You are here » Home » Companies » Company Overview » United Van Der Horst Ltd

United Van Der Horst Ltd.

BSE: 522091 Sector: Others
NSE: N.A. ISIN Code: INE890G01013
BSE 16:01 | 29 Jun 69.65 -0.05
(-0.07%)
OPEN

69.65

HIGH

69.65

LOW

69.65

NSE 05:30 | 01 Jan United Van Der Horst Ltd
OPEN 69.65
PREVIOUS CLOSE 69.70
VOLUME 1
52-Week high 106.55
52-Week low 29.75
P/E 22.25
Mkt Cap.(Rs cr) 39
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 69.65
CLOSE 69.70
VOLUME 1
52-Week high 106.55
52-Week low 29.75
P/E 22.25
Mkt Cap.(Rs cr) 39
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

United Van Der Horst Ltd. (UNITEDVANDER) - Auditors Report

Company auditors report

TO THE MEMBERS OF UNITED VAN DER HORST LTD.

Report on the Audit of the Financial Statements:

1 Qualified Opinion:

We have audited the accompanying financial statements of UNITED VAN DER HORSTLIMITED ("the Company") which comprise the Balance Sheet as at 31.03.2021the Statement of Profit and Loss (including other comprehensive income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year ended and notes to thefinancial statements including a summary of the significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matters described in the ‘Basis forQualified Opinion' section of our report the aforesaid Financial Statements give theinformation required by the Companies Act 2013 as amended ("the Act") in themanner so required and give a true and fair view in conformity with the Indian AccountingStandards prescribed under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended (‘Ind AS') and the other accountingprinciples generally accepted in India of the state of affairs of the Company as at31.03.2021 and total comprehensive income (comprising of loss and other comprehensiveincome) its cash flows and the changes in equity for the year ended on that date.

2 Basis for Qualified opinion:

The Company continues to prepare accounts on a going concern basis despite accumulatedlosses as on 31.03.2021 being more than 50% of the average net worth during the four yearsimmediately preceding the current financial year. The Company's Board of Directorsexplanations for the losses and assessment of the Company's ability to continue as a goingconcern as per note no.27 (B) (8) to the financial results have been relied upon.

We conducted our audit of the Financial Statements in accordance with the Standards onAuditing (SAs) specified under section 143(10) of the Act. Our responsibilities underthose Standards are further described in the ‘Auditor's Responsibilities for theAudit of the Financial Statements' section of our report. We are independent auditors ofthe Company in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India together with the ethical requirements that are relevant to our auditof the financial statements under the provisions of the Act and the Rules thereunder andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion on the financial statements.

3 Information Other than the Financial Statements and Auditor's Report thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Director's Report ManagementDiscussion & Analysis (MD&A) and Corporate Governance Report but does not includethe financial statements and our auditor's report thereon.

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

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to

be materially misstated. If based on the work we have performed we conclude thatthere is a material misstatement of this other information we are required to report thatfact.

We have nothing to report in this regard.

4 Management's Responsibility for the Financial Statements:

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance including othercomprehensive income cash flows and changes in equity of the Company in accordance withthe Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read withCompanies (Indian Accounting Standards) Rules 2015 as amended and other accountingprinciples generally accepted in India. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

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.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

5 Auditor's responsibilities for the audit of the financial statements

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 a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in aggregate they couldreasonably be expected to influence the economic decisions of users taken on the basis ofthese financial statements.

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

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain 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 Act we are also responsible for expressing our opinion on whether the Company hasinternal financial controls with reference to financial statements in place and theoperating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting 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 the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

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

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

6 Report on Other Legal and Regulatory Requirements:

6.1 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 Order as applicable.

6.2 As required by Section 143(3) of the Act based on our audit 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) Except for the effects of the matters described in the Basis for Qualified Opinionparagraph above in our opinion proper books of account as required by law have been keptby the Company so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the Statement of Cash Flow and the statement of Changes in Equity dealt with bythis Report are in agreement with the books of account.

d) Except for the effects of the matters described in the Basis for Qualified Opinionparagraph above in our opinion the aforesaid financial statements comply with the

Indian Accounting Standards prescribed under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended.

e) The matters described in the Basis for Qualified Opinion paragraph above in ouropinion may have an adverse effect on the functioning of the Company.

f) On the basis of the written representations received from the directors of theCompany as on 31.03.2021 taken on record by the Board of Directors none of the directorsis disqualified as at 31.03.2021 from being appointed as a director in terms of Section164 (2) of the Act.

g) With respect to the adequacy of the internal financial controls with reference tothe financial statements of the company and the operating effectiveness of such controlsrefer to our separate report in Annexure ‘B' Our report expresses anunmodified opinion on the adequacy of internal financial control with reference tofinancial statements and its operating effectiveness on the company.

h) In our opinion and to the best of our information and according to the explanationsgiven to us the company has not paid any remuneration to its directors.

i) 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 did not have any pending litigations which would impact its financialposition- Refer Note 27 (B)(2) to the financial statements.

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

iii. The Company is not required to transfer funds to the Investor Education andProtection Fund.

FOR C K S P AND CO LLP
Chartered Accountants
FRN - 131228W/W100044
Kalpen Chokshi
Partner
M.No.135047
UDIN: 21135047AAAAEY3676
Place: Mumbai
Date: 21.06.2021

ANNEXURE ‘A' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 6.1 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

i. In respect of Company's Fixed Assets

(a) The Company has maintained proper records showing full particulars includingquantitative details and situations of the fixed assets.

(b) The fixed assets have been physically verified by the management during the year.In our opinion the frequency of verification is reasonable. According to the informationand explanations given to us no material discrepancies were noticed on such verification.

(c) In our opinion and according to information and explanations given to us and onthe basis of an examination of records of the Company the title deeds of the immovableproperties are held in the name of the company.

ii. As explained to us inventories except goods-in-transit have been physicallyverified by the management at reasonable intervals with the records. In our opinion theCompany is maintaining proper records of inventory. No material discrepancies were noticedby the management on physical verification of inventory as compared to the books ofaccount.

iii. In our opinion and according to the information and explanations given to us andbased on our examination of the records of the company the Company has not granted anyloans secured or unsecured to companies / firms / Limited Liability Partnerships / otherparties covered in the register maintained under section 189 of the Companies Act 2013(‘the Act'). Accordingly sub clause (a) (b) & (c) of the Order are notapplicable.

iv. The applicable requirements in respect of the loans investments guarantees andsecurity covered by the provisions of Section 185 and 186 of the Act have been compliedwith.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any public deposits and hence directives issued by the ReserveBank of India and the provisions of Sections 73 to 76 or any other relevant provisions ofthe Act and the rules framed there-under are not applicable. As per the information andexplanations given to us no order has been passed by Company Law Board or NationalCompany Law Tribunal or Reserve Bank of India or any Court or any other Tribunal in thisrespect.

vi. To the best of our knowledge and as explained the Central Government has notspecified the maintenance of cost records under clause 148(1) of the Companies Act 2013for the Company and therefore the provisions of clause (vi) of the order are notapplicable to the Company.

vii. (a) According to the information and explanations given to us in respect ofstatutory dues the

Company has generally been regular in depositing undisputed statutory dues includingProvident Fund Employee State Insurance Income-tax Sales-tax Service Tax Goods andServices tax Duty of Customs Duty of Excise Value added Tax Cess and other materialstatutory dues applicable to it with the appropriate authorities.

(b) According to the information and explanations given to us there were no undisputedamounts payable in respect of Provident Fund Employees' State Insurance Income TaxCustom Duty Goods and Service Tax cess and other material statutory dues in arrears asat 31.03.2021 for a period of more than six months from the date they became payable.

viii. According to the information and explanations given to us and based on ourexamination of the records of the company the Company has not defaulted in repayment ofloans or borrowings to financial institutions banks or debentures holders during theyear.

ix. In our opinion and according to the information and explanations given by themanagement the monies raised by the Company by way of term loans were applied for thepurposes for which those were raised. The Company has not raised moneys by way of initialpublic offer or further public offer (including debt instruments) and term loans duringthe year.

x. During the course of our examination of the books of accounts carried out andaccording to the information and explanation given to us we have not come across anyinstance of fraud by the Company or on the Company by its officers or employees eithernoticed or reported during the year.

xi. According to the information and explanations given to us and based on ourexamination of the records of the company the Company has paid / provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanations given to us theCompany is not in the nature of a Nidhi Company as defined under Section 406 of the Act.Accordingly paragraph 3 (xii) of the Order is not applicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has complied with sections 177 and188 of the Act for all transactions with the related parties and the details have beendisclosed in the Financial Statements as required by the applicable accounting standards;

xiv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has made preferential allotment ofshares during the year and requirement of Section 42 of the Companies Act 2013 have beencomplied with. The amount raised has been utilized towards the purpose for which it wasraised.

xv. According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with directors or persons connected with him and hence provisions of Section192 of Companies Act 2013 are not applicable to the company.

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

FOR C K S P AND CO LLP
Chartered Accountants
FRN - 131228W/W100044
Kalpen Chokshi
Partner
M.No.135047
UDIN: 21135047AAAAEY3676
Place: Mumbai
Date: 21.06.2021

ANNEXURE ‘B' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 6.2(g) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

1. Report on the Internal Financial Controls under Section 143(3)(i) of the CompaniesAct 2013:

We have audited the internal financial controls with reference to financial statementsof UNITED VAN DER HORST LIMITED ("the Company") as at 31.03.2021 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

2. Management's Responsibility for Internal Financial Controls:

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal financial control with reference to financialstatements criteria established by the Company considering the size of Company andessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting ("the Guidance Note") issued by theInstitute of Chartered Accountants of India ("the ICAI"). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013 ("the Act").

3. Auditors' Responsibility:

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note issued by the ICAI and the Standards on Auditingspecified under Section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether internal financial controls with reference to financial statements wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the existenceof the internal financial controls system with reference to financial statements and theiroperating effectiveness.

Our audit of internal financial controls with reference to financial statementsincluded obtaining an understanding of internal financial controls with reference tofinancial statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto 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 systemwith reference to financial statements.

4. Meaning of Internal Financial Controls with reference to Financial Statements:

A Company's internal financial control with reference to financial statements 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 withreference to financial statements includes those policies and procedures that (1) pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthe transactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 unauthorized acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.

5. Inherent Limitations of Internal Financial Controls with reference to FinancialStatements:

Because of the inherent limitations of internal financial controls with reference tofinancial statements 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 withreference to financial statements to future periods are subject to the risk that theinternal financial control with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

6. 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 existence of internal financialcontrols system with reference to financial statements and its operating effectiveness asat 31.03.2021 based on the internal control with reference to financial statementscriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the ICAI.

FOR C K S P AND CO LLP
Chartered Accountants
FRN - 131228W/W100044
Kalpen Chokshi
Partner
M.No.135047
UDIN: 21135047AAAAEY3676
Place: Mumbai
Date: 21.06.2021

.