The Members of
ULTRACAB (INDIA) LTD.
Report on the Financial Statements
We have audited the accompanying financial statements of ULTRACAB (INDIA) LTD. whichcomprise the Balance as at 31st March 2016 the statement of Profit & loss and thecash flow statement for the year then ended and a summary of significant accountingpolicies and other explanatory information. These financial statements are theresponsibility of the Companys management. Our responsibility is to express anopinion on these financial statements based on our audit.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014.
This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit.
We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditors judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Companys preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the company as at 31stMarch 2016 and its profit/loss and its cash flows for the year ended on that date.
As required by the Companies (Auditors Report) Order 2016 (the Order) issued bythe Central Government in terms of Section 143(11) of the Act we enclose in the annexurea statement on matters specified in paragraph 3 & 4 of the said order.
Report on other Legal & Regulatory Requirements
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 bestof 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 theCompany so far as it appears from our examination of those books.
(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.
(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.
(e) On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms of Section164 (2) of the Act. (f) As per information & explanation given to us the internalfinancial controls are effectively operating in the company.
(g) With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financialposition in the financial statement under notes on accounts to the financial statement.
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
| ||For J. A. Sheth & Associates |
| ||Chartered Accountants |
| ||FRN: 119980W |
| ||(Jingal A. Sheth) |
|Place: Rajkot ||Proprietor |
|Date: 28th May 2016 ||M. No. 107067 |
ANNEXURE TO THE AUDITORS REPORT
With reference to the paragraph 3 of our report to the shareholders of ULTRACAB (INDIA)LTD. of even date in our opinion and to the best of our knowledge and as per theinformation and explanations given to us the books and the records examined by us in thenormal course of audit we report that:
1) a) The Company has maintained electronic records showing value of fixed assets.
b) As per information & explanation given to us by the management of the companyall the assets have been physically verified by the management during the year and nomaterial discrepancies were noticed on such verification.
c) As per information & explanation given to us by the management of the companythe title deeds of the immovable properties are held in the name of the company.
2) a) As explained to us stock of inventories has been physically verified during theyear by the management. In our opinion the frequency of verification is reasonable.
3) a) In our opinion and according to the information and explanation given to us TheCompany has not granted any loan secured or unsecured to any parties covered in theregister maintained under section 189 of the Companies Act 2013. Therefore theprovisions of clause 3(iii)(a) and 3(iii)(b) of the Companies ( Auditors Report )Order 2016 are not applicable to the company.
4) As per information & explanation given to us the company has complied with theprovisions of section 185 and 186 of the Companies Act 2013 in respect of loansinvestments guarantees and security.
5) In our opinion and according to the information and explanation given to us thecompany has not accepted/invited any deposits falling within the preview of provisions ofsection 73 to 76 or any other relevant provisions of the Companies Act 2013 and rulesframed there under.
6) In our opinion and according to the information and explanation given to us thecompany is not required to maintain cost records as per the provision of clause 3(vi) ofthe Companies (Auditors Report) Order 2016 specified by the Central Governmentunder section 148(1) of the Companies Act 2013.
7) In our opinion and according to the information and explanation given to us thecompany has not defaulted in depositing undisputed statutory dues including providentfund employees state insurance income tax sales tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues to theappropriate authorities.
8) In our opinion and according to the information and explanation given to us theCompany has not defaulted in the repayment of dues to any financial Institutions or Banksor Debenture holders during the year.
9) In our opinion and according to the information and explanation given to us theterm loan is applied for the purpose for which loan was obtained.
10) According to the information and explanations given to us neither any fraud by thecompany nor any fraud on the company by its officers and employees has been noticed orreported during the financial year.
11) According to the information and explanation given to us the managerialremuneration paid or provided are in accordance with the requisite approvals mandated bythe provisions of section 197 read with Schedule V to the Companies Act. 12) As thecompany is not a Nidhi Company the provisions of clause 3(xii) of the Companies(Auditors Report) Order 2016 are not applicable to the company. 13) According tothe information and explanation given to us all transactions with the related parties arein compliance with sections 177 and 188 of Companies Act 2013 where applicable and thedetails have been disclosed in the Financial
Statements etc. as required by the applicable accounting standards;
14) According to the information and explanation given to us the company has compliedwith the requirement of section 42 of the Companies Act 2013 regarding preferentialallotment and the amount raised have been used for the purposes for which the funds wereraised.
15) The company has not entered into any non-cash transactions with directors orpersons connected with him so the clause 3(xv) of the Companies ( Auditors Report )Order 2016 is not applicable to the company.
16) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934 and hence the clause 3(xvi) of the Companies ( AuditorsReport ) Order 2016 is not applicable to the company.
For J. A. Sheth & Associates
(Jingal A. Sheth)
Place: Rajkot Proprietor
Date: 28th May2016 M. No. 107067