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Ultracab (India) Ltd.

BSE: 538706 Sector: Engineering
NSE: N.A. ISIN Code: INE010R01015
BSE LIVE 15:40 | 15 Dec 109.20 6.25
(6.07%)
OPEN

105.75

HIGH

113.00

LOW

105.70

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 105.75
PREVIOUS CLOSE 102.95
VOLUME 6852
52-Week high 158.40
52-Week low 93.00
P/E 266.34
Mkt Cap.(Rs cr) 139
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 105.75
CLOSE 102.95
VOLUME 6852
52-Week high 158.40
52-Week low 93.00
P/E 266.34
Mkt Cap.(Rs cr) 139
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ultracab (India) Ltd. (ULTRACABINDIA) - Auditors Report

Company auditors report

To The Members of ULTRACAB (INDIA) LTD. RAJKOT

Report on the Financial Statements We have audited the accompanying financialstatements of ULTRACAB (INDIA) LTD. which comprise the Balance as at 31st March 2017 thestatement of Profit & loss and the cash flow statement for the year then ended and asummary of significant accounting policies and other explanatory information. Thesefinancial statements are the responsibility of the Company’s management. Ourresponsibility is to express an opinion on these financial statements based on our audit.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (“the

Act”) with respect to the preparation and presentation of thesefinancialstatements that give a true and fair view of the financialposition financialperformance and cash flows of the Company in generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand 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 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 StandardsonAuditingspecifiedunder Section143(10) of the Act. Those

Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material due to fraud orerror. In making those risk assessments the auditor misstatementofthefinancial considersinternal control relevant to the Company’spreparationandfairpresentationofthefinancialstatements in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial 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.

Opinion In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the companyas at 31st March 2017 and its profit/loss and its cash flows for the year ended on thatdate.

Report on other Legal & Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 (the Order) issuedby the Central Government in terms of

Section 143(11) of the Act we enclose in the annexure a statement on matters specifiedin paragraph 3 & 4 of the said 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 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 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 2017 taken on record by the

Board of Directors none of the directors is disqualified as on 31st March 2017 frombeing appointed as a director in terms of Section 164 (2) of the Act.

(f) As per information & explanation given to us the internal financialcontrolsare effectively operating in the company.

( g) With respect to the other matters to be included in the Auditor’s 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. TheCompany has disclosed the impact ofpendinglitigationsonits financialstatement positionthe ii. The Company did not have any long-term undernotesonaccountstothefinancialcontracts including derivative contracts for which there were any material foreseeablelosses. iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company. iv. The company has provided requisitedisclosures in its standalone Ind AS financialstatements as to holdings as well asdealings in SpecifiedBank Notes during the period from 8 November 2016 to 30 December2016 and these are in accordance with the books of accounts maintained by the Company.

For J. A. Sheth & Associates
Chartered Accountants
FRN: 119980W
(Jingal A. Sheth)
Place: Rajkot Proprietor
Date: 26th May 2017 M. No. 107067

ANNEXURE TO THE AUDITOR’S 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 company all theassets have been physically verified by the management during the year and no materialdiscrepancies were noticed on such verification. c) As per information & explanationgiven to us by the management of the company the title deeds of the immovable propertiesare 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 ( Auditor’s 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 explanationgiven to us the company is not required to maintain cost records as per the provision ofclause 3(vi) of the Companies (Auditor’s Report)

Order 2016 specified by the Central Government under section 148(1) of the CompaniesAct 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 employee’s 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(Auditor’s Report) Order 2016 are not applicable to the company.

13) According to the information and explanation given to us all transactions with therelated parties are in compliance with sections 177 and 188 of Companies Act 2013 whereapplicable and the details have been disclosed in the Financial Statements etc. asrequired 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 (Auditor’s 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 (Auditor’sReport) Order 2016 is not applicable to the company.

For J. A. Sheth & Associates
Chartered Accountants
FRN: 119980W
(Jingal A. Sheth)
Place: Rajkot Proprietor
Date: 26th May 2017 M. No. 107067