to the Members
Uniply Decor Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements ofUniply Decor limited (the company') which comprise the Balance
Sheet as at March 31 2018 the Statement of Profit and Loss (includingother comprehensive income) the statement of changes in equity and the statement of cashFlows for the year then ended and a summary of the significant accounting policies andother explanatory information
Management's Responsibility for the Standalone Financial Statements thecompany's Board of Directors is responsible for the matters stated in section 134(5) ofthe companies act 2013 (the act') with respect to the preparation of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance including other comprehensive income cash flows and changes inequity of the company in accordance with the ndian accounting standards (ind as)prescribed under section 133 of the act read with the companies (indian accountingstandards) Rules 2015 as amended and other accounting principles generally accepted inIndia. this responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the act for safeguarding the assets of the company andfor preventing and detecting 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 financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalonefinancial statements based on our audit. i n conducting our audit we have taken intoaccount the provisions of the act the accounting and auditing standards and matters whichare required to be included in the audit report under the provisions of the act and theRules made there under and the order issued under
Section 143(11) of the Act.
We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical . requirements and plan and performthe audit to obtain reasonable assurance about whether the standalone financial statementsare free from material misstatement. an audit involves performing procedures to obtainaudit evidence about the amounts and the disclosures in the standalone financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the standalone financial statementswhether due to fraud or error. In making those risk assessments; the auditor considersinternal financial control relevant to the Company's preparation of the standalonefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the company's Directors as well as evaluating the overall presentationof the standalone financial statements We believe that the audit evidence obtained by usis sufficient and appropriate to provide a basis for our audit opinion on the standalone
Opinion n our opinion and to the best of our information andaccording to thei explanations given to us the aforesaid standalone financial statementsgive the information required by the act in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in india of thestate of affairs of the company as at March 312018 and its profit total comprehensiveincome the changes in equity and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act based on our audit wereport that : a. we have sought and obtained all the information and explanations which tothe best of our knowledge and belief were necessary for the purposes of our audit. b. inour opinion proper books of account as required by law have been kept by the company sofar as it appears from our examination of those books. c. the Balance Sheet the Statementof Profit and Loss including other comprehensive income statement of changes in equityand the statement of cash Flows dealt with by this Report are in agreement with the booksof account. d. in our opinion the aforesaid standalone financial statements comply withthe indian accounting standards prescribed under Section 133 of the Act. e. on the basisof the written representations received from the directors of the company as on March 312018 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2018 from being appointed as a director in terms of Section 164(2) of theAct. 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 A'. Our report expresses an unmodified opinion on theadequacy and operating effectiveness of the company's internal financial controls overfinancial reporting. g. with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the companies (audit and auditors)Rules 2014 as amended in our opinion and to the best of our information and accordingto the explanations given to us : i. The Company has disclosed the impact of pendinglitigations on its financial position in its standalone financial statements. ii. TheCompany has made provision as required under the applicable law or accounting standardsfor material foreseeable losses if any on long-term contracts including derivativecontracts. iii. There has been no delay in transferring amounts required to betransferred to the investor education and Protection
Fund by the Company.
2. As required by the Companies (Auditor's Report) Order 2016(the order') issued by the central Government in terms of section
143(11) of the Act we give in Annexure B' a statement on thematters specified in paragraphs 3 and 4 of the Order.
for Lily & Geetha Associates
Firm's Registration number: 06982s
Membership Number: 206624
"Annexure A" to the Independent Auditors' Report
(Referred to in paragraph 1(f) under Report on Other Legal andRegulatory Requirements' section of our report to the members of Uniply Decor Limited ofeven date)
Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of sub-section 3 of Section 143 of the Companies Act 2013 (theAct')
We have audited the internal financial controls over financialreporting of UniPlY DecoR liMiteD (the company') as of March 31 2018 in conjunctionwith our audit of the standalone Financial statements of the Company for the year ended onthat date.
Management's Responsibility for Internal Financial Controls theBoard of Directors of the company 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 nstitute of chartered accountants of India. These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.
Our responsibility is to express an opinion on the internal financialcontrols over financial reporting of the Company based on our audit.
We conducted our audit in accordance with the Guidance note on audit ofinternal Financial controls over Financial Reporting (the Guidance note') issued bythe nstitute of chartered accountants of india and the standards on auditingprescribed under section 143(10) of the
Companies Act 2013 to the extent applicable to an audit of internalfinancial controls. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit 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 judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the company's internal financialcontrols system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of 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 detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the Company are being madeonly in accordance with authorizations of the management and directors of the company; and(3) provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton the financial statements.
Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.
Opinion i n our opinion to the best of our information andaccording to the explanations given to us the Company has in all material respects anadequate internal financial controls system over financial reporting and such internalfinancial controls over financial reporting were operating effectively as at March 312018 based on the internal control over financial reporting criteria established by theCompany considering the essential 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.
for Lily & Geetha Associates
Firm's Registration number: 06982s
Membership Number: 206624
"Annexure B" to the Independent Auditors' Report
(Referred to in paragraph 2 under Report on Other Legal andRegulatory Requirements' section of our report to the members of Uniply Decor Limited ofeven date)
1. In respect of the Company's fixed assets : a. The Company hasmaintained proper records showing full particulars including quantitative details andsituation of fixed assets. b. The Company has a program of verification to cover all theitems of fixed assets in a phased manner which in our opinion is reasonable havingregard to the size of the company and the nature of its assets. Pursuant to the programcertain fixed assets were physically verified by the Management during the year. Accordingto the information and explanations given to us no material discrepancies were noticed onsuch verification. c. According to the information and explanations given to us therecords examined by us and based on the examination of the conveyance deeds provided tous we report that the title deeds comprising all the immovable properties of land andbuildings which are freehold are held in the name of the
Company as at the Balance Sheet date.
2. In our opinion and according to the information and explanationsgiven to us the inventories have been physically verified by the management at reasonableintervals during the year. Discrepancies noticed on physical verification of inventoriesas compared to book records were not material and have been properly dealt with in thebooks of account.
3. According to the information and explanations given to us thecompany has granted unsecured loans to one body corporate covered in the registermaintained under section 189 of the companies act 2013 in respect of which : a. Theterms and conditions of the grant of such loans are in our opinion prima facie notprejudicial to the Company's interest. b. The schedule of repayment of principal andpayment of interest has been stipulated and repayments or receipts of principal amountsand interest have been regular as per stipulations. c. There is no overdue amountremaining outstanding as at the year-end.
4. In our opinion and according to the information and explanationsgiven to us the company has complied with the provisions of sections 185 and 186 of theact in respect of grant of loans making investments and providing guarantees andsecurities as applicable
5. The Company has not accepted deposits during the year and does nothave any unclaimed deposits as at March 31 2018 and therefore the provisions of theclause 3 (v) of the order are not applicable to the Company.
6. The maintenance of cost records has not been specified by thecentral Government under section 148(1) of the companies act
2013 for the business activities carried out by the Company. Thusreporting under clause 3(vi) of the order is not applicable to the
7. According to the information and explanations given to us inrespect of statutory dues : a. According to Information & Explanation given to us andon the basis of our examination of the records of the Company there is delay indepositing undisputed statutory dues including
Provident Fund Employees State Insurance Income Tax Sales TaxService Tax Goods and Service Tax Value Added Tax Customs Duty Excise Duty Cess andany other statutory dues applicable to it with the appropriate authorities. b. There wereno undisputed amounts payable in respect of Provident Fund Employees' State InsuranceIncome Tax Sales Tax Service Tax Value Added Tax Goods and Service
Tax Customs Duty Excise Duty Cess and other material statutory duesin arrears as at March 31 2018 for a period of more than six months from the date theybecame payable. c. According to Information & Explanation given to us there are nodues of Income Tax Sales Tax Service Tax Excise Duty and Value Added Tax which have notbeen deposited as at March 31 2018 on account of dispute.
8. In our opinion and according to the information and explanationsgiven to us the company has not defaulted in repayment of any dues to FinancialInstitution and Banks. Company has not issued any debentures.
9. The Company has not raised moneys by way of initial public offer orfurther public offer (including debt instruments) or term loans and hence reporting underClause 3 (ix) of the Order is not applicable to the Company.
10. To the best of our knowledge and according to the information andexplanations given to us no fraud by the Company or no material fraud on the Company byits officers or employees has been noticed or reported during the year.
11. In our opinion and according to the information and explanationsgiven to us the company has paid/provided managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.
12. The Company is not a nidhi company and hence reporting underClause 3 (xii) of the Order is not applicable to the Company. 13. In our opinion andaccording to the information and explanations given to us the company is in compliancewith section 177 and 188 of the companies act 2013 where applicable for all transactionswith the related parties and the details of related party transactions have been disclosedin the standalone financial statements as required by the applicable accounting standards.
14. According to the information and explanations give to us and basedon our examination of the records of the Company the company has made preferentialallotment or private placement of shares during the year to Promoter & Non Promoter asper requirement under section 42 of the act and the amount raised have been used for thepurposes for which the funds were raised. 15. In our opinion and according to theinformation and explanations given to us during the year the company has not entered intoany non-cash transactions with its directors or persons connected to its directors andhence provisions ofsection 192 of the companies
Act 2013 are not applicable to the Company.
16. The Company is not required to be registered under Section 45-IA ofthe Reserve Bank of India Act 1934.
for Lily & Geetha Associates
Firm's Registration number: 06982s
Membership Number: 206624