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Umiya Tubes Ltd.

BSE: 539798 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE173U01015
BSE 00:00 | 08 Aug 7.78 0.37
(4.99%)
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7.78

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7.78

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NSE 05:30 | 01 Jan Umiya Tubes Ltd
OPEN 7.78
PREVIOUS CLOSE 7.41
VOLUME 51
52-Week high 10.46
52-Week low 6.36
P/E 155.60
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 7.78
CLOSE 7.41
VOLUME 51
52-Week high 10.46
52-Week low 6.36
P/E 155.60
Mkt Cap.(Rs cr) 8
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 Limited

208 2nd Floor Suman Tower Sector 11 Gnadhinagar- 382011

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying Standalone Ind AS financial statements of UMIYATUBESLIMITED ("the Company") which comprise the Balance Sheet as at31st March 2021 and the Statement of Profit and loss Statement of Changes in EquityStatement of the Cash Flows for the year then ended and notes to the financialstatements including a summary of significant accounting policies and other explanatoryinformation (here in after referred to as "Standalone Ind AS FinancialStatement")

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Ind AS Financial Statement give the informationrequired by the Companies Act 2013 ("the Act") in the manner so required andgive a true and fair view in conformity with the Indian Accounting Standards prescribedunder section 133 of the Act read with the Companies (Indian Accounting Standard) Rules2015 as amended ("Ind AS") and other accounting principles generally accepted inIndia of the state of affairs of the Company as at March 31 2021 and its financialperformance including other comprehensive income and it's Cash Flow for the year ended onthat 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 2013and 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 that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

Information Other than the 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 Management Discussion and AnalysisBoard's Report including Annexures to Board's Report Business Responsibility ReportCorporate Governance Report and Shareholder Information but does not include thestandalone financial statements and our auditor'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 havenothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial 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 Statement that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordancewith the Ind AS and other accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of 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 Standalone Ind AS Financial Statement that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the financial statements the Board of Directors is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe Board of Directors either intends to liquidate the Company or to cease operations orhas no realistic alternative but to do so. Those Board of Directors are also responsiblefor overseeing the Company's financial reporting 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order2016 ("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" 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 bylaw 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 Statement of changes in Equityand the Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount

(d) In our opinion the aforesaid Standalone Ind AS Financial Statement comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7of theCompanies (Accounts) Rules 2014.

(e) On the basis of written representation received from directors as on March 31 2021taken on the record by the Board of Directors none of the directors is disqualified as onMarch 31 2021 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 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 the requirements of section 197(16) of the Act as amended: In our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act.

(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 has no pending Litigations during the Year.

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 were required to be transferred to the InvestorEducation and Protection Fund by the Company.

FOR P SINGHVI & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN 113602W
sd/-
(PRAVEEN SINGHVI)
Place : GANDHINAGAR PARTNER
Date : 30TH JUNE 2021 M. NO. 071608
UDIN: 21071608AAAAFR4656

ANNEXURE A" TO INDEPENDENT AUDITORS' REPORT

The annexure referred to in paragraph under the heading ‘Report on other Legal andRegulatory Requirements' of our report of even date toStandalone Ind AS financialstatementsofUMIYA TUBES LIMITED for the year ended on 31st March 2021we report that

1. FIXED ASSETS:

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

(b) As explained to us company has regular programme of physical verification of itsfixed assets by which fixed assets are verified in a phased manner over a period of threeyears. In our opinion the frequency of verification of the fixed assets is reasonablehaving regard to the size of the Company and nature of its business. No materialdiscrepancies were noticed.

(c) According to information and explanation given to us and on the basis of ourexamination of record of the Company the title deeds of immovable properties are held inthe name of the company.

2. INVENTORIES:

The Management has conducted physical verification of inventory at reasonable intervalsdring the Year. In our opinion and according to the information and explainations given tous the procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the company and nature of its business.No discrepancies on physical verification of inventories were noticed.

3. LOANS & ADVANCES:

The Company has not granted any loans secured or unsecured to companies firmslimitedliability partnerships or other parties covered in the register maintained under Section189 of the Companies Act 2013. Accordingly clause (iii)(a) and (iii)(b) of paragraph 3of the Order is not applicable to the Company.

4. LOANS INVESTMENT & GUARANTEES:

According to information & explanation given to us company has complied with theprovisions of section 185 and 186 of the companies Act 2013 in respect of Loansinvestments guarantees and security.

5. FIXED DEPOSITS:

According to the information and explanations given to us the Company has not acceptedany deposits therefore directive issued by the Reserve Bank of India and the provisions ofSections 73 to 76 or any other relevant provisions of the Companies Act 2013 and therules framed there under clause (v) of paragraph 3 of the Order is not applicable to theCompany

6. COST AUDIT RECORDS:

AS informed to us maintenance of cost records have not been specified by the CentralGovernment under sub section (1) of section 148 of the Act in respect of activitiescarried on by company.

7. (a) The Company has been regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund employee's state insurance income– tax sales tax service tax excise duty Value Added Tax GST and other materialstatutory dues applicable to it. Except these dues. Details of unpaid undisputed dues ason 31.03.2021

S.No Particulars Amount (Rs.)

Period for which outstanding

1 P.F Pyable 55890

April 2019 To September 2019

112259

April 2020 to March 2021

2 IGST 1476340 FY 2019-20
3 IGST 13290910 FY 2020-21
4 TDS Payable 69421 FY 2020-21
5 Professional Tax 50030 FY 2020-21
6 PF Payable 55890112259

FY 2019-20FY 2020-21

(b) According to the information and explanation given to us there are no disputedamounts payable in respect of income tax sales tax service tax duty of excise valueadded tax GST cess.

8. DEFAULT IN PAYMENT OF DUES:

According to the information and explanations given to us the Company has notdefaulted in the repayment of Loans and Borrowings to financial institutions banksgovernment or dues to debenture holders during the year. However as per RBI Guidelinescompany has availed the Moratorium period due to lockdown and COVID 19 in March 2020 forHDFC Bank due to which four instalments has not been paid due to which loan period hasbeen extended.

9 FUND RAISED BY PUBLIC ISSUE/ FOLLOW ON OFFER/ TERM LOAN:

The company has not raised money by way of IPO or FPO (including debts instruments)during the Year.

10 FRAUD:

During the course of our examination of the books and records of the Company carriedout in accordance with the generally accepted auditing practices in India and accordingto the information and explanations givento us no fraud on or by the Company by it'sofficers / employees has been noticed or reported during the year.

11 MANAGERIAL REMUNERATION:

According to the information given to us the company has provided for managerialremuneration in accordance with the requisite approval mandated by the provisions ofsection 197 read with schedule V to the companies Act 2013.

12 NIDHI COMPANY:

The Company is not a Nidhi Company as defined under section 406 of Companies Act 2013.Therefore clause (xii) of paragraph 3 of the order is not applicable to the company.

13 TRANSACTION WITH RELATED PARTY:

According to information and explaination and records of the company all transactionswith related parties in compliance with section 177 and 188 of Companies Act 2013 whereverapplicable and details of transactions have been duly disclosed in the financial statementas required by the applicable accounting standards.

14 PREFERENTIAL ALLOTMENT / PRIVATE PLACEMENT OF SHARE/ ISSUE OF DEBENTURE:

During the year company has not made any preferential allotment or private placement ofshares nor have issued any full or partly convertible debenture as required under section42 of the Companies Act 2013. Therefore clause (xiv) of paragraph 3 of the order is notapplicable to the company.

15 NON CASH TRANSACTION WITH DIRECTORS:

As per the information and explanation given to us company has not entered in to anynon-cash transaction with directors or persons connected with him. Therefore clause (xv)of paragraph 3 of order is not applicable to the company.

16 NBFC REGISTRATION:

The Company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934 as NBFC. Therefore clause (xvi) of paragraph 3 of order is not applicableto the company.

FOR P SINGHVI & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN 113602W
sd/-
(PRAVEEN SINGHVI)
Place : GANDHINAGAR PARTNER
Date : 30TH JUNE 2021 M. NO. 071608
UDIN: 21071608AAAAFR4656

"Annexure B" to the Independent Auditor's Report of even date on theStandalone Ind AS Financial Statements of UMIYA TUBES LIMITEDGANDHINAGAR.

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 UMIYATUBES LIMITED ("the Company") as of 31st March 2020 inconjunction with our audit of the standaloneInd AS financial statements of the Company forthe 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. 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.

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 standalone Ind As financial statements whether due to fraudor 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 Standalone Ind AS financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting 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 Standalone Ind AS financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors of thecompany; 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 standalone Ind AS 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 2020based 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 : 30TH JUNE 2021 M. NO. 071608
UDIN: 21071608AAAAFR4656

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