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Uma Exports Ltd.

BSE: 543513 Sector: Others
NSE: UMAEXPORTS ISIN Code: INE0GIU01018
BSE 00:00 | 07 Jul 52.05 0.70
(1.36%)
OPEN

51.95

HIGH

54.00

LOW

51.25

NSE 00:00 | 07 Jul 52.40 1.05
(2.04%)
OPEN

51.85

HIGH

54.05

LOW

51.25

OPEN 51.95
PREVIOUS CLOSE 51.35
VOLUME 142468
52-Week high 92.60
52-Week low 42.15
P/E 7.31
Mkt Cap.(Rs cr) 176
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 51.95
CLOSE 51.35
VOLUME 142468
52-Week high 92.60
52-Week low 42.15
P/E 7.31
Mkt Cap.(Rs cr) 176
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Uma Exports Ltd. (UMAEXPORTS) - Auditors Report

Company auditors report

To the Members of Uma Exports Limited

Report on the Standalone IND AS Financial Statements

Opinion

We have audited the accompanying standalone IND AS financial statements of Uma ExportsLimited ("the Company") which comprises the Balance Sheet as atMarch 31 2021 the Statement of Profit and Loss(including Other ComprehensiveIncome)Statement of Cash Flows and the Statement of Changes in Equity for the year thenended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information.

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 Companies Act2013 ('the Act')in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under Section133 of the Act read with the Companies(Indian Accounting Standards) Rules2015 asamended(IND AS) and other accounting principles generally accepted in India of the stateof affairs of the Company as at March 31 2021 and its profit total comprehensive incomeits cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial 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 Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters in our professional judgement were of mostsignificance in our audit of the financial statements for the financial year March 312021. These matters were addressed in the context of our audit of the Ind AS financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. For each matter below our description of how our auditaddressed the matters is provided in that context.

We have determined the matters described below to be key audit matters to becommunicated in our report. We have fulfilled the responsibilities described in theAuditor's responsibilities for the audit of Ind AS financial statements. The result ofaudit procedures performed by us including those procedures performed to address thematters below provide the basis for our audit opinion on the accompanying Ind ASfinancial statements.

Key audit matters How our audit addressed the key audit matter
The Company has adopted Ind AS from the financial year 2020-21 with an effective date of 1st April 2019 for such transition. For the period up to and including the year ended 31st March 2020 the Company had prepared and presented its financial statements in accordance with the erstwhile generally accepted accounting principles in India (Indian GAAP). To give effect to the transition to Ind AS these financial statements for the year ended 31st March 2021together with comparative financial information for the year ended 31st March 2020 and the transition date balance sheet as at 1st April 2019 have been prepared under Ind AS • Read the Ind AS impact assessment performed by the Management and resultant changes therein.
• Evaluated the exemptions and exceptions allowed by Ind AS and applied by Management in applying the first time adoption principles of Ind AS 101 in respect of fair valuation of assets and liabilities existing as at transition date.
• Tested the accounting adjustments posted as at the transition date and in respect of previous year to convert the financial information reported under erstwhile Indian GAAP to Ind AS.
. In view of the complexity involved Ind AS transition and the preparation of financial statements subsequent to the transition date have been areas of key focus on audit. • Tested the disclosures prescribed under Ind AS.

Information Other than the Standalone Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Board's Report including Annexuresto Board's Report but does not include the standalone financial statements and ourauditor's report thereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact.

We have nothing to report in this regard.

Responsibilities of Management 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 financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equityof the Company in accordance with the IND AS and other accountingprinciples generally accepted in India. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate implementation and maintenance ofaccounting 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 standalone financialstatement that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

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 the company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalonefinancial statement whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances.

• Evaluate the appropriateness of accounting policies under and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluation the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

We communicate with Management regarding among other matters the planned scope andtiming of the audit and significant audit findings including any significant deficienciesin internal control that we identify during our audit.

We also provide Management with a statement that we have complied with relevant ethicalrequirements regarding independence and to communicate with them all relationships andother matters that may reasonably be thought to bear on our independence and whereapplicable related safeguards.

Other Matter

a. The Company has made defaults under Foreign Exchange Management (Transfer or issueof any Foreign security) Regulations 2004 (Notification No FEMA. 120/RB-2004 dated July7 2004) at the acquisition of shares of UEL International FZE.

b. The Company did not seek registration under ESI ACT 1948 since the time period itwas applicable. In future during the course of assessment liability may arise for theapplicable law.

c. The Management has made an assessment of the impact of COVID 19 pandemic on itsbusiness operations and has concluded that no material adjustment is presently required.

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 Companies Act 2013 we give in the Annexure A a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

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 including other comprehensiveincome the 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 aforesaid standalone financial statements comply with the Ind ASspecified under Section 133 of the Act.

e. On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 from being appointed as a director in terms of Section164 (2) of the Act.

f. With respect to the adequacy of Internal Financial Control over financial reportingof the Company and the operating effectiveness of such controls. Refer to our separateReport in "Annexure B".

g. With respect to other matters to be included in the Auditor's report in accordancewith the requirement of Section 197 (16) of the Act as amended the company has not paidany managerial remuneration during the year.

h. 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company does not have any pending litigations which would impact its financialposition.

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

iii. There were no amounts which are required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Mamta Jain & Associates

Chartered Accountants

Firm Registration No - 328746E

(CA Mamta Jain)

Partner

Membership No - 304549

UDIN: 21304549AAAADC8878

Place: Kolkata

Date:23.08.2021

ANNEXURE 'A' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in Paragraph 1 underthe heading "Reporton otherlegaland regulatoryrequirements" of our Report of even date to the membersofUmaExportsLimited on the standalone Ind AS financial statements for the year ended31stMarch 2021.

i) In respect of Fixed Assets:

a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b. The fixed assets are physically verified by the management at intervals which in ouropinion is reasonable having regards to the size of the Company and the nature of itsbusiness. As informed no material discrepancies were noticed on such verification.

c. As explained to us the title deeds of immovable properties are held in the name ofthe Company

ii) The management has conducted the physical verification of inventory at reasonableintervals & no material discrepancies were noticed on physical verification.

iii) The company has not granted any loans secured or unsecured to Companies FirmsLimited Liability Partnership or other parties covered in the register maintained underSection 189 of the Companies Act 2013. Thus paragraph 3 (iii) of the Order is notapplicable to the company.

iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and I86 of the Companies Act 2013in respect of loans investments guarantees and security.

v) The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable.

vi) The Central Government has not prescribed maintenance of Cost records under Section148(1) of the Companies Act 2013. Thus paragraph 3 (vi) of the Order is not applicableto the Company.

vii) (a) According to the information and explanations given to us the Company isgenerally regular in depositing with appropriate authorities undisputed statutory duesincluding Provident Fund Employee's state insurance Income tax Sales tax Service taxGoods & Service Tax Duty of customs Duty of excise value added tax Cess and anyother material statutory dues as applicable to it. On the basis of the records of thecompany and the information and explanations given to us there were no undisputed arrearsof statutory dues as on the last day of the financial year concerned outstanding for aperiod of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofIncome Tax and other material statutory dues which have not been deposited as on 31stMarch 2021 with the appropriate authority on account of any dispute.

viii) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks. The Company has not taken anyloan either from financial institutions or from the government and has not issued anydebentures.

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

x) Based upon the audit procedures performed by us for expressing our opinion on thesefinancial statements and information and explanations given by the management we reportthat no fraud on or by the company has been noticed or reported during course of ouraudit.

xi) Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act.

xii) According to the information and explanations provided to us the Company is not aNidhi Company . Thus paragraph 3 (xii) of the Order is not applicable to the Company.

xiii) In our opinion and according to the information and explanations given to ustransactions with the related parties are in compliance with Sections 177 & 188 of theCompanies Act 2013 wherever applicable and the details of such transactions have beendisclosed in the Standalone Financial Statements as required by the applicable accountingstandards.

xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv) On the basis of our examination of the records of the company and according to theinformation and explanations given to us the Company has not entered into any non-cashtransactions with directors or persons connected with them.

xvi) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934.

For Mamta Jain & Associates

Chartered Accountants

Firm Registration No - 328746E

(CA Mamta Jain)

Partner

Membership No - 304549

UDIN: 21304549AAAADC8878

Place: Kolkata

Date:23.08.2021

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 UmaExportsLimited("theCompany") as of 31st March 2021 in conjunction with our audit of thefinancial statements of the Company for the year ended on that 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 internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' 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 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 judgment 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 31 March 2021 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 Mamta Jain & Associates

Chartered Accountants

Firm Registration No - 328746E

(CA Mamta Jain)

Partner

Membership No - 304549

UDIN: 21304549AAAADC8878

Place: Kolkata

Date:23.08.2021.

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