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United Leasing & Industries Ltd.

BSE: 507808 Sector: Industrials
NSE: N.A. ISIN Code: INE357P01014
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NSE 05:30 | 01 Jan United Leasing & Industries Ltd
OPEN 21.30
PREVIOUS CLOSE 21.30
VOLUME 150
52-Week high 24.85
52-Week low 11.25
P/E 12.24
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 21.30
CLOSE 21.30
VOLUME 150
52-Week high 24.85
52-Week low 11.25
P/E 12.24
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

United Leasing & Industries Ltd. (UNITEDLEASING) - Auditors Report

Company auditors report

To the Members of United Leasing & Industries Limited

1. Report on the financial statements

We have audited the accompanying financial statements of United Leasing &Industries Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2017 the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

2. Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the CompaniesAct 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 referred to insection 133 of the Companies Act 2013 read with Rule 7 of the Companies (Accounts) Rules2014.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 financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

3. 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 theAct the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of theAct 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 standalone financial statements.

4. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by theAct in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) in the case of the Balance Sheet of the state of the affairs of the Company as at31st March 2017;

(b) in the case of the Statement Profit and Loss of the profit for the year ended onthat date; and

(c) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

5. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 (the Order) issued bythe Central Government of India in terms of section 143 of the Act and on the basis ofsuch checks of the books and records of the Company as we considered appropriate andaccording to the information and explanations given to us we give in the Annexure astatement on the matters specified in the paragraphs 3 and 4 of the said Order.

2. As required by section 143(3) of theAct we report that: a) we have sought andobtained all the information and explanations which to the best our knowledge and beliefwere necessary for the purpose of our audit.

b) in our opinion proper books of account as required by the law have been kept by theCompany so far as appears from our examination of these books.

c) The Company's Balance Sheet the Statement of Profit and Loss and the Cash FlowStatement dealt with by the report are in agreement with the books of account.

d) in our opinion the Balance Sheet the Statement of Profit and Loss and the CashFlow Statement dealt with by this report comply with the Accounting Standards referred toin 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 31 March2017 and taken on record by

Board of Directors none of the directors is disqualified as on 31 March 2017 frombeing 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"AnnexureA".

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 materially impact itsfinancial position.

ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. there were no amounts which were required to be transferred to the InvestorEducation and Protection

Fund by the Company.

iv. the company has provided requisite disclosures in its financial statement as toholdings as well as dealings in

th th

Specified Bank Notes during the period from 8 of November 2016 to 30 of December 2016and these are in accordance with the books of accounts maintained by the company.

For RAJANIRUDH &ASSOCIATES
(CharteredAccountants)
FRN.020497N
Sd/-
CA RAJ KUMAR
Place : New Delhi (PROPRIETOR)
Date : May 29 2017 Membership No.083093

Annexure referred to in paragraph 5.1 of our report of even date to the members on thefinancial statements as of and for the year ended 31 March 2017

1. a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) A substantial part of the fixed assets have been physically verified by themanagement during the year and there is a regular programme of verification which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. No material discrepancies were noticed on such verification.

c) According to the information and explanations given to us the title deeds ofimmovable properties are held in the name of the company. However the immovableproperties are under equitable mortgage with the bank as security for credit facilityobtain from the bank.

2. Inventory has been physically verified during the year by the management and nomaterial discrepancies were noticed. In our opinion the frequency of verification isreasonable.

3. During the year the company has not granted any loans secured or unsecured tocompanies firms Limited Liability Partnerships or other parties covered in the registermaintained under section 189 of the CompaniesAct 2013.

4. As per information and explanations given to us the Company has not given loan todirector which violates the provisions of section 185.

5. According to the information and explanations given to us the Company has accepteddeposits from the members of the company in previous years.The Company has renewed duringthe year certain deposits appearing in note 3 and 4 of balance sheet but certainprocedural guidelines as mentioned in the section 73 of the Company's Act 2013 and rulesframed there under has not been followed.

6. As explained to us central Government has specified maintenance of the cost recordsunder section 148(1) of the CompaniesAct 2013 are not applicable to 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 regular in depositing withappropriate authorities undisputed statutory dues including Provident Fund Employees'State Insurance Income-tax Sales-tax Wealth tax Service Tax Custom Duty Excise DutyCess and other Material statutory dues as applicable.

b) According to the information and explanations given to us there were no statutorydues/demands as at Balance Sheet date which have not been deposited on account of anydispute relate to demands of Service tax Income tax Sales tax etc

8. As per information and explanations furnished to us and on verification of recordsproduced the Company has not defaulted in repayment of dues to a financial institutionbank or debenture holders.

9. As per information and explanations given to us and as per verification of recordsproduced before us the Company has taken term loans and as has applied for the purposesfor which term loan obtained. Company has not raised any funds through initial publicoffering during the year.

10. As per information and explanations furnished to us and on verification of recordsproduced no fraud by the company or any fraud on the Company by its officers or employeeswere noticed or reported during the year.

11. As per information and explanations furnished to us and on verification of recordsproduced during the year Company has not paid or provided any managerial remunerationhence Para 3 (xi) of the order is not applicable.

12. The provisions of the statue applicable to Nidhi Company are not applicable to theCompany.

13. As per information and explanations furnished to us and on verification of recordsproduced all transactions with the disclosed related parties have been disclosed in thefinancial statements as required by the applicable accounting standards. They are incompliance with section 177 and 188 of the CompaniesAct 2013.

14. As per information and explanations furnished to us and on verification of recordsproduced the Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year hence Para 3 (xiv) ofthe order is not applicable.

15. As per information and explanations furnished to us and on verification of recordsproduced has not entered into non-cash transactions with directors or persons connectedwith him and the provisions of section 192 of Companies Act 2013 have been complied with.

16. The Company is not required to be registered under section 45-IA of the ReserveBank of IndiaAct 1934.

For RAJANIRUDH &ASSOCIATES
(CharteredAccountants)
FRN.020497N
Sd/-
CA RAJ KUMAR
Place : New Delhi (PROPRIETOR)
Date : May 29 2017 Membership No.083093

Annexure "A" to the Independent Auditor's report of even date on theFinancial Statements of United Leasing & Industries Limited

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 United Leasing& Industries Limited ("the Company") as of March 31 2017 in conjunctionwith our audit 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 Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating 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 CompaniesAct 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 CompaniesAct 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 CharteredAccountants 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 unauthorised 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

As per Information and explanation given to us and related documents provided to us inour opinion the Company has in material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31 2017 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute ofCharteredAccountants of India.

For RAJ ANIRUDH & ASSOCIATES
Chartered Accountants
FRN.020497N
Sd/-
CA RAJ KUMAR
Date : May 29 2017 (PROPRIETOR)
Place : New Delhi Membership No.083093