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Umiya Tubes Ltd.

BSE: 539798 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE173U01015
BSE LIVE 14:19 | 16 Oct 117.00 -3.00
(-2.50%)
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117.00

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117.00

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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 117.00
PREVIOUS CLOSE 120.00
VOLUME 2500
52-Week high 153.00
52-Week low 59.00
P/E 57.07
Mkt Cap.(Rs cr) 88
Buy Price 0.00
Buy Qty 0.00
Sell Price 123.00
Sell Qty 1250.00
OPEN 117.00
CLOSE 120.00
VOLUME 2500
52-Week high 153.00
52-Week low 59.00
P/E 57.07
Mkt Cap.(Rs cr) 88
Buy Price 0.00
Buy Qty 0.00
Sell Price 123.00
Sell Qty 1250.00

Umiya Tubes Ltd. (UMIYATUBES) - Auditors Report

Company auditors report

To

The Members

Umiya Tubes Ltd.

Report on the Financial Statements

We have audited the accompanying financial statements of Umiya Tubes Ltd. ("theCompany") which comprise the Balance Sheet as at March 31 2016 and the Statementof Profit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors are 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 recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors’ 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 Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 theauditor’s 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 Company’s 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(i) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2016;

(ii) in the case of the Profit and Loss Statement of the profit/ loss for the yearended on that date; and

(iii) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on other Legal & Regulatory Requirement

As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") as amended issued by the Central Government of India in terms ofsub-section (11) of section 143 of the Act we give in the "Annexure A" astatement on the matters specified in the paragraph 3 and 4 of the Order to the extentapplicable.

1. 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 purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books

c) the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby 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 31March 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2016 from being appointed as a director in terms of Section164 (2) of the Act; and

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B"

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. As explained to us there is no pending litigation that affects the financialposition of the company.

ii. As explained to us the company has not entered into any long term contractsincluding derivatives contracts and hence no material forgceable loss.

iii. As explained to us no such amount is required to be transferred to the investoreducation and protection fund in accordance with the relevant provisions of the companiesact1956 and the rules made there under.

For & behalf of
Pratirajsinh Raulji & Co.
CHARTERED ACCOUNTANTS
FRN No.: 134692W
sd/-
Pratirajsinh Raulji
Place : Gandhinagar PARTNER
Date : 25/05/2016 Membership No. 149089

ANNEXURE A" TO THE AUDITORS’ REPORT

This is an annexure on the accounts of Umiya Tubes Ltd. as referred above inparagraph 1 under the heading ‘Report on other Legal & RegulatoryRequirement’ of our report of even date to the financial statement for the year ended31st March 2016:

1. In respect of Fixed Assets:

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As explained to us the company has a regular programme of physical verification ofits fixed assets by which fixed assets are verified in a phased manner over a period ofthree years. in accordance with this programme certain fixed assets were verified duringthe year and no material discrepancies were noticed on such verification. In our opinionthe frequency of verification is reasonable having regard to the size of the Company andthe nature of its assets.

(c) on the basis of information and explanation given to us the Title Deeds ofImmovable Properties are held in name of company.

2. In respect of Inventories:

(a) The management has conducted physical verification of inventory at reasonableintervals. In our opinion the procedure followed by the management for such physicalverification is reasonable and adequate in relation to the size of the Company and natureof his business.

(b) In our opinion the Company is maintaining proper records of inventory. Nodiscrepancy on verification between physical inventories and the book records werenoticed.

3. The Company has not granted any loans secured or unsecured to companies firmsLimited Liability partnerships or other parties covered in the Register maintained undersection 189 of the Act. Accordingly the provisions of clause 3 (iii) (a) to (C) of theOrder are not applicable to the Company.

4. In our opinion and according to the information and explanations given to usthe company has complied with the provisions of section 185 and I86 of the Companies Act2013 In respect of loans investments guarantees and security.

5. The Company has not accepted any deposits from public.

6. We have just broadly reviewed the books of accounts relating to materialslabour and other items of cost maintained by the company pursuant to the rules made by theCentral Government for the maintenance of cost records u/s. 148 (1)of the Companies Act.and we are of the opinion that prima facie the prescribed accounts and records have beenmade and maintained.

7. (a) According to the records information and explanation given to us theCompany is generally regular in depositing with appropriate authorities the applicablestatutory dues which are not disputed.

(b) According to the records information and explanation given to us There are noundisputed amounts payable in respect of Income tax sales tax Wealth tax Custom dutyExcise duty and cess outstanding as at the year end for a period of more than six monthsfrom the date they become payable.

8. In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of dues to banks. The Company has not takenany loan either from financial institutions or from the government and has not issued anydebentures.

9. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not raised moneys by way of further public offerincluding debt instruments. The term loan has been applied for the purpose for which itwas raised. The money raised through initial public offer was lying in the separate bankaccount pending listing permission of BSE Limited. (SME Exchange)

10. Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

11. No Managerial remuneration is paid and so the provisions of section 197 readwith Schedule V to the Companies Act are not applicable to company.

12. In our opinion and according to the information and explanations given to usthe Company is not a Nidhi Company. Therefore the provisions of clause 4 (xii) of theOrder are not applicable to the Company.

13. In our opinion all transactions with the related parties are in compliancewith section 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

14. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not made any preferentialallotment or private placement of fully or partly convertible debentures during the yearunder review. During the year the Company has made an Initial Public Offer of 2000000Equity Shares of Rs. 10/- each for cash at par vide Prospectus dated 14th March 2016. TheCompany has successfully completed the Initial Public Offering (IPO) in the current yearpursuant to the applicable SEBI Rules and Regulations. The IPO opened on 18th March 2016and closed on 22nd March 2016.

15. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not entered into non-cashtransactions with directors or persons connected with him.

16. The company is not required to be registered under section 45-IA of the ReserveBank Of India Act1934.

For & behalf of
Pratirajsinh Raulji & Co.
CHARTERED ACCOUNTANTS
FRN No.: 134692W
sd/-
Pratirajsinh Raulji
Place : Gandhinagar PARTNER
Date : 25/05/2016 Membership No. 149089

"ANNEXURE B" TO THE AUDITORS’ REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Umiya TubesLimited ("the Company") as of March 31 2016 in conjunction with our audit ofthe financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on internal control over financial reporting criteria establishedby the company considering the essential components of internal control stated in theguidance note on audit of internal financial controls over financial reporting issued bythe Institute of Chartered Accountants Of India (‘ICAI’). These responsibilitiesinclude the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the orderly and efficient conduct ofits business including adherence of the company’s policies the safeguarding of itsassets the prevention and detection of frauds and errors the accuracy and completenessof the accounting records and timely preparation of reliable financial information asrequired under the companies act2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India".

For & behalf of
Pratirajsinh Raulji & Co.
CHARTERED ACCOUNTANTS
FRN No.: 134692W
sd/-
Pratirajsinh Raulji
Place : Gandhinagar PARTNER
Date : 25/05/2016 Membership No. 149089