We have audited the accompanying standalone financial statements of
UNITED CREDIT LIMITED ("the Company"), which comprise the Balance Sheet
as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of the significant
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 Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015, 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, 20l5 ("the
Order"), issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act, 2013 ("the Act"),
and on the basis of such checks as we considered appropriate and
according to the information and explanations given to us, we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the said order.
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 best of our knowledge and belief were necessary for the
purposes of our audit.
(b) in our opinion, proper books of account as required by law have
been kept by 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 Statement dealt with by this Report are in agreement with the
books of account.
(d) in our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 22.1 to the
financial statements.
ii. The Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There has been no delay in transferring amounts required to be
transferred to the Investor Education and Protection Fund by the
Company .
ANNEXURE TO THE AUDITORS' REPORT
Referred to in paragraph 1 of the Auditors' Report on "Other Legal and
Regulatory Requirements" of even date to the members of 'UNITED CREDIT
LIMITED' on the financial statements for the year ended 31st March,
2015.
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) The fixed assets were stated to have been physically verified by
the management during the year, which in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets.
As stated, no material discrepancies between book records and the
physical inventory were noticed on such verification.
(ii) There being no stock in trade, reporting requirements in terms of
clause (ii) of the aforesaid order are not applicable to the Company.
(iii) On the basis of examination of books of account of the Company
and on the basis of information and explanations given to us, the
company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
189 of the Act. Therefore, clauses (iii)(a) to (iii)(b) of the
aforesaid order are not applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of fixed assets and with regard to interest and rental income.
Further, on the basis of our examination of the books and records of
the Company and according to the information and explanations given to
us, we have neither come across nor have been informed of any
continuing failure to correct major weaknesses in aforesaid internal
control system.
(v) The Company has not accepted any deposits from public during the
year, within the meaning of the directives issued by the Reserve Bank
of India and the provisions of sections 73 to 76 or any other relevant
provisions of the Companies Act and the rules framed there under.
Moreover, no order has been passed by Company Law Board or National
Company Law Tribunal or Reserve Bank of India or any other court or
tribunal.
(vi) The Central Government has not specified maintenance of cost
records under sub-section (l) of section 148 of the Companies Act for
any of the products of the Company.
(vii) (a) According to the information and explanations given to us and
from the records of the company examined by us, the Company has been
regular in depositing undisputed statutory dues including provident
fund, employees' state insurance, income-tax, sales- tax, wealth tax,
service tax, duty of customs, duty of excise, value added tax, cess and
any other statutory dues with the appropriate authorities. .
(b) According to the information and explanations given to us and the
records of the Company examined by us, there has been no dues of sales
tax or wealth tax or service tax or duty of customs or duty of excise
or value added tax or cess which have not been deposited on account of
any dispute as at the Balance Sheet date, except for the following :
1. Income Tax demand pertaining to Assessment year 2011-12 amounting
to Rs. 88,330/- lying with Deputy Commissioner Income Tax. [Refer NOTE-
22.1 (b)]
2. Income Tax demand pertaining to Assessment years 2012-13 & 2013-14
amounting to Rs.171,890/- and Rs.100,740/- respectively lying with
Assistant Commissioner of Income Tax (CPC). [Refer NOTE- 22.1 (c)]
(c) On the basis of checking of books of accounts of the Company and
according to the information and explanations given to us, in our
opinion, Rs. 452,793/- being unpaid dividend for the year ended 31st
March, 2007 have been transferred to investor education and protection
fund in accordance with the relevant provisions of the Companies Act,
1956 (1 of 1956) and rules made there under.
(viii) The Company has no accumulated losses at the end of the
financial year and it has not incurred cash losses during the financial
year and in the immediately preceding financial year.
(ix) The Company has taken term loan (car) from a bank during the year.
On the basis of records of the Company examined by us and according to
the information and explanations given to us by the management, the
Company had not defaulted in repayment of dues to the Bank. The
Company had neither taken any loan from financial institution neither
it had issued any debenture.
(x) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from bank or financial institutions during the year.
(xi) In our opinion and according to the information and explanations
given to us, term loan raised by the Company have been applied for the
purpose for which it is raised.
(xii) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company noticed or reported during the year nor have
we been informed of any such case by the management.
For RAY & RAY
Chartered Accountants
Firm's Registration No. 301072E
AMITAVA CHOWDHURY
Partner
Membership No.56060
Place : Kolkata 26th May, 2015
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