The Members of Unishire Urban Infra Limited Report on the Standalone FinancialStatements
We have audited the accompanying standalone Financial Statements of Unishire UrbanInfra Limited. ("the Company") which comprise of the Balance Sheet as at March31 2016 the Statement of Profit and Loss and the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.
Management's Responsibility for the Standalone 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 standalone Financial Statements that give a true and fair view of the financialposition financial performance and cash flows of the Company accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule7 of the Companies (Accounts) Rule2014. 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 judgment and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone Financial Statements that give a true and fair view and are free frommaterial misstatement whether due to fraud error.
Our responsibility is to express an option on these standalone Financial Statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provision of the Act the Rules made there under.
We conducted our audit in accordance with the Standard 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 stand alone financial statements are free from material misstatement. An auditinvolves performing procedures to obtain audit evidence about the amounts and thedisclosures 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 financial control relevant to the Company's preparation of thestandalone Financial Statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the Financial Statements. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on theFinancial Statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Financial Statements given the information requiredby the Act in the manner so required and given a true and fair view conformity withaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2016 and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section143 o0f the Act we give in the Annexure 'A' a statement on the matters specified inparagraph 4 and 5 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 Cash Flow Statementdealt with by this report are in agreement with the books of account.
d. In our opinion the aforesaid standalone Financial Statement comply with theAccounting Standards specified under Section 133 of the Act read with rule 7 of theCompanies (Accounts) Rules 2014.
e. In the opinion the audit we have not come across any financial transactions ormatters that have any adverse effect on the functioning of the company.
f. On the basis of the written representations received from the directors as on March31 2016 from being appointed as a director in terms of Section 164(2) of the Act
g. With respect to the adequacy of the internal financial controls refer to ourseparate Report Annexure 'B'.
h. 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 does not have any pending litigations which would impact its financialposition.
ii. The Company did not have any long term contracts including derivative contracts.
iii. There are no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the company.
For Arun Jain & Associates
Arun Kumar Jain
Membership No. 053693
Kolkata May 30 2016.
ANNEXURE 'A' TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STAND ALONEFINANCIAL STATEMENTS OF UNISHIRE URBAN INFRA LIMITED [Referred to in para.2(9) under theheading
'Report on Other Legal and Regulatory Requirements']
1. a. The company is maintaining proper records showing full particulars includingquantitative details and details about the situation of Fixed Assets.
b. These Fixed Assets have been verified by the Management at reasonable intervals.According to information and explanations given to us no material discrepancies have beennoticed on such verification.
c. The title deeds of immovable properties belonging to the company are held in thename of the company.
2. Physical verification of inventory has been conducted by the managementduring the year under review at reasonable intervals. According to information andexplanation given to us no material discrepancies have been noticed.
3. The Company has not granted any loans secured or unsecured to companies firmLimited Liability Partnership or other parties covered in the registered maintained undersection 189 of the Companies Act 2013.
4. The company has not granted any loans or provided security or guarantees to whichprovisions of section 185 apply. As regards the investments made to and explanationguarantees to which provisions of section 189 of the Companies Act 2013.
5. The company has not accepted any Deposits.
6. In respect of the records maintained by the company in accordance with the Rule madeby the Central Government regarding maintenance of Cost Records under the provisions ofsubsection (1) of section 148 of the Companies Act 2013 we have broadly reviewed thesame and we are the opinion that the prescribed accounts and records have been kept andmaintained. However we have not carried out a detailed audit of the same.
7. a. The company is regular in depositing undisputed statutory dues includingProvident Fund
Employees' State Insurance Income Tax sales Tax Service Tax Customs andexcise Duty or Value Added Tax Cess and other statutory dues applicable to it with theappropriate authorities.
b. The company did not incur any dues on account of any dispute in respect of SalesTax Customs and Excise Duty or Value Added Tax During the year under review. l.
8. The company has not defaulted in repayment of loans/borrowings from FinancialInstitutions Banks. the company does not have any borrowings from Government or DebentureHolders.
9. The company has not raised any monies by way of any Public Offer or Terms Loansduring the year under review.
10. To the best of our information and according to explanations given to us no fraudby the company by its officers or employees has been noticed or reported during the yearunder review.
11. The overall remuneration paid to the Managing Director and Whole Time Directors andthe remuneration paid to each of them taken individually is not in excess of the limitsspecified under section 197 of the Companies Act 2013.
12. The company is not a Nidhi Company.
13. The transactions with related parties are in compliance with the provisions ofsection 177 and 188 of the Companies Act 2013 and the details have been disclosed in thefinancial statements as required by the applicable Accounting Standards.
14. The company has not made any preferential allotment or private placement of sharesor debentures during the year under review.
15. The company has not entered into any non-cash transactions with its Directors orpersons connected with them.
16. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.
| ||For Arun Jain & Associates |
| ||Chartered Accountants |
| ||FRN: 325867E |
| ||Arun Kumar Jain |
|Date : May 30 2016 ||Proprietor |
|Place: Kolkata ||Membership No. 053693 |
ANNEXURE 'B' TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STAND ALONEFINANCIAL STATEMENTS OF UNISHIRE URBAN INFRA LIMITED [Referred to in para.2(9) under theheading
'Report on Other Legal and Regulatory Requirements']
Year ended March 31 2016
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 of UnishireUrban Infra Limited ("the Company) as of March 31 2016 in conjunction with our auditof the standalone Financial Statements of the Company for the year ended 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. 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.
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 FinancialReporting(the "Guidance Note") and the Standards on auditing issued byInstitute of Chartered Accountants of India and deemed to be prescribed under section143(10) of the Companies Act2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Charted Accountants of India. Those Standards and the GuidanceNote require that we comply with ethical requirement and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects. Our audit involves performing procedures to obtainaudit evidence about the adequacy of the internal financial controls system over financialreporting and their operating effectiveness. Our audit of internal financial controls overfinancial reporting included obtaining an understanding of internal financial controlsover financial reporting assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. We believe that the audit evidence we have obtained is sufficient andappropriate to the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the C ompany's internal financial controls system over financialreporting.
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 standalone financial statements for external purpose in accordance withgenerally accepted accounting principles. A company's internal financial controlover financial reporting includes those policies and procedures that(1) pertain to the maintenance of record that in reasonable detail accuratelyand fairly reflect the transactions and dispositions of the assets of the company; (2)provide reasonable assurance that transactions are recorded as necessary to permitpreparation of standalone financial statements in accordance with authorizations ofmanagement and directors of the company and (3) provide reasonable assetsthat could have 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 Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control over financialreporting may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate. Opinion the Companyhas in all material respect an adequate internal financial controls system overfinancial reporting and such internal financial controls over financial reporting issuedby the Institute of Chartered Accountants of India.
For Arun Jain & Associates
Arun Kumar Jain
Membership No. : 053693
Kolkata May 30 2016