AUDITORS
To,
The Members,
UNITY INFRAPROJECTS LIMITED, Mumbai.
1. We have audited the attached Balance Sheet of UNITY INFRAPROJECTS LIMITED as at
March 31, 2012, and the Statement of Profit and Loss and Cash Flow Statement for the year
ended on that date annexed thereto. These financial statements are the responsibility of
the Company`s management. Our responsibility is to express an opinion on these financial
statements based on our audit .
2. We conducted our audit in accordance with the auditing standards generally accepted
in India. Those Standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditor`s Report) Order, 2003, as amended by the
Companies (Auditor`s Report) (Amendment) Order, 2004, issued by the Central Government of
India in terms of sub-section (4A) of Section 227 of The Companies Act, 1956 of India
(hereinafter referred to as the `Act`) and on the basis of such checks of the books and
records of the Company 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 4 and 5 of the said Order.
4. We did not audit the financial statement of integrated joint ventures reflecting
company`s shares in profit of Rs. 280.36 lacs in these financial statements. These
financial statements have been audited by other auditors whose reports have been furnished
to us and our opinion, in so far as it relates to the amounts included in respect of the
said audited ventures is based solely on the report of the other auditors.
5. Further to our comments in the Annexure referred to in paragraph 3 above, we report
that:
(a) We have 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 appears from our examination of those books;
(c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with
by this report are in agreement with the books of account;
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report comply with the accounting standards referred to in
sub-section (3C) of Section 211 of the Act;
(e) On the basis of written representations received from the directors, as on March
31, 2012 and taken on record by the Board of Directors, none of the directors is
disqualified as on March 31, 2012 from being appointed as a director in terms of clause
(g) of subsection (1) of Section 274 of the Act;
(f) In our opinion and to the best of our information and according to the explanations
given to us, the said financial statements together with the notes thereon and attached
thereto give in the prescribed manner the information required by the Act and give a true
and fair view in conformity with the accounting principles generally accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the Company as at
March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit for the year ended
on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on
that date.
|
For C.B. Chhajed & Co. |
|
Chartered Accountants |
|
Firm Regn No. 101796W |
|
C. B. Chhajed |
| Place: Mumbai |
Partner |
| Dated: May 30, 2012 |
Membership No. : 9447 |
ANNEXURE TO THE AUDITORS` REPORT
Referred to in Paragraph 3 of the Our Report of Even Date
To,
The Members,
UNITY INFRAPROJECTS LIMITED,
Mumbai.
1. (a) The Company has maintained proper records showing full particulars including
quantitative details and situation of fixed assets.
(b) The fixed assets of the Company have been physically verified by the management
during the year and no material discrepancies between the book records and the physical
inventory have been noticed. In our opinion, the frequency of verification is reasonable.
(c) In our opinion and according to information explanation given to us, the company
has not disposed off a substantial part of fixed assets during the year and the going
concern status of the Company is not affected.
2. (a) As per the information and explanations given to us, the inventory has been
physically verified by the management during the year. In our opinion, the frequency of
verification is reasonable.
(b) In our opinion and according to the information and explanations given to us, the
procedures of physical verification of inventory followed by the management are reasonable
and adequate in relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of the inventory records, in our opinion, the
Company is maintaining proper records of inventory. The discrepancies noticed on physical
verification of inventory as compared to book records were not material
3. (a) According to the information and explanations given to us, the Company has
granted unsecured loans, to twenty companies and three parties covered in the register
maintained under Section 301 of the Act. The maximum amount involved during the year is
Rs. 25,339.76 lacs and the year-end balance of such loans aggregates to Rs. 19,228.56 lacs
(b) According to the information and explanations given to us, the Company has taken
unsecured loans, from one company and three parties covered in the register maintained
under Section 301 of the Act. The maximum amount involved during the year is Rs. 5,296.52
lacs and the year-end balance of such loans aggregates to Rs. 1,966.89 lacs.
(c) In our opinion and according to the information and explanations given to us, the
rate of interest, wherever applicable and other terms and conditions of such loans are not
prima facie prejudicial to the interest of the Company.
(d) The principal amounts are repayable on demand and there is no repayment schedule.
The interest, wherever applicable, is payable on demand.
(e) In respect of loans given to companies covered in the register maintained, the same
are repayable on demand and therefore the question of overdue amounts does not arise. In
respect of interest, wherever applicable, there are no overdue amounts.
(f) In respect of the aforesaid loans, the Company is regular in repaying the principal
amounts as stipulated and is also regular in payment of interest, where applicable.
4. 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 inventory, fixed assets and for the sale of
goods and services. 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 the aforesaid internal control system.
5. (a) In our opinion and according to the information and explanations given to us,
the particulars of contracts or arrangements referred to in Section 301 of the Act have
been entered in the register required to be maintained under that section.
(b) In our opinion and according to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements and exceeding the value
of Rupees Five Lakhs in respect of any party during the year have been made at prices
which are reasonable having regard to the prevailing market prices at the relevant time.
6. According to the information and explanations given to us, the Company has not
accepted any deposits from the public and consequently, the directives issued by the
Reserve Bank of India, and the provisions of Sections 58A and 58AA or any other relevant
provisions of the Act and the Companies (Acceptance of Deposits) Rules, 1975 with regard
to the deposits accepted from the public are not applicable.
7. In our opinion, the Company has an internal audit system commensurate with its size
and nature of its business.
8. We have broadly reviewed the books of account maintained by the Company in respect
of products where, pursuant to the Rules made by the Central Government of India, the
maintenance of cost records has been prescribed under clause (d) of sub-section (1) of
Section 209 of the Act and are of the opinion that prima facie, the prescribed accounts
and records have been made and maintained. We have not, however, made a detailed
examination of the records with a view to determine whether they are accurate or complete.
9. (a) According to the information and explanations given to us and the records of the
Company examined by us, in our opinion, the Company is generally regular in depositing the
undisputed statutory dues including provident fund, investor education and protection
fund, employees` state insurance, income-tax, sales-tax, wealth tax, service tax, customs
duty, excise duty, cess and other material statutory dues as applicable with the
appropriate authorities.
(b) According to the information and explanations given to us and the records of the
Company examined by us, the particulars of dues of income-tax, sales-tax, wealth tax,
service tax, customs duty, excise duty and cess as on Balance Sheet Date which have not
been deposited on account of a dispute, are as follows -
|
|
|
|
(Rs. in Lacs) |
| Name of Statute |
Nature of Dues |
Amount |
Period to which the Amount Relates |
Forum where the Dispute is Pending |
| Income Tax Act, 1961 |
Income Tax |
0.24 |
A.Y. 2002-03 A.Y. |
Commissioner of Income Tax, Appeal |
| Income Tax Act, 1961 |
Income Tax |
314.71 |
2005-06 to A.Y 2009-10 |
Commissioner of Income Tax, Appeal |
10. The Company has no accumulated losses at the end of the financial year and it has
not incurred any cash losses in the financial year ended on that date or in the
immediately preceding financial year.
11. According to the records of the Company examined by us and the information and
explanation given to us, the Company has not defaulted in repayment of dues to any
financial institution or bank or debenture holders.
12. In our opinion and according to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security by way of pledge
of shares, debentures and other securities.
13. In our opinion and according to the information and explanations given to us, the
company is not a chit fund / nidhi / mutual benefit fund / society. Accordingly, clause
(xiii) of paragraph 4 of the order is not applicable to the Company.
14. In our opinion and according to the information and explanations given to us, the
Company is not a dealer or trader in shares, securities, debentures and other investments.
Accordingly, clauses (xiv) of paragraph 4 of the Order are not applicable to the Company
for the year.
15. In our opinion and according to the information and explanations given to us, the
terms and conditions on which the Company has given guarantees for loans taken from others
from banks/ financial institutions during the year are not prima facie prejudicial to the
interest of the Company.
16. In our opinion, and according to the information and explanations given to us, on
an overall basis, the term loans have been applied for the purposes for which they were
obtained.
17. On the basis of an overall examination of the balance sheet of the Company, in our
opinion and according to the information and explanations given to us, there are no funds
raised on a short-term basis which have been used for long-term purpose.
18. According to the information and explanations given to us, the Company has not made
any preferential allotment of shares to parties and companies covered in the register
maintained under Section 301 of the Act during the year.
19. The Company has not issued any debentures. Accordingly, clause (xix) of Paragraph 4
of the order is not applicable.
20. The Company has not raised any money by public issues during the year. Accordingly,
clause (xx) of Paragraph 4 of the order is not applicable.
21. 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 such case by the management.
|
For C.B.Chhajed & Co. |
|
Chartered Accountants |
|
Firm Regn No. 101796W |
|
C. B. Chhajed |
| Place: Mumbai |
Partner |
| Dated: May 30, 2012 |
Membership No. : 9447 |
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