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United Van Der Horst Ltd.

BSE: 522091 Sector: Others
NSE: N.A. ISIN Code: INE890G01013
BSE 00:00 | 19 Jun 15.63 0.30
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NSE 05:30 | 01 Jan United Van Der Horst Ltd
OPEN 15.63
PREVIOUS CLOSE 15.33
VOLUME 147
52-Week high 15.63
52-Week low 12.50
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 15.63
CLOSE 15.33
VOLUME 147
52-Week high 15.63
52-Week low 12.50
P/E
Mkt Cap.(Rs cr) 6
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.

1. Report on the Financial Statements:

We have audited the accompanying financial statements of UNITED VAN DER HORSTLIMITED ("the Company") which comprise the Balance Sheet as at 31.03.2017the Statement of Profit and Loss the Cash Flow Statement and a summary of thesignificant accounting policies and other explanatory information for the year then ended.

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 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.

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 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 thereunder.

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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. 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 financial statements.

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

4. Basis for Qualified Opinion:

4.1 The Company continues to prepare accounts on a going concern basis despiteaccumulated losses as on 31.03.2017 being more than 50% of the average net worth duringthe four years immediately preceding the current financial year. Management reason for thelosses and explanations in this regard have been relied upon. [Refer Note 26 (B) 9 10 and11]

4.2 The amounts aggregating Rs.12741.39 thousand towards Trade Payable andRs.4273.72 thousand towards Trade Receivables are subject to confirmation from theparties. Management explanations in this regard that the amounts due to / from theseparties are fully payable / recoverable have been relied upon. [Refer Note 26 (B)12]

5. Qualified Opinion:

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 for QualifiedOpinion paragraph above the aforesaid financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31.03.2017 and its loss and its cash flows for the year ended on that date.

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 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 and the Cash Flow Statementdealt with by this 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 theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

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 as on31.03.2017 taken on record by the Board of Directors none of the directors isdisqualified as at 31.03.2017 from being appointed as a director in terms of Section 164(2) of the Act. g) The qualification relating to the maintenance of accounts and othermatters connected therewith are as stated in the Basis for Qualified Opinion paragraphabove.

h) With respect to the adequacy of the internal financial control over financialreporting of the company and operating effectiveness of such controls refer to ourseparate report in Annexure ‘B'

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 in our opinion and to the best of ourinformation and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition Refer Note 26 (B) (3) 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.

iv. The Company has provided requisite disclosures in its financial statements as toits holdings as well as dealing in Specified Bank Notes during the period from 08.11.2016to 30.12.2016. Based on our audit procedures and relying on the management representationwe report that the disclosures are in accordance with the books of account maintained bythe Company and as produced to us by the Management Refer Note 26 (B) (19) to thefinancial statements.

FOR CHOKSHI & CHOKSHI LLP
Chartered Accountants
FRN - 101872W/W100045
Vineet Saxena
Partner
M.No.100770
Place: Navi Mumbai
Date: 30.05.2017

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. (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) The title deeds of the immovable properties are held in the name of the company.

ii. As explained to us inventories have been physically verified by the management atreasonable intervals with the records. In our opinion the Company is maintaining properrecords of inventory. No material discrepancies were noticed by the management on physicalverification of inventory as compared to the books of account.

iii. According to the information and explanations given to us and based on ourexamination of the records of the company the Company has not granted any loans securedor unsecured to companies / firms / Limited Liability Partnerships / other partiescovered in the register maintained under section 189 of the Companies Act 2013 (‘theAct'). Accordingly sub clause (a) (b) & (c) of the Order are not applicable.

iv. According to the information and explanations given to us and based on ourexamination of the records of the company the applicable requirements in respect of theloans investments guarantees and security covered by the provisions of Section 185 and186 of the Act have been complied with.

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. We have broadly reviewed the books of account maintained by the Company pursuant tothe rules made by the

Central Government for the maintenance of cost records under section 148 (1) of the Actand are of the opinion that prima-facie the prescribed accounts and records have beenmaintained. We have however not undertaken a detailed examination of the records with aview to determine whether they are accurate or complete.

vii. (a) In our opinion and according to the information and explanations given to usand on the basis of our examination of the records of the Company amount deduced /accrued in the books of account in respect of undisputed statutory dues includingProvident Fund Employee State Insurance Income-tax Sales-tax Wealth Tax Service TaxDuty of Customs Duty of Excise Value added Tax Cess and other material statutory dueshave not been regularly deposited during the year by the Company with the appropriateauthorities in certain cases. The extent of dues remaining outstanding at the end of thefinancial year for more than six months from the date from which they were payable havebeen mentioned as under.

Name of the statute Nature of dues Amount Period to which the amount relates Due Date
The Finance Act 1994 Service Tax Rs.3120.56 March 2015 to August 2016 6th of the following month
The Central Sales Tax 1956 Central Sales Tax Rs.161.89 September 2015 to August 2016 21st of the following month
The Maharashtra Value Added Tax Act 2002 Value Added Tax Rs.408.84 September 2015 to August 2016 21st of the following month
The Income Tax Act1961 Tax deducted at Source Rs.2183.12 July 2015 to August 2016 7th of the following month
The Employees' State Insurance Act 1948 ESIC Rs.26.74 April 2016 to August 2016 21st of the following month
The Professional Tax Act 1975 Professional Tax Rs.84.70 June 2015 to August 2016 15th of the following month
Total Rs.5985.85

(b) According to the information and explanations given to us the details of disputeddues in respect of Income-tax Sales-tax Wealth Tax Service Tax Duty of Customs Dutyof Excise Value added Tax and Cess as at 31.03.2017 are as under.

Name of the statute Nature of dues Forum where dispute is pending Period to which the amount relates Amount involved (Rs.) Amount unpaid (Rs.)
The Income Tax Act1961 Income Tax # A.Y. 2008-09 Rs.540.36 Rs.540.36
The Income Tax Act1961 Income Tax # A.Y. 2009-10 Rs.427.05 Rs.427.05
The Income Tax Act1961 Income Tax # A.Y. 2012-13 Rs.832.78 Rs.832.78

# The appeal is not filed as on the date of reporting.

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. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) and term loans during the year. Accordingly paragraph3 (ix) of the Order is not applicable.

x. During the course of our examination of the books of accounts carried out inaccordance with the generally accepted auditing standards in India and according to theinformation and explanation given to us we have not come across any instance of fraud bythe Company or on the Company by its officers or employees either noticed or reportedduring 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 and 188 of the Act for alltransactions with the related parties and the details have been disclosed in the FinancialStatements 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 not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year.

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-cash transactions with directors orpersons connected with him.

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

FOR CHOKSHI & CHOKSHI LLP
Chartered Accountants
FRN - 101872W/W100045
Vineet Saxena
Place: Navi Mumbai Partner
Date: 30.05.2017 M.No.100770

ANNEXURE 'B' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 6.2(h) 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 theCompanies Act 2013:

We have audited the internal financial controls over financial reporting of UNITEDVAN DER HORST LIMITED ("the Company") as at 31.03.2017 in conjunction withour audit of the financial statements of the Company for the year ended on 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 control over financial reporting criteriaestablished by the Company considering the size of Company and essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting ("the Guidance Note") issued by the Institute of CharteredAccountants of India ("the ICAI"). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to Company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies Act 2013 ("the Act").

3. 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 issued by the ICAI and the Standards on Auditing referred underSection 143(10) of the Act 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 included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement 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.

4. 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 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 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.

6. Opinion:

Subject to the matters described in the Basis for Qualified Opinion paragraph in ourreport on the financial statements of the Company in our opinion the Company has inall material respects an adequate internal financial controls system over financialreporting and such internal financial controls over financial reporting were operatingeffectively as at 31.03.2017 based on the internal control over financial reportingcriteria 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 CHOKSHI & CHOKSHI LLP
Chartered Accountants
Place: Navi Mumbai FRN - 101872W/W100045
Vineet Saxena
Date: 30.05.2017 Partner
M.No.100770