To The Members of KUBER UDYOG LIMITED Report on the audit of thefinancial statements
We have audited the accompanying financial statements of KUBER UDYOGLIMITED ("the Company") which comprise the balance sheet as at March 31 2019and the Statement of Profit and Loss Statement of changes in Equity and statement of cashflows for the year then ended and notes to the financial statements including a summaryof significant accounting policies and other explanatory information. (hereinafterreferred to as financial statement').
In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the information requiredby the Companies Act2013 (Act') in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2019 its loss changes in equity and cashflows for the year ended on that date.
Basis for opinion
We conducted our audit in accordance with the standards on auditingspecified under section 143 (10) of the Companies Act 2013. Our responsibilities underthose Standards are further described in the auditor's responsibilities for the auditof the financial statements section of our report. We are independent of the Company inaccordance with the code of ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the rules thereunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and thecode of ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters. We have determined that there are no key audit matters to communicate inour report.
Information other than the financial statements and auditors'report thereon
The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Annualreport but does not include the Financial Statements and our auditors' reportthereon. Our opinion on the Standalone Financial Statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon. In connectionwith our audit of the Standalone Financial Statements our responsibility is to read theother information and in doing so consider whether such other information is materiallyinconsistent with the financial statements or our knowledge obtained in the audit orotherwise appears to be materially misstated. If based on the work we have performed weconclude that there is a material misstatement of this other information we are requiredto report that fact. We have nothing to report in this regard.
Management's responsibility for the financial statements
The Company's board of directors are responsible for the mattersstated in section 134 (5) of the Act with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including theaccounting standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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 statement that givea true and fair view and are free from material misstatement whether due to fraud orerror. In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. The board of directors are also responsible for overseeing theCompany's financial reporting process.
Auditor's responsibilities for the audit of the financialstatements
Our objectives are to obtain reasonable assurance about whether thefinancial statementsas a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements. As part of an audit inaccordance with SAs we exercise professional judgment and maintain professionalskepticism throughout the audit. We also: Identify and assess the risks of materialmisstatement of the financial statements whether due to fraud or error design andperform audit procedures responsive to those risks and obtain audit evidence that issufficient and appropriate to provide a basis for our opinion. The risk of not detecting amaterial misstatement resulting from fraud is higher than for one resulting from error asfraud may involve collusion forgery intentional omissions misrepresentations or theoverride of internal control. Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Companies Act 2013 we are also responsible for expressing ouropinion on whether the company has adequate internal financial controls system in placeand the operating effectiveness of such controls Evaluate the appropriateness ofaccounting policies used and the reasonableness of accounting estimates and relateddisclosures made by management. Conclude on the appropriateness of management's useof the going concern basis of accounting and based on the audit evidence obtainedwhether a material uncertainty exists related to events or conditions that may castsignificant doubt on the Company's ability to continue as a going concern.If weconclude that a material uncertainty exists we are required to draw attention in ourauditor's report to the related disclosures in the financial statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor's report. However future events orconditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.
We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.
We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.
Report on other legal and regulatory requirements
As required by the Companies (Auditor's Report) Order 2016("the Order") issued by theCentral Government of India in terms of sub-section(11) of section 143 of the Companies Act 2013 we give in the Annexure "A" astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.
As required by Section 143(3) of the Act we report that:
(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit;
(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books; (c) Thebalance sheet the statement of profit and loss in the Statement of Other ComprehensiveIncomethe cash flow statement and Statement of Changes in Equity dealt with by thisreport are in agreement with the books of account; (d) In our opinion the aforesaidfinancial statements comply with the accounting standardsspecified under section 133 ofthe Act read with Companies (Indian Accounting Standards) Rules2015 as amended; (e) Onthe basis of the written representations received from the directors as on March 31 2019taken on record by the board of directors none of the directors is disqualified as onMarch 31 2019 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 with reference to these Standalone Financial Statements and theoperating effectiveness of such controls refer to our separate Report in "Annexure2" to this report; and (g) With respect to the other matters to be included in theAuditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us; a. The Company does not have any pending litigations which wouldimpact its financial position; b. The Company did not have any long-term contractsincluding derivative contracts for which there were any material foreseeable losses; andc. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company
|For Koshal& Associates |
|Chartered Accountants |
|Firm's registration number: 121233W |
|Membership number: 043746 |
|Place: Mumbai |
|Date:29th May 2019 |