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United Van Der Horst Ltd.

BSE: 522091 Sector: Engineering
NSE: N.A. ISIN Code: INE890G01013
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United Van Der Horst Ltd. (UNITEDVANDER) - Auditors Report

Company auditors report

TO THE MEMBERS OF UNITED VAN DER HORST LTD.

1. Report on the Financial Statements

We have audited the accompanying financial statements of UNITED VAN DER HORST LTD.("the Company") which comprise the Balance Sheet as at 31.03.2015 theStatement 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.

2. 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.

3. Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. 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 there-under.

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 statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall 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.

4. Basis for Qualified Opinion:

4.1 The Company continues to prepare accounts on a going concern basis despiteaccumulated losses as on 31.03.2015 being more than 50% of the average net worth duringfour years immediately preceding current financial year. Management explanations in thisregard about positive net worth profits generated in the earlier years and positivefuture cash flow projections have been relied upon. [Note no.26(B)7]

4.2 The amount payable to certain Creditors for Goods amounting to Rs.10201.69 thousand& Creditors for expenses amounting to Rs.5540.42 thousand and dues from Sundry Debtorsamounting to Rs.4737.84 thousand are subject to confirmation from the parties. Managementexplanations in this regard that the amounts due to / from these parties are fully payable/ recoverable have been relied upon. [Note no.26(B)9]

5. Qualified Opinion:

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matters described in the Basis for QualifiedOpinion paragraph the aforesaid financial statements give the information required by theAct 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 31.03.2015 and its profit and its cash flows for the year ended on that date.

6. Report on Other Legal and Regulatory Requirements:

6.1 As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order.

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

e) On the basis of the written representations received from the directors as on31.03.2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31.03.2015 from being appointed as a director in terms of Section 164(2) of the Act.

f) 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 did not have any pending litigations having impact on its financialposition reflected in the financial statements – Refer Note 26 (B)(3) to thefinancial statements

ii. The Company did not have any long-term contracts including derivative contracts forwhich there could be any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor

Education and Protection Fund by the Company.

For CHOKSHI & CHOKSHI LLP
Chartered Accountants
FRN - 101872W/W100045
Vineet Saxena
Place : Mumbai Partner
Date : 30.05.2015 M.No100770

Annexure referred to in Para 6.1 of the Independent Auditors’ Report on theFinancial Statements for the year ended 31.03.2015

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situations of the fixed assets.

(b) The fixed assets have been physically verified by the management during the year.In our opinion the frequency of verification is reasonable. According to the informationand explanations given to us no material discrepancies were noticed on such verification.

(ii) (a) As explained to us inventories have been physically verified by themanagement at reasonable intervals with the records.

(b) In our opinion and according to the information and explanations given to us theprocedures for physical verification of inventory followed by the management werereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) In our opinion the Company is maintaining proper records of inventory. No materialdiscrepancies were noticed by the management on physical verification of inventory ascompared to the books of account.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies / firms / other parties covered inthe register maintained under section 189 of the Companies Act 2013 (‘theAct’). Accordingly sub clause (a) & (b) of the Order are not applicable.

(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business with regard to purchase of inventory and fixed assets and saleof goods and services. We have not observed any major weakness in internal control systemduring the course of the audit.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any public deposits and hence directives issued by the ReserveBank of India and the provisions of Sections 73 to 76 or any other relevant provisions ofthe Companies Act 2013 and the rules framed there under are not applicable. As per theinformation and explanations given to us no order has been passed by Company Law Board orNational Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunalin this respect.

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records undersection 148 (1) of the Companies Act 2013 and are of the opinion that prima-facie theprescribed accounts and records have been maintained. We have however not undertaken adetailed examination of the records with a view to determine whether they are accurate orcomplete.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amount deduced / accrued in the books ofaccount in respect of undisputed statutory dues including Provident Fund Employee StateInsurance Income-tax Sales-tax Wealth Tax Service Tax Duty of Customs

Duty of Excise Value added Tax Cess and other material statutory dues have beenregularly deposited during the year by the Company with the appropriate authoritiesAccording to information and explanation given to us no undisputed amounts payable inrespect of Provident Fund Employee State Insurance Income-Tax Sales-Tax Wealth TaxService Tax Duty of Customs Duty of Excise Value added Tax Cess and other materialstatutory dues were in arrears as at 31.03.2015 for a period of more than six months fromthe date they become payable.

(b) According to the information and explanations given to us there are no unpaiddisputed dues in respect of Income-tax Sales-tax Wealth Tax Service Tax Duty ofCustoms Duty of Excise Value added Tax and Cess as at 31.03.2015.

(c) According to the information and explanations given to us there were no amountswhich were required to be transferred to the Investor Education and Protection Fund by theCompany.

(viii) The accumulated losses of the Company as at 31.03.2015 are not less than 50% ofits net worth. There are cash losses in the current financial year and cash profit in theimmediately preceding financial year.

(ix) In our opinion and according to the information & explanations given to usthe Company has not defaulted in repayment of dues to banks / financial institutionsduring the year.

(x) In our opinion and according to the information and explanations given to us theCompany has not given any Guarantee for loans taken by others from any bank or financialinstitutions.

(xi) According to the information and explanations given to us the Company has notaccepted any term loans.

(xii) During the course of our examination of the books of account carried out inaccordance with the generally accepted auditing standards in India and as per theinformation and explanations given to us we have not come across any instance of fraudeither noticed or reported during the year on or by the Company.

For CHOKSHI & CHOKSHI LLP
Chartered Accountants
FRN - 101872W/W100045
Vineet Saxena
Place: Mumbai Partner
Date: 30.05.2015 M.No100770