You are here » Home » Companies » Company Overview » Uni Abex Alloy Products Ltd

Uni Abex Alloy Products Ltd.

BSE: 504605 Sector: Engineering
NSE: N.A. ISIN Code: INE361D01012
BSE LIVE 14:29 | 25 Sep 475.00 -25.00
(-5.00%)
OPEN

475.00

HIGH

475.00

LOW

475.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 475.00
PREVIOUS CLOSE 500.00
VOLUME 220
52-Week high 539.00
52-Week low 270.00
P/E
Mkt Cap.(Rs cr) 94
Buy Price 475.00
Buy Qty 30.00
Sell Price 490.00
Sell Qty 10.00
OPEN 475.00
CLOSE 500.00
VOLUME 220
52-Week high 539.00
52-Week low 270.00
P/E
Mkt Cap.(Rs cr) 94
Buy Price 475.00
Buy Qty 30.00
Sell Price 490.00
Sell Qty 10.00

Uni Abex Alloy Products Ltd. (UNIABEXALLOY) - Auditors Report

Company auditors report

TO THE MEMBERS OF UNI ABEX ALLOY PRODUCTS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of ‘Uni Abex Alloy ProductsLimited' (‘the Company') which comprise the Balance Sheet as at 31stMarch 2017 the Statement of Profit and Loss the Cash Flow Statement for the year thenended 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 Section134(5) of the Companies Act 2013 (‘the Act') with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the act for safeguarding of the assets of the company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 thereunder.

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 andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error.

In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.an audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the company's Directors as well asevaluating 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.

Opinion

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:

i) in the case of the Balance sheet of the state of affairs of the Company as at 31stMarch 2017;

ii) in the case of the Statement of Profit and Loss of the loss for the year ended onthat 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 and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of sub section (11) of Section 143 of the Act we give in the‘Annexure I' a statement on the matters specified in paragraphs 3 and 4 of the Orderto the extent applicable.

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 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 2017 taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2017 from being appointed as a Director in termsof section 164 (2) of the act.

(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 ii'.

(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. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements (Refer Note 28 to the financial statements).

ii. The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8thNovember 2016 to 30th December 2016 and these are in accordance with thebooks of accounts maintained by the Company - Refer Note 46 to the financial statements.

For Ford Rhodes Parks & Co. LLP
Chartered Accountants
Firm's Registration No. 102860W / W100089
Shrikant Prabhu
Partner
Mumbai: 29th May 2017 Membership No.35296

ANNEXUREI

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTSOF UNI ABEX ALLOY PRODUCTS LIMITED

Report on Companies (Auditor's Report) Order 2016 issued by the Central Government interms of sub section (11) of Section 143 of the Companies Act 2013 (‘the Act')

As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment in terms of sub section (11) of Section 143 of the Act and on the basis ofsuch checks as we considered appropriate and according to the information and explanationsgiven to us during the course of the audit we further report that: -

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

(b) Physical verification of all fixed assets of the Company was done subsequent to theyear end. We are informed that no material discrepancies were noticed of suchverification. In our opinion the frequency of verification carried out as per the programdrawn by the Company is reasonable having regards to the size of the Company and thenature of its business.

(c) The title deeds of immovable properties are held in the name of the Company.

2. The stock of finished goods raw materials stores and spare parts have beenphysically verified by the management at reasonable intervals during the year. thediscrepancies between the physical inventory and the book records noticed on physicalverification were not material and have been properly dealt with in the books of account.

3. The Company has not granted any loans secured or unsecured to companies firms orother parties covered by clause (76) of section 2 of the Act.

4. in respect of investments the provisions of section 186 of the act have beencomplied with by the company. the company has not made any investments covered by section185 of the act and has not granted any loans or provided any guarantee or security inconnection with a loan to any party.

5. the company has not accepted any deposits from the public within the meaning of theprovisions of sections 73 to 76 or any other relevant provisions of the act and Rulesframed thereunder.

6. we have broadly reviewed the cost records maintained by the company pursuant to therules made by the central Government for the maintenance of cost records under sub-section(1) of section 148 of the act and we are of the opinion that prima facie the prescribedaccounts and records have been made and maintained. However we have not carried out adetailed examination of such records.

7. a) according to the information and explanations given to us by the management andon the basis of examination of the books of accounts carried out by us the company hasbeen regular in depositing undisputed statutory dues including provident Fund Employees'state insurance income-tax sales-tax service tax custom Duty Excise Duty Value addedtax cess and other statutory dues as applicable with the appropriate authorities. therewere no undisputed arrears of statutory dues outstanding as at 31st March 2017for a period of more than six months from the date they became payable.

b) according to the information and explanations given to us by management and therecords of the company examined by us there were no disputed dues in respect ofincome-tax sales-tax service tax custom Duty Excise Duty Value added tax and cesswhich have not been deposited as at 31st March 2017 other than those shownbelow:

Nature of dues Period Amount ( Rs in lakhs ) Forum where dispute is pending
Sales tax F.Y. 1997-98 F.Y. 1999-00 F.Y. 2001-02 F.Y. 2003-04 to F.Y. 2005-06 F.Y. 2008-09 and F.Y. 2010-11 2277.15 Dy. commissioner / Jt. commissioner of sales tax Appeals
Excise Duty F.Y 2012-13 F.Y. 2014-15 and F.Y. 2015-16 20.47 Dy. commissioner of central Excise
Excise Duty F.Y. 1995-96 F.Y. 1997-98 F.Y. 2002-03 F.Y. 2003-04 F.Y. 2005-06 to F.Y. 2014-15 104.86 commissioner of central Excise (Appeals)
Excise Duty F.Y. 1995-96 F.Y. 1997-98 F.Y. 2002-2004 F.Y. 2008-09 to 2013-14. 143.14 custom Excise service tax Appellate tribunal
Income tax A.Y. 2010-11 A.Y. 2011-12 A.Y. 2012-13 A.Y. 2013-14 26.34 Assistant commissioner of income tax Mumbai

8. in our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to banks and financial institutions duringthe year. The Company has not issued any debentures.

9. The company has not made any public offer during the year. in our opinion the termloans have been applied for the purpose for which they were raised.

10. During the course of our examination of the books of account carried out inaccordance with the generally accepted auditing practices in india we have neither comeacross nor have we been informed of any instance of fraud by the Company or on the Companyby its officers or employees during the year.

11. the company has not paid any managerial remuneration covered by section 197 of theAct during the year.

12. clause (xii) of the order is not applicable to the company since the company is nota Nidhi company.

13. An the transactions with the related parties are in compliance with section 177 and188 of the act where applicable and the details as required by the Accounting Standardshave been disclosed in the Financial Statements.

14. the company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year.

15. the company has not entered into any non-cash transactions covered in section 192of the act with Directors or persons connected with him during the year.

16. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For Ford Rhodes Parks & co. LLP
chartered Accountants
Firm's Registration No. 102860W / W100089
Shrikant Prabhu
Partner
Mumbai: 29th May 2017 Membership No.35296

ANNEXURE II

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTSOF UNI ABEX ALLOY PRODUCTS LIMITED

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 ‘UniAbex Alloy Products Limited' (‘the company') as of 31st March 2017 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of internal Financial controls over Financial Reportingissued by the institute of chartered Accountants of india. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to Company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

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 to the extent applicable to anaudit of internal financial controls both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate 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 controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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 31st March 2017based 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 Ford Rhodes Parks & Co. LLP
Chartered Accountants
Firm's Registration No. 102860W / W100089
Shrikant Prabhu
Partner
Mumbai: 29th May 2017 Membership No.35296