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Uniworth Securities Ltd.

BSE: 512408 Sector: Others
NSE: N.A. ISIN Code: INE728J01019
BSE 05:30 | 01 Jan Uniworth Securities Ltd
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Uniworth Securities Ltd. (UNIWORTHSECURIT) - Auditors Report

Company auditors report

To The Members Of

INDOWORTH HOLDINGS LIMITED

(Formerly UNIWORTH SECURITIES LIMITED)

Report on the Financial Statements

1. We have audited the accompanying financial statements of M/s. INDOWORTH HoldingsLimited (Formerly Uniworth Securities Limited) ("the Company") which comprise ofthe Balance Sheet as at 31st March 2017 the Statement of Profit and Loss the Cash flowStatement for the year then ended and a summary of significant accounting policies andother explanatory information which we have signed under reference to this report.

Management's Responsibility for the Financial Statements

2. 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 preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance of the Company in accordance with the Accounting principlesgenerally accepted in India including the Accounting Standards specified under section133 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 regularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of internal financial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation of the financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit.

4. we have taken into account the provisions of the Act and the Rules made there underincluding the accounting standards and matters which are required to be included in theaudit report.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards and pronouncements requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand 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 control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the Company's internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements.

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

8. Emphasis on matters

Attention in invited to Note 22.9 wherein a sum 112500000/- is advanced by theCompany in favour of Asset Reconstruction Company (India) Limited (ARCIL) towards partconsideration of settlement of dues of other entities and their representative Guarantors.The impact of the same is not readily ascertainable.

Opinion

9. Subject to our comment in point No 8 in our opinion and to the best of ourinformation and according to the explanations given to us the financial statements givethe information required by the Act in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India:

a) in the case of the balance sheet of the state of affairs of the Company as at 31stMarch 2017

b) in the case of the statement of profit and loss of the profit for the year ended onthat date and

c) in the case of Cash Flow Statement of the Cash Flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

10. As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act (hereinafterreferred to as the "Order") and on the basis of such checks of the books andrecords of the Company as we considered appropriate and according to information andexplanations given to us we give in the Annexure A a statement on the matters specifiedin paragraph 3 and 4 of the Order.

11. 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 purpose of our audit;

b. In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books.

c. The Balance Sheet and the Statement of Profit and Loss with by this Report are inagreement 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(Account) Rules 2014.

e. On the basis of written representations received from the directors as on 31 March2017 and taken on record by the Board of Directors none of the directors aredisqualified as on 31 March 2017 from being appointed as a director in terms of Section164(2) of the Act.

f. With respect to the adequacy of internal financial controls over financial reportingof the Company and the operating effectiveness of such controls refer our separate reportin "Annexure B".

g. In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

i) The Company does not have any pending litigations as at March 312017 which willimpact its financial position in its financial statements.

ii) The Company did not have any long term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii) There were no amounts required to be transferred by the Company to the InvestorEducation and Protection Fund.

iv) The Company has provided requisite disclosure in the financial statements asregards its holding and dealings in Specified Bank Notes as defined in the NotificationS.O.3407(E) dated the 8 November 2016 of the Ministry of Finance during the period from 8November 2016 to 30 December 2016. Based on audit procedures performed and theexplanations provided to us by the management we report that the disclosures are inaccordance with the books of account maintained by the Company and as produced to us bythe management.

For R. K. Chandak & Co.
Firm Registration No:319248E
Chartered Accountants
(Binay Sharma)
Place: Kolkata partner
Date: 29th May 2017 Membership No. 065863

Annexure A to the Independent Auditors' Report

Referred to in paragraph 9 of the Independent Auditors' Report of even date to themembers of M/s. INDOWORTH HOLDINGS LIMITED (Formerly Uniworth Securities Limited) on thefinancial statements for the year ended March 312017.

i) a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

b) Fixed assets have been physically verified by the management during the year whichin our opinion is reasonable having regard to the size of the company and the nature ofits fixed assets. As informed to us no discrepancies were noticed on such physicalverification.

c) The Company doesn't hold any immoveable property hence the clause is not applicableto Company.

ii) a) The management has conducted physical verification of inventory at reasonableintervals during the year.

b) There were no discrepancies noticed during the course of physical verification ofinventory as compared to book records.

iii) On the basis of examination of books of account of the Company and on the basis ofinformation and explanation given to us the terms & conditions in respect of theloans granted by the Company to Companies/firms covered in the register maintained undersection 189 of the Act are not prima-facie prejudicial to the interest of the Company.

a) In respect to the aforesaid loans the parties are repaying the principal amounts asstipulated and are also regular in payment of interest where applicable.

b) In respect of the aforesaid loans there is no overdue amount for a period exceeding90 days.

iv) In our opinion and according to information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Companies Act2013in respect of grant of loans making investments and providing guarantees as applicable.

v) The Company has not accepted any deposits from the public within the meaning ofsection 73 to 76 or any other relevant provisions of the Act and the rules framed thereunder. The directives issued by the Reserve Bank of India are not applicable to theCompany.

vi) Maintenance of Cost records as prescribed by the Central Government under section148(1) the Act is not applicable.

vii) a) On the basis of examination of books of account of the Company and on the basisof information and explanation given to us the Company is regular in depositingundisputed statutory dues including provident fund employees' state insurance incometax sales tax service tax duty of customs duty of excise value added tax andcorresponding cess.

b) On the basis of examination of books of account of the Company and on the basis ofinformation and explanation given to us by the management there were no undisputedamounts payable in respect of Provident Fund Income Tax Service tax cess and othermaterial statutory dues in arrears as at March 312017 for a period of more than sixmonths from the date they became payable.

c) There are no dues of Income-tax Sales tax Service Tax Customs Duty Excise Dutyand Value Added Tax as on March 312017 on account of disputes.

viii) According to the records of the company examined by us and the information andexplanation given to us the Company has not raised any loan or borrowing from anyfinancial institution or bank or Government or debenture holders hence the provisions ofClause 3(xiii) are not applicable to the Company.

ix) The clause 3 (ix) is not applicable to company as the company has not raised anyterm loan during the period under audit or preceding year.

x) 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 any material fraud by the Company or on the Company by its officer oremployees noticed or reported during the year nor have we been informed of any such caseby the Management.

xi) The Company has not paid any managerial remuneration during the year under audit.

xii) As the Company is not a Nidhi Company and the Nidhi Rules2014 are not applicableto it the provisions of Clause 3(xii) of the Orders are not applicable to the Company.

xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with section 188 of the Companies Act 2013 and the details of suchtransactions have been disclosed in the financial statements of the Company as required byapplicable accounting standards.

xiv) The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Accordingly theprovisions of Clause 3(xiii) are not applicable to the Company.

xv) The Company has not entered into any non cash transactions with its directors orpersons connected with him. Accordingly the provisions of Clause 3(xiv) are not applicableto the Company.

xvi) The Company is not a Non Banking Finance Company therefore provision of clause3(xvi) of the order are not applicable to the Company.

For R. K. Chandak & Co.
Firm Registration No:319248E
Chartered Accountants
(Binay Sharma)
Place: Kolkata Partner
Date: 29th May 2017 Membership No. 065863