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Unitech International Ltd.

BSE: 531867 Sector: Others
NSE: N.A. ISIN Code: INE929K01011
BSE LIVE 15:54 | 22 Sep 7.21 -0.18
(-2.44%)
OPEN

7.59

HIGH

7.59

LOW

6.95

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 7.59
PREVIOUS CLOSE 7.39
VOLUME 27615
52-Week high 14.07
52-Week low 6.95
P/E 32.77
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 7.21
Sell Qty 951.00
OPEN 7.59
CLOSE 7.39
VOLUME 27615
52-Week high 14.07
52-Week low 6.95
P/E 32.77
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 7.21
Sell Qty 951.00

Unitech International Ltd. (UNITECHINTERNAT) - Auditors Report

Company auditors report

To The Members of Unitech International Limited

Report on the Financial Statements

1. We Have Audited the accompanying (Standalone) financial statement of UNITECHINTERNATIONAL LIMITED ("the company") which comprise the balance sheet asMarch 312016 the statement of profit and loss cash flow statement for the year then endedand a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the financial statements

2. The company s board of Director is responsible for the matters stated in section 134(5) of the companies Act 2013 ("the Act") with respect to the preparation ofthese (Standalone) financial statements that gives a true and fair view of the financialposition financial performance and cash flows of the company in accordance with theaccounting principles generally accepted in India including the Accounting Standardspecified under section 133 of the Act read with Rules 7 Of The Companies (Accounts) Rules2014 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 Judgment and estimates that are reasonable andPrudent and Design implementation and maintenance of adequate internal Financial Controlthat were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these (Standalone) financialstatements based on our audit.

4. We have taken into account the Provisions of the Act the accounting and auditingstandards and matter which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

5. 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 statement are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosure 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 statement that give a true and fair view in order to design audit Proceduresthat are Appropriate in the circumstance but not for the purpose of expressing an opinionon whether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company s Directors as well asevaluating the overall presentation of the financial statements.

7. We believe that the audit evidence we have obtained in sufficient and appropriate toprovide a basis for our audit opinion on the (Standalone) financial statements.

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid (Standalone) financial statement 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 of the state of affairs of the Companyas at March 31 2016 and its Profit/Loss and its Cash Flow for the Year ended on thatdate.

Report on Other Legal and Regulatory Requirements

9. As required by the companies (Auditor s Report) Order2016 ("the order ")as amended issued by the central Government of India in "Annexure A" astatement on the matters specified in paragraphs 3 and 4 of the Order.

10. 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 purpose 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 book;

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 statements comply with theAccounting Standards specified under section 133 of the Act read with Rules 7 of theCompanies (Accounts) Rules 2014.

e. On the basis of written representations received from the directors as in March 312016 taken on record by Board of Directors none of the directors is disqualified as onMarch 31 2016 from being appointed as a director in terms of Section 164 (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 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. Or

(ii) The Company has disclosed the impact of pending litigation on its financialposition in its financial statement Refer Note XX to the financial statement.

(iii) The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses. Or

(iv) The Company has made provision. As required under the applicable law or accountingstandards for materials foreseeable losses. If any on long term contracts includingderivative contract Refer Note XX to the financial statements;

(v) There were no amounts which were required to be transferred to the InvestorEducation and protection Fund by the Company. Or

(vi) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company. Or

(vii) There are no instances of delay in transferring amount required to betransferred to the Investor Education and Protection Fund by the Company

For S. S. Agarwal & Co.
Chartered Accountants
F. R. No. 312054E
Place : Mumbai (S. S. Agarwal)
Date : 30th May 2016 Proprietor
M. No. 050521

"Annexure A" to the Independent Auditors’ Report

Referred to in paragraph 1 under the heading Report on Other Legal & RegulatoryRequirement of our report of even date to the financial statements of the Company for theyear ended March 31 2016:

1) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The Fixed Assets have been physically verified by the management in a phasedmanner designed to cover all the items over a period of three Years which in ouropinion is reasonable having regard to the size of the company and nature of itsbusiness. Pursuant to the program a portion of the fixed assets has been physicallyverified by the management during the Year and no material discrepancies between the booksrecords and the physical fixed assets have been noticed.

(c) The title deeds of immovable properties are held in the name of the company.

2) (a) The management has conducted the physical verification of inventory atreasonable intervals.

(b) The discrepancies noticed on physical verification of the inventory as compared tobooks records which has been properly dealt with in the books of account were notmaterial.

3) The Company has not granted any loans secured or unsecured to companies firmlimited Liability Partnerships or other parties covered in the Register maintained undersection 189 of the Act Accordingly the provisions of clause 3 (iii) (a) to (C) of theOrder are not applicable to the Company and hence not commented upon.

4) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013In respect of loans investment guarantees and security.

5) The Company has not accepted any deposit from the public and hence the directivesissued by the Reserve Bank of India and the provisions of section 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable

6) As informed to us the maintenance of cost record has not been specified the centralgovernment under sub-section (1) of Section 148 of the Act in respect of the activitiescarried on by the company

7) (a) According to information and explanation given to us and on the basis of ourexamination of the books of account and record the Company has been generally regular indepositing undisputed statutory dues including Provident Fund Employees state InsuranceIncome-Tax Sales-Tax Service-Tax Duty of Custom Duty of Excise Value added Tax Cess andany other statutory dues with the appropriate authorities. According to the informationand explanations given to us no undisputed amounts payable in respect of the above were inarrears as at March 31 2016 for a period of more than six months from the date on whenthey become payable.

(b) According to the Information and explanation given to us there are no dues ofincome-tax sales tax Service-Tax Duty of Custom Duty of Excise Value added Taxoutstanding on account of any dispute.

8) In our opinion and according to the information an explanation given to us theCompany has not defaulted in the repayment of dues to banks. The Company has not taken anyloan either from financial institution or from the government and has not issue anydebentures.

9) Based upon the audit Procedure performed and the information and explanations givenby the management the company has not raised moneys by way of initial public offer orfurther public offer including debt instrument and terms loans Accordingly the provisionsof clause 3 (ix) of the Order are not applicable to the Company any hence not commentedupon.

10) Based upon the audit procedures performed and the information and explanationsgiven by the management we report no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

11) Based upon the audit procedure performed and the management the managerialremuneration has been paid or Provided in accordance with the requisite approvals mandatedby the Provisions of section 197 read with Schedule V to the Companies Act;

12) In our opinion the Company is not a Nidhi Company. Therefore the Provisions ofclause 4 (xii) of the Order are not applicable to the Company.

13) In our opinion all transaction with the related parties are in compliance withsection 177 and 188 of companies Act 2013 and details have been disclosed in theFinancial Statements as required by accounting standards.

14) Based upon the audit Procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the Provisions of clause 3 (xiv) of the Order are not applicable tothe Company and hence not commented upon.

15) Based upon the audit Procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or person connected with him. Accordingly the provisions of clause 3 (xv) of theOrder are not applicable to the Company and hence not commented upon.

16) In our opinion the company is not required to be register under section 45 IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the company and hence not commented upon.

For S.S. Agarwal & Co.
Chartered Accountants
F. R. No. 312054E
Place : Mumbai (S.S. Agarwal)
Date : 30th May 2016 Proprietor
M. No. 050521

"Annexure B" to the Independent Auditors Report Of even date on theStandalone Financial Statement of UNITECH INTERNATIONAL LIMITED Report on the InternalFinancial Controls Under Clause (i) of sub-section3 of Section 143 of the companies Act2013 ("the Act")

We have audited the internal financial controls over financial reporting of UnitechInternational Limited as of March 31 2016 in conjunction with our audit of the standalonefinancial 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 day to to day maintenance of the accounts of the company.These Responsibilities Including the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company s policies the safeguarding of its assets the prevention and detection of frauds and error the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company internal financial controlsover financial reporting based on our audit. We conduct our audit in accordance with theGuidance 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 required that we comply with ethic requirement 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 respect.

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 purpose 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 details accurately and fairly reflect the transaction antdepositions 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 in accordance with generally accepted accountingprinciple and that receipt and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and (3) providereasonable assurance regarding prevention or timely detection of unauthorized acquisitionuse or disposition of the company s assets that could have a material effect on thefinancial statements.

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 risk materialmisstatement of the financial statement whether due the fraud or error We believe that theAudit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the Company s internal financial control system over financial reporting.

Inherent Limitations of Internal Financial Controls Over financial Reporting

Because of the inherent limitations internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols materials misstatements dues to error or fraud may occur and not be detectedAlso projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlsover financial reporting may become inadequate because of changes conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internal financialcontrol system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31 2016 based on the basis ofthe electronics entries passed in the books of account of the company

For S.S. Agarwal & Co.
Chartered Accountants
F. R. No. 312054E
Place: Mumbai (S.S. Agarwal)
Date: 30th May 2016 Proprietor
M. No. 050521