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Unimode Overseas Ltd.

BSE: 512595 Sector: Others
NSE: N.A. ISIN Code: INE348N01026
BSE 00:00 | 19 Feb 10.95 0
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NSE 05:30 | 01 Jan Unimode Overseas Ltd
OPEN 10.95
PREVIOUS CLOSE 10.95
VOLUME 71
52-Week high 34.30
52-Week low 9.85
P/E
Mkt Cap.(Rs cr) 1
Buy Price 10.43
Buy Qty 25.00
Sell Price 11.51
Sell Qty 35.00
OPEN 10.95
CLOSE 10.95
VOLUME 71
52-Week high 34.30
52-Week low 9.85
P/E
Mkt Cap.(Rs cr) 1
Buy Price 10.43
Buy Qty 25.00
Sell Price 11.51
Sell Qty 35.00

Unimode Overseas Ltd. (UNIMODEOVERSEAS) - Auditors Report

Company auditors report

To

The Members of UNIMODE OVERSEAS LIMITED AND REDUCED Report on the Ind AS FinancialStatements

We have audited the accompanying Ind AS financial statements of UNIMODE OVERSEASLIMITED AND REDUCED ("the Company") which comprise the Balance Sheet as at31st March 2018 the Statement of Profit and Loss and Cash Flow Statement andstatement of Changes in Equity for the year then ended and a summary of significantaccounting policies and other explanatory information (hereinafter referred to as 'Ind ASfinancial statements').

Management's Responsibility for the Ind AS Financial Statements

The Company's Board of Directors is responsible for the matter stated in Section 134(5)of the Companies Act 2013 ("the Act") with respect to preparation of these IndAS financial statements that give a true and fair view of the financial positionfinancial performance and cash flows and changes in equity of the Company in accordancewith the Accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 (as amended). This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Ind AS financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe 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 Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign procedures that are appropriate in the circumstances an audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2018 and its losses and its cash flows and changes in equityfor the year ended on that date.

Emphasis of Matter

Attention is drawn to Note 26 in the financial statements which indicates thatthe Company has accumulated losses as a result its net worth has been substantiallyeroded. The Company has also incurred a net loss/net cash loss during the year. Howeverfinancial statements has been prepared on a going concern basis for the reasons stated inthe note

Our opinion is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order) issuedby the Central Government of India in terms of sub-section (11) of section 143 of the Actwe give in the Annexure 1 a statement on the matters specified in the paragraph 3and 4 of the 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 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 Cash Flow Statement and Statementof Changes in Equity dealt with by this Report are in agreement with the books of account;

d. in our opinion the aforesaid Ind AS 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 2018 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in termsof 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 2"; and

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. 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 are no items which required to be transferred to the Investor Education andProtection Fund by the Company.

For Sunil Kumar Gupta & Co.

Chartered Accountants

Firm's Registration No.: 003645N

Sunil Kumar Gupta

Partner

Membership No: 82486

Place: New Delhi

Date: 29.05.2018

Annexure - 1 TO INDEPENDENT AUDITORS' REPORT

(Annexure referred to in our report of even date to the members of Unimode OverseasLimited and Reduced on the Ind AS Financial Statements for the year ended 31stMarch 2018).

Based on the audit procedures performed for the purpose of reporting a true and fairview on the Ind AS financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit we report that:

(i) (a) The Company does not have any fixed assets during the year; accordingly clause3(i) of the said order is not applicable.

(ii) There are no inventories available with the company hence the provision of clause3(ii) of the said order is not applicable to the company.

(iii) According the information and the explanations given to us the company has notgranted any unsecured loans to the companies firms limited liability partnership orother parties covered in the register maintained under section 189 of the Companies Act2013.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respects of granting loans and making investments. The company has not provided anyguarantee and security in terms of section 185 and 186 of the Companies Act 2013.

(v) According to the information given to usthe Company has not accepted any depositswithin the meaning of Sections 73 to 76 of the Companies Act 2013 or any relevantprovisions of the Companies Act and the Companies (Acceptance of Deposits) Rules 2014 (asamended) from time to time.

(vi) To the best of our knowledge and belief the Central Government has not specifiedmaintenance of cost records under sub-section (1) of Section 148 of the Act in respect ofCompany's products/ services. Accordingly the provisions of clause 3(vi) of the Order arenot applicable.

(vii) (a) Undisputed statutory dues including provident f und employees' stateinsurance income-tax sales-tax service tax duty of customs duty of excise valueadded tax cess and other statutory dues have generally been regularly deposited with theappropriate authorities as on 31st March 2018 and no dues are outstanding fora period 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 inrespects of sales tax wealth tax service tax duty of customs duty of excise and valueadded tax wherever applicable to the company which have not been deposited with theappropriate authorities on account of any dispute.

(viii) The Company does not have any loans or borrowings from any financialinstitution banks government or debenture holders during the year. Accordingly clause 3(viii) of the Order is not applicable.

(ix) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments). In our opinion and according to theinformation and explanations given to us the term loans have been applied for thepurposes for which they were raised other than temporary deployment pending litigation.

(x) According to the information and explanation given to us and as represented by themanagement and based of our examination of the books and records of the company and inaccordance with the generally accepted auditing practices in India we have been informedthat no case of frauds has been committed on or by the company or by its officers oremployees during the year.

(xi) In our opinion and according to the information and explanations given to us thecompany has paid managerial remuneration in accordance with the requisite approvalsmandated by the provisions of section 197 read with Schedule V of the Companies Act 2013.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us all transactions withthe related parties are in compliance with sections 177 and 188 of the Act and whereapplicable the details have been disclosed in the Ind AS financial statements as requiredby the applicable accounting standards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private allotment of shares or fully or partly convertible debenture duringthe year. Accordingly the provisions of clause 3(xiv) of the order are not applicable tothe company.

(xv) 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 as covered under section 192 ofthe Companies Act 2013. Accordingly paragraph 3(xv) of the Order is not applicable.

(xvi) According to the information and explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.Accordingly paragraph 3(xvi) of the Order is not applicable.

For Sunil Kumar Gupta & Co.

Chartered Accountants

Firm's Registration No.: 003645N

Sunil Kumar Gupta

Partner

Membership No: 082486

Place: New Delhi

Date: 29.05.2018

Annexure - 2 TO INDEPENDENT AUDITORS' REPORT

(Annexure referred to in our report of even date to the members of Unimode OverseasLimited and reduced on the Ind AS Financial Statements for the year ended 31stMarch 2018).

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 UNIMODEOVERSEAS LIMITED AND REDUCED ("the Company") as of 31st March2018 in conjunction with our audit of the Ind 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 and the components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls over Financial Reporting issued by theInstitute of Chartered Accountants of India ('ICAI'). These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating 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 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 2018 based on theinternal control over financial reporting criteria established by the Company and thecomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia(ICAI).

For Sunil Kumar Gupta & Co.

Chartered Accountants

Firm's Registration No.: 003645N

Sunil Kumar Gupta

Partner

Membership No: 082486

Place: New Delhi

Date: 29.05.2018