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Umiya Tubes Ltd.

BSE: 539798 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE173U01015
BSE 00:00 | 20 Jul 91.35 0.60
(0.66%)
OPEN

89.95

HIGH

91.95

LOW

89.95

NSE 05:30 | 01 Jan Umiya Tubes Ltd
OPEN 89.95
PREVIOUS CLOSE 90.75
VOLUME 11200
52-Week high 98.18
52-Week low 64.16
P/E 48.33
Mkt Cap.(Rs cr) 91
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 89.95
CLOSE 90.75
VOLUME 11200
52-Week high 98.18
52-Week low 64.16
P/E 48.33
Mkt Cap.(Rs cr) 91
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Umiya Tubes Ltd. (UMIYATUBES) - Auditors Report

Company auditors report

To

The Members

Umiya Tubes Ltd.

Gandhinagar

Report on the Financial Statements

We have audited the accompanying financial statements of Umiya Tubes Ltd.("the Company") which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for Financial Statements

The Company's Board of Directors are responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand 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 financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2017;

b) in the case of the Profit and Loss Account of the profit for the year ended on thatdate;

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on other Legal & Regulatory Requirement

As required by the Companies (Auditor's Report) Order 2016 ("the Order") asamended issued by the Central Government of India in terms of sub-section (11) of section143 of the Act we give in the "Annexure A" a statement on the mattersspecified in the paragraph 3 and 4 of the Order to the extent applicable.

1. 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 purpose 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 Statement of Profit and Loss and Cash Flow Statement dealt withby 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 the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in termsof Section 164 (2) of the Act; and

f) with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B"

g) 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 in our opinionand to the best of our information and according to the explanations given to us:

i. As explained to us there is no pending litigation that affects the financialposition of the company.

ii. As explained to us the company has not entered into any long term contractsincluding derivatives contracts and hence no material force able loss.

iii. As explained to us no such amount is required to be transferred to the investoreducation and protection fund in accordance with the relevant provisions of the CompaniesAct 2013 and the rules made there under.

iv. The company had provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8thNovember 2016 to 30th December 2016 and these are in accordance with thebooks of accounts maintained by the company. Refer to Note no. 13.1 to the financialstatements.

FOR P SINGHVI & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN 113602W
sd/-
(PRAVEEN SINGHVI)
Place : GANDHINAGAR PARTNER
Date : 19TH MAY 2017 M. NO. 071608

ANNEXURE A" TO THE INDEPENDENT AUDITORS' REPORT

This is an annexure on the accounts of Umiya Tubes Ltd. as referred above inparagraph 1 under the heading ‘Report on other Legal & Regulatory Requirement' ofour report of even date to the financial statement for the year ended 31stMarch 2017:

1. In respect of Fixed Assets :

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

(b) As explained to us the company has a regular programme of physical verification ofits fixed assets by which fixed assets are verified in a phased manner over a period ofthree years. In our opinion the frequency of verification is reasonable having regard tothe size of the Company and the nature of its assets.

(c) On the basis of information and explanation given to us the Title Deeds ofImmovable Properties are held in name of company.

2. In respect of Inventories :

(a) The management has conducted physical verification of inventory at reasonableintervals. In our opinion the procedure followed by the management for such physicalverification is reasonable and adequate in relation to the size of the Company and natureof his business.

(b) No discrepancies on physical verification of inventories were noticed.

3. The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the Register maintained undersection 189 of the Act. Accordingly the provisions of clause 3(iii) (a) to (c) of theOrder are not applicable to the Company.

4. In our opinion and according to the information and explanations given to usthe company has complied with the provisions of section 185 and 186 of the Companies Act2013 in respect of loans investments guarantees and security.

5. The Company has not accepted any deposits from public.

6. As informed to us the maintenance of cost records have not been specified bythe Central Government under sub-section (1) of section 148 of the Act in respect ofactivities carried on by the Company.

7. (a) According to the records information and explanation given to us theCompany is generally regular in depositing with appropriate authorities the dues includingProvident Fund Employees State Insurance Income Tax Sales Tax Service Tax Duty ofCustoms Duty of Excise Value Added Tax and any other statutory dues which are notdisputed.

(b) According to the records information and explanations given to us there are nodisputed amounts payable in respect of income tax sales tax service tax duty ofcustoms duty of excise value added tax.

8. In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of dues to banks. The Company has not takenany loan either from financial institutions or from the government and has not issued anydebentures.

9. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not raised money by way of initial public offeror further public offer including debt instruments. The term loan has been applied for thepurpose for which it was raised.

10. Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

11. Based upon the audit procedure performed and the information and explanationgiven by the Management the Managerial Remuneration has been paid/provided in accordancewith the requisite approvals mandated by the provisions of Section 197 read with ScheduleV to the Companies Act.

12. In our opinion and according to the information and explanations given to usthe Company is not a Nidhi Company. Therefore the provisions of clause 4(xii) of theOrder are not applicable to the Company.

13. In our opinion all transactions with the related parties are in compliancewith section 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

14. 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 fully or partly convertible debentures during the yearunder review.

15. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not entered into non-cashtransactions with directors or persons connected with him /her.

16. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

FOR P SINGHVI & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN 113602W
sd/-
(PRAVEEN SINGHVI)
Place : GANDHINAGAR PARTNER
Date : 19TH MAY 2017 M. NO. 071608

"ANNEXURE B" TO THE INDEPENDENT AUDITORS' 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 Umiya TubesLimited ("the Company") as of March 31 2017 in conjunction with our audit ofthe financial 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 internal control over financial reporting criteria establishedby the company considering the essential components of internal control stated in theguidance note on audit of internal financial controls over financial reporting issued bythe Institute of Chartered Accountants Of India (‘ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the orderly and efficient conduct ofits business including adherence of the company's policies the safeguarding of itsassets the prevention and detection of frauds and errors the accuracy and completenessof the accounting records and 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 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 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 March 31 2017 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India".

FOR P SINGHVI & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN 113602W
sd/-
(PRAVEEN SINGHVI)
Place : GANDHINAGAR PARTNER
Date : 19TH MAY 2017 M. NO. 071608