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Ujaas Energy Ltd.

BSE: 533644 Sector: Engineering
NSE: UJAAS ISIN Code: INE899L01022
BSE 09:33 | 19 Mar 7.35 0.12
(1.66%)
OPEN

7.35

HIGH

7.35

LOW

7.35

NSE 09:24 | 19 Mar 7.35 0.10
(1.38%)
OPEN

7.20

HIGH

7.35

LOW

7.20

OPEN 7.35
PREVIOUS CLOSE 7.23
VOLUME 20
52-Week high 21.70
52-Week low 4.90
P/E 21.00
Mkt Cap.(Rs cr) 147
Buy Price 7.16
Buy Qty 631.00
Sell Price 7.34
Sell Qty 631.00
OPEN 7.35
CLOSE 7.23
VOLUME 20
52-Week high 21.70
52-Week low 4.90
P/E 21.00
Mkt Cap.(Rs cr) 147
Buy Price 7.16
Buy Qty 631.00
Sell Price 7.34
Sell Qty 631.00

Ujaas Energy Ltd. (UJAAS) - Auditors Report

Company auditors report

To

The Members of UJAAS ENERGY LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone Ind AS financial statements of UJAAS ENERGYLIMITED ("the Company") which comprise the Balance Sheet as at March 31 2018and the Statement of Profit and Loss (including Other Comprehensive Income) the Statementof Cash Flows and the Statement of Changes in Equity for the year then ended and a summaryof the significant accounting policies and other explanatory information.

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 Act 2013 ("the Act") with respect to the preparation ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the Indian Accounting Standards(Ind AS) prescribed under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended and other accounting principles generallyaccepted in India. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments 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 Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit.

In conducting our audit. we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder. We conductedour audit of the standalone Ind AS financial statements in accordance with the Standardson Auditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the standalone Ind AS financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone 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 standalone Ind AS financial statements thatgive a true and 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 standalone Ind ASfinancial statements. We believe that the audit evidence obtained by us is sufficient andappropriate to provide a basis for our audit opinion on the standalone Ind AS financialstatements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone 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 March 31 2018 and its profit total comprehensive income its cash flowsand the changes in equity for the year ended on that date.

Other Matter

The comparative financial information of the Company for the year ended 31stMarch 2017 and transition date opening balance sheet as at 1st April 2016included in these standalone Ind AS financial statements are based on the statutoryfinancial statements prepared in accordance with the Companies (Accounting Standards)Rules 2006 audited by the predecessor auditor whose report for the year ended 31stMarch 2017 and 31st March 2016 dated 29.05.2017 and 21.05.2016 respectivelyexpressed an unmodified opinion on those financial statements and have been restated tocomply with Ind AS. Adjustments made to the previously issued said financial informationprepared in accordance with the Companies (Accounting Standards) Rules 2006 tocomply with Ind AS have been audited by us.

Our opinion on the standalone financial statements and our report on Other Legal andRegulatory Requirements below is not modified in respect of these matter.

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 ofthe Act we give in the Annexure A statement on the matters specified in the paragraph 3and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act based on our audit we report that: a. Wehave sought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit. b. In our opinionproper books of account as required by law have been kept by the Company so far as itappears from our examination of those books. c. The Balance Sheet the Statement of Profitand Loss (including Other Comprehensive Income) Statement of Changes in Equity and theStatement of Cash Flow dealt with by this Report are in agreement with the books ofaccount. d. In our opinion the aforesaid standalone Ind AS financial statements complywith the Indian Accounting Standards prescribed under section 133 of the Act read withrelevant Rule issued thereunder. e. On the basis of the written representations receivedfrom the directors of the Company as on March 31 2018 taken on record by the Board ofDirectors none of the directors is disqualified as on March 31 2018 from being appointedas a director in terms of Section 164(2) of the Act. f. With respect to the adequacy ofthe internal financial controls over financial reporting of the Company and the operatingeffectiveness of such controls refer to our separate Report in "Annexure B". g.With respect to the other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 (as amended) in ouropinion and to the best of our information and according to the explanations given to us:a. The company has disclosed the impact of pending litigations on its financial positionin its financial statement – refer note 34 to the financial statements; b. TheCompany did not have any long term contracts including derivative contracts for whichthere were any material foreseeable losses. c. There has been no delay in transferringamounts required to be transferred to the Investor Education and Protection Fund by thecompany.

For SMAK & Co.
Chartered Accountants
(Firm Reg. No. 020120C)
CA Shridhar Mandhanya
Date: 29.05.2018 (Partner)
Place: Indore M. No. 421425

ANNEXURE ‘A' TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in paragraph (1) under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date to the members of Ujaas EnergyLimited on the Standalone Ind AS financial statements for the year ended 31stMarch 2018. i. In respect of the Company's fixed assets: a. The Company has maintainedproper records showing full particulars including quantitative details and situation ofproperty plant and equipment. b. As explained to us the property plant and equipment ofthe Company have been physically verified by the management during the year which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. No material discrepancies between the book records and the physical inventory havebeen noticed. In our opinion the frequency of verification is reasonable. c. According tothe information and explanations given to us and on the basis of our examination of therecords of the Company the title deeds of immovable properties are held in the name ofthe Company. ii. In respect of its Inventories: The inventories have been physicallyverified by the Management during the year. In our opinion the frequency of verificationis reasonable and no material discrepancies were noticed. iii. According to theinformation and explanations given to us the Company has granted unsecured loans to onecompany covered in the register maintained under section 189 of the Companies Act 2013.The company has not granted any loans secured or unsecured to firms LLPs or other partiescovered in the register maintained under section 189 of the Companies Act 2013. Inrespect of the aforesaid loans granted : a. The terms and conditions of the grant of suchloans are in our opinion prima facie not prejudicial to the Company's interest. b.There is no stipulation of schedule of repayment of principal and payment of interest. Weare unable to make specific comment on the regularity of repayment of principal andpayment of interest. iv. In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Sections 185 and 186 of theAct with respect to grant of loans and investments made. The company has not given anyguarantee and provided any security in terms of section 185 and 186 of the Act. v. In ouropinion and according to the information and explanations given to us the Company has notaccepted deposits from the public within the meaning of Section 73 to 76 or any otherrelevant provisions of the Companies Act 2013 and the Rules framed there under. Asinformed to us no Order has been passed by the Company Law Board or National Company LawTribunal or Reserve Bank of India or any court or any other Tribunal. vi. We have broadlyreviewed the cost records maintained by the Company pursuant to the rules made by theCentral Government under sub-section (1) of Section 148 of the Companies Act 2013 and areof the opinion that prima facie the prescribed records have been maintained. We havehowever not made a detailed examination of the cost records with a view to determinewhether they are accurate or complete. vii. According to the information and explanationsgiven to us in respect of statutory dues: a. The Company has generally been regular indepositing undisputed statutory dues including Provident Fund Employees' StateInsurance Income Tax Sales Tax Service Tax Goods and Service Tax Value Added TaxCustoms Duty Excise Duty Cess and other material statutory dues applicable to it withthe appropriate authorities. There were no undisputed statutory dues in arrears as atMarch 31 2018 for a period of more than six months from the date they became payable. b.Details of dues of Income Tax Sales Tax Service Tax Excise Duty or Value Added Taxwhich have not been deposited as at March 31 2018 on account of dispute are given below:

Name of the Statute Nature of Liability Amount in Lakhs) Related Period Forum where dispute is pending
Income Tax Act 1961 (Net of Rs. 98.53 Lakhs deposited) Income Tax *11.27 F.Y 2005-06 High Court MP

viii. According to the records of the company examined by us and as per the informationand explanations given to us the Company has not defaulted in repayment of loans orborrowing to a financial institution bank or government as on the balance sheet date. TheCompany has not issued any debenture. ix. In our opinion and according to the informationand explanations given to us the company has not raised money by way of initial publicoffer or further public offer (including debt instruments) and the company has not raisedany term loan during the year.

x. During the course of our examination of the books of account and records of theCompany carried out in accordance with the generally accepted auditing practices in Indiaand according to the information and explanations given to us we have neither come acrossany instance of material fraud on or by the Company noticed or reported during the yearnor have we been informed of such case by the management. xi. According to the informationand explanations give to us and based on our examination of the records of the Companythe Company has paid / provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theAct. xii. In our opinion and according to information and explanation given to us thecompany is not a Nidhi Company therefore the provision of para 3 (xii) of the Order isnot applicable to the company. xiii. According to the information and explanations givento us and based on our examination of the records of the Company transactions with therelated parties are in compliance with sections 177 and 188 of the Act where applicableand details of such transactions have been disclosed in the financial statements asrequired by the applicable accounting standards. xiv. According to the information andexplanations given to us and based on our examination of the records of the company thecompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year therefore the provision of para 3 (xiv) ofthe Order is not applicable to the company. xv. In our opinion and according to theinformation and explanations given to us the company has not entered into any non-cashtransactions with directors or persons connected with him during the year hence theprovision of para 3 (xv) of the Order is not applicable to the company. xvi. The companyis not required to be registered under section 45-IA of the Reserve Bank of India Act1934 therefore the provision of para 3 (xvi) of the Order is not applicable to thecompany for the year under audit.

For SMAK & Co.
Chartered Accountants
(Firm Reg. No. 020120C)
CA Shridhar Mandhanya
Date: 29.05.2018 (Partner)
Place: Indore M. No. 421425

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of UjaasEnergy Limited ("the Company") as of March 31 2018 in conjunction with ouraudit of the standalone Ind AS financial statements of the Company for the year ended onthat 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 internalcontrolstatedintheGuidanceNoteonAuditofInternalFinancial 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.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements 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 respects.

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 auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

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 purposes 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 detail accurately and fairly reflect the transactions anddispositions 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 accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 March 31 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 SMAK & Co.
Chartered Accountants
(Firm Reg. No. 020120C)
CA Shridhar Mandhanya
Date: 29.05.2018 (Partner)
Place: Indore M. No. 421425