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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 21.36
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 21.36
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 UNIMODE OVERSEAS LIMITED("the company")which comprise the Balance Sheet as at March 312016 and theStatement of Profit and Loss and Cash Flow Statement for the year ended and a summary ofsignificant 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 Act2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financialpositionfinancial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in Indiaincluding the Accounting Standardsspecified under Section 133 of the Actread with Rule 7 of the Companies (Accounts)Rules2014.This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of 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 designimplementation and maintenance of adequate internalfinancial controlsthat were operating effectively for ensuring the accuracy andcompleteness of the accounting recordsrelevant to the preparation and presentation of thefinancial statements that give a true and fair view and are free from materialmisstatementwhether due to fraud or error.

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 Actthe 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 judgmentincluding the assessment of the risks of material misstatement ofthe financial statementswhether due to fraud or error.In making those riskassessmentsthe auditor considers internal financial control relevant to theCompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances.An audit alsoincludes evaluating The appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directorsas well asevaluating the overall presentation of the financial statements.We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for Our auditopinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to usthe aforesaid financial statements give the information required by the Act inthe 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 Sheetof the state of affairs of the Company as at March312016;

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

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

Attention is drawn to Note 23 in the financial statements which indicates that theCompany has accumulated lossesas a result its net worth has been substantially eroded.TheCompany has also incurred a net loss/net cash loss during the current year.Howeverfinancial statements has been prepared on a going concern basis for the reasons stated inthe 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) Order2016 (the Order) issued bythe Central Government of India in terms of sub-section (11) of section 143 of theCompanies Act2013we 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 Actwe report that:

a.We have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purposes of our audit.

b.In our opinionproper 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 Sheetthe Statement of Profit and Lossand the Cash Flow Statement dealtwith by this report are in agreement with the books of accounts

d.In our opinionthe aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Actread with Rule 7 of the Companies(Accounts) Rules2014.

e.On the basis of the written representations received from the directors as on 31stMarch2016 taken on record by the Board of Directorsnone of the directors is disqualifiedas on31st March2016 from being appointed as a director in terms of Section 164 (2) of theAct.

f.With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controlsrefer 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) Rules2014in our opinionand to the best of our information and according to the explanations given to us:

i.The Company does not have any pending litigations which would impact its financialposition.

ii.The Company did not have any long-term contracts including derivative contractshaving any material foreseeable losses.

iv.There are no items which required to be transferredto the Investor Education andProtection Fund

by the Company.

ANNEXURE TO THE AUDITORS' REPORT

The Annexure referred to in our report to the members of UNIMODE OVERSEAS LIMITED("the Company") for the year ended 31 March 2016.We report that:

i.The Company does not have any fixed assets during the year; accordingly clause (i) ofthe 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 unsecured loans to companiesfirmsLimited Liability Partnerships or other partiescovered in the register maintained under section 189 of the Companies Act2013 ("theAct)

iv.In our opinion and according to the information and explanations given to ustheCompany has not made any loansinvestmentsguaranteesand securitycovered under theprovisions of section 185 and 186 of the Companies Act2013hence the provisions of clause(iv) of the said order are not applicable.

v.The Company has not accepted any deposits.Hencedirectives issued by the Reserve Bankof India and the provisions of sections 73 to 76 or any other relevant provisions of theAct 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 Act for the Company.

vii. a.According to the records of the companyProvident FundEmployees' StateInsuranceIncome-TaxSales-TaxWealth-TaxService TaxCustom DutyExcise-DutyValue addedtaxCess 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 usno undisputed amounts payable in respectof Provident FundEmployees' State InsuranceWealth-TaxService TaxCustomDutyExcise-DutyValue added taxCess and other material statutory dues to the extentapplicable were in arrears as at 31 March 2016 for a period of more than six months fromthe date they became payable.

b.According to the records of the Companythere are no disputed dues on account ofIncome-TaxSales TaxWealth-TaxService TaxCustoms DutyExcise DutyValue added TaxCessand other material statutory dues as on the balance sheet date.

viii.The Company does not have any loans or borrowings from any financialinstitutionbanksgovernment or debenture holders during the year.Accordinglyparagraph(viii) of the Order is not applicable.

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

x.Based upon the audit procedures performed for the purpose of reporting on the trueand fair view of the financial statements and as information and explanations given bymanagementwe report that no material fraud by the Company or on the Company by itsofficers or employees has been noticed or reported during the course of our audit.

xi.According to the information and explanations give to us and based on ourexamination of the records of the Companythe Company has paid and provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Companies Act

xii.The Company is not a nidhi company.Accordinglyparagraph (xii) of the Order is notapplicable.

xiii.According to the information and explanations given to us and based on ourexamination of the records of the Companytransactions 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.

xiv.The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the yearhence the provision of xiv ofthe said order is not applicable.

xv.According to the information and explanations given to usthe Company has notentered into non-cash transactions with directors or persons connected withhim.Accordinglyparagraph (xv) of the Order is not applicable.

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

ANNEXURE TO THE AUDITORS' REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act2013 ("the Act")

We have audited the internal financial controls over financial reporting of UNIMODEOVERSEAS LIMITED ("the Company") as of 31 March 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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 designimplementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its businessincluding adherence to company’s policiesthe safeguarding ofits assetsthe prevention and detection of frauds and errorsthe accuracy and completenessof the accounting recordsand the timely preparation of reliable financial informationasrequired 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 Auditingissued by ICAI and deemed tobe prescribed under section 143(10) of the Companies Act2013to the extent applicable toan audit of internal financial controlsboth applicable to an audit of Internal FinancialControls andboth issued by the Institute of Chartered Accountants of India.ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 financialreportingassessing the risk that a material weakness existsand testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk.Theprocedures selected depend on the auditor’s judgmentincluding the assessment of therisks of material misstatement of the financial statementswhether 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 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 (i) pertain to the maintenance ofrecords thatin reasonable detailaccurately and fairly reflect the transactions anddispositions of the assets of the company; (ii) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principlesand that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (iii) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisitionuseor 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 financialreportingincluding the possibility of collusion or improper management.override ofcontrolsmaterial misstatements due to error or fraud may occur and not bedetected.Alsoprojections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsorthat the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinionthe Company hasin all material respectsan adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31 March 2016based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Sunil Kumar Gupta & Co
Chartered Accountants
Firm Registration No.003645N
S.K Gupta
Place: Delhi Partner
Date: 26.05.2016 Membership No.082486