You are here » Home » Companies » Company Overview » Unique Organics Ltd

Unique Organics Ltd.

BSE: 530997 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE333E01019
BSE 00:00 | 24 Jun 23.70 1.00
(4.41%)
OPEN

24.00

HIGH

24.80

LOW

21.90

NSE 05:30 | 01 Jan Unique Organics Ltd
OPEN 24.00
PREVIOUS CLOSE 22.70
VOLUME 2454
52-Week high 49.90
52-Week low 12.20
P/E 790.00
Mkt Cap.(Rs cr) 14
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 24.00
CLOSE 22.70
VOLUME 2454
52-Week high 49.90
52-Week low 12.20
P/E 790.00
Mkt Cap.(Rs cr) 14
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Unique Organics Ltd. (UNIQUEORGANICS) - Auditors Report

Company auditors report

To The Members of Unique Organics Limited

Report on the Standalone Financial Statements Opinion We have audited the accompanyingstandalone financial statements of Unique Organics Limited ("the Company")which comprises the Balance Sheet as at March 31 2021 the Statement of Profit and Loss(including Other Comprehensive Income) Statement of Changes in Equity and statement ofcash flows for the year then ended and notes to the financial statements including asummary of significant accounting policies and other explanatory information. In ouropinion and to the best of our information and according to the explanations given to usthe aforesaid standalone financial statements give the information required by theCompanies Act 2013 (‘The Act') in the manner so required and give a true and fairview in conformity with the Ind Accounting Standard prescribed under section 133 of theAct read with the Companies (Indian Accounting Standard) Rules 2015 as amended (Ind AS)and other accounting principles generally accepted in India of the state of affairs ofthe Company as at March 31 2021 and its profit total comprehensive income the changesin equity and its cash flows for the year ended on that date. Basis for Opinion Weconducted our audit in accordance with the Standards on Auditing (SAs) specified undersection 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Standalone FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the standalone financial statementsunder the provisions of the Act and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the standalone financial statements.

Emphasis of Matter

We draw attention to Note no. 40 to the Standalone Financial Statements whichdescribes the uncertainties and the impact of COVID-19 pandemic on the Company'soperations and results as assessed by the management. Our opinion is not modified inrespect of this matter. Key Audit Matters Key Audit Matters are those matters thatin our professional judgement were of most significance in our audit of the standalonefinancial statements of the current period. These matters were addressed in the context ofour audit of the Standalone financial statements as a whole and in forming our opinionthereon and we do not provide a separate opinion on these matter. We have determined thematters described below 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. Following procedures have been performed to address this key audit matter:
The terms of sales arrangements including the timing of transfer of control delivery specifications and judgement in determining timing of sales revenues. Considered the Company's revenue recognition policy and its compliance in terms of Ind AS 115 ‘Revenue from contracts with customers'.
The risk is therefore that revenue may not be recognised in the current period in accordance with Ind AS 115. respect of the samples tested checked that the revenue has been recognised as per the incoterms / when the conditions for revenue recognitions are satisfied. Assessed the design and tested the operating effectiveness of internal controls related to revenue recognition.
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 Performed sample test of individual sales transaction and traced to sales invoices sales orders and other related documents. Further in
Selected sample of sales transactions made pre and post year end agreed the period of revenue recognition to underlying documents.
Assessed the relevant disclosures made within the standalone Ind AS financial statements.
Impact of Covid 19 on Audit
Due to outbreak of pandemic Covid 19 and consequent country wide lockdown enforced by Government of India. Due to this we could not carry out normal audit procedures and audit was carried out using "Work from Home" approach. Due to "Work from Home" approach adopted we performed following alternative audit procedures:
This is considered as Key Audit Matter since alternate audit procedures were performed for carrying out audit. Various data and confirmation were received either electronically through email or through data sharing on drive.
For various audit procedures reliance was placed on scanned copies of original document shared with us electronically.
Interview/discussion with client via video conferencing/call conferencing and other verbal communications.

Other Information

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management Discussion and AnalysisBoard's Report including Annexures to Board's Report Business Responsibility ReportCorporate Governance and Shareholder's Information but does not include the standalone IndAS financial statements and our auditor's report thereon. Our opinion on the standaloneInd AS financial statements does not cover the other information and we do not express anyform of assurance conclusion thereon. In connection with our audit of the standalone IndAS financial statements our responsibility is to read the other information and in doingso consider whether such other information is materially inconsistent with the standaloneInd AS financial statements or our knowledge obtained in the audit or otherwise appears tobe materially misstated. If based on the work we have performed we conclude that thereis a material misstatement of this other information we are required to report that fact.We have nothing to report in this regard Responsibilities of Management and those chargedwith governance for the standalone financial statement

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone financialstatements 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 is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so. Those Board of Directors are also responsible foroverseeing the company's financial reporting process. Auditor's Responsibilities for theAudit of standalone financial statement Our objectives are to obtain reasonable assuranceabout whether the Standalone financial statements as a whole are free from materialmisstatement whether due to fraud or error and to issue an auditor's report thatincludes our opinion. Reasonable assurance is a high level of assurance but is not aguarantee that an audit conducted in accordance with SAs will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if individually or in the aggregate they could reasonably beexpected to influence the economic decisions of users taken on the basis of thesestandalone financial statements. A further description of the auditor's responsibilitiesfor the audit of the standalone financial statements is included in Annexure A. Thisdescription forms part of our auditor's report. Report on Other Legal and RegulatoryRequirements

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 Companies Act 2013 we give in the Annexure B a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act based on our audit 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) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including other comprehensiveincome the Cash Flow Statement and Statement of change in equity dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act read with Companies (IndianAccounting Standard) Rules 2015 as amended;

e) On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 from being appointed as a director in termsof Section 164 (2) of the Act.

f) With respect to the adequacy of the Internal Financial Control over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure C". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended in our opinionand to the best of our information and according to the explanations given to us theremuneration 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's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition in its standalone financial statements;

ii. The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses;

iii. There has been no delay in transferring amounts required to be transferredto the Investor Education and Protection Fund by the Company.

Annexure A

Responsibilities for Audit of Financial Statement As part of an audit in accordancewith SAs we exercise professional judgment and maintain professional skepticismthroughout the audit. We also: Identify and assess the risks of material misstatement ofthe standalone financial statements whether due to fraud or error design and performaudit procedures responsive to those risks and obtain audit evidence that is sufficientand appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control. Obtain an understanding of internal control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Companies Act 2013 we are also responsible for expressing our opinionon whether the company has adequate internal financial controls system in place and theoperating effectiveness of such controls. Evaluate the appropriateness of accountingpolicies used and the reasonableness of accounting estimates and related disclosures madeby management. Conclude on the appropriateness of management's use of the going concernbasis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the Standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern. Evaluate the overallpresentation structure and content of the Standalone financial statements including thedisclosures and whether the standalone financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation. Materiality is themagnitude of misstatements in the standalone financial statements that individually or inaggregate makes it probable that the economic decisions of a reasonably knowledgeableuser of the standalone financial statements may be influenced. We consider quantitativemateriality and qualitative factors in

(i) planning the scope of our audit work and in evaluating the results of our work; and

(ii) to evaluate the effect of any identified misstatements in the standalone financialstatements. We communicate with those charged with governance regarding among othermatters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards. From the matters communicatedwith those charged with governance we determine those matters that were of mostsignificance in the audit of the Standalone financial statements of the current period andare therefore the key audit matters. We describe these matters in our auditor's reportunless law or regulation precludes public disclosure about the matter or when inextremely rare circumstances we determine that a matter should not be communicated in ourreport because the adverse consequences of doing so would reasonably be expected tooutweigh the public interest benefits of such communication.

ANNEXURE ‘B' TO THE AUDITOR'S REPORT (Referred to in paragraph 1 of our report ofeven date)

i) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets

b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

ii) The inventory has been physically verified during the year by the management. Inour opinion the frequency of verification is reasonable. No material discrepancies werenoticed.

iii) The company has not granted loans secured or unsecured to Companies firms LLPsor other parties covered in the register maintained under section 189 of the CompaniesAct 2013. Therefore provisions of clause (iii) (a) (b) and (c) of the said order are notapplicable.

iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans investments guarantee and security made where ever applicable.

v) In our opinion and according to the information and explanations given to us theCompany has not accepted deposits in terms of the provisions of section 73 to 76 of theCompanies Act 2013 and the Rules framed there under and the directives issued by theReserve Bank of India.

vi) In our opinion maintenance of cost records pursuant to the Companies (Cost Recordsand audit) Rules 2014 prescribed by the Central Government under Section 148(1) of theCompanies Act 2013 are not applicable to the company during the year under review.

vii) a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company undisputed statutory dues includingprovident fund income-tax duty of customs service tax cess Goods & Service Taxand other material statutory dues have been regularly deposited during the year by theCompany with the appropriate authorities. According to the information and explanationsgiven to us no undisputed amounts payable in respect of statutory dues were in arrears asat 31 March 2020 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us there are no statutorydues in respect of income tax or sales tax or wealth tax or service tax or duty of customsor duty of excise or value added tax have not been deposited with the appropriateauthorities on account of any dispute.

viii) Based on our audit procedure and on the basis of information and explanationsgiven by the management the Company has not defaulted in repayment of loans or borrowingsto financial institutions banks or government. The Company has not issued any debentures.

ix) To the best of our knowledge and belief and according to the information andexplanations given to us the company has not raised money by way of initial public offeror further public offer and has not taken any term loan. Other loans from bank wereapplied for the purpose for which these were obtained.

x) In our opinion and according to information and explanations given to us no fraudby the company or on the Company by its officers/ employee has been noticed or reportedduring the course of our audit.

xi) According to the information and explanations give 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 a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

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 sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him as referred to in section 192 ofthe Act.

xvi) According to the information and explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

ANNEXURE ‘C' TO THE AUDITOR'S REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act") We have audited the internalfinancial controls over financial reporting of UNIQUE ORGANICS LIMITED ("theCompany") as of 31 March 2021 in conjunction with our audit of the standalone Ind ASfinancial statements of the Company for the year ended on that date. Management'sResponsibility for Internal Financial Controls The Company's management is responsible forestablishing and maintaining internal financial controls based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls over Financial Reporting issued by the Institute of Chartered Accountants ofIndia (‘ICAI'). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.Auditors' Responsibility Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting (the "Guidance Note") and the Standards on Auditing issuedby ICAI and deemed to be prescribed under section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls both applicable to anaudit of Internal Financial Controls and both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit 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 thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financial reporting.Meaning of Internal Financial Controls over Financial Reporting A company's internalfinancial control over financial reporting is a process designed to provide reasonableassurance regarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generally acceptedaccounting principles. A company's internal financial control over financial reportingincludes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements. Inherent Limitations of Internal FinancialControls Over Financial Reporting Because of the inherent limitations of internalfinancial controls over financial reporting including the possibility of collusion orimproper management override of controls material misstatements due to error or fraud mayoccur and not be detected. Also projections of any evaluation of the internal financialcontrols over financial reporting to future periods are subject to the risk that theinternal financial control over financial reporting may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate. Opinion In our opinion the Company has in all material respects anadequate internal financial controls system over financial reporting and such internalfinancial controls over financial reporting were operating effectively as at 31 March2021 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For A.K. Meharia & Associates
Chartered Accountants
Firm's Registration No.324666E
Sd/-
Place: Kolkata (A. K. Meharia)
Dated: 29th June 2021 Partner
UDIN: 21053918AAAACZ8764 Membership Number: 053918

.