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Uniply Industries Ltd.

BSE: 532646 Sector: Others
NSE: UNIPLY ISIN Code: INE950G01023
BSE 00:00 | 25 Mar 41.75 -2.00
(-4.57%)
OPEN

42.10

HIGH

42.50

LOW

41.50

NSE 00:00 | 25 Mar 41.85 -1.75
(-4.01%)
OPEN

41.25

HIGH

42.90

LOW

41.25

OPEN 42.10
PREVIOUS CLOSE 43.75
VOLUME 94499
52-Week high 98.30
52-Week low 40.35
P/E 43.49
Mkt Cap.(Rs cr) 690
Buy Price 41.75
Buy Qty 1816.00
Sell Price 42.00
Sell Qty 1.00
OPEN 42.10
CLOSE 43.75
VOLUME 94499
52-Week high 98.30
52-Week low 40.35
P/E 43.49
Mkt Cap.(Rs cr) 690
Buy Price 41.75
Buy Qty 1816.00
Sell Price 42.00
Sell Qty 1.00

Uniply Industries Ltd. (UNIPLY) - Auditors Report

Company auditors report

To the Members of Uniply Industries Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of UNIPLY INDUSTRIESLIMITED (‘the Company') which comprise the Balance Sheet as at March 31 2018 theStatement of Profit (including other comprehensive income) the Statement of Changes inEquity and the Statement of Cash Flows for the year then ended and a and other explanatorysummary of the significant information.

Management's Responsibility 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 viewofthefinancialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the Indian Accounting Standards (IndAS) 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.

Auditors' Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under and the Orderissued under Section 143(11) of the Act. and Loss We conducted our audit of the standalonefinancial statements in accordance with the Standards on Auditing specified under Section143(10) of the Act. Those Standards require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the standalonefinancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone 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 standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the Standalone Financial Statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March312018 and its profit total comprehensive income the changes in equity and its cashflows 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 we report that : a. wehave sought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit. b. in our opinionproper books of account as required by law have been kept by the Company so far as itappears from our examination of those books. c. the Balance Sheet the Statement ofProfitand Loss including other comprehensive income Statement of Changes in Equity andthe Statement of Cash Flows dealt with by this Report are in agreement with the books ofaccount. d. in our opinion the aforesaid standalone financial statements comply with theIndian Accounting Standards prescribed under Section 133 of the Act. e. on the basis ofthe 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 the adequacy andoperating effectiveness of the Company's internal financial controls over financialreporting.

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 as amended inour opinion and to the best of our information and according to the explanations given tous : i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements. ii. The Company has made provision asrequired under the applicable law or accounting standards for material foreseeablelosses if any on long-term contracts including derivative contracts. iii. There has beenno delay in transferring amounts required to be transferred to the Investor Educationand 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 the matters specifiedin paragraphs 3 and 4 of the Order.

Annexure A to the Independent Auditors' Report

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the members of Uniply Industries Limited of evendate)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofsub-section 3 of Section 143 of the Companies Act 2013 (‘the Act')

We have audited the internal financial controls over financial reporting of UNIPLYINDUSTRIES LIMITED (‘the Company') as of March 31 2018 in conjunction with our auditof the Standalone Financial Statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal reporting criteria established by theCompany controloverfinancial considering the essential components of internal controlstated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit.

We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting (the ‘Guidance Note') issued by theInstitute of Chartered Accountants of India and the Standards on Auditing prescribed underSection 143(10) of the

Companies Act 2013 to the extent applicable to an audit of internal financialcontrols. 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 procedures selected depend on the auditor's judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of the management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the financialstatements.

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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2018 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

Annexure B to the Independent Auditors' Report

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the members of Uniply Industries Limited of evendate)

1. In respect of the Company's fixed assets :

a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. to cover all b. the The Companyhas a program of verification items of fixed assets in a phased manner which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. Pursuant to the program certain fixed assetswerephysicallyverifiedby theManagement during the year. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification

c. According to the information and explanations given to us the records examined byus and based on the examinationCompany does not own any Immovable property.

2. In our opinion and according to the information and explanations given to us theinventories have been physically verifiedby the management at reasonable intervals duringthe year. Company does have any Inventory at the year end.

3. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured loans to body's corporate firms LimitedLiability Partnership or Other Parties covered in the register maintained under Section189 of the Companies Act 2013. Consequently the Provisions of 3(a) 3(b) & 3(c) arenot applicable.

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Act in respect ofgrant of loans making investments and providing guarantees and securities as applicable

5. The Company has not accepted deposits during the year and does not have anyunclaimed deposits as at March 31 2018 and therefore the provisions of the clause 3 (v)of the Order are not applicable to the Company.

6. The maintenance of cost records has not been specified by the Central Governmentunder Section 148(1) of the Companies Act 2013 for the business activities carried out bythe Company. Thus reporting under Clause 3(vi) of the order is not applicable to theCompany.

7. According to the information and explanations given to us in respect of statutorydues : a. According to Information & Explanation given to us and on the basis of ourexamination of the records of the Company there is delay in depositing undisputedstatutory dues including

Provident Fund Employees State Insurance Income Tax Sales Tax Service Tax Goodsand Service Tax Value Added Tax Customs Duty Excise Duty Cess and any other statutorydues applicable to it with the appropriate authorities. b. There were no undisputedamounts payable in respect of

Provident Fund Employees' State Insurance Income Tax Sales Tax Service Tax ValueAdded Tax Goods and Service Tax Customs Duty Excise Duty Cess and other materialstatutory dues in arrears as at March 31 2018 for a period of more than six months fromthe date they became payable. c. Details of income Tax Sales Tax Service Tax ExciseDuty and Value Added Tax which have not been deposited as at March 312018 on account ofdispute.

Name of the Statute Nature of Dues Forum where pending Period to which it relate Amount (In Rs )
Delhi Value Value Added Appellate 2015-16 5394578/
Added Tax Tax Authority

8. The Company has not taken any loans or borrowings from financial institutions banksand government or has not issued any debentures. Hence reporting under Clause 3 (viii) ofthe Order is not applicable to the Company.

9. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) or term loans and hence reporting under Clause 3 (ix)of the Order is not applicable to the Company.

10. To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company or no material fraud on the Company by its officersor employees has been noticed or reported during the year.

11. In our opinion and according to the information and explanations given to us theCompany has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the Act.

12. The Company is not a nidhi company and hence reporting under Clause 3 (xii) of theOrder is not applicable to the Company. 13. In our opinion and according to theinformation and explanations given to us the Company is in compliance with Section 177and 188 of the Companies Act 2013 where applicable for all transactions with the relatedparties and the details of related party transactions have been disclosed in thestandalone financial statements as required by the applicable accounting standards.

14. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has received application money forpreferential allotment/private placement of shares during the year to Promoter & NonPromoter in a separate Bank account but utilised for the purpose for which it was raisedbefore allotment of shares.

15. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsdirectors or persons connected to its directors and hence provisions of Section 192 of theCompanies Act 2013 are not applicable to the Company.

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

For Lily & Geetha Associates
Chartered Accountants
Firm's Registration Number: 006982S
Mathy Sam
Chennai Partner
May 29 2018 Membership Number: 206624