Mar 31, 2016
TO THE MEMBERS OF
UNIVERSAL CREDIT AND SECURITIES LTD.
Report on the Financial Statements
We have audited the accompanying financial statements of UNIVERSAL CREDIT AND SECURITIES LTD ("the companyâ), which comprise the Balance Sheet as at 31 March 2016, 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.
Managementâs 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 Actâ) with respect to the preparation of these financial statements that give a true and fair view of the financial position and financial performance 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 the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 control, 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.
Auditorâs 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 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 true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and operating effectiveness of such controls. 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 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 2016, and its loss and its cash flow 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 Orderâ) 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, to the extent applicable.
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 purposes of our audit.
b) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
c) the Balance Sheet and the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid 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 written representations received from the directors as on 31 March, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2016, from being appointed as a director in terms of Section 164(2) of the Act.
f) In our opinion and to the best of our information and according to the explanations given to us, we report as under 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:
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 derivatives contracts for which there were any material foreseeable losses.
iii. There were no amounts which required to be transferred by the Company to the Investor Education and Protection Fund.
ANNEXURE TO THE INDEPENDENT AUDITORSâ REPORT
(Referred to in paragraph 1 under âReport on Other Legal and Regulatory Requirementsâ section of our report of even date)
1. a) The company has maintained requisite records showing required particulars including quantitative details and situation of its fixed assets.
b) According to the information and explanation given to us by the management of the company, most of the fixed assets of the company have been physically verified by the management during the year and the intervals of such verification had also been reasonable.
2. The provisions of Clause 2(a), 2(b) & 2(c) are not applicable since there is no activity and inventory during the year.
3. The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under Section 189 of the Act.
4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and its nature of business. During our course of audit, no major weakness was noticed by us in the existing internal control system in procedure.
5. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits during the year and does not have any unclaimed deposits. Therefore, the provisions of the clause 3 (v) of the Order are not applicable to the Company.
6. The provisions of clause 3 (vi) of the Order are not applicable to the Company as the Company is not covered by the Companies (Cost Records and Audit) Rules, 2014.
7. a) According to the books and records as produced and examined by us in accordance with
Generally Accepted Auditing Practices in India and also based on management representations, undisputed statutory dues in respect of provident fund, employee state insurance, income tax, wealth tax, service tax, sales tax, value added tax, excise duty, cess and other material statutory dues have generally been regularly deposited by the company during the year with the appropriate authorities in India.
b) According to information and explanations given to us, no undisputed amounts payable in respect of income tax, service tax and excise duty were outstanding as on 31st March, 2016 for a period more than six months from the date the same became payable.
c) According to the information and explanations given to us the amounts which were required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there under has been transferred to such fund within time.
8. The Company does not have accumulated losses at the end of the financial years but has incurred cash losses during the financial year covered by our audit but not in the immediately preceding financial year.
9. As observed by us and as per the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to its financial institution or bank during the year under audit.
10. As per the information and explanations given to us, the company has not given any guarantee for loans taken by others from any bank or financial institutions. Hence, reporting on terms and conditions of any such guarantee is irrelevant to our reporting.
11. According to the information and explanations given to us, the Company did not avail any term loan during the year
12. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year under audit and even up to the date of our audit.
For MUKESH M CHOKSHI & CO.,
Chartered Accountants
Sd/-
MUKESH CHOKSHI
Proprietor
MEM. NO. 31751
Place: MUMBAI
Date: 01/09/2016
Mar 31, 2015
We have audited the accompanying financial statements of UNIVERSAL
CREDIT AND SECURITIES LTD ("the company"), which comprise the Balance
Sheet as at 31 March 2015, 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 financial statements that give a true and
fair view of the financial position and financial performance 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 the maintenance of adequate
accounting records in accordance with the provision of the Act for
safeguarding of the assets of the Company and for preventing and
detecting the 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 control, 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 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 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 true and fair view,
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and operating effectiveness of
such controls. 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 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 loss and its cash flow 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,
to the extent applicable.
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
purposes of our audit.
b) In our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
c) the Balance Sheet and the Statement of Profit and Loss, and Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the aforesaid 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 written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under 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:
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
derivatives contracts for which there were any material foreseeable
losses.
iii. There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT (Referred to in paragraph
1 under 'Report on Other Legal and Regulatory Requirements' section
of our report of even date)
1. a) The company has maintained requisite records showing required
particulars including quantitative details and situation of its fixed
assets.
b) According to the information and explanation given to us by the
management of the company, most of the fixed assets of the company have
been physically verified by the management during the year and the
intervals of such verification had also been reasonable.
2. The provisions of Clause 2(a), 2(b) & 2(c) are not applicable since
there is no activity and inventory during the year.
3. The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the Register maintained
under Section 189 of the Act.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and its nature of business.
During our course of audit, no major weakness was noticed by us in the
existing internal control system in procedure.
5. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits during the year and
does not have any unclaimed deposits. Therefore, the provisions of the
clause 3 (v) of the Order are not applicable to the Company.
6. The provisions of clause 3 (vi) of the Order are not applicable to
the Company as the Company is not covered by the Companies (Cost
Records and Audit) Rules, 2014.
7. a) According to the books and records as produced and examined by
us in accordance with Generally Accepted Auditing Practices in India
and also based on management representations, undisputed statutory dues
in respect of provident fund, employee state insurance, income tax,
wealth tax, service tax, sales tax, value added tax, excise duty, cess
and other material statutory dues have generally been regularly
deposited by the company during the year with the appropriate
authorities in India.
b) According to information and explanations given to us, no undisputed
amounts payable in respect of income tax, service tax and excise duty
were outstanding as on 31st March, 2015 for a period more than six
months from the date the same became payable.
c) According to the information and explanations given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules there under has been
transferred to such fund within time.
8. The Company does not have accumulated losses at the end of the
financial years but has incurred cash losses during the financial year
covered by our audit but not in the immediately preceding financial
year.
9. As observed by us and as per the information and explanations given
by the management, we are of the opinion that the company has not
defaulted in repayment of dues to its financial institution or bank
during the year under audit.
10. As per the information and explanations given to us, the company
has not given any guarantee for loans taken by others from any bank or
financial institutions. Hence, reporting on terms and conditions of any
such guarantee is irrelevant to our reporting.
11. According to the information and explanations given to us, the
Company did not avail any term loan during the year
12. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the year under audit
and even up to the date of our audit.
For C.B.MEHTA & CO.,
Chartered Accountants
(Firm Registration No. : 133653W)
Sd/-
C.B.MEHTA
Proprietor
MEM. NO. 517103
Place: VADODARA
Date: 01/09/2015
Mar 31, 2014
1. We have audited the attached Balance Sheet of Universal Credit and
Securities Limited (''the Company'') as at March 31, 2014 and also the
Profit and Loss Account and the Cash Flow Statement 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 audit.
2. 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.
3. As required by the Companies (Auditor''s Report) Order, 2003 (as
amended) (the Order) issued by the Central Government of India in terms
of sub-section (4A) of Section 227 of the Companies Act, 1956, we
enclose in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the said Order.
4. 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 of our knowledge and belief were necessary for the purposes of our
audit;
ii. 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;
iii. The balance sheet, profit and loss account and cash flow
statement dealt with by this report are in agreement with the books of
account;
iv. In our opinion, the balance sheet, profit and loss account and
cash flow statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956.
v. On the basis of the written representations received from the
directors, as on March 31, 2014, and taken on record by the Board of
Directors, we report that
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.
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;
· in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
· in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
· in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure to the Auditor''s Report (i) (a) The fixed assets of the
Company comprises of leased fixed assets and other fixed assets. The
Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) All fixed assets, except leased assets, were physically verified by
the management during the year in accordance with a planned program of
verifying them which, in our opinion, is reasonable having regard to
the size of the Company and the nature of its assets. As informed, no
material discrepancies were noticed on such verification.
(c) There was no substantial disposal of fixed assets during the year.
(ii) (a) The securities held as stock in trade by the custodian are
verified with the confirmation statement received from them on a
regular basis. In our opinion, the frequency of such verification is
reasonable.
(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. The Company is maintaining
proper records of inventory and no discrepancies were noticed on
comparing the physical securities/ statement from custodian with book
records.
(iii) As informed, the Company has not granted nor taken any loans,
secured or unsecured to/from companies, firms or other parties covered
in the register maintained under section 301 of the Companies Act,
1956.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of securities and fixed assets and for the sale of securities
and services. During the course of our audit, no major weakness has
been noticed in the internal control system in respect of these areas.
(v) According to the information and explanations provided by the
management, we are of the opinion that the particulars of contracts or
arrangements referred to in section 301 of the Act that need to be
entered into the register maintained under section 301 have been so
entered.
(vi) The Company has not accepted any deposits from the public.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) The provision of clause (viii) of the Order is not applicable to
the Company in the year under audit and hence not reported upon.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
income-tax, wealth tax, service tax and other material statutory dues
applicable to it. The provisions of Investor Education and Protection
Fund, customs duty, excise duty and cess are not applicable to the
Company in the current year.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
service tax, sales-tax, cess and other undisputed statutory dues were
outstanding, at the year end, for a period of more than six months from
the date they became payable.
(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
(xi) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to financial
institution, banks or debenture holders.
(xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 (as amended) are not
applicable to the Company.
(xiv) In respect of dealing/trading in shares, securities, debentures
and other investments, in our opinion and according to the information
and explanations given to us, proper records have been maintained of
the transactions and contracts and timely entries have been made
therein. The shares, securities, debentures and other investments have
been held by the Company, in its own name.
(xv) According to the information and explanations given to us, the
Company has not given counter guarantee for loans taken by anybody.
(xvi) The Company did not have any term loans outstanding during the
year. For this purpose loans with repayment periods beyond 36 months
are considered are considered as long term loans.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet and cash flow statement 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 to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
(xix) The Company did not have any outstanding secured debentures
during the year.
(xx) The Company has not raised any money through a public issue.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements 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.
C B Mehta & Co.,
Chartered Accountants
Sd/-
Date : 01/09/2014 (Chinmay Mehta)
Place :Vadodara Proprietor
M.No.517103
Mar 31, 2012
1. We have audited the attached Balance Sheet of Universal Credit and
Securities Limited ('the Company') as at March 31, 2012 and also the
Profit and Loss Account and the Cash Flow Statement 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 audit.
2. 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.
3. As required by the Companies (Auditor's Report) Order, 2003 (as
amended) (the Order) issued by the Central Government of India in terms
of sub-section (4A) of Section 227 of the Companies Act, 1956, we
enclose in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the said Order.
4. 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 of our knowledge and belief were necessary for the purposes of our
audit;
ii. 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;
iii. The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
iv. In our opinion, the balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956.
v. On the basis of the written representations received from the
directors, as on March 31, 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2012 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, they 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;
- in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2012;
- in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
- in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure to the Auditor's Report
(i) (a) The fixed assets of the Company comprises of leased fixed
assets and other fixed assets. The Company has maintained proper
records showing full particulars, including quantitative details and
situation of fixed assets.
(b) All fixed assets, except leased assets, were physically verified by
the management during the year in accordance with a planned program of
verifying them which, in our opinion, is reasonable having regard to
the size of the Company and the nature of its assets. As informed, no
material discrepancies were noticed on such verification.
(c) There was no substantial disposal of fixed assets during the year.
(ii) (a) The securities held as stock in trade by the custodian are
verified with the confirmation statement received from them on a
regular basis. In our opinion, the frequency of such verification is
reasonable.
(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. The Company is maintaining
proper records of inventory and no discrepancies were noticed on
comparing the physical securities/ statement from custodian with book
records.
(iii) As informed, the Company has not granted nor taken any loans,
secured or unsecured to/from companies, firms or other parties covered
in the register maintained under section 301 of the Companies Act,
1956.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of securities and fixed assets and for the sale of securities
and services. During the course of our audit, no major weakness has
been noticed in the internal control system in respect of these areas.
(v) According to the information and explanations provided by the
management, we are of the opinion that the particulars of contracts or
arrangements referred to in section 301 of the Act that need to be
entered into the register maintained under section 301 have been so
entered.
(vi) The Company has not accepted any deposits from the public.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) The provision of clause (viii) of the Order is not applicable to
the Company in the year under audit and hence not reported upon.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
income-tax, wealth tax, service tax and other material statutory dues
applicable to it. The provisions of Investor Education and Protection
Fund, customs duty, excise duty and cess are not applicable to the
Company in the current year.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
service tax, sales-tax, cess and other undisputed statutory dues were
outstanding, at the year end, for a period of more than six months from
the date they became payable.
(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
(xi) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to financial
institution, banks or debenture holders.
(xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor's Report) Order, 2003 (as amended) are not
applicable to the Company.
(xiv) In respect of dealing/trading in shares, securities, debentures
and other investments, in our opinion and according to the information
and explanations given to us, proper records have been maintained of
the transactions and contracts and timely entries have been made
therein. The shares, securities, debentures and other investments have
been held by the Company, in its own name.
(xv) According to the information and explanations given to us, the
Company has not given counter guarantee for loans taken by anybody.
(xvi) The Company did not have any term loans outstanding during the
year. For this purpose loans with repayment periods beyond 36 months
are considered are considered as long term loans.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet and cash flow statement 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 to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
(xix) The Company did not have any outstanding secured debentures
during the year.
(xx) The Company has not raised any money through a public issue.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements 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.
Bhadresh B. Sanghavi & Associates.
Chartered Accountant
Date : 31-08-2012
Sd/-
Place :MUMBAI
(Bhadresh B. Sanghavi)
M.No.111652
Proprietor
Mar 31, 2010
1. We have audited the attached Balance Sheet of Universal Credit and
Securities Limited (the Company1) as at March 31, 2010 and also the
Profit and Loss Account and the Cash Flow Statement 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.
2. 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.
3. As required by the Companies (Auditors Report) Order, 2003 (as
amended) (the Order) issued by the Central Government of India in terms
of sub-section (4A) of Section 227 of the Companies Act, 1956, we
enclose in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the said Order.
4. 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 of our knowledge and belief were necessary for the purposes of our
audit;
II. 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;
ill. The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
iv. In our opinion, the balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub- section (3C) of section 211 of the
Companies Act, 1956.
v. On the basis of the written representations received from the
directors, as on March 31, 2010, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2010 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;
- in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2010;
- in the case of the Profit and Loss Account, of the profit for the
ear ended on that date; and
- in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure to the Auditors Report
(i) (a) The fixed assets of the Company comprises of leased fixed
assets and other fixed assets. The Company has maintained proper
records showing full particulars, including quantitative details and
situation of fixed assets.
(b) All fixed assets, except leased assets, were physically verified by
the management during the year in accordance with a planned program of
verifying them which, in our opinion, is reasonable having regard to
the size of the Company and the nature of its assets. As informed, no
material discrepancies were noticed on such verification.
(c) There was no substantial disposal of fixed assets during the year.
(ii) (a) The securities held as stock in trade by the custodian are
verified with the confirmation statement received from them on a
regular basis. In our opinion, the frequency of such verification is
reasonable.
(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. The Company is
maintaining proper records of inventory and" no discrepancies were
noticed on comparing the physical securities/ statement from custodian
with book records.
(iii) As informed, the Company has not granted nor taken any loans,
secured or unsecured to/from companies, firms or other parties covered
in the register maintained under section 301 of the Companies Act,
1956.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of securities and fixed assets and for the sale of securities
and services. During the course of our audit, no major weakness has
been noticed in the internal control system in respect of these areas.
(v) According to the information and explanations provided by the
management, we are of the opinion that the particulars of contracts or
arrangements referred to in section 301 of the Act that need to be
entered into the register maintained under section 301 have been so
entered.
(vi) The Company has not accepted any deposits from the public.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) The provision of clause (viii) of the Order is not applicable to
the Company in the year under audit and hence not reported upon.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
income-tax, wealth tax, service tax and other material statutory dues
applicable to it. The provisions of Investor Education and Protection
Fund, customs duty, excise duty and cess are not applicable to the
Company in the current year.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
service tax, sales-tax, cess and other undisputed statutory dues were
outstanding, at the year end, for a period of more than six months from
the date they became payable.
(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
(xi) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of- dues to financial
institution, banks or debenture holders.
(xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis -of security by way of pledge
of shares, debentures and other securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) Order, 2003 (as amended) are not
applicable to the Company.
(xiv) In respect of dealing/trading in shares, securities, debentures
and other investments, in our opinion and according to the information
and explanations given to us, proper records have been maintained of
the transactions and contracts and timely entries have been made
therein. The shares, securities, debentures and other investments been
held by the Company, in its own name.
(xv) According to the information and explanations given to us, the
Company has not given counter guarantee for loans taken by anybody.
(xvi) The Company did not have any term loans outstanding during the
year. For this purpose loans with repayment periods beyond 36 months
are considered are considered as long term loans. Ã
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet and cash flow statement 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
to parties or companies covered in the register maintained under
section 301 of the Companies Act, 1956. ,
(xix) The Company did not have any outstanding secured debentures
during the year.
(xx) The Company has not raised any money through a public issue.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements 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.
Bhadresh B. Sanghavi & Associates.
Chartered Accountants
Sd/-
(Bhadresh B. Sanghavi)
Date : 20-08-2010 Proprietor
Place : MUMBAI M.No.l 11652
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