Mar 31, 2014
We have audited the accompanying financial statements of Universal
Prime Aluminium 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") read with the General Circular 15/2013 dated 13th September 2013
of the Ministry of Corporate Affairs in respect of section 133 of the
companies Act, 2013. 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 qualified audit opinion.
Basis for Qualified Opinion
I. The liabilities for employee benefits are not being made in
accordance with clauses of Accounting Standard 15 - Employee Benefit
(Revised).
Qualified Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of the matter
described in the Basis for Qualified Opinion paragraph, the financial
statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Emphasis of Matter
I. Attention is invited to note no. 19.1 forming part of Financial
Statement regarding preparation of accounts on "Going Concern" basis
despite discontinuation of manufacturing activity and disposing off of
entire plant and machinery. "Going Concern" assumption is subject to
Company''s ability to set up manufacturing facility as described
therein. Our opinion is not qualified in this respect.
II. We draw attention to Note below Note No.6 with respect to
disclosure requirement under Micro Small & Medium Enterprises
Development Act; Information has been sought from suppliers under MSME
Act 2006. Pending receipt of such confirmation disclosure could not be
furnished. Our opinion is not qualified in respect of this matter.
III. We draw attention to Note no. 19.10 related to provision not being
made for overdue redemption proceeds of Redeemable Debentures; we are
unable to express an opinion with regard to the extent of
recoverability / realisability of such overdue receivable amounts of "
2500000 due for redemption in March 2014. Our opinion is not qualified
in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("theOrder") 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 under provisions of section 227(3) of the Companies Act
1956, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) in our opinion, the Balance Sheet, the Statement of Profit and Loss,
and 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.
ANNEXURE TO AUDITORS'' REPORT
Referred to in Paragraph 3 of our Report of even date
1. (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) Company has not carried out physical verification of assets during
the year under audit.
(c) During the year company has not disposed off any substantial part
of fixed assets.
2. (a) Company has not physically verified the inventory during the
year under audit
(b) As the physical verification is not being carried out other
sub-clauses are not applicable
3. (a) As per the information and explanation given to us, the Company
has granted unsecured loans to two companies covered under section 301
the Companies Act 1956. Total amount given during the year aggregated
to " 84,00,000in addition to loans granted during the previous year.
The maximum outstanding aggregated to " 4,80,40,000and outstanding as
at year end aggregated to " 4,45,50,636.
(b) In our opinion, the rate of interest on which loan have been given
to parties listed in register maintained under Section 301 of the
Companies Act, 1956 is not prejudicial to the interest of the Company.
(c) The party to whom loan is granted was regular in the payment of
interest. No repayment period is prescribed hence comment on regular
repayment of principle cannot be provided.
(d) As repayment period for principle amount is not stipulated the
clause 4 (iii) (d) related to steps taken for recovery is not
applicable.
(e) The Company has not taken any loans, secured or unsecured from
Companies, firms or other parties covered in the Register maintained
under section 301 of the Companies Act, 1956. Accordingly clause
4iii(f) and iii(g) of the order are not applicable.
4. In our opinion and according to the information and explanations
given to us, the clause 4 (iv)is not applicable as company is not in
operation and there were no transaction of purchase of inventory and
fixed asset.
5. Based on the Audit procedures performed and according to the
information and explanations given to us the transactions covered by
Section 301 are being recorded in the Register maintained in pursuance
of section 301 of the Companies Act, 1956.
6. The company has not accepted any deposits from the public within
the provisions of section 58A and 58AA of the Companies Act, 1956 or
any relevant provisions of the Act and the Companies (Acceptance of
Deposit Rules 1975 apply.
7. The company does not have any formal internal audit system.
8. According to the information given to us, the provisions of section
209(1) (d) for maintenance of cost recordsare not applicable in view of
discontinuation of manufacturing operations.
9. (a) The Company has been generally regular in depositing undisputed
statutory dues including provident fund, employee''s state insurance,
income tax, sales tax, service tax, excise duty, custom duty and other
material dues with appropriate authorities, as applicable to the
Company
(b) The details of dues which are not deposited on account of dispute
are detailed below:
* Central Sales Tax Demand contested under appeal " 1,46,202 (Previous
Year " 1,46,202),
* Other disputed claims -Telephone Exp. dues at Hyderabad " 140000
(Previous Year " 140000)
* Property taxes of PendharGrampanchayat of " 862574 demanded by
Grampanchayat vide demand notice no. 177dt. 18-2-2006 for the period up
to 31-3-2006 against which company has filed special suit in the court
of Civil Judge Senior division Panvel.
10. Company''s accumulated losses at the end of financial year do not
exceed 50% of its Net worth. Company has not incurred cash loss during
the year under audit as well in the immediately preceding financial
year.
11. According to the records, Company has not obtained loan from any
financial institution and banks thus the clause is not applicable.
12. According to the information and explanation given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or nidhi /mutual benefit
fund/society.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4 (xiv) of the Order are not applicable to the
Company.
15. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from bank or financial institutions.
16. The Company has not availed credit facilities from the Banks;
hence clause 16 is not applicable.
17. Company has not raised any funds from bank or other institutions
thus clause 17 is not applicable.
18. During the year under Audit, 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.
19. On the basis of records made available to us, the Company has not
issued any debentures; therefore the creation of charges does not
arise.
20. The Company has not raised any money by way of Public Issue during
the year.
21. To the best of our knowledge and belief and as represented to us
by the management and on the basis of our examination, during the year
no fraud on or by the company has been noticed or reported by/to us
during the course of our audit.
For SINGHI & CO.
Chartered Accountants
Firm Registration No. 302049E
S. Chandrasekhar
Place : Mumbai Partner
Dated : 30th May 2014 Membership No. 007592
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Universal
Prime Aluminium Limited (the Company"), which comprise the Balance
Sheet as at March 31, 2013, 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 forthe 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 referred to in sub-section (3C) of section 211 of the
CompaniesAct, 1956 ("the Act") and In accordance with 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 auditofsjudgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of 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 qualified audit opinion.
Basis of qualification
1. As reported in earlier years, the Company had discontinued
manufacture of alluminium collapsible tubes and has disposed off
substantial portion of its plant and machinery. As stated in Note
no.20.1 the Accounts have been prepared on ''going concern'' basis. The
appropriateness of the said basis is dependent on the Company''s ability
to bring in new project as detailed in the note and resuming normal
operations.
2. We are unable to express an opinion with regard to the extent of
recoverability/ readability of the Non- moving inventory of Raw
Materials of Rs. 13,568/-as referred in (Note no. 12) in view of the
cessation of manufacturing activity.
3. Disclosure requirement under Micro Small & Medium Enterprises
Development Act have not been complied with.(Note 6)
4. Unpaid share application money has not been transferred to Investor
Education and Protection fund (Note 20.5).
5. Employee benefits have not been calculated on Actuarial Valuation
Basis as per AS 15 (Refer note 20.10)
Opinion
In our opinion and to the best of our information and according to the
explanations given to us and subject to the fact of accounts being
drawn on a going concern basis (para 1 above) and other matters (para 2
to 5 above) stated in basis of qualification, 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. 2013;
b) in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date. Report on Other Legal and Regulatory
Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
ftheOrder") 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 under provisions of section 227(3) of the Companies Act
1956, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with thaAccounting Standards referred to in
subsection (3C) of section 211 ofthe Act;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO AUDITORS'' REPORT Referred to in Paragraph 3 of our Report
of even date
1. (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) Company has not carried out physical verification of assets during
the year under audit.
(c) Company has disposed off substantial Plant & Machinery. We are of
the opinion that the disposal has affected the going concern status of
the Company.
2. (a) Company has not physically verified the inventory during the
year under audit
(b) As the physical verification is not being carried out other
sub-clauses are not applicable
3. (a) As per the information and explanation given to us, the Company
has granted unsecured loans to one company covered under section 301
the Companies Act 1956. Total amount given during the year aggregated
to Rs. 8,00,000 in additional to loans granted during the previous
year. The maximum outstanding aggregated to Rs. 5,22,01,816 and
outstanding as at year end aggregated to Rs. 4,54,57,300.
(b) In our opinion, the rate of interest on which loan have been given
to parties listed in register maintained under Section 301 of the
Companies Act, 1956 are prejudicial to the interest of the Company.
(c) The loan given are repayable on demand and thus the clause with
respect to regularity of repayment of principle is not applicable. As
regard interest, the repayment of the same is regular.
(d) As the loans are repayable on demand, the clause with respect to
steps taken for recovery of principle is not applicable.
(e) The Company has not taken any loans, secured or unsecured from
Companies, firms or other parties covered in the Register maintained
under s e ction 301 of the Companies Act, 1956. Accordingly clause 3(f)
and 3(g) of the order are not applicable.
4. In our opinion and according to the information and explanations
given to us, the clause is not applicable as company is not in
operation and there were no transaction of purchase of inventory and
fixed asset.
5. Based on the Audit procedures performed and according to the
information and explanations given to us the transactions covered by
Section 301 are being recorded in the Register maintained in pursuance
of section 301 of the Companies Act, 1956.
6. The company has not accepted any deposits from the public within
the provisions of section 58A and 58AA of the Companies Act, 1956 or
any relevant provisions of the Act and the Companies (Acceptance of
Deposit) Rules 1975.
7. The company does not have any formal internal audit system.
8. The clause related to review of cost record is not applicable as
the clauses of Section 209 (1) (d) of the Company Act are not
applicable to the company in view of discontinuation of production
activity,
9. (a) The Company has been generally regular in depositing undisputed
statutory dues including provident fund, employee''s state insurance,
income tax, sales tax, service tax, excise duty, custom duty and other
material dues with appropriate authorities, as applicable to the
Company
(b) The undisputed amount payable and outstanding for more than Six
month is with respect to Investor Education and Protection Fund of Rs.
89,895 which is outstanding for more than six months as at 31st March
2013.
(c) The details of dues which are not deposited on account of dispute
are detailed *elow:
- Central Sales Tax Demand contested under appeal Rs. 1,46,202
(Previous Year Rs. 1,46,202),
- Property taxes of Pendhar Grampanchayat of Rs.862574 demanded by
Grampanchayat vide demand notice no. 177dt. 18-2-2006for the period up
to 31-3-2006 against which company has filed special suit in the court
of Civil Judge Senior division Panvel.
10. Company''s accumulated losses at the end of financial year do not
exceed 50% of its Net worth. Company has not incurred cash loss during
the year under audit as well in the immediately preceding financial
year.
11. According to the records, Company has not obtained loan from any
financial institution and banks thus the clause is not applicable.
12. According to the information and explanation given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or nidhi /mutual benefit
fund/society.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4 (xiv) of the Order are not applicable to the
Company.
15. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from bank or financial institutions.
16 The Company has not availed credit facilities from the Banks; hence
clause 16 is not applicable.
17. Company has not raised any funds from bank or other institutions
thus clause 17 is not applicable.
18. During the year under Audit, 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.
19. On the basis of records made available to us, the Company has not
issued any debentures; therefore the creation of charges does not
arise.
20. The Company has not raised any money by way of Public Issue during
the year.
21. To the best of our knowledge and belief and as represented to us
by the management and on the basis of our examination, during the year
no fraud on or by the company has been noticed or reported by/to us
during the course of our audit.
For SINGHI & CO.
Chartered Accountants
Firm Registration No. 302049E
S. Chandrasekhar J
Place : Mumbai Partner
Dated : 28th June 2013 Membership No. 007592
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s Universal Prime
Aluminium Limited as at 31st March 2012 and Statement of Profit & Loss
and also the Cash Flow Statement for the year ended on that date.
These Financial Statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
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 check 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 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose as 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:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for 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 appears from our examination of those
books;
c) The Balance Sheet and Statement of Profit & Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
d) The attached Balance Sheet and Statement of Profit & Loss and Cash
Flow Statement of Company dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956, to the extent applicable.
e) On the basis of 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 are disqualified as on 31st March
2012 from being appointed as a Director in terms of Clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
f) As reported in earlier years, the Company had discontinued
manufacture of alluminium collapsible tubes due to the advent of
plastic laminated tubes. During the year under review the Company has
disposed off substantial portion of its plant and machinery and due to
reason stated in Note no. 20 1 the Accounts have been prepared on
'going concern' basis.
g) We are unable to express an opinion with regard to the extent of
recoverability/realisability of the Non-moving inventory of Stores and
Spares aggregating to 13,477/- and Raw Materials of 13,568/-.
h) Attention is invited to :
- Note below Schedule 5 with respect to disclosure requirement under
Micro Small & Medium Enterprises Development Act;
- Note no 26.6 related to non-transfer of unpaid share application
money to Investor Education and Protection fund; and
- Note no. 20.11 related to non-compliance with Accounting Standard
15 - Employee Benefit.
5. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to what is
stated in paragraphs 4 (f) related to account being prepared on
'going concern' basis, 4 (h) related to realisablity of inventory
non-compliance with disclosure requirement under MSME Act, non-transfer
of share application money and non-compliance Accounting Standard 15,
having consequential impact (presently not ascertainable) on the profit
for the year, Reserves and Surplus and Assets of the Company give a
true and fair view in conformity with the accounting principles
generally accepted in India :
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012 ;
ii) in case of the Statement of Profit & Loss Account, of the Profit
for the year ended on that date and
iii) in the case of the Cash Flow statement, of the Cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS' REPORT
Referred to in Paragraph 3 of our Report of even date
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) Company has not carried out physical verification of assets during
the year under audit.
(c) During the year company has disposed off substantial Plant &
Machinery. We are of the opinion that the disposal has affected the
going concern status of the Company.
2. a) Company has not physically verified the inventory during the
year under audit
b) As the physical verification is not being carried out other
sub-clauses are not applicable.
3. (a) As per the information and explanation given to us, the Company
has granted unsecured loans to one company covered under section 301
the Companies Act 1956. Total amount given during the year aggregated
to 63,00,000 in additional to loans granted during the previous year.
The maximum outstanding and outstanding as at year end aggregated to
5,22,01,816.
(b) In our opinion, the rate of interest on which loans have been given
to parties listed in the register maintained under Section 301 of the
Companies Act, 1956 are prejudicial to the interest of the Company.
(c) The party to whom loan is granted was regular in the payment of
interest. No payment has been made towards Principal.
(d) As explained to us, the Company has taken reasonable steps for the
recovery of principal amount and interest.
(e) The Company has not taken any loans, secured or unsecured from
Companies, firms or other parties covered in the Register maintained
under section 301 of the Companies Act, 1956. Accordingly clause 3(f)
and 3(g) of the order are not applicable.
4. 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 inventory and fixed assets and for the sale of goods.
During the course of our audit, no major weakness has been noticed in
the internal controls system.
5. Based on the Audit procedures performed and according to the
information and explanations given to us the transactions covered by
Section 301 are being recorded in the Register maintained in pursuance
of section 301 of the Companies Act, 1956.
6 The company has not accepted any deposits from the public within the
provisions of section 58A and 58AA of the Companies Act, 1956 or any
relevant provisions of the Act and the Companies (Acceptance of Deposit
Rules 1975 apply).
7. The company does not have any formal internal audit system.
However, as explained to us, effective internal control is generally
being exercised departmentally.
8. According to the information given to us the central government has
not prescribed for the maintenance of cost records under section 209(1)
(d) of the Companies Act, 1956 for any of the products manufactured by
the company.
9. (a) The Company has been generally regular in depositing undisputed
statutory dues including provident fund, employee's state insurance,
income tax, sales tax, service tax, excise duty, custom duty and other
material dues with appropriate authorities, as applicable to the
Company.
(b) The undisputed amount payable and outstanding for more than Six
month is with respect to Investor Education and Protection Fund of
89,895 which is outstanding for more than six months as at 31st March,
2012.
(c) The details of dues which are not deposited on account of dispute
are detailed below :
- Central Sales Tax Demand contested under appeal 1,46,202 (Previous
Year 1,46,202)
- Other disputed claims - Telephone Exp. dues at Hyderabad 140000
(Previous Year 140000)
- Property taxes of Pendhar Grampanchayat of 862574 demanded by
Grampanchayat vide demand notice no. 177 dt. 18-2-2006 for the period
up to 31-3-2006 against which company has filed special suit in the
court of Civil Judge Senior division Panvel.
10. Company's accumulated losses at the end of financial year do not
exceed 50% of its Net worth. Company has not incurred cash losses
during the year under audit as well in the immediately preceding
financial year.
11. According to the records of the Company, and based on information
and explanation given to us, the company has not defaulted in repayment
of dues to a financial institution or bank or debenture holders.
12. According to the information and explanation given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or nidhi / mutual benefit fund /
society.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4 (xiv) of the Order are not applicable to the
Company.
15. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from bank or financial institutions.
16. The company has not availed credit facilities from the Banks,
hence clause 16 is not applicable.
17. Company has not raised any funds from bank or other institutions
thus caluse 17 is not applicable.
18. During the year under Audit, 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.
19. On the basis of records made available to us, the Company has not
issued any debentures; therefore the creation of charges does not
arise.
20. The Company has not raised any money by way of Public Issue during
the year.
21. To the best of our knowledge and belief and as represented to us
by the management and on the basis of our examination, during the year
no fraud on or by the company has been noticed or reported by/to us
during the course of our audit.
For SINGHI & CO.
Chartered Accountants
Firm Registration No. 302049E
S.Chandrasekhar
Place : Mumbai Partner
Dated : 22nd August 2012 Membership No. 7592
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/s Universal Prime
Aluminium Limited as at 31 st March 2011, Profit & Loss Account and
also the Cash Flow Statement for the year ended on that date. These
Financial Statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
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 check 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 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose as 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:
a) The Company has discontinued manufacturing of Aluminium Collapsible
Tubes and Oval Tin Containers at Taloja factory. Fixed Assets of the
Gross Block Value of Rs. 2,28,87,471/- and Net Block Value of Rs.
41,47,628/- as at 31st March 2011, in our opinion, should have been
stated at their net realisable value and the loss, if any, as may arise
should have been provided for, in view of discontinued activities as
mentioned above (Refer Note No. 2 in Schedule '14' )
b) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for purposes of our
audit except for information mentioned at paragraph 4 (i) below;
c) 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;
d) The Balance Sheet and Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
e) Subject to what is stated in paragraph 4 (a) above, in our opinion,
the attached Balance Sheet and Profit & Loss Account and Cash Flow
Statement of Company dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956, to the extent applicable.
f) On the basis of written representations received from the Directors
as on March 31, 2011 and taken on record by the Board of Directors, we
report that none of the Directors are disqualified as on 31st March
2011 from being appointed as a Director in terms of Clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
g) We are unable to express an opinion with regard to the extent of
recoverability/ realisability of the following:
i) Long overdue / Legally disputed debtors of Rs. 39,22,530/- and loans
and advances (including deposits) of Rs. 5,78,099/-;
ii) Non-moving inventory of Stores and Spares aggregating to Rs.
53,911/- and Raw Materials of Rs. 10,29,268/- (including Rs.
10,29,268/- lying with third party against whom a legal case has been
filed for recovery lying for over 9 years.).
No provision for the losses, if any, has been made for the above as
explained in Notes No. 5, and 7 (a) & (b) in Schedule 14).
In respect of Non-moving inventory, 25% provision (25% of Rs. 71,882/-)
is been made.
h) The Company is in the process of obtaining / compiling information
regarding dues / over dues to suppliers falling under the category of
small scale and /or ancillary industries (Refer Note No. 10 in Schedule
'14')
i) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to Note No.2 of
Schedule 14 regarding preparation of accounts on the basis of 'going
concern" and what is stated in paragraphs 4 (a) and 4 (g) above, having
consequential impact (presently not ascertainable) on the Loss for the
year, Reserves and Surplus and Assets of the Company read together with
Note No. 4 (b) of Schedule 14 regarding balances of certain Sundry
Debtors, Creditors and Advances being subject to confirmations
/reconciliation, if any, Note No.9 of Schedule 14regarding non-transfer
of unpaid share application money aggregating to Rs. 89,895/- to
Investor Education and Protection Fund and non compliance of Accounting
Standard 15 as mentioned in note no. 16 of Schedule 14 give a true and
fair view in conformity with the accounting principles generally
accepted in India :
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2011 ;
ii) in case of the Profit & Loss Account, of the Loss for the year
ended on that date and
iii) in the case of the Cash Flow statement, of the Cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS' REPORT
Referred to in Paragraph 3 of our Report of even date
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
is our opinion is reasonable, having regard to the size and nature of
its assets. As informed to us, no discrepancies have been noticed on
such physical verification as compared to the book records.
(c) According to the information and explanations given to us, we are
of the opinion that the disposal of fixed assets has not affected the
going concern status of the Company.
During the year, there are disposals of Fixed Assets of Gross Block
Value of Rs. 1,10,92,274/- as at 31st March 2011.
2. a) The Inventories have been physically verified during the year by
the Management. In our opinion, the frequency of the verification is
reasonable.
b) In our opinion, the procedures for physical verification of the
above-referred inventory, except stocks lying with third parties as
referred to in Paragraph 2(a) above, followed by the management are
reasonable and adequate in relation to the size of the Company and the
nature of its business.
c) In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of Inventory. No
discrepancies have been noticed on physical verification of stocks as
compared to records maintained by the Company.
3. (a) As per the information and explanations given to us, the
Company has granted unsecured loans to a Company covered under section
301 of the Companies Act 1956. The maximum balance outstanding at any
time during the year for such loan were Rs. 4,99,03,871/-.
(b) In our opinion, the rate of interest and other terms and conditions
on which loans have been granted to companies, firms or other parties
listed in the register maintained under Section 301 of the Companies
Act, 1956.
(c) The party to whom loan is granted was regular in the payment of
interest. No payment has been made towards Principal.
(d) As explained to us, the Company has taken reasonable steps for the
recovery of principal amount and interest.
(e) The Company has not taken any loans, secured or unsecured from
Companies, firms or other parties covered in the Register maintained
under section 301 of the Companies Act, 1956. Accordingly clause 3(0
and 3(g) of the order are not applicable.'
4. 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 inventory and fixed assets and for the sale of goods.
During the course of our audit, no major weakness has been noticed in
the internal controls system.
5. Based on the Audit procedures performed and according to the
information and explanations given to us there are no transactions that
need to be entered into the Register maintained in pursuance of section
301 of the Companies Act, 1956. Accordingly, sub clause (b) is not
applicable.
6 The company has not accepted any deposits from the public within the
provisions of section 58A and 58AA of the Companies Act, 1956 or any
relevant provisions of the Act and the Companies (Acceptance of Deposit
Rules 1975 apply).
7. The company does not have any formal internal audit system.
However, as explained to us, effective internal control is generally
being exercised departmentally.
8. According to the information given to us the central government has
not prescribed for the maintenance of cost records under section 209(1)
(d) of the Companies Act, 1956 for any of the products manufactured by
the company.
9. (a) The company had been generally regular in depositing undisputed
statutory dues, applicable to it with the appropriate authorities and
there are no undisputed statutory dues outstanding as at 31st March,
2011 for a period of more than six months from the date they became
payable, except following :
Investor Education and Protection Fund of Rs. 89,895 /-.
(b) According to the records of the company and on the basis of
information provided to us, there are no dues of Income Tax, Sales Tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, and Cess, which have
not been deposited on account of any dispute execpt Central Sales Tax
amounting to Rs. 1,10,202/- (Rs. 1,46,202/- less Adv. Deposited Rs.
36,000/-) for which appeal has been filed with the respective
authorities.
10. Company's accumulated losses at the end of financial year do not
exceed 50% of its Net worth. However, it has incurred cash losses
during the year as well as in the immediately preceding financial year.
11. According to the records of the Company, and based on information
and explanation given to us, the company has not defaulted in repayment
of dues to a financial institution or bank or debenture holders.
12. According to the information and explanation given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or nidhi / mutual benefit fund /
society.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4 (xiv) of the Order are not applicable to the
Company.
15. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from bank or financial institutions.
16. The company has not availed credit facilities from the Banks,
hence clause 16 is not applicable.
17. Company has not raised any funds from bank or other institutions
thus caluse 17 is not applicable.
18. During the year under Audit, 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.
19. On the basis of records made available to us, the Company has not
issued any debentures; therefore the creation of charges does not
arise.
20. The Company has not raised any money by way of Public Issue during
the year.
21. To the best of our knowledge and belief and as represented to us
by the management and on the basis of our examination, during the year
no fraud on or by the company has been noticed or reported by/to us
during the course of our audit.
For SINGHI & CO.
Chartered Accountants
Firm Registration No. 302049E
S. Chandrasekhar
Partner
Membership No. 7592
Place : Mumbai
Dated : 8th July 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s Universal Prime
Aluminium Limited as at 31 st March 2010, Profit & Loss Account and
also the Cash Flow Statement for the year ended on that date. 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 check 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 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose as 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:
a) The Company has discontinued manufacturing of Aluminium Collapsible
Tubes and Oval Tin Containers at Taloja factory. Fixed Assets of the
Gross Block Value ofRs. 3,39,07,853/- and Net Block Value of
Rs.44,96,778/- as at 31st March 2010, in our opinion, should have been
stated at their net realisable value and the loss, if any, as may arise
should have been provided for, in view of discontinued activities as
mentioned above (Refer Note No. 2 in Schedule 14)
b) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for purposes of our
audit except for information mentioned at paragraph 4 (i) below;
c) 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;
d) The Balance Sheet and Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
e) Subject to what is stated in paragraph 4 (a) above, in our opinion,
the* attached Balance Sheet and Profit & Loss Account and Cash Flow
Statement of Company dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956, to the extent applicable.
f) On the basis of 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 are disqualified as on 31 st March
2010 from being appointed as a Director in terms of Clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
g) We are unable to express an opinion with regard to the extent of
recoverability/ realisability of the following:
i) Long overdue /Legally disputed debtors of Rs 39,22,530/- and loans
and advances (including deposits) of Rs. 6,32,634/-;
ii) Non-moving inventory of Stores and Spares aggregating to Rs.
71,882/- and Raw Materials of Rs. 10,29,268/- (including Rs.
10,29,268/- lying with third party against whom a legal case has been
filed for recovery lying for over 9 years.).
No provision for the losses, if any, has been made for the above as
explained in Notes No. 5, and 7 (a) & (b) in Schedule 14).
In respect of Non-moving inventory, 25% provision (25% of Rs. 95,843/-)
is been made.
h) The Company is in the process of obtaining / compiling information
regarding dues / over dues to suppliers falling under the category of
small scale and /or ancillary industries (Refer Note No. 10 in Schedule
14)
i) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to Note No. 2
of Schedule 14 regarding preparation of accounts on the basis of going
concern" and what is stated in paragraphs 4 (a) and 4 (g) above, having
consequential impact (presently not ascertainable) on the Loss for the
year, Reserves and Surplus and Assets of the Company read together with
Note No. 4 (b) of Schedule 14 regarding balances of certain Sundry
Debtors, Creditors and Advances being subject to confirmations
/reconciliation, if any, Note No.9 of Schedule 14 regarding
non-transfer of unpaid share application money aggregating to Rs.
89,895/- to Investor Education and Protection Fund and non compliance
of Accounting Standard 15 as mentioned in note no. 16 of Schedule 14
give a true and fair view in conformity with the accounting principles
generally accepted in India :
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March 2010;
ii) in case of the Profit & Loss Account, of the Loss for the year
ended on that date and
iii) in the case of the Cash Flow statement, of the Cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS REPORT
Referred to in Paragraph 3 of our Report of even date
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
is our opinion is reasonable, having regard to the size and nature of
its assets. As informed to us, no discrepancies have been noticed on
such physical verification as compared to the book records.
(c) According to the information and explanations given to us, we are
of the opinion that the disposal of fixed assets has not affected the
going concern status of the Company.
During the year, there are disposals of Fixed Assets of Gross Block
Value of Rs. 73,84,277/- as at 31st March 2010.
2. a) The Inventories have been physically verified during the year by
the Management. In our opinion, the frequency of the verification is
reasonable.
b) In our opinion, the procedures for physical verification of the
above-referred inventory, except stocks lying with third parties as
referred to in Paragraph 2(a) above, followed by the management are
reasonable and adequate in relation to the size of the Company and the
nature of its business.
c) In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of Inventory. No
discrepancies have been noticed on physical verification of stocks as
compared to records maintained by the Company.
3. (a) As per the information and explanations given to us, the
Company has granted Unsecured loans to
a Company covered under section 301 of the Companies Act 1956. The
maximum balance outstanding at any time during the year for such loan
were Rs. 4,91,37,771/-.
(b) In our opinion, the rate of interest and other terms and conditions
on which loans have been granted to companies, firms or other parties
listed in the register maintained under Section 301 of the Companies
Act, 1956.
(c) The party to whom loan is granted was regular in the payment of
interest. No payment has been made towards Principal.
(d) As explained to us, the Company has taken reasonable steps for the
recovery of principal amount and interest.
(e) The Company has not taken any loans, secured or unsecured from
Companies, firms or other parties covered in the Register maintained
under section 301 of the Companies Act, 1956. Accordingly clause 3(f)
and 3(g) of the order are not applicable.
4. 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 inventory and fixed assets and for the sale of goods.
During the course of our audit, no major weakness has been noticed in
the internal controls system.
5. Based on the Audit procedures performed and according to the
information and explanations given to us there are no transactions that
need to be entered into the Register maintained in pursuance of section
301 of the Companies Act, 1956. Accordingly, sub clause (b) is not
applicable.
6 The company has not accepted any deposits from the public within the
provisions of section 58A and 58AA of the Companies Act, 1956 or any
relevant provisions of the Act and the Companies (Acceptance of Deposit
Rules 1975 apply).
7. The company does not have any formal internal audit system.
However, as explained to us, effective internal control is generally
being exercised departmentally.
8. According to the information given to us the central government has
not prescribed for the maintenance of cost records under section 209(1)
(d) of the Companies Act, 1956 for any of the products manufactured by
the company.
9. (a) The company had been generally regular in depositing undisputed
statutory dues, applicable to it with the appropriate authorities and
there are no undisputed statutory dues outstanding as at 31st March, 2010
for a period of more than six months from the date they became payable,
except following :
Investor Education and Protection Fund of Rs. 89,895 /-.
(b) According to the records of the company and on the basis of
information provided to us, there are no dues of Income Tax, Sales Tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, and Cess, which have
not been deposited on account of any dispute execpt Central Sales Tax
amounting to Rs. 1,10,202/- (Rs. 1,46,202/- less Adv. Deposited Rs.
36,000/-) for which appeal has been filed with the respective
authorities.
10. Companys accumulated losses at the end of financial year do not
exceed 50% of its Net worth. However, it has incurred cash losses
during the year as well as in the immediately preceding financial year.
11. According to the records of the Company, and based on information
and explanation given to us, the company has not defaulted in repayment
of dues to a financial institution or bank or debenture holders.
12. According to the information and explanation given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or nidhi / mutual benefit fund /
society.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4 (xiv) of the Order are not applicable to the
Company.
15. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from bank or financial institutions.
16. The company has not availed credit facilities from the Banks,
hence clause 16 is not applicable.
17. On the basis of overall examination of the Cash flow statement,
the funds raised on short-term basis have not been used for the
long-term investment or vice versa.
18. During the year under Audit, 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.
19. On the basis of records made available to us, the Company has not
issued any debentures; therefore the creation of charges does not
arise.
20. The Company has not raised any money by way of Public Issue during
the year.
21. To the best of our knowledge and belief and as represented to us
by the management and on the basis of our examination, during the year
no fraud on or by the company has been noticed or reported by/to us
during the course of our audit.
For SINGHI & CO.
Chartered Accountants
Firm Registration No. 302049E
S. Chandrasekhar
Place : Mumbai Partner
Dated ; 8th July 2010 Membership No. 7592
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