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Unimin India Ltd.

BSE: 530321 Sector: Industrials
NSE: UNIMIN ISIN Code: INE672C01014
BSE LIVE 13:10 | 13 Feb Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.46
PREVIOUS CLOSE 0.48
VOLUME 100
52-Week high 0.52
52-Week low 0.46
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.46
Buy Qty 5100.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.46
CLOSE 0.48
VOLUME 100
52-Week high 0.52
52-Week low 0.46
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.46
Buy Qty 5100.00
Sell Price 0.00
Sell Qty 0.00

Unimin India Ltd. (UNIMIN) - Auditors Report

Company auditors report

To

The Members of Unimin India Limited Report on the Financial Statements

We have audited the accompanying financial statements of Unimin India Limited. (theCompany") which comprises the Balance Sheet as at March 312015 the Statement ofProfit 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

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards specified under section 133 of theact read with rule 7 of the companies (Accounts) Rules 2014.This responsibility includesthe design implementation and maintenance of internal control relevant to the preparationand presentation of the financial statements that give a true and fair view and are freefrom 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 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 the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the entity's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe entity's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of 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. Basis for Qualified Opinion

1. The Company has maintained accounts on-Going Concern basis in-spite of erosion of100% of the Networth.

2. The Company had written off balance of a creditor amounting to Rs. 24.05 crores inearlier years. To that extent its reserve is overstated and liability is understated.

3. The Company is not following AS-15 for purpose of valuation and disclosure ofemployee benefits

4. The company has not taken value of inventory at lower of cost or net realizablevalue which is violation of AS 2.In absence of relevant data we cannot quantify financialimpact.

5. The Company has taken useful life and reside value of assets different from usefullife and residual value indicated in Schedule II to the Companies Act 2013 without takingany technical advise. In absence of relevant data we cannot quantify financial impact.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the possible effects of the matter described in the "Basisfor Qualified Opinion" paragraph the financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India: a. in the case of the BalanceSheet of the state of affairs of the Company as at March 31 2015; b. in the case of theof Statement of Profit and Loss of the loss for the year ended on that date; and c. inthe case of the Cash Flow Statement of the cash flows for the year ended on that date.

Emphasis of Matter

a. We draw attention to Note No. 22.2 22.3 & 22.4 in Notes to Accounts whichdescribes that the company has received notices from Sales Taxas well as from Excisedepartment. These liabilities are disclosed under contingent liabilities.

b. Balances of all debtors creditors and Loans and Advances are unconfirmed.

Our opinion is not modified in respect of these matters. Report on Other Legal andRegulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015 (the Order") issuedby the Central Government of India in terms of sub-section (11) of section 143 of the Actwe give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of theOrder.

2. As required by section 143(3) of the Act we report that:

a. We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of bur 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 bb. The company does nothave any branches. Hence requirement of report on the accounts of the branch offices undersection 2 (14)is not applicable

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 Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards referred to in section 133 of the CompaniesAct 2013 read with rule 7 of the Companies (Accounts) Rules 2014 except for the matterdescribed in the Basis for Qualified Opinion paragraph;

e. On the basis of written representations received from the directors as on March 312015 under section 164(2) of the Companies Act 2013and taken on record by the Board ofDirectors none of the directors is disqualified as on March 31 2015 from being appointedas a director in terms of section 164(2) of the Companies Act 2013.

f . 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 litigation on its financial positionin Note 22 to its financial statement

ii . The company has made provision as required under the applicable law or AccountingStandards for material fore seeable losses if any on long term contracts includingderivative contracts. The company neither entered into any derivative contract during theyear nor have any outstanding derivative contract at the year-end.

iii. The provisions relating to transferring any amounts to the Investor Education andProtection Fund is not applicable to the Company during the year.

Sd/- For Jayesh Sanghrajka & Co. LLP
Jayesh Sanghrajka Chartered Accountants
Place: Mumbai Designated Partner Firm' s Reg.No. 104184W/W100075
Date:30.05.2015 M . No. 037430

Annexure to Independent Auditor's Report

The Annexure referred to in our report to the members of Unimin India Limited (TheCompany') for the year ended 31 st March 2015. We report that: :

1. In respect of its Fixed Assets:

a. The Company has maintained proper records showing full particulars includingquantitative details and situation of . fixed assets on the basis of availableinformation.

b. The fixed assets have been physically verified by the management during the year ina phased periodical manner which in our opinion is reasonable having regard to the sizeof the Company and nature of its assets. No material discrepancies were noticed on suchphysical verification.

2.. In respect on its inventories:

a. As informed to us inventories have been physically verified by the management atthe year end.

b. Input opinion and according to the information and explanations given to us theprocedures of physical verification of inventory followed by the management are reasonableand adequate in relation to the size of the Company and the nature of its business

c. The Company has maintained proper records of inventories. There was no movement ofstock in current period. As explained to us there was no material discrepancies noticedon physical verification of inventory as compared to the book records.

3. In our opinion and according to the information and explanations given to us theCompany has granted unsecured loans to three parties covered in the register maintainedunder section 189 of the Act. a. As per the information and explanation given to us thereis no repayment schedule for these loans. Therefore we cannot comment on regularity ofreceipt of principal and interest amount b. As per the information and explanation givento us in absence of repayment schedules we cannot comment whether there is overdueamount of more than Rs. one lakh.

4. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the Company and thenature of its business with regard to purchase of inventory and fixed assets and for thesale of goods. During the course of audit no major weakness has been noticed in theinternal controls.

5. According to information and explanations give to us the company has accepteddeposits from the public. However the company has failed to comply with the provisions ofsection 74. No order has been passed by Company Law Board or National Company Law Tribunalor Reserve Bank of India or any court or any other tribunal.

6. In our opinion the maintenance of cost records is not prescribed by the CentralGovernment of India under Section 148(1) of the companies Act in case of the Company.Therefore the provisions of this Clause of the Order are not applicable to the Company.

7. In respect of Statutory dues a. According to the books and records as produced andexamined by us in accordance with generally accepted auditing practices in India and alsobased on Management representations undisputed statutory dues in respect of ProvidentFund Employees' State Insurance dues Investor Education and Protection Fund Income TaxWealth Taxand other material statutory dues have generally been regularly deposited bythe Company during the year with the appropriate authorities in India with the exceptionof Fringe Benefit Taxof Rs. 1024846/-.These dues are outstanding for a period of morethan six months. b. As at March 31 2015following disputed dues have not been paid:

Nature Amount in Lakhs Forum
Excise Dues 663.36 Commissioner Central Excise Custom & Service TaxDaman
Sales Tax 597.90 Deputy Commissioner/ Joint Commissioner (Appeal) Daman

8. The Company has accumulated losses of Rs. 8141.81 Lakhs as at March 31 2015. TheNet worth of the Company is fully eroded as on March 31 2015. The company has beendeclared a sick company under SICA vide BIFR's order dated 21.02.2007. The company has notincurred cash loss during the current year and also preceding year.

9. / According to the information and explanation given to us the company has neithertaken any loan from any financial in stitution .or Bank nor has issued debentures. Henceprovisions of clause No. (ix) of paragraph 3 of the Order are not applicable t o theCompany.

10. As per the information and explanations given to us the company has not given anyguarantee for loan taken by others from Banks or Financial institutions. Hence provisionsof clause No. (x) of the paragraph 2 of the Order are not applicable to the Company.

11. According to information & explanation given to us the company has not takenany term loans. Hence provisions of clause No.

(xi) of the paragraph 2 of the Order are not applicable to the Company.

12. To the best of our knowledge and according to the information and explanationsgiven to us no material fraud by or on the Company has been noticed or reported duringthe year.

Sd/- For Jayesh Sanghrajka & Co. LLP
Jayesh Sanghrajka Chartered Accountants
Place: Mumbai Designated Partner Firm's Reg.No. 104184W/W100075
Date:30.05.2015 M. No. 037430