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Kuber Udyog Ltd.

BSE: 539408 Sector: Financials
NSE: N.A. ISIN Code: INE594R01018
BSE 00:00 | 20 Sep 1.79 0
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1.79

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NSE 05:30 | 01 Jan Kuber Udyog Ltd
OPEN 1.79
PREVIOUS CLOSE 1.79
VOLUME 10
52-Week high 14.20
52-Week low 1.71
P/E
Mkt Cap.(Rs cr) 1
Buy Price 1.79
Buy Qty 831.00
Sell Price 1.79
Sell Qty 90.00
OPEN 1.79
CLOSE 1.79
VOLUME 10
52-Week high 14.20
52-Week low 1.71
P/E
Mkt Cap.(Rs cr) 1
Buy Price 1.79
Buy Qty 831.00
Sell Price 1.79
Sell Qty 90.00

Kuber Udyog Ltd. (KUBERUDYOG) - Auditors Report

Company auditors report

To the Members of KUBER UDYOG LIMITED

We have audited the accompanying financial statements of KUBER UDYOGLIMITED which comprise the Balance Sheet as at 31 March 2018 the Statement of Profit andLoss (including Other Comprehensive Income) the Cash flow statement and the Statement ofChanges in Equity for the year then ended and a summary of significant accountingpolicies and other explanatory information (hereinafter referred to as ‘financialstatement').

Management s Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation and presentation of these financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) prescribed under Section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding 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.

Auditor s Responsibility

Our responsibility is to express an opinion on these Ind AS financialstatements based 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 provisions of the Act and the Rules made thereunder.

We conducted our audit of the Ind AS financial statement in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Ind AS financial statement is free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and the disclosures in the Ind AS financial statements. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the Ind AS financial statements that give a trueand fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the Ind AS financialstatements.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31 March 2018 and its profit (including other comprehensive income) itscash flows and the changes in equity 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 section 143 of the Act we give in the Annexure A a statement on the mattersspecified in the paragraph 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 andexplanations which to the best of our knowledge and belief were necessary for the purposesof our audit.

(b) in our opinion proper books of account as required by lawhave been kept by the Company so far as it appears from our examination of those books;

(c) the Balance Sheet the Statement of Profit and Loss theCash flow Statement and Statement of Changes in Equity dealt with by this Report are inagreement with the books of account;

(d) In our opinion the aforesaid Ind AS financial statementscomply with the Indian Accounting Standards specified under Section 133 of the Act.

(e) on the basis of the written representations received fromthe directors as on 31 March 2018 taken on record by the Board of Directors none of thedirectors is disqualified as on 31 March 2018 from being appointed as a director in termsof Section 164 (2) of the Act;

(f) with respect to the adequacy of the internal financialcontrols over financial reporting of the Company and the operating effectiveness of suchcontrols refer to our separate report in "Annexure B"; and

(g) with respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinion and to the best of our information and according to the explanationsgiven to us:

(i) The Company does not have any pending litigations whichwould impact its financial position.

(ii) The Company did not have any long term contracts includinglong term contracts for which they were any material foreseeable losses. (iii) Therewere no amounts which required to be transferred to the Investor Education and ProtectionFund by the Company.

For Koshal & Associates

Chartered Accountants

Firm's registration number: 121233W

Sd/-

Koshal Maheshwari

Proprietor

Membership number: 043746 Place: Mumbai Dated: 26.05.2018

Annexure - A to the Auditors Report

The Annexure referred to in Independent Auditors' Report to the membersof KUBER UDYOG LIMITED ("the Company") on the financial statements for the yearended 31 March 2018 we report that:

(i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) As explained to us fixed assets have been physically verified bythe management at reasonable intervals. No material discrepancies were noticed on suchverification.

(c) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the company does not hold anyimmovable property. Accordingly clause 1(c) of the order in not applicable.

(ii) According to the information and explanations given to usand on the basis of our examination of the records of the Company the Company does nothold any inventories on the balance sheet date. However the physical verification of theinventories has been conducted at reasonable intervals by the management of the companyduring the year and no material discrepancies have been noticed.

(iii) According to the information and explanations given to usand on the basis of our examination of the records of the Company the Company has notgranted anyloans secured or unsecured to companies firms limited liability partnershipsor other parties covered in the register maintained under Section 189 of the Act 2013.

(iv) According to the information and explanations given to usthe Company has not made any loans which require compliance with the provisions of section185. However the Company has complied with the provisions of s.186 of the Act withrespect to loans and investments made.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government has not prescribed the maintenanceof cost records under section 148(1) of the Act for any of the services rendered by theCompany.

(vii) (a) According to the information and explanation given tous provident fund employees state insurance sales-tax wealth tax duty of customsduty of excise are not applicable to the company. The Company is regular in depositingundisputed statutory dues including income tax value added tax Goods and Service TaxProfession tax and other statutory dues with the appropriate authorities during the year.

According to the information and explanation given to us no undisputedamounts payable were in arrears as at 31st March 2018 for the period of more than sixmonths from the date they became payable.

(b) According to the information and explanation given to us there nodues of income tax or sales-tax or duty of customs or duty of excise or value added taxwhich have not been deposited with the appropriate authorities on account of any dispute.

(viii) The Company does not have any loans or borrowings from anyfinancial institution banks government or debenture holders during the year.Accordingly paragraph 3(viii) of the Order is not applicable.

(ix) The Company did not raise any money by way of initial publicoffer or further public offer (including debt instruments) and term loans during the year.Accordingly paragraph 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us nofraud by the Company or on the Company by its officers or employees has been noticed orreported during the course of our audit.

(xi) According to the information and explanations give to us theCompany has not paid and provided for any managerial remuneration. Hence requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act arenot required.

(xii) In our opinion and according to the information andexplanations given to us the Company is not a nidhi company. Accordingly paragraph3(xii) of the Order is not applicable. (xiv) According to the information andexplanations given to us the company has not undertaken transactions with the relatedparties requiring compliance with s. 177 and s. 188 of the Act during the year. Howeverrelated party disclosures as required by the relevant accounting standards have beendisclosed in the financial statement. (xv) According to the information andexplanations give to us and based on our examination of the records of the Company theCompany has not made private placement of shares during the year. Accordingly paragraph3(xiv) of the Order is not applicable. (xvi) According to the information andexplanations given to us and based on our examination of the records of the Company theCompany has not entered into non-cash transactions with directors or persons connectedwith him. Accordingly paragraph 3(xv) of the Order is not applicable. (xvii) TheCompany is not required to be registered under section 45 -IA of the Reserve Bank of IndiaAct 1934. Also the company has filed application for surrendering the existingregistration with RBI.

For Koshal & Associates

Chartered Accountants

Firm's registration number: 121233W

Sd/-

Koshal Maheshwari

Proprietor

Membership number: 043746 Place: Mumbai Dated: 26.05.2018

Annexure - B to the Auditors Report

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ( the Act )

We have audited the internal financial controls over financialreporting of KUBER UDYOG LIMITED ("the Company") as of 31 March 2018 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management s Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or 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 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 2018 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 Koshal & Associates

Chartered Accountants

Firm's registration number: 121233W

Sd/-

Koshal Maheshwari

Proprietor

Membership number: 043746

Place: Mumbai

Dated: 26.05.2018