We have audited the accompanying financial statements of UNIMODE
OVERSEAS 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 referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014 ;
b) in the case of the Statement of Profit and Loss Account, of the
profit of the Company for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) The Balance Sheet , Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement
with the books of account.
d) In our opinion, the Balance Sheet , Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
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 Directors in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to the Auditors Report - March 31, 2014
THE ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ON
OTHER LEGAL AND REGULATORY REQUIREMENTS" OF THE OUR REPORT OF EVEN
DATE TO THE MEMBERS OF M/S UNIMODE OVERSEAS LIMITED ON THE ACCOUNTS OF
THE COMPANY FOR THE YEAR ENDED 31ST MARCH 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details
and situation of its fixed assets.
(b) As explained to us, Fixed assets have been physically verified by
the management at reasonable intervals; No material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified by
the management at reasonable intervals during the year.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
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 on the basis of our examination of the records,
the company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanation given to us and on
the basis of examination of the books of account, the Company has not
granted any loans, secured or unsecured, to Companies, firms or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956. Consequently, the provisions of claus iii (b), iii
(c) and iii (d) of the order are not applicable to the company.
(e) According to the information and explanation given to us and on the
basis of examination of the books of account, the Company has not
granted any loans, secured or unsecured, to Companies, firms or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956. Thus sub clauses (f) to (g) are not applicable to
the Company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the Company and nature of its business,
for the purchase of inventories & fixed assets and payment for expenses
& for sale of goods. During the course of our audit, no major instance
of continuing failure to correct any weaknesses in the internal
controls has been noticed.
5. (a) Based on the Audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in Section 301 of
the Act have been entered in the register required to be maintained
under that section.
(b) As explained to us , the transactions made in pursuance of
contracts or arrangements entered in theregister maintained under
section 301 of the Companies Act, 1956 and exceeding during the year to
Rs.5,00,000/- or more in respect of each party have been made at prices
which are reasonable having regard to the prevailing market prices as
available with the company.
6. The company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanation given by the management, the
company has an internal Audit System commensurate with the size of the
Company and the nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under section 209(1)(d) of the Companies Act, 1956 and we
are of the opinion that prima facie the prescribed accounts and records
have been made and maintained.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education Protection Fund,
Employees State Insurance, Income-Tax, Sales-Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st march,
2014 for a period of more than six months from the date they became
payable.
(b) according to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax ,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
company has not defaulted in repayment of dues to a financial
institution or bank or debenture holder.
12. According to the information and explanations given 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.
13. The company is not a Chit Fund or a Nidhi/mutual benefit
fund/Society. Therefore, the provision of this clause of the Companies
(Auditor's Report) order, 2003 ( as amended) is not applicable to the
company.
14. According to the information and explanations given to us, the
company is trading in shares, Mutual funds and other investments.
Proper records & timely entries have been maintained in this regard &
further investments specified are held in their own name.
15. According to the information and explanations given to us, the
company has not given guarantees for loan taken by others from a bank
or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the company.
18. Based on audit procedures performed and the information and
explanations given to us by the management, we report that the company
has not made any preferential allotment of shares during the year.
19. The company has no outstanding debentures during the period under
audit.
20. The company has not raised any money by a public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For: K. L. Datta and Co.
CHARTERED ACCOUNTANTS
FRN: 001127C
(V.K. Datta)
(Partner)
M. NO. 070466
PLACE: NEW DELHI
DATED: 30/05/2014
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