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Ultracab (India) Ltd.

BSE: 538706 Sector: Engineering
NSE: N.A. ISIN Code: INE010R01015
BSE 16:01 | 09 Jul 52.00 1.90
(3.79%)
OPEN

51.00

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52.00

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50.50

NSE 05:30 | 01 Jan Ultracab (India) Ltd
OPEN 51.00
PREVIOUS CLOSE 50.10
VOLUME 56
52-Week high 71.90
52-Week low 38.30
P/E 61.90
Mkt Cap.(Rs cr) 66
Buy Price 48.05
Buy Qty 20.00
Sell Price 54.00
Sell Qty 1.00
OPEN 51.00
CLOSE 50.10
VOLUME 56
52-Week high 71.90
52-Week low 38.30
P/E 61.90
Mkt Cap.(Rs cr) 66
Buy Price 48.05
Buy Qty 20.00
Sell Price 54.00
Sell Qty 1.00

Ultracab (India) Ltd. (ULTRACABINDIA) - Auditors Report

Company auditors report

Financial Year : 2018-19

To

The Members of

ULTRACAB (INDIA) LIMITED. RAJKOT

Report on the Financial Statements

We have audited the accompanying standalone financial statements of ULTRACAB (INDIA)LIMITED which comprise the Balance Sheet as at 31st March 2019 the Statement ofProfit and Loss the Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information. These financialstatements are the responsibility of the Company's Management. Our responsibility is toexpress an opinion on these financial statements based on audit.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrol that 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

Our responsibility is to express an opinion on these standalone financial statementsbased 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 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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management 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 standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2019 and its profit/loss and its cash flows for the year ended on that date.

Report on other Legal & Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order2016 issued by the CentralGovernment of India in term of subsection (11) of section 143 of the Act (the"Order") we enclose in the Annexure a statement on the matters specified in theparagraphs 3 and 4 of the said Order.

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 appears from our examination of those books;

c) The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account;

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in terms ofSection 164(2) of the Act.

f) As per information & explanation given to us the internal financial controlsare effectively operating in the company.

g) With respect to the other matters included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements under notes on account of the financial statement.

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

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and protection Fund by the Company during the year ended March 312019.

For Bhavin Associates
Chartered Accountants
Firm Registration No. 101383W
(Bhavin P. Bhansali)
Place: Rajkot Partner
Date: 30th April 2019 Membership No.: 043796

ANNEXURE TO THE AUDITOR’S REPORT

With Referred to in paragraph 3 of our report to the shareholders of ULTRACAB(INDIA) LIMITED of even date in our opinion and to the best of our knowledge and asper the information and explanations given to us the books and the records examined by usin the normal course of audit we report that:

1. a) The Company has maintained electronic records showing value of fixed assets.

b) As per information & explanation given to us by the management of the companyall the assets have been physically verified by the management during the year and nomaterial discrepancies were noticed on such verification.

c) As per information & explanation given to us by the management of the companythe title deeds of the immovable properties are held in the name of the company.

2. As explained to us stock of inventories has been physically verified during theyear by the management. In our opinion the frequency of verification is reasonable.

3. In our opinion and according to the information and explanation given to us TheCompany has not granted any loan secured or unsecured to any parties covered in theregister maintained under section 189 of the Companies Act 2013. Therefore theprovisions of clause 3(iii)(a) and 3(iii)(b) of the Companies [Auditor's Report] Order2016 are not applicable to the company.

4. As per information & explanation given to us the company has complied with theprovisions of section 185 and 186 of the Companies Act 2013 in respect of loaninvestment guarantees and security.

5. In our opinion and according to the information and explanation given to us thecompany has not accepted/invited any deposits falling within the preview of provisions ofsection 73 to 76 of any other relevant provisions of the Companies Act 2013 and rulesframed the under.

6. In our opinion and according to the information and explanation given to us thecompany is not required of maintain cost records as per the provisions of clause 3(vi) ofthe Companies [Auditor's Report] order 2016 specified by the Central Government undersection 148(1) of the Companies Act 2013.

7. In our opinion and according to the information and explanation given to us thecompany has not defaulted in depositing undisputed statutory dues including providentfund employee's state insurance income tax sales tax service tax duty of customsduty of excise value added tax cess and any other statutory dues to the appropriateauthorities.

8. In our opinion and according to the information and explanation given to us theCompany has not defaulted in the repayment of dues to any financial institution of Bank orDebenture holders during the year.

9. In our opinion and according to the information and explanation given to us theterm loan is applied for the purpose for which loan was obtained.

10. According to the information and explanations given to us neither any fraud by thecompany nor any fraud on the company by its officers and employees has been noticed orreported during the financial year.

11. According to the information and explanation given to us the managerialremuneration paid or provided are in accordance with the requisite approvals mandated bythe provisions of section 197 read with Schedule V to the Companies Act.

12. As the company is not a Nidhi Company the provisions of clause 3(xii) of theCompanies [Auditor's Report) Order 2016 are not applicable to the company.

13. According to the information and explanation given to us all transactions with therelated parties are in compliance with sections 177 and 188 of Companies Act 2013 whereapplicable and the details have been disclosed in the Financial Statements etc. asrequired by the applicable accounting standards;

14. According to the information and explanation given to us the company has compliedwith the requirement of section 42 of the companies Act 2013 regarding preferentialallotment and the amount raised have been used for the purposes for which the funds wereraised.

15. Bases on the audit procedures performed and the company has not entered into anynon-cash transactions with directors of persons connected with him. So the clause 3(xv) ofthe Companies [Auditor's Report] Order 2016 is not applicable to the company.

16. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934 and hence the clause 3(xvi) of the Companies (Auditor's Report)Order 2016 is not applicable to the Company.

For Bhavin Associates
Chartered Accountants
Firm Registration No. 101383W
(Bhavin P. Bhansali)
Place: Rajkot Partner
Date: 30th April 2019 Membership No.: 043796

ANNEXURE "B" TO THE INDEPENDENT AUDITOR’S REPORT

of Even Date on the Standalone Financial Statements of ULTRACAB (INDIA) LIMITED

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 ULTRACAB(INDIA) LIMITED ("the Company") as of 31st March 2019 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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 internal control statedin the Guidance Note on Audit of Internal Financial 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 Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. 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 about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness.

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence I/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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 31st March 2019 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 Bhavin Associates
Chartered Accountants
Firm Registration No. 101383W
(Bhavin P. Bhansali)
Place: Rajkot Partner
Date: 30th April 2019 Membership No.: 043796