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Unimode Overseas Ltd.

BSE: 512595 Sector: Others
NSE: N.A. ISIN Code: INE348N01018
BSE LIVE 13:10 | 07 Aug Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 2.28
PREVIOUS CLOSE 2.40
VOLUME 517
52-Week high 2.49
52-Week low 1.37
P/E 47.00
Mkt Cap.(Rs cr) 1
Buy Price 2.35
Buy Qty 628.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.28
CLOSE 2.40
VOLUME 517
52-Week high 2.49
52-Week low 1.37
P/E 47.00
Mkt Cap.(Rs cr) 1
Buy Price 2.35
Buy Qty 628.00
Sell Price 0.00
Sell Qty 0.00

Unimode Overseas Ltd. (UNIMODEOVERSEAS) - Auditors Report

Company auditors report

To The Members of UNIMODE OVERSEAS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of M/s UNIMODE OVERSEAS LIMITEDAND REDUCED ("the company") which comprise the Balance Sheet as at March 312017 and the Statement of Profit and Loss and Cash Flow Statement for the year ended and asummary 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.

Auditors' Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

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 theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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:

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2017;

(b) In the case of the Statement of Profit and Loss of the loss of the Company for theyear ended on that date; and

(c) In the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date. Emphasis of Matter

Attention is drawn to Note 20 in the financial statements which indicates that theCompany has accumulated losses as a result its net worth has been substantially eroded.The Company has also incurred a net loss/net cash loss during previous year(s) but not incurrent year. However financial statements has been prepared on a going concern basis forthe reasons stated in the note Our opinion is not modified in respect of these matters.

Report On Other Legal And Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2017 (the Order) issued bythe Central Government of India in terms of sub-section (11) of section 143 of theCompanies Act 2013 we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the 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 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 terms of Section164 (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 B".

g. With respect to other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion to the bestof our information and according to the explanation given to us :

a) The Company does not have any litigations which would impact its financial position.

b) The Company did not have any Long-term contracts including derivative contractshaving any material foreseeable losses.

c) There are no items which required to be transferred to the Investor Education andProtection Fund by the Company

3. We have appropriately disclosed (Refer Note 8) the details of Specified Bank Notes(SBN) held and transacted during the period from 8th November 2016 to 30th December 2016pursuant to the requirement of Notification G.S.R. 308 (E) dated 30th March 2017. Furtherwe confirm that we have complied with all relevant guidelines/notifications issued byReserve Bank of India from time to time in respect of holding and dealing with SpecifiedBank Notes and that the company had proper controls system and procedures in place forsuch Compliances.

4.

For Sunil Kumar Gupta & Co
Chartered Accountants
Firm Registration No. 003645N
Place: Delhi S.K Gupta
Date: 29/05/2017 Partner
Membership No. 082486

Annexure A

ANNEXURE TO THE AUDITORS' REPORT

The Annexure referred to in our report to the members of UNIMODE OVERSEAS LIMITED ANDREDUCED ("the Company") for the year ended 31 March 2017. We report that:

i. The Company does not have any fixed assets during the year; accordingly clause (i)of the said order is not applicable.

ii. There are no inventories available with the company hence the provisions of clause(ii) of the said order are not applicable.

iii. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms and other parties covered inthe register maintained under section 189 of the Companies Act 2013 ("the Act)

iv. In our opinion and according to the information and explanations given to us theCompany has not made any loans investments guarantees and security covered under theprovisions of the section 185 and 186 of the Companies Act2013 hence the provisions ofclause (iv) of the said order are not applicable.

v. The Company has not accepted any deposits. Hence directives issued by the ReserveBank of India and the provisions of sections 73 to 76 or any other relevant provisions ofthe Companies Act and the rules framed there under are not applicable to the company

vi. The Central Government of India has not specified the maintenance of cost recordsunder sub-section (1) of section 148 of the Companies Act for the business run by theCompany.

vii.

a. According to the records of the company Provident Fund Employees' State InsuranceIncome-Tax Sales- Tax Wealth-Tax Service Tax Custom Duty Excise-Duty Value addedtax Cess and other material statutory dues to the extent applicable to it have beengenerally regularly deposited during the year with the appropriate authorities. Accordingto the information and explanations given to us no undisputed amounts payable in respectof above were in arrears as at March 31 2017 for a period of more than six months fromthe date on which that became payable.

b. According to the records of the Company there are no disputed dues on account ofIncome-Tax Wealth- Tax Service Tax Customs Duty Excise Duty Value added Tax Cess andother material statutory dues on the balance sheet date.

c. According to the information and explanations given to us no amount is required tobe transferred to

Investor Education and Protection Fund in accordance with the relevant provisions ofthe Companies Act.

viii. The Company does not have any loans or borrowings from any financial institutionbanks governments or debenture holders during the year. Accordingly paragraph (viii) ofthe order is not applicable.

ix. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year AccordinglyParagraph (ix) of the order is not applicable.

x. The Company did not have any outstanding dues to any financial institution banks ordebenture holders at any time during the year.

xi. According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from banks or financial institutions.

xii. The Company had not taken any term loans from banks and/or financial institutions.

xiii. Based upon the audit procedures performed for the purpose of reporting on thetrue and fair view of the financial statements and as information and explanations givenby management we report that no fraud on or by the Company has been noticed or reportedduring the year.

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

xv. According to the information and explanations given to us the Company has notentered into non-cash transactions with directors or persons connected with him.Accordingly paragraph(xv) of the order is not applicable.

xvi. The Company has not made any preferential allotment or private placement of sharesof fully or partially convertible debentures during the year hence the provision of xviof the said order is not applicable.

xvii. The Company is not a nidhi company. Accordingly paragraph xvii of the order isnot applicable.

xviii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

For Sunil Kumar Gupta & Co
Chartered Accountants
Firm Registration No. 003645N
Place: Delhi S.K Gupta
Date: 29/05/2017 Partner
Membership No. 082486

Annexure-B

ANNEXURE 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 UnimodeOverseas Limited ("the Company") as of 31st March 2017 in conjunctionwith our audit of the Consolidated 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 (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the 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 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 judgment 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 31 March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Sunil Kumar Gupta & Co
Chartered Accountants
Firm Registration No. 003645N
Place: Delhi S.K Gupta
Date: 29/05/2017 Partner
Membership No. 082486