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Unique Organics Ltd.

BSE: 530997 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE333E01019
BSE 00:00 | 22 Mar 7.25 -0.38
(-4.98%)
OPEN

7.25

HIGH

7.25

LOW

7.25

NSE 05:30 | 01 Jan Unique Organics Ltd
OPEN 7.25
PREVIOUS CLOSE 7.63
VOLUME 1586
52-Week high 17.88
52-Week low 6.82
P/E 2.24
Mkt Cap.(Rs cr) 4
Buy Price 7.60
Buy Qty 550.00
Sell Price 7.25
Sell Qty 914.00
OPEN 7.25
CLOSE 7.63
VOLUME 1586
52-Week high 17.88
52-Week low 6.82
P/E 2.24
Mkt Cap.(Rs cr) 4
Buy Price 7.60
Buy Qty 550.00
Sell Price 7.25
Sell Qty 914.00

Unique Organics Ltd. (UNIQUEORGANICS) - Auditors Report

Company auditors report

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of UNIQUEORGANICS LIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2018 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Cash Flow and the Statement of Changes in Equity for the year then ended anda summary of 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 Sec 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of these IndAS financial statements that give a true and fair view of the financial positionfinancial performance including other comprehensive income cash flows and changes inequity of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards (Ind AS) specified under section 133 ofthe Act read with Rule 7 of the Companies (Accounts) Rules 2014 and the Companies(Indian Accounting Standards) Rules 2015 as amended. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Ind AS financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India as specified under section 143(10) of theAct. Those Standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the standalone Ind AS financialstatements are free from material misstatement. An audit involves performing procedures toobtain audit evidence about the amounts and disclosures in the standalone Ind AS financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the standalone Ind AS financialstatements whether due to fraud or error. In making those risk assessments; the auditorconsiders internal financial control relevant to the Company's preparation of thestandalone Ind AS financial statements that give true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the standalone Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the standalone Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India: of the state of affairs of the Companyas at March 31 2018 and its profit total comprehensive income its cash flows and thechanges in equity for the year ended on that date.

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 sub-section (11) of section 143 ofthe Companies Act 2013 we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the 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 bestof our knowledge and belief were necessary for the purpose of our audit; (b) In ouropinion proper books of account as required by law have been kept by the Company so faras it appears from our examination of those books; (c) the Balance Sheet Statement ofProfit and Loss including Other Comprehensive Income the Statement of Cash Flow and theStatement of Changes in Equity dealt with by this report are in agreement with the booksof account; (d) in our opinion the aforesaid standalone Ind AS financial statementscomply with the Accounting Standards specified under Section 133 of the Companies Act2013 read with Rule 7 of the Companies (Accounts) Rules 2014 Companies (IndianAccounting Standards) Rules 2015 as amended; (e) on the basis of written representationsreceived from the directors as on 31st March 2018 and taken on record by theBoard of Directors none of the directors is disqualified as on 31st March2018 from being appointed as a director in terms of subsection (2) of section 164 of theCompanies Act 2013.

(f) with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and (g) with respect to the other mattersincluded in the Auditor's Report in accordance with Rule 11 of the Companies(Audit andAuditors) Rules 2014 in our opinion and to the best of our information and according tothe explanation given to us: i) The Company has disclosed the impact of pendinglitigations on its financial positions in its financial statements if any. ii) TheCompany has made provisions as required under the applicable law or Accounting Standardsfor material foreseeable losses if any on long term contracts including derivativecontracts. iii) There were no amounts which were required to be transferred to theInvestor 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: 29.05.2018 Membership Number: 053918

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in paragraph 1 of our report of even date) i) a) The Company hasmaintained proper records showing full particulars including quantitative details andsituation of fixed assets b) The Company has a regular programme of physical verificationof its fixed assets by which fixed assets are verified in a phased manner over a period ofthree years. In accordance with this programme certain fixed assets were verified duringthe year and no material discrepancies were noticed on such verification. In our opinionthis periodicity of physical verification is reasonable having regard to the size of theCompany and the nature of its assets. c) According to the information and explanationsgiven to us and on the basis of our examination of the records of the Company the titledeeds of immovable properties are held in the name of the Company. ii) The inventory hasbeen physically verified during the year by the management. In our opinion the frequencyof verification is reasonable. No material discrepancies were noticed. iii) The companyhas not granted loans secured or unsecured to Companies firms LLPs or other partiescovered in the register maintained under section 189 of the Companies Act 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 explanationsgiven to us the Company has complied with the provisions of section 185 and 186 of theAct with respect to the loans investments guarantee and security made where everapplicable. v) In our opinion and according to the information and explanations given tous the Company has not accepted deposits in terms of the provisions of section 73 to 76of the Companies Act 2013 and the Rules framed there under and the directives issued bythe Reserve Bank of India. vi) In our opinion maintenance of cost records pursuant to theCompanies (Cost Records and audit) Rules 2014 prescribed by the Central Government underSection 148(1) of the Companies Act 2013 are not applicable to the company during theyear under review. vii) a) According to the information and explanations given to us andon the basis of our examination of the records of the Company undisputed statutory duesincluding provident fund income-tax sales tax value added tax duty of customs servicetax cess Goods & Service Tax and other material statutory dues have been regularlydeposited during the year by the Company with the appropriate authorities. According tothe information and explanations given to us no undisputed amounts payable in respect ofstatutory dues were in arrears as at 31 March 2018 for a period of more than six monthsfrom the date they became payable. b) According to the information and explanations givento us there are no statutory dues in respect of income tax or sales tax or wealth tax orservice tax or duty of customs or duty of excise or value added tax have not beendeposited with the appropriate authorities on account of any dispute. viii) Based on ouraudit procedure and on the basis of information and explanations given by the managementthe Company has not defaulted in repayment of loans or borrowings to financialinstitutions banks or government. The Company has not issued any debentures. ix) To thebest of our knowledge and belief and according to the information and explanations givento us the company has not raised money by way of initial public offer or further publicoffer and has not taken any term loan. Other loans from bank were applied for the purposefor which these were obtained. x) In our opinion and according to information andexplanations given to us no fraud by the company or on the Company by its officers/employee has been noticed or reported during the course of our audit. xi) According to theinformation and explanations give to us and based on our examination of the records of theCompany the Company has paid/provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theAct. xii) In our opinion and according to the information and explanations given to usthe Company 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 onour examination of the records of the Company transactions with the related parties arein compliance 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 andbased on our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year. xv) According to the information and explanations given to usand based on our examination of the records of the Company the Company has not enteredinto non-cash transactions with directors or persons connected with him as referred to insection 192 of the Act. xvi) According to the information and explanations given to usthe Company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934.

For A.K. Meharia & Associates
Chartered Accountants
Firm's Registration No.324666E
(A. K. Meharia)
Place: Kolkata Partner
Dated: 29.05.2018 Membership Number: 053918

Annexure - B to the Auditors' 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 internal financial controls over financial reporting of UNIQUEORGANICS LIMITED ("the Company") as of 31 March 2018 in conjunction with ouraudit of the standalone Ind AS financial statements of the Company for the year ended onthat date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate 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 that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For A.K. Meharia & Associates
Chartered Accountants
Firm's Registration No.324666E
(A. K. Meharia)
Place: Kolkata Partner
Dated: 29.05.2018 Membership Number: 053918