules framed
there under, where applicable, have been complied by the company.
(viii) In our opinion and according to the information and explanations
given to us the company has an internal audit system that commensurate
with its size and nature of its business.
(ix) As reported by the management no cost records has been prescribed
by the Central Government under clause (d) of sub-section (1) of
section 209 of the Act
(x) Undisputed statutory dues including provident fund, employee state
insurance fund, income tax, sales tax and other statutory dues have
generally been regularly deposited with the appropriate authorities.
(xi) As reported by the management and the information provided to us
there is no statutory dues payable against which a dispute is pending.
(xii) The Company does not have any accumulated losses.The Company has
earned cash profit of Rs.3,62,747/= during the financial year covered
by our audit and also in the immediately preceding financial year Rs.
10,02,862/= cash profit was earned.
(xiii) No, the company has not defaulted in repayment of dues to a
financial institution or bank or debenture holders.
(xiv) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other securities
during the year of audit.
(xv) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund / society. Therefore, the provisions of Paragraph 4 (xiii)
of the Companies (Auditor's Reports) order, 2003 are not applicable to
the Company.
(xvi) Proper records have been maintained by the Company of the
transactions and contracts with timely entries have been made therein
in regard to dealing or trading in shares, securities, debentures and
other investment and the shares, securities, debentures and other
securities held by the company are in its own name.
(xvii) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantees for loans taken
by others from banks or financial institutions during the year.
(xviii) The Company has not taken any term loans during the year of
audit.
(xix) In our opinion and according to the information and explanations
given to us no funds raised on short-term basis have been used for
long-term investment and vice-versa.
(xx) The company has not made any preferential allotment of shares to
parties and Companies covered in the Register maintained under section
301 of the Act.
(xxi) The Company has not issued any debentures & therefore this Clause
is not applicable to the Company.
(xxii) During the period covered by our Audit report the Company has
not raised any money by Public issue.
(xxiii) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
For VARAD KHANNA
(Chartered Accountants)
Sd/-
VaradKhanna[F.C.A]
Proprietor
Membership No. 090918
Place : New Delhi
Date : May 27,2011
Mar 31, 2010
We have audited the attached Balance Sheet of M/S UNITED LEASING &
INDUSTRIES LTD.as at 31st March 2010 and also the Profit & Loss Account
for the year ended on that date annexed thereto.These financial
statements are the responsibility of the Companys management.Our
responsibility is to express an opinion on these financial statements
based on our report.
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
our opinion.
As required by the companies (Auditors Report) Order,2003, issued by
Central Government of India in terms of Sub Section (4A) of Section 227
of the Companies Act, 1956.We enclose in theAnnexure as statement on
the matter specified in paragraphs 4 of said order.
Further to our comments in theAnnexure referred to above, we report
that:
i) We have obtained all the information and explanations, which to the
best or our knowledge and belief were necessary for the purpose of our
audit;
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
those books;
i) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of accounts;
iv) In our opinion, the Balance Sheet and the Profit & Loss Account
comply with the mandatory Accounting Standards referred to in Section
(3c) of section 211 of the CompaniesAct, 1956 to the extent applicable;
v) On the basis of written representations received from the directors,
as on 31 * March 2010,and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31" March 2010
from being appointed as a director in terms of clause (g) of
sub-section (I) of section 274 of the CompaniesAct, 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 CompaniesAct, 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 2010;and
b) In the case of the Profit & Loss Account, of the loss for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH I OF OUR REPORT OF EVEN DATE
(i) (a) The company is maintaining proper records showing full
particulars, including quantitative details and situation of
fixed assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals. No material discrepancies were noticed on such
verification.
(c) Leased fixed assets have been abandoned with the lessees and are
therefore, not physically verifiable.
(d) No parts of fixed assets have been disposed off during the year.
(ii) (a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
(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 and no
material discrepancies were noticed on physical verification.
(iii) The company has not granted unsecured loans to parties covered in
the register maintained under section 301 of the Act.
(iv) The company has accepted unsecured loans from companies, firms &
other parties covered in the register maintained under section 301 of
theAct.The maximum amount of loans involved during the year was Rs.
18250000/- from one party and the year end balance of loans taken from
such party was Rs. 17350000/-.
(v) 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, for the
purchase of inventory and fixed assets and for the sale of goods.
(vi) (a) On the basis of the information and explanations given to us
by the management in our opinion the transactions that need to be
entered into the register in pursuance of section 301 of the Act has
been so entered. However in reaching our opinion we rely upon the
certificate issued by the Company Secretary regarding the completeness
of the registers required to be maintained under section 301 of the
act. (b) In our opinion each of these transactions has been made at
prices, which are reasonable, having regard to the prevailing market
prices at the relevant time.
(vii) In our opinion and according to the information and explanations
given to us the directives issued by the Reserve Bank of India and the
provisions of sections 58A and 58AA of theAct and the rules framed
there under, where applicable, have been complied by the company.
(viii) In our opinion and according to the information and explanations
given to us the company has an internal audit system that commensurate
with its size and nature of its business.
(ix) As reported by the management no cost records has been prescribed
by the Central Government under clause (d) of sub- section (I) of
section 209 of the Act.
(x) Undisputed statutory dues including provident fund, employee state
insurance fund, income tax, sales tax and other statutory dues have
generally been regularly deposited with the appropriate authorities.
(xi) As reported by the management and the information provided to us
there is no statutory dues payable against which a dispute is pending.
(xii) The Company does not have any accumulated losses.The Company has
earned cash profit of Rs. 1002862/- during the financial year covered
by our audit and also in the immediately preceding financial year Rs.
690667/- cash profit was earned.
(xiii) No, the company has not defaulted in repayment of dues to a
financial institution or bank or debenture holders.
(xiv) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other securities
during the year of audit.
(xv) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund / society.Therefore, the provisions of Paragraph 4 (xiii)
of the Companies (Auditors Reports) order,2003 are not applicable to
the Company.
(xvi) Proper records have been maintained by the Company of the
transactions and contracts with timely entries have been made therein
in regard to dealing or trading in shares, securities, debentures and
other investment and the shares, securities, debentures and other
securities held by the company are in its own name.
(xvii) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantees for loans taken
by others from banks or financial institutions during the year.
(xviii) The Company has not taken any term loans during the year of
audit.
(xix) In our opinion and according to the information and explanations
given to us no funds raised on short-term basis have been used for
long-term investment and vice-versa.
(xx) The company has not made any preferential allotment of shares to
parties and Companies covered in the Register maintained under section
301 of theAct.
(xxi) The Company has not issued any debentures & therefore this Clause
is not applicable to the Company.
(xxii) During the period covered by our Audit report the Company has
not raised any money by Public issue.
(xxiii) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
FORR.S.AHUJA&CO.
Chartered Accountants
Sd/-
(R.S. Ahuja)
Place: New Delhi Partner
Date : 27/05/2010 Membership No. 081627
Mar 31, 2005
We have audited the attached Balance Sheet of M/S UNITED LEASING A
INDUSTRIES LTD.as at 31 st March 2005 and also the Profit & Loss
Account for the year ended on that date annexed thereto.These financial
statements are the responsibility of the Companys management. Our
responsibility is to express an opinion on these financial statements
based on o ur report.
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 providesa reasonable basis for
our opinion.
As required by the companies (Auditors Report) Order, 2003, issued by
Central Government of India in terms of Sub Section (4A)
ofSection227ofthe Companies Act 1956.We enclose in the Annexure as
statement on the matter specified in paragraphs 4 of said order.
Further to our comments in theAnnexure referred to above, we report
that
i) We have obtained all the information and explanations, wNch to the
best of our knowledge and belief were necessary for the purpose of our
audit;
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
those books;
iii) The Balance Sheet and Profit& LossAccount dealt with by this
report are in agreement with the books of accounts;
iv) In our opinion, the Balance Sheet and the Profit & LossAccount
comply with the mandatory Accounting Standards referred to in Section
(3c) of section 211 of the CompaniesAct 1956 to the extent applicable;
v) On the basis of written representations received from the
directors.as on 31 st March 2005,and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31 st March 2005 from being appointed as a director in terms of clause
(g) of sub-section (I) of section 274 of the CompaniesAct 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 Sheetof the. state of affairs of the company
as at 31 st March 2005;and
b) In the case of the Profit & LossAccountof the profit for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH I OF OUR REPORT OF EVEN DATE.
(i) (a) The company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals. No material discrepancies were noticed on such
verification.
(c) No substantial parts of fixed assets have been disposed off during
the year.
(ii) (a) Physical verification of inventory has been conducted at
reasonable intervals by the management
(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 and no
material discrepancies were noticed on physical verification.
(iii) The company has granted secured loans and accepted unsecured
loans from companies, firms or other parties covered in the register
maintained under section 301 of the Act. The maximum amount of loans
granted is Rs 1316000/- to one party and loans accepted is Rs.
6209045/- from 7 parties.
The interest paid is not prejudicial to the interests of the company,
however interest will be charged on loans given after completion of
three months of disbursement as per loan terms.
(iv) 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, for the
purchase of inventory and fixed assets and for the sale of goods.
(v) (a) On the basis of the information and explanations given to us by
the management, in our opinion the transactions that need to be entered
into the register in pursuance of section 301 of the Act have been so
entered. However in reaching our opinion we rely upon the certificate
issued by the Company Secretary regarding the completeness of the
registers required to be maintained under section 301 of theAct.
(b) In our opinion each of these transactions has been made at prices,
which are reasonable, having regard to the prevailing market prices at
the relevant time.
(vi) In our opinion and according to the information and explanations
given to us the directives issued by the Reserve Bank of India and the
provisions of sections 58A and 58AA of the Act and the rules framed
there under, where applicable, have been complied by the company.
(vii) In our opinion and according to the information and explanations
given to us the company has an internal audit system that commensurate
with its size and nature of its business.
(viii) As reported by the management no cost records has been
prescribed by the Central Government under clause (d) of sub-section
(I) of section 209oftheAct
(ix) Undisputed statutory dues including provident fund, employee state
insurance fund, income tax, sales tax and other statutory dues have
generally been regularly deposited with the appropriate authorities
though there has been a slight delay in depositingTDS in a few cases.
(x) As reported by the management and the information provided to us
there is no statutory dues payable against which a dispute is pending.
(xi) The Company does not have any accumulated losses.The Company has
not incurred cash losses during the financial year covered by our audit
and the immediately preceding financial year.
(xii) No, the company has not defaulted in repayment of dues to a
financial institution or bank or debenture holders.
(xiii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other securities
during the year of audit
(xiv) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund / society.Therefore, the provisions of Paragraph 4 (xiii)
of the Companies (Auditors Reports) order, 2003 are notapplicable to
the Company.
(xv) Proper records have been maintained by the Company of the
transactions and contracts with timely entries have been made therein
in regard to dealing or trading in shares, securities, debentures and
other investment and the shares, securities, debentures and other
securities held by the company are in its own name.
(xvi) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantees for loans taken
by others from banks or financial institutions during the year.
(xvii) The Company has not taken any term loans during the year of
audit
(xiii) In our opinion and according to the information and explanations
given to us no funds raised on short-term basis have been used for
long-term investmentand vice-versa.
(xix) The company has not made any preferential allotment of shares to
parties and Companies covered in the Register maintained under section
301 of theAct.
(xx) The Company has not issued any debentures & therefore this Clause
is not applicable to the Company
(xxi) During the period covered by our Audit report the Company has not
raised any money by Public issue.
(xxii) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
For R.S-Ahuja & Co
Chartered Accountants,
(R.S.Ahuja)
Partner.
Mar 31, 2004
We have audited the attached Balance Sheet of M/S UNITED LEASING &
INDUSTRIES LTD. as at 31st March 2004 and also the Profit & Loss
Account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our report.
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
our opinion.
As required by the companies (Auditors Report) Order, 2003, issued by
Central Government of India in terms of Sub Section (4A) of Section 227
of the Companies Act, 1956. We enclose in the Annexure as statement on
the matter specified in paragraphs 4 of said order.
Further to our comments in the Annexure referred to above, we report
that:
i) We have obtained ail the information and explanations, which to the
best or our knowledge and belief were necessary for the purpose of our
audit;
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
those books;
iii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of accounts;
iv) In our opinion, the Balance Sheet and the Profit & Loss Account
comply with the mandatory Accounting Standards referred to in Section
(3c) of section 211 of the Companies Act, 1956 to the extent
applicable;
v) On the basis of written representations received from the directors,
as on 31st March 2004, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March
2004 from being appointed as a director in terms of clause (g) of
sub-section (1) of 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 2004; and
b) In the case of the Profit & Loss Account, of the profit for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE.
(i) (a) The company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals. No material discrepancies were noticed on such
verification. No substantial part of fixed assets have been disposed
off during the year.
(ii) (a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
(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 companies is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
(iii) (a) The company has taken loans from companies, firms or other
parties covered in the register maintained under section 301 of the
Act.
Number of parties : 3
Amount involved : Rs. 156636
(b) The rate of interest and other terms and conditions of loans taken
by the company, are prima facie not prejudicial to the interest of the
company. The payment of the principal amount and interest are regular.
(iv) 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, for the
purchase of inventory and fixed assets and for the sale of goods.
(v) In our opinion the transactions that need to be entered into a
register in pursuance of section 301 of the Act have been so entered.
In our opinion each of these transactions have been made at prices
which are reasonable having regard to the prevailing market prices at
the relevant time.
(vi) In our opinion and according to the information and explanations
given to us the directives issued by the Reserve Bank of India and the
provisions of sections 58A and 58AA of the Act and the rules framed
there under, where applicable, have been complied by the company.
(vii) In our opinion and according to the information and explanations
given to us the company has an internal audit system commensurate with
its size and nature of its business.
(viii) As reported by the management no cost records has been
prescribed by the Central Government under clause (d) of sub-section
(1) of section 209 of the Act.
(ix) The company is 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.
(x) The Company does not have any accumulated losses. The Company has
not incurred cash losses during the financial year covered by our audit
and the immediately preceding financial year.
(xi) The Company has no dues to a financial institution or bank or
debenture holders.
(xii) The Company has not granted loans and 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 a nidhi mutual
benefit fund / society. Therefore, the provisions of Paragraphs (xiii)
of the Companies (Auditors Reports) order, 2003 are not applicable to
the Company.
(xiv) Proper records have been maintained by the Company of the
transactions and contracts with timely entries have been made therein
in regard to dealing or trading in shares, securities, debentures and
other investment and the shares, securities, debentures and other
securities held by the company are in its own name.
(xv) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantees for loans taken
by others from banks or financial institutions during the year.
(xvi) The Company has not taken any term loans.
(xvii) In our opinion and according to the information and explanations
given to us no funds raised on short-term basis have been used for
long-term investment and vice versa.
(xviii) The company has not made any preferential allotment of shares
to parties and Companies covered in the Register maintained under
section 301 of the Act.
(xix) The Company has not issued any debentures & therefore this Clause
is not applicable to the Company.
(xx) During the period covered by our Audit report the Company has not
raised any money by Public issue.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
For R.S. AHUJA & CO.
Chartered Accountants
Sd/-
(R.S. Ahuja)
Partner
Place: New Delhi
Date : 25.06.2004
Mar 31, 2003
We have audited the attached Balance Sheet of UNITED LEASING &
INDUSTRIES LTD., as at 31.03.2003 and also the Profit and Loss Account
for the year ended on that date annexed thereto. These financial
statements are the responsibility of the Companys 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 required 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
our opinion.
As required by the Manufacturing and other Companies (Auditors Report)
order, 1988 issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Companies Act, 1956, we enclosed
in the Annexure a statement on the matters specified in paragraphs 4 &
5 of the said order.
Further to our comments in the Annexure referred to 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
audit;
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
those books;
c.) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account;
d.) In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report comply with the Accounting Standards referred to in
section 211 (3c) of Section 211 of the Companies Act, 1956;
e.) On the basis of written representations received from the
directors, as on 31.03.2003 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31 st March, 2003 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
f.) In our opinion and best of our information and according to the
explanations given to us, the 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;
1) In the case of the Balance Sheet of the statement of affairs of the
company as at 31.03.2003.
2) In the case of Profit & Loss Account of the Profit for the year
ended on that Date.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of its Fixed Assets. The
management has certified that physical verification of major portion of
fixed assets has been conducted during the year and no discrepancy was
noticed on such verification.
2. None of the Fixed Asset have been revalued during the year.
3. The interval of physical verification of the finished goods,
stores, spare parts and raw material in our opinion is reasonable.
4. The procedure of physical verification of stock are reasonable and
adequate considering the nature of the business.
5. It was reported that there were no material discrepancies noticed
on such verifications.
6. Valuation of stock is proper and in accordance with the normally
accepted accounting principles and is on the same basis as in the
previous year.
7. As per the information given the Company has taken loans from
Companies and other parties listed in the register maintained under
Section 301 of the Companies Act, 1956. The interest rate and other
terms and conditions are prima facie not prejudicial to the interest of
the Company.
8. As per the information given the Company has given loans and
advances to the Companies and other parties listed in the register
maintained under Section 301 of the Companies Act, 1956. The rate of
interest and other terms and conditions are prima facie not prejudicial
to the interest of the Company.
9. Considering the nature and the size of the business of the Company
in our opinion, the parties to whom loans and advances have been given
are regular in repayment of the principal installment and interest
generally and wherever there is overdue, reasonable steps have been
taken for the recovery of the same.
10. 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 nature of its business with regard to
the purchase of stores, raw materials, plant & machinery, equipment and
other assets and for sale of goods.
11. The transaction of purchase of goods and materials and sale of
goods. Material and services made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and aggregating during the year to Rs.50,000/-
or more in respect of each party, are made at prices which are
reasonable.
12. The unserviceable or damaged stores, raw materials or finished
goods are provide in books of accounts.
13. In our opinion and according to the information and explanations
given the Company has complied with the directions issued by Reserve
Bank of India (RBI) and the provisions of Section 58A of the Companies
Act, 1956 and the Rules framed there under with regards to deposits
accepted from public.
14. The company has no by products / scraps for the year under audit.
15. The Company has proper internal audit system, commensurate with
size and nature of its business.
16. As reported by the management the maintenance of cost record has
not been prescribed for the company.
17. Employees State Insurance & Provident Fund dues have been
generally deposited with appropriate authorities within due dates.
18. In our opinion there is no undisputed amounts payable as on the
last day of year in respect of Income Tax, Wealth Tax, Sales Tax,
Custom Duty & Excise Duty which is outstanding for a period more than
six months.
19. In our opinion and according to the information and explanations
given to us, personal expenses have not been charged to revenue
account.
20. According to Clause (O) of Sub Section (1) of Section 3 of the
Sick Industrial Companies (Special Provisions) Act, 1985 the Company is
not a Sick Industrial Company.
21. The provision of special statutes applicable to Chit, Nidhi or
Mutual benefit companies are not applicable to the Company.
22. The Company has maintained proper records of transactions and
contracts of dealing with or Trading in shares, securities, debentures
and other investments.
FOR R.S. AHUJA & COMPANY
CHARTERED ACCOUNTANTS
Sd/-
(RAJAN MALIK)
Partner
PLACE : New Delhi
DATE : June 26th, 2003
Mar 31, 2002
We have audited the attached Balance Sheet of M/s UNITED LEASING &
INDUSTRIES LTD., as at 31.03.2002 and also the Profit and Loss Account
for the year ended on that date annexed thereto. These financial
statements are the responsibility of the Companys 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 required 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
our opinion.
As required by the Manufacturing and other Companies (Auditors Report)
order, 1988 issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Companies Act, 1956, we enclosed
in the Annexure a statement on the matters specified in paragraphs 4 &
5 of the said order.
Further to our comments in the Annexure referred to 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
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 and Profit & Losses Account dealt with by this
report are in agreement with the books of account;
d. In our opinion, the Balance sheet and Profit & Loss Account dealt
with by this report comply with the accounting standards referred to in
sub section (3c) of Section 211 of the Companies Act, 1956;
e. On the basis of written representations received from the
directors, as on 31.03.2002 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31.03.2002 from being appointed as a director in terms of clause (g) of
sub section (1) of section 274 of the Companies Act, 1956;
f. 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 re- quired and
give a true and fair view in conformity with the accounting principles
generally accepted in India;
1. In the case of the Balance Sheet of the statement of affairs of the
company as at 31.03.2002 and
2. In the case of profit & loss account of the loss for the year ended
on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE
1. The Company has maintained proper records to show full particulars
including quantitative details and situation of its fixed assets. The
management has certified that physical verification of major portion of
fixed assets has been conducted during the year and no discrepancy was
noticed on such verification.
2. None of the fixed assets have been revalued during the year.
3. The interval of physical verification of the finished goods,
stores, spares parts and raw material in our opinion is reasonable
4. The procedure of physical verification of stock are reasonable and
adequate considering the nature of the business.
5. It was reported that there were no material discrepancies noticed
on such verifications.
6. Valuation of stock is proper and in accordance with the normally
accepted accounting principles and is on the same basis as in the
previous year.
7. As per the information given the Company has taken loans from
Companies, and. other parties listed in the register maintained under
Section 301 of the Companies Act, 1956. The interest rate and other
terms and conditions are prima facie not prejudicial to the interest of
the Company.
8. As per the information given the Company has given loans and
advances to the Companies and other parties listed in the register
maintained under Section 301 of the Companies Act, 1956. The rate of
interest and other terms and conditions are prima facie not prejudicial
to the interest of the Company.
9. Considering the nature and the size of the business of the Company
in our opinion, the parties to whom loans and advances have been given
are regular in repayment of the principal installment and interest
generally and wherever there is overdue, reasonable steps have been
taken for the recovery of the same.
10. 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 nature of its business with regard to
the purchase of stores, raw materials, plant & machinery, equipment and
other assets and for sale of goods.
11. The transaction of purchase of goods and materials and sale of
goods, material and services made in pursuance of contracts of
arrangements entered in the register maintained under Section 301 of
the Companies, act, 1956 and aggregating during the year to Rs.50,000/-
or more in respect of each party, are made at prices which are
reasonable.
12. The unserviceable or damaged stores, raw materials or finished
goods are provide in books of accounts.
13. In our opinion and according to the information and explanations
given the Company has complied with the directions issued by Reserve
Bank of India (R.B.I.) and the provisions of Section 58A of the
Companies Act 1956 and the Rules frame there under with regards to
deposits accepted from public.
14. The company has no by products / scarps for the year under audit.
15. The Company has proper internal audit systems, commensurate with
size and nature of its business.
16. As reported by the management the maintenance of cost record has
not been prescribed for the company.
17. Employees State Insurance & Provident Fund dues have been
generally deposited with appropriate authorities within due dates.
18. In our opinion there is no undisputed amounts payable as on the
last day of year in respect of Income Tax, Wealth Tax, Sales Tax,
Custom Duty & Excise Duty which is outstanding for a period more than
six months.
19. In our opinion and according to the information and explanations
given to us, personal expenses have not been charged to revenue
account.
20. According to Clause (O) of Sub Section (1) of Section 3 of the
Sick Industrial Companies (Special Provisions) Act, 1985 the Company is
not a sick industrial Company.
21. The provision of special statutes applicable to Chit, Nidhi or
Mutual benefit companies are not applicable to the Company.
22. The Company has maintained proper records of transactions and
contracts of dealing with or trading in shares, securities, debentures
and other investments.
As Per Our Report of Even Date Attached
FOR R.S. AHUJA & COMPANY
CHARTERED ACCOUNTANTS
Sd/-
(RAJAN MALIK)
Partner
PLACE : New Delhi
DATE : July 29, 2002
Mar 31, 2001
We have audited the attached Balance Sheet of United Leasing &
Industries Limited as at 31st March, 2001 and also the Profit and Loss
Account of the Company for the year ending on 31st March, 2001 annexed
thereto and report that:
1. As required by the Manufacturing and other Companies (Auditors
Report) Order, 1988 issued by the Company Law Board in terms of Section
227 (4A) of the Companies Act, 1956, we enclose in the annexure, 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 1
above :
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 accounts as required by law have
been kept by the Company, so far as appears from our examination of the
books;
c) The Balance Sheet and Profit and Loss account dealt with by this
report are in agreement with the books of accounts;
d) In our opinion the Balance Sheet & Profit and Loss Account comply
with the mandatory accounting standards referred to in Sub-Section (3C)
of Section 211 of the Companies Act, 1956.
e) Subject to the Note Nos. 5 & 6 in our opinion and to the best of our
information and according to the expalantion given to us, the accounts
read together with the notes to the accounts, give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view :
i) In the case of the Balance Sheet of the state of affairs of the
Company as at 31st March, 2001.
ii) In the case of Profit and Loss Account of the Profit of the Company
for the year ending 31 st March, 2001.
ANNEXURE
REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE
1. The Company has maintained proper records to show fui! particulars
including quantitative details and situation ot its fixed assets. The
management has certified that physical verification of major portion of
fixed assets has been conducted during the year and no discrepancy was
noticed on such verification.
2. None of the fixed assets have been revalued during the year.
3. The interval of physical verification of finished goods, stores,
spare parts and raw material in our opinion is reasonable.
4. The procedures of physical verification of stock are reasonable and
adequate considering the nature of the business.
5. It was reported that there were no material discrepancies noticed
on such verification.
6. Valuation of stock is proper and in accordance with the normally
accepted accounting principles and is on the same basis as in the
previous year.
7. As per the information given the Company has taken loans from
Companies and other parties listed in the register maintained under
Section 301 of the Companies Act, 1956. The interest rate and other
terms and conditions are prima facie not prejudicial to the interest of
the Company.
8. As per the information given the Company has given Loans and
Advances to Companies listed in the register maintained under Section
301 of the Companies Act, 1956. The rate of interest and other terms
and conditions are prima facie not prejudicial to interest of the
Company.
9. Considering the nature and size of the business of the company, in
our opinion, the parties to whom loans and advances have been given are
regular in repayment of principal instalment and interest generally and
wherever there is overdue, reasonable steps have been taken for the
recovery of the same.
10. 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 with regard
to purchase of stores, raw material, plant and machinery, equipment and
other assets and for sale of goods.
11. The transaction of purchase of goods and materials and sale of
goods, materiai and services made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 as aggregation during the year to Rs.50,000/-
or more in respect of each party, are made at prices which are
reasonable.
12. The unserviceable or damaged stores, raw material or finished
goods are provided in books of accounts
13. In our opinion and according to the information and explanations
given the Company has complied with the directions issued by the
Reserve Bank of India (RBI) and the provision of Section 58A of the
Companies Act, 1956 and the rules framed thereunder with regard to
deposits accepted from public.
14. The Company has no by products/scraps for the year under audit.
15. The Company has proper internal audit system commensurate with
size and nature of its business.
16. As reported by the management the maintenance of Cost records has
not been prescribed for the Company.
17. Employees State Insurance and provident fund dues have been
generally deposited with appropriate authori- ties within due dates.
18. In our opinion there is no undisputed amount payable as on the
last day of the financial year in respect of Income-tax, Wealth-Tax,
Sales -Tax, Custom Duty & Excise Duty which is outstanding for a period
more than six months.
19. In our opinion and according to the information and explanations
given to us, personal expenses have not been charged to revenue
account.
20. According to clause (0) of Sub-section (1) of section 3 of the
Sick Industrial Companies (Special Provisions), Act, 1985 the Company
is not a Sick Industrial Company.
21. The provision of special statutes applicable to Chit, Nidhi or
Mutual benefit companies are not applicable to the Company.
22. The Company has maintained proper records of transactions and
contracts of dealing with or trading in shares, securities, debentures
and other investments.
For R.S. AHUJA & Co.
Chartered Accountants
Place: New Delhi (RAJAN MALIK)
Date : June 19, 2001 PARTNER