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Uniply Industries Ltd.

BSE: 532646 Sector: Others
NSE: UNIPLY ISIN Code: INE950G01015
BSE LIVE 14:35 | 21 Nov 351.65 6.90
(2.00%)
OPEN

345.70

HIGH

355.00

LOW

341.00

NSE 14:20 | 21 Nov 353.60 6.75
(1.95%)
OPEN

344.30

HIGH

356.45

LOW

341.00

OPEN 345.70
PREVIOUS CLOSE 344.75
VOLUME 3045
52-Week high 390.00
52-Week low 181.00
P/E 77.29
Mkt Cap.(Rs cr) 841
Buy Price 351.60
Buy Qty 8.00
Sell Price 352.90
Sell Qty 4.00
OPEN 345.70
CLOSE 344.75
VOLUME 3045
52-Week high 390.00
52-Week low 181.00
P/E 77.29
Mkt Cap.(Rs cr) 841
Buy Price 351.60
Buy Qty 8.00
Sell Price 352.90
Sell Qty 4.00

Uniply Industries Ltd. (UNIPLY) - Auditors Report

Company auditors report

To

The Members

Uniply Industries Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements ofUniply IndustriesLimited ('the company’) which comprise the Balance Sheet as at 31st March20!7theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of the 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 preparationand presentation of these standalone financial statement that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principle generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with Rule 7 of theCompanies(Accounts)Rules 2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatementswhether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on this standalone financial statementbased 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 ofthe financial statement whether due to fraud or error. In making those risk assessmentthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall 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 standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India.

(a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2017;

(b) in the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date and

(c) In the case of cash flow statement of the cash flows for the year ended on thatdate

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of section 143(H) of theAct we give in the "Annexure A" a statement on the matters specified in theparagraph 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 explanation which to the best ofour knowledge and belief were necessary for the purposes of our audit.

b. In our opinion proper books of accounts 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 statement of cash flowdealt with by this Report are in agreement with books of account.

d. In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with relevant ruleissued thereunder;

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"; and

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) Rules2014 in our opinion and to the best of our information andaccording to the explanation given to us:

i. The company does not have any pending litigation which would impact its financialposition.

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 to theInvestor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in its standalone financialstatements as to holdings as well as dealings in Specified Bank Notes during the periodfrom 8thNovember 2016 to 30thDecember 2016 and these are in accordance with the books ofaccounts maintained by the Company. Refer Note 2.25(i) to the standalone financialstatements.

For C. Ramasamy & B. Srinivasan
Chartered Accountants
Firm’s Registration Number: 002957S
C.Ramasamy
Place: Chennai Partner
Date: May 26 2017 Membership Number: 023714

"Annexure A" to the Auditor's Report

The Annexure referred to in our Independent Auditor’s Report to the members ofcompany on the standalone financial statement for the year ended on 31st March 2017 wereport that:

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

(b) These fixed assets have been physically verified by the management at reasonableintervals and no material discrepancies were noticed on such verification and the samehave been properly dealt with in the books of account.

c) According to the information and explanations given to us and on the basis of ourexaminationof the records of the Company the title deeds of immovable properties are heldin the name ofthe Company.

ii. The Management has conducted physical verification of inventory at reasonableintervals and no material discrepancies were noticed.

iii. 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 Companies Act 2013

iv. In our opinion and according to the information and explanations given to us theCompany has not complied with the provisions of section 185 and 186 of the Act withrespect to the loans and investments made.

a) The company has not complied with 186 (7) of the Companies Act2013

v. The company has not accepted any deposits from the public.

vi. The Central Government has not prescribed the maintenance of cost records undersection148(1) of the Act for any of the services rendered by the Company.

vii. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company there is some delay by company indepositing undisputed statutory dues including provident fund employees’ stateinsurance income-tax sales-tax service tax duty of customs duty of excise valueadded tax Cess and any other statutory dues with the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of the above were in arrears as at 31st March 2017 for a period of morethan six months from the date they became payable except income tax amounting toRs.3499068/-.

(b) According to the information and explanations given to us there are no dues ofincome tax or sales tax or service tax or duty of customs or duty of excise or value addedtax or cesswhich had not been deposited on account of any dispute except the following;

Name of statute Nature of dues Amount Period to which amount relates Forum where dispute is pending
Tamilnadu Value Added Tax2006 VAT on SEZ Sales Rs. 5421138/- 2007-2008 Appellate Commissioner CTD
Tamilnadu Value Added Tax2006 VAT Penalty on ITC Rs.70233/- 2007-2008 Appellate Commissioner CTD

viii. The company has not defaulted in repayment of dues to financial institutions orbanks and Government during the year. There have been no outstanding dues to debentureholders.

ix. During the year company has not raised any money through Initial Public Offer orfurther Public Offer. The term Loans availed by the company during the year have beenapplied for the purpose for which it has been availed.

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe courseof our audit.

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

xii. In our opinion and according to the information and explanations given to us theCompany isnot a nidhi company. Accordingly paragraph 3(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 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 standalone financial statements as required by theapplicable accounting standards.

xiv. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has made preferential allotment orprivate placement of shares during the year to Promoter & Non Promoter as perrequirement under section 42 of the Act andthe amount raised have been used for thepurposes for which thefunds were raised.

xv. 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-cash transactions with directors or persons connectedwith him. Accordingly paragraph 3(xv) of the Order is not applicable

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

For C. Ramasamy & B. Srinivasan
Chartered Accountants
Firm’s Registration Number: 002957S
C.Ramasamy
Place: Chennai Partner
Date: May 26 2017 Membership Number: 023714

"ANNEXURE B" TO THE AUDITOR'S REPORT

Report on the Internal Financial Controls under clause (i) of subsection 3 of Section143 of the Companies Act 2013 (‘the Act')

We have audited the internal financial controls over financial reporting UniplyIndustries Limited ('the Company') as of 31 March 2017 in conjunction with our audit ofthe Standalone financial statements of the company for the year ended as on 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). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to the Company's policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 deemed to beprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both 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 were 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 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 auditors' 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 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 the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorizations of the Management and directors of the Company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company’s assets that could havea 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 C. Ramasamy & B. Srinivasan
Chartered Accountants
Firm’s Registration Number: 002957S
C.Ramasamy
Place: Chennai Partner
Date: May 26 2017 Membership Number: 023714