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United Credit Ltd.

BSE: 531091 Sector: Financials
NSE: N.A. ISIN Code: INE858C01027
BSE 00:00 | 01 Jul 12.67 0.60
(4.97%)
OPEN

12.67

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12.67

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12.67

NSE 05:30 | 01 Jan United Credit Ltd
OPEN 12.67
PREVIOUS CLOSE 12.07
VOLUME 20
52-Week high 17.75
52-Week low 9.95
P/E 8.99
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 12.67
CLOSE 12.07
VOLUME 20
52-Week high 17.75
52-Week low 9.95
P/E 8.99
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

United Credit Ltd. (UNITEDCREDIT) - Auditors Report

Company auditors report

TO THE MEMBERS OF UNITED CREDIT LIMITED

Report on the Audit of the Financial Statements

Opinion

1. We have audited the accompanying financial statements of United Credit Limited("the Company") which comprise the Balance Sheet as at 31st March 2021 theStatement of Profit and Loss (including Other Comprehensive Income) the Statement of CashFlows the Statement of Changes in Equity for the year then ended on that date and notesto the financial statements including a summary of significant accounting policies andother explanatory information (herein after referred to as "FinancialStatements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 ("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 31 2021 its profit (including OtherComprehensive Income) Changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

2. We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor’s Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

Key Audit Matters

3. 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. Wehave determined that there are no key audit matters to communicate in our report.

Other Information

4. The Company’s Board of Directors is responsible for the other information. Theother information comprises the information included in the Management Discussion andAnalysis Board’s Report including Annexures to Board Report and Shareholders’Information but does not include the financial statements and our auditor’s reportthereon. The aforesaid documents are expected to be made available to us after the date ofthis auditor’s report.

5. Our opinion on the financial statements does not cover the other information and wedo not express any form of assurance conclusion thereon.

6. In connection with our audit of the financial statements our responsibility is toread the other information when it becomes available and in doing so consider whetherthe other information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated.

7. When we read the aforesaid documents if we conclude that there is a materialmisstatement therein we are required to communicate the matters to those charged withgovernance.

Management’s Responsibility for the Financial Statements

8. The Company’s Board of Directors is responsible for the matters stated insection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statement that givea true and fair view and are free from material misstatement whether due to fraud orerror.

9. In preparing the financial statements management is responsible for assessing theCompany’s ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

10. The Board of Directors are also responsible for overseeing the company’sfinancial reporting process.

Auditor’s Responsibility for the Audit of the Financial Statements

11. 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 ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud 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.

12. As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

? Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

? Obtained an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Companies Act 2013 we are also responsible for expressing our opinion onwhether the company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

? Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

? Conclude on the appropriateness of management’s use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on theCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor’s report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor’s report. However future events or conditions may cause theCompany to cease to continue as a going concern.

? Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

13. We communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

14. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

15. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the financial statements ofthe current period and are therefore the key audit matters. We describe these matters inour auditor’s report unless law or regulation precludes public disclosure about thematters or when we determine that a matter should not be communicated in our reportbecause the adverse consequences of doing so would reasonably be expected to outweigh thepublic interest benefits of such communication.

16. Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in

(i) planning the scope of our audit work and in evaluating the results of our work; and

(ii) to evaluate the effect of any identified misstatements in the financialstatements.

Report on Other Legal and Regulatory Requirements

17. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub –section (11)of section 143 of the Act we give in the Annexure-A a statement on the matters specifiedin paragraphs 3 and 4 of the Order to the extent applicable.

18. 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 by law 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 (including other comprehensiveincome) and the Cash Flow Statement Statement of Changes in Equity dealt with by thisreport 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 2021taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 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 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 in our opinionand to the best of our information and according to the explanations given to us:

a. The Company has disclosed the impact of pending litigations as at 31st March 2021on its financial statements - Refer Note 25 to the financial statements.

b. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

c. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

For L. B. Jha & Co.
Chartered Accountants
Firm Registration No.: 301088E
Sd/-
(D. N. Roy)
Place: Kolkata Partner
Date: 29th June 2021 (Membership No.: 300389)
UDIN: 21300389AAAAFX5056

ANNEXURE- A: TO THE INDEPENDENT AUDITOR’S REPORT To the Members of UNITEDCREDIT LIMITED

[Referred to in paragraph 17 of the Auditors’ Report of even date]

1. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of property plant and equipment.

(b) The Property Plant & Equipment of the Company have been physically verified bythe management during the year and no material discrepancies between the book records andthe physical inventory have been noticed. In our opinion the frequency of verification isreasonable.

(c) According to the information and explanations given to us by the Management thecompany does not have any immovable properties.

2. The Company does not have any inventory.

3. The Company has not granted any loans secured or unsecured to companies firmslimited liability partnership or other parties covered in the register maintained underSection 189 of the Act.

4. According to the information and explanations given to us and the records of theCompany examined by us the Company has not made any investment advanced any loan givenany guarantee or provided any securities covered by provisions of section 185 and 186 ofthe Act.

5. The Company has not accepted any deposits from public during the year within themeaning of the directives issued by the Reserve Bank of India and the provisions ofsections 73 to 76 or any other relevant provisions of the Act and the rules framed thereunder. Moreover no order has been passed by Company Law Board or National Company LawTribunal or Reserve Bank of India or any other court or tribunal.

6. The Central Government of India has not prescribed maintenance of cost records undersub-section (1) of Section 148 of the Act for any of the products of the Company.

7. (a) According to the information and explanations given to us and the records of theCompany examined by us in our opinion the Company is generally regular in depositing theundisputed statutory dues including provident fund income-tax goods and service taxduty of customs cess and any other statutory dues as applicable with the appropriateauthorities.

(b) According to the information and explanations given to us and the records of theCompany examined by us there has been no dues of Income tax goods and services taxcess provident fund and other statutory dues which have not been deposited on account ofany dispute as at 31st March 2021.

8. According to the information and explanation given to us the company has neithertaken any loan from financial institutions or bank or Government nor issued any debenturesduring the year.

9. According to the information and explanation given to us the company has neitherraised any money by public issues of shares or debentures nor obtained any term loansduring the year.

10. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the Company noticed or reported during the year nor have webeen informed of such case by the management.

11. According to the information and explanations given to us and based on ourexamination of the records of the Company in our opinion the remuneration paid by theCompany to its directors during the year is in accordance with the provisions of section197 of the Act.

12. The related statutes are not applicable as the Company is not a Nidhi company.

13. According to the information and explanations given to us and the records of theCompany examined by us the company has complied with the requirements of sections 177 and188 of the Act with respect to its transactions with the related parties. Pursuant to therequirement of the applicable Accounting Standard details of the related partytransactions have been disclosed in Note 27 of the financial statements for the year underaudit.

14. The Company has not made any preferential allotment of shares or fully or partlyconvertible debentures during the year under audit.

15. According to the information and explanations given to us and the records of theCompany examined by us the Company has not entered into any non-cash transactions withany director of the Company and the holding company or persons connected with theminvolving acquisition of assets by or from them for consideration other than cash.

16. The Company is a Non-Banking Finance Company (NBFC) and is required to beregistered under Section 45-IA of the Reserve Bank of India Act 1934. The Certificate ofregistration no. 05.03110 has been issued by the Reserve Bank of India to the Company.

For L. B. Jha & Co.
Chartered Accountants
Firm Registration No.: 301088E
Sd/-
(D.N. Roy)
Place: Kolkata Partner
Date: 29th June 2021 (Membership No.: 300389)
UDIN: 21300389AAAAFX5056

ANNEXURE- B TO THE INDEPENDENT AUDITOR’S REPORT To the Members of United CreditLimited

[Referred to in paragraph 18 (f) of the Independent Auditor’s Report of even date]

Report on the Internal Financial Control under Clause (i) of Sub –sections 3 ofSection 143 of the Companies Act 2013("the Act")

1. We have audited the internal financial controls over financial reporting of UnitedCredit Limited ("the Company") as of 31st March 2021 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management’s Responsibility for Internal Financial Control

2. The Company’s management is responsible for establishing and maintaininginternal financial control 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 Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India(ICAI). These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company’spolicies 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.

Auditors’ Responsibility

3. 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" and the Standard on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Act to the extent applicable. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includesobtaining an understanding of internal financial control over financial reportingassessing the risk that a material Weakness exists and testing and evaluating the designand operating effectiveness of internal controls based on the assessed risk. The procedureselected depends on the auditor’s judgment including the assessment of the risk ofmaterial misstatement of the financial statement whether due to fraud or error.

5. 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 controlssystem over financial reporting.

Meaning of Internal Financial Control over Financial Reporting

6. A Company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company’s internal financial control overfinancial reporting includes those policies and procedures that

1) Pertains to the maintenance of the records that in reasonable detail accuratelyand fairly reflect the transactions and dispositions of the assets of the company;

2) Provide reasonable assurance that the transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditure of the Company are being madeonly in accordance with authorization of management and directors of company; and

3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company’s assets that could havea material effect on the financial statements.

Inherent Limitations of Internal Financial Control over Financial Reporting

7. Because of inherent limitation of internal financial control over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to errors or fraud may occur and not be detected.Also projections of any evaluations of the internal financial control 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

8. In our opinion the Company has in all material respect an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2021based 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 Control over Financial Reporting issued by ICAI.

For L. B. Jha & Co.
Chartered Accountants
Firm Registration No.: 301088E
Sd/-
(D.N. Roy)
Place: Kolkata Partner
Date: 29th June 2021 (Membership No.: 300389)
UDIN: 21300389AAAAFX5056

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