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United Credit Ltd.

BSE: 531091 Sector: Financials
NSE: N.A. ISIN Code: INE858C01027
BSE 00:00 | 19 Jul 19.25 0
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NSE 05:30 | 01 Jan United Credit Ltd
OPEN 21.20
PREVIOUS CLOSE 19.25
VOLUME 30
52-Week high 22.45
52-Week low 12.50
P/E 15.52
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 21.20
CLOSE 19.25
VOLUME 30
52-Week high 22.45
52-Week low 12.50
P/E 15.52
Mkt Cap.(Rs cr) 10
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 Financial Statements

We have audited the accompanying financial statements of UNITED CREDIT LIMITED ("theCompany") which comprise the Balance Sheet as at 31st March 2017 the Statement ofProfit and Loss the Cash Flow Statement for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

Management's Responsibility for the 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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation 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 statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions 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 financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial 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 financial statements.

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

Opinion

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 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 31stMarch 2017 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act we give in the Annexure ‘A' a statement on the matters specified inparagraphs 3 and 4 of the said Order.

2. As required by section 143(3) of the Act we report that: i. We have sought andobtained all the information and explanations which to the best of knowledge and beliefwere necessary for the purpose of our audit; ii. In our opinion proper books of accountas required by law have been kept by the Company so far as appears from our examinationsof those books; iii. The Balance Sheet Statement of Profit and Loss and Cash FlowStatement dealt with by this report are in agreement with the books of account; iv. In ouropinion the aforesaid financial statement comply with the Accounting standards specifiedunder section 133 of the Act read with rule 7 of the Companies (Accounts) Rule 2014; v.On the basis of written representations received from the Directors as on 31st March 2017and taken on record by the Board of Directors none of the Directors is disqualified as on31st March 2017 from being appointed as a Director in terms of section 164(2) of the Act;vi. With respect to the adequacy of internal financial controls over financial reportingof the Company and operating effectiveness of such controls refer to our separate reportin

Annexure - B; vii. With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditor's) Rules2014 in our opinion and to the best of our information and according to the explanationsgiven to us:

1. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note 23.1 of Other Notes to thefinancial statements;

2. The Company did not have any long-term contracts including derivative contract forwhich there are any material foreseeable losses;

3. According to the records of the Company there were no amounts which were requiredto be transferred to the Investor Education and Protection Fund by the Company during theyear. viii. The Company has provided requisite disclosures in the financial statements asto holdings as well as dealings in Specified Bank Notes during the period from 8thNovember 2016 to 30th December 2016. Based on audit procedures and relying on themanagement representation we report that the disclosures are in accordance with books ofaccount maintained by the Company and as produced to us by the management (Refer Note 23.7of Other Notes to the Financial Statements).

For RAY & RAY
Chartered Accountants
Firm's Registration No. 301072E
Amitava Chowdhury
Partner
Membership No.056060
Place: Kolkata
Date: 26th May 2017

ANNEXURE ‘A' TO AUDITORS' REPORT

Referred to in paragraph 1 of the Auditors' Report on "Other Legal and RegulatoryRequirements" of even date to the members of ‘ UNITED CREDIT LIMITED' onthe financial statements for the year ended 31st March 2017.

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The Fixed assets were stated to have been physically verified by the management atreasonable intervals during the year. As stated no material discrepancies were noticed onsuch verification. However documentary evidence of such verification could not beproduced to us for checking.

(c) The Company does not hold any freehold property in its name. Therefore in ouropinion clause (i) (c) of the Order is not applicable to the Company.

(ii) The Company does not have any inventory. Therefore reporting requirements ofclause (ii) of the Order is not applicable to the Company.

(iii) On the basis of examination of books of account and based on information andexplanations given to us the Company has not granted any loans secured orunsecured to companies firms Limited Liability Partnerships or other parties covered inthe register maintained under section 189 of the Act. Therefore clauses (iii) (a) (b)and (c) of the Order are not applicable to the Company.

(iv) The Company has not given loans made investments given guarantees and providedsecurities covered by provisions of section 185 and 186 of the Act. Therefore clause (iv)of the Order is not applicable to the Company.

(v) The Company has not accepted any deposits from public during the yearwithin the meaning of the directives issued by the Reserve Bank of India and theprovisions of sections 73 to 76 or any other relevant provisions of the Act and the rulesframed there under. Moreover no order has been passed by Company Law Board or NationalCompany Law Tribunal or Reserve Bank of India or any other court or tribunal.

(vi) The Central Government has not specified maintenance of cost records undersubsection (l) of section 148 of the Act for the Company. Therefore clause (vi) of theOrder is not applicable for the Company.

(vii) (a) On the basis of checking of records of the Company and according to theinformation and explanations given to us we are of the opinion that the Company isregular in depositing undisputed statutory dues including provident fund employees' stateinsurance income-tax sales-tax service tax value added tax professional tax cess andany other statutory dues with the appropriate authorities.

(b) On the basis of checking of records of the Company and on the basis of informationand explanations given to us there has been no dues of income tax or sales tax or wealthtax or service tax or duty of customs or duty of excise or value added tax or cess whichhas not been deposited on account of any dispute as at the Balance Sheet date.

(viii) The Company has taken term loan (car) from banks. On the basis of records of theCompany examined by us and according to the information and explanations given to us theCompany has not defaulted in repayment of loans to banks. The Company had neither takenany loan from financial institution Government nor it had issued any debenture during theyear.

(ix) The Company has not raised money by way of initial public offer or further publicoffer including debt instruments during the year. The Company had taken term loans (car)from a bank in earlier year. On the basis of records of the Company examined by us andaccording to the information and explanations given to us the term loans (cars) wereapplied for the purposes for which it was raised.

(x) During the course of our examination of the records of the Company and according tothe information and explanations given to us we have neither come across any instances offraud by the Company or any fraud on the Company by its officers or employees noticed orreported during the year nor we have been informed of any such case by the management.

(xi) On the basis of examination of the records of the Company the managerialremuneration has been paid / provided in accordance with the requisite approvals mandatedby the provision of Section 197 read with Schedule V to the Act.

(xii) The Company is not a Nidhi Company. Hence the clause (xii) of the Order is notapplicable to the Company.

(xiii) On the basis of examination of the books of the account of the Company and onthe basis of information and explanations given to us the Company has entered into alltransactions with related parties in compliance with Section 177 and 188 of the Act andthe same is disclosed in the financial statement as required by the applicable AccountingStandards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review. Thereforeclause (xiv) of the Order is not applicable to the Company.

(xv) On the basis of examination of records of the Company and according to theinformation and explanations given to us we are of the opinion that the Company has notentered into any non-cash transactions with directors or persons connected with him.

(xvi) 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. TheCertificate of registration no. 05.03110 has been issued by the Reserve Bank of India tothe Company.

For RAY & RAY
Chartered Accountants
Firm's Registration No. 301072E
Amitava Chowdhury
Partner
Membership No. 056060
Place: Kolkata
Date: 26th May 2017

ANNEXURE-B TO THE AUDITOR'S REPORT

We have audited the internal financial controls over financial reporting of UNITEDCREDIT LIMITED ("the Company") as of March 31 2017 in conjunction with ouraudit of the financial statements of the Company for the 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 Control over Financial Reportingissued by the Institute of Chartered accountant of India ("ICAI"). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditor's 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 deemed tobe prescribed under section 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and 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.

Our audit involves performing procedure 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 judgments 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 andpreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles.

A company's internal financial control over financial reporting includes those policiesand procedure 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 the generally accepted accountingprinciples and that receipts and expenditure of the Company are being made only inaccordance with authorisations of management and directors of the Company; and (3) providereasonable assurance regarding prevention or timely detection of unauthorized acquisitionuse or disposition of the Company's assets that could have a material effect on thefinancial 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 misstatement due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial controls overfinancial reporting may become inadequate because of changes in conditions or that thedegree 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 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For RAY & RAY
Chartered Accountants
Firm's Registration No. 301072E
Amitava Chowdhury
Partner
Membership No. 056060
Place: Kolkata
Date: 26th May 2017