| We have audited the accompanying standalone financial statements of
UNISON METALS LIMITED.("the Company"), which comprise the Balance Sheet
as at March 31, 2015, and the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ('the act') with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position , financial performance
and cash flow of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting
Standards specified under Section 133 of the Act, read with rule 7 of
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give a true and fair view,
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by Company's Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India of the state of affairs of the Company as
at 31st March, 2015 and its Profit and Cash Flows for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we report that:
a) we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, the Statement of Profit and Loss and cash flow
statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the aforesaid standalone financial statements,
comply with the applicable Accounting Standards referred to under
section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules 2014
e) on the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of section 164(2) of the Act.
f) With respect to other matters to be included in the Auditor's Report
in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014 , in our opinion and to the best of our information and according
to the explanations given to us::
(i) The Company has disclosed the impact if any, of pending litigations
in its financial statements- Refer Note No. 26, Note No. 11(a), Note
No. 12(a) & 12(b) to the financial statements.
(ii) The Company did not have any long-term contracts including
derivative contracts; as such the question of commenting on any
material foreseeable losses thereon does not arise .
(iii) There has been no delay in transferring amount required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 1 Under Report on Other legal & Regulatory
Requirements of our Report of even date.)
(i) a) The Company has maintained proper records showing full
particulars including quanti- tative details and situation of fixed
assets;
b) As explained to us, the fixed assets have been physically verified
by the management in reasonable interval and no material discrepancies
have been noticed on such verifica- tion.
(ii) a) The inventory has been physically verified by the management
during the year at reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reason- able and adequate in relation to
the size of the Company and the nature of its business.
c) The Company is maintaining proper records of inventory. In our
opinion, discrepancies noticed on physical verification of stocks were
not material.
(iii) a) The Company has granted unsecured loans to the parties covered
in the register main- tained under section 189 of the Act,
b) In the case of the loans granted to the parties listed in the
register maintained under section 189 of the Act, the borrowers have
been regular in the payment of the interest and principal amount where
ever stipulated.
c) There are no overdue amounts of more than rupees one lakh in respect
of the loans granted to the parties listed in the register maintained
under section 189 of the Act.
(iv) In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business of with
regard to purchases of inventory and fixed assets and sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
(v) The company has not accepted any deposits from public within the
meaning of the provisions of Section 73 to 76 of the Companies Act,2013
and rules made thereunder.
(vi) We have broadly reviewed the books of account maintained by the
Company pursuant to the rules made by the Central Government of India,
regarding the maintenance of cost records under sub section (1) of
section 148 of the Companies Act, 2013 and are of the opinion that
prima facie, the prescribed accounts and records have been maintained.
We have, however not made a detailed examination of the records with a
view to determine whether they are accurate or complete.
(vii) a) According to the information and explanations given to us and
the records examined by us, the Company is regular in depositing with
appropriate authorities the undisputed statutory dues including
Provident Fund, Employees' State Insurance, Income-tax, Sales- tax,
Wealth Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added
Tax, Cess and any other material statutory dues applicable to it.; and
there are no such undisputed amount payable which are in arrears as at
March 31, 2015 for a period of more then six months from the date they
became payable.
b) According to the information and explanations given to us, details
of dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Duty of
Customs, Duty of Excise, Value Added Tax and Cess which have not been
deposited on account of dispute are given below.
Name of the Particulars Period of
Statute Which
the Amount
Relates
Income Tax Act, 1961 Income Tax 2009-10
Income Tax Act, 1961 Income Tax 2008-09
Name of the Statute Forum Amount
Where the in (Rs.)
Dispute is pending
Income Tax Act,1961 Commissioner Of 990130
Income tax(Appeals)
Income Tax Act,1961 Income Tax Appellate 36953
Tribunal
c) There has been no delay in transferring amount required to be
transferred, to the Investor Education and Protection Fund by the
Company.
(viii) There are no accumulated losses of the Company as on March 31,
2015. The Company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks, financial institutions. There are no debentures.
(x) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
(xi) According to the information and explanations given to us and in
our opinion the term loan raised have been applied for the purpose for
which they were obtained.
(xii) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statement and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
For KISHAN M. MEHTA & CO.
Chartered Accountants.
Firm's Registration No.105229W
Place : Ahmedabad (K. M. MEHTA)
Date : 1st June, 2015 Patner
Membership No. 13707 |