To the Members of Unique Organics Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements ofUnique Organics Limited ("the Company") which comprises the Balance Sheet as atMarch 31 2019 the Statement of Profit and Loss (including Other Comprehensive Income)Statement of Changes in Equity and statement of cash flows for the year then ended andnotes to the financial statements including a summary of significant accounting policiesand other explanatory information.
In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ('The Act') in the manner so required andgive a true and fair view in conformity with the Ind Accounting Standard prescribed undersection 133 of the Act read with the Companies (Indian Accounting Standard) Rules 2015as amended (Ind AS) and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2019 and its profit total comprehensiveincome the changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Act. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theStandalone Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thestandalone financial statements under the provisions of the Act and the Rules thereunderand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial statements.
Key Audit Matters
Key Audit Matters are those matters that in our professionaljudgement were of most significance in our audit of the standalone financial statementsof the current period. These matters were addressed in the context of our audit of theStandalone financial statements as a whole and in forming our opinion thereon and we donot provide a separate opinion on these matter. We have determined the matters describedbelow to be the key audit matters to be communicated in our report.
|Key Audit Matters ||How our audit assessed the key audit matter |
|Revenue from sale of products (Refer Note 1(L) of the standalone Ind AS financial statements) || |
|The Company recognises revenues when control of the goods are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. ||compliance in terms of Ind AS 115 'Revenue from contracts with customers'. |
| || Assessed the design and tested the operating effectiveness of internal controls related to revenue recognition. |
|The terms of sales arrangements including the timing of transfer of control delivery specifications and judgement in determining timing of sales revenues. The risk is therefore that revenue may not be recognised in the current period in accordance with Ind AS 115. || Performed sample test of individual sales transaction and traced to sales invoices sales orders and other related documents. Further in respect of the samples tested checked that the revenue has been recognised as per the incoterms / when the conditions for revenue recognitions are satisfied. |
|Accordingly due to the risk associated with revenue recognition it was determined to be a key audit matter in our audit of the standalone Ind AS financial statements || Selected sample of sales transactions made pre and post year end agreed the period of revenue recognition to underlying documents. |
|Following procedures have been performed to address this key audit matter: || Assessed the relevant disclosures made within the standalone Ind AS financial statements. |
| Considered the Company's revenue recognition policy and its || |
The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the standalone Ind AS financial statements and our auditor's report thereon. Ouropinion on the standalone Ind AS financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.
Unique Organics Limited 27 Annual Report - 2019
In connection with our audit of the standalone Ind AS financialstatements our responsibility is to read the other information and in doing so considerwhether such other information is materially inconsistent with the standalone Ind ASfinancial statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated. If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard
Responsibilities of Management and those charged with governance forthe standalone financial statement
The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance including other comprehensive income changes in equity and cash flows of theCompany in accordance with accounting principles generally accepted in India includingIndian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate implementationand maintenance of accounting policies; making judgments and estimates that are reasonableand prudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the standalonefinancial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
In preparing the standalone financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing thecompany's financial reporting process.
Auditor's Responsibilities for the Audit of standalone financialstatement
Our objectives are to obtain reasonable assurance about whether theStandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.
A further description of the auditor's responsibilities for the auditof the standalone financial statements is included in Annexure A. This description formspart of our auditor's report.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central Government of India in terms of subsection(11) of section 143 of the Companies Act 2013 we give in the Annexure B a statement onthe matters specified in paragraphs 3 and 4 of the Order to the extent applicable.
2. As required by Section 143(3) of the Act based on our audit wereport that :
(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.
(b) In our opinion proper books of account as required by law havebeen 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 including othercomprehensive income the Cash Flow Statement and Statement of change in equity dealt withby this Report are in agreement with the books of account.
(d) In our opinion the aforesaid standalone financial statementscomply with the Indian Accounting Standards specified under Section 133 of the Act readwith Companies (Indian Accounting Standard) Rules 2015 as amended;
(e) On the basis of the written representations received from thedirectors as on 31st March 2019 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2019 from being appointed as a director interms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the Internal Financial Control overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure C". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols over financial reporting.
(g) With respect to the other matters to be included in the Auditor'sReport in accordance with the requirements of section 197(16) of the Act as amended inour opinion and to the best of our information and according to the explanations given tous the remuneration paid/provided by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.
(h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:
(i) The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements;
(ii) The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses;
(iii) There were no amounts which were required to be transferred tothe Investor Education and Protection Fund by the Company.
| ||For A.K. Meharia & Associates |
| ||Chartered Accountants |
| ||Firm's Registration No.324666E |
| ||A. K. Meharia |
|Place : Kolkata ||(Partner) |
|Dated : 28.05.2019 ||Membership Number: 053918 |