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Universus Photo Imagings Ltd.

BSE: 542933 Sector: Consumer
NSE: UNIVPHOTO ISIN Code: INE03V001013
BSE 00:00 | 28 Jan 815.00 38.80
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770.00

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815.00

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770.00

NSE 00:00 | 28 Jan 817.10 38.90
(5.00%)
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801.65

HIGH

817.10

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OPEN 770.00
PREVIOUS CLOSE 776.20
VOLUME 2026
52-Week high 820.25
52-Week low 156.00
P/E 61.23
Mkt Cap.(Rs cr) 892
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 770.00
CLOSE 776.20
VOLUME 2026
52-Week high 820.25
52-Week low 156.00
P/E 61.23
Mkt Cap.(Rs cr) 892
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Universus Photo Imagings Ltd. (UNIVPHOTO) - Auditors Report

Company auditors report

To

The Members of Universus Photo Imagings Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of Universus Photo Imagings Limited("theCompany") which comprise the balance sheet as at 31st March 2021 and thestatement of Profitand Loss (including other comprehensive income) statement of changesin equity and statement of cash flows for the year then endedand notes to the financialstatements including a summary of significant accounting policies andother explanatoryinformation (hereinafter referred to as "standalone financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in India ofthe state of affairs of the Company as at March 31 2021 and profit changes in equity andits cash flows for the year ended on that date. .

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Actand the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion. .

Emphasis of Matter

We draw attention to Note 41 to the standalone financial statements which describesthe uncertainties and the impact of Covid-19 pandemic on the Company's operations andresults as assessed by the management. Our opinion is not modified in respect of thismatter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

As on 31st March 2021 other financial assets and current assets includes amountsrecoverable from government department for which efforts for recovery are being made(refer Note No. 6 11 and 12to the standalone financial statements). Our audit proceduresconsisted of evaluating whether any change was required to management's position on theseuncertainties and the likelihood of recoverability.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality 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 financialstatements.

Information Other than the Standalone Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of 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 financial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.

When we read the other information and if based on the work we have performed weconclude that there is a material misstatement of this other information we are requiredto communicate the matter with those charged with governance.

Responsibilities of Management and Those Charged With Governance for the StandaloneFinancial Statements

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 financial statementsthat give a true and fair view of the financial position financial performance changesin equity and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the accounting Standards specified under section133 of the Act. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelatedto going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

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 Act we give in the "Annexure A" statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

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 ourknowledge 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 theCompanyso far as it appears from our examination of those books

c) The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) Statement of Changes in Equity and the Cash Flow Statement dealt withbythisReport are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccountingStandards specified under Section 133 of the Act read with Rule 7 of theCompanies(Accounts) Rules 2014.

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 terms of Section164 (2) of the Act.

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". 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 opinion and to the best of our information and according to the explanationsgiven to usthe remuneration paid 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 Ind AS Financial Statements - Refer Note No. 22to the financialstatements.

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

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Suresh Kumar Mittal & Co.
Chartered Accountants
Firm Registration No.: 500063N
Place : New Delhi Ankur Bagla
Date : 28. 06. 2021 Partner
Membership No.: 521915
UDIN:21521915AAAADF2474

Annexure A referred to in Paragraph (I) under the heading of "Report on OtherLegal and Regulatory Requirements" of our report of even date to the members of thecompany on the standalone Ind AS Financial Statements for the year ended 31st March 2020.

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

(b) The fixed assets have been physically verified by the management during the year asper the phased program designed to cover all the fixed assets over a period which in ouropinion is reasonable having regard to the size of the company and nature of its assets.Discrepancies noticed on such verification which are not material have been properlydealt with in the books of accounts.

(c) The title deeds of immovable properties are held in the name of the company.

(ii) As explained to us the inventories have been physically verified by themanagement during the year except stocks lying with third parties in respect of whomconfirmations have been obtained and the discrepancies noticed on physical verification ascompared to book record which are not material and have been properly dealt with in thebooks of account. In our opinion the frequency of such verification is reasonable.

(iii) As explained to us the company has not granted any loans secured or unsecuredto companies firms limited liability partnerships or other parties covered in theregister maintained under section 189 of the Companies Act 2013 and as such clauses (iii)(a) (b) and (c) of the order are not applicable to the company.

(iv) In our opinion and according to the information and explanations given to us noloans investments guarantees and security covered under section 185 and 186 of theCompanies Act 2013 has been given by the company.

(v) According to the information and explanations given to us the Company has notaccepted any deposits from the public within the meaning of sections 737475 and 76 ofthe Act and the rules framed thereunder and hence reporting under clause (v) of the Orderis not applicable to the Company.

(vi) The maintenance of cost records has not been prescribed by the Central Governmentunder the section 148 (1) of the Act read with companies (Cost Records and Audit) Rules2014 for the goods/product manufactured by the Company and are of the opinion that primafacie the prescribed records have been made and maintained. We have however not made adetailed examination of the said records with a view to determine whether they areaccurate or complete.

(vii) According to the records of the company examined by us and information andexplanations given to us:

a) The company is generally regular in depositing with the appropriate authoritiesundisputed statutory dues including provident fund employees' state insurance incometax sales tax service tax duty of customs duty of excise value added tax goods &service tax cess and others as applicable. There are no undisputed amounts payable inrespect of aforesaid dues outstanding as at 31st March 2020 for a period of more than sixmonths from the date they became payable.

b) There are no disputed dues of income tax or sales tax or service tax or duty ofcustoms or duty of excise or value added tax or goods and service tax outstanding as at31st March 2020 except:

Name of the statute Nature of the dues Amount (Rs in lakh) Period to which the amount relates Forum where dispute is pending
1. The Income Tax Act 80 - IB claim reduced 68.73 2005-2006 ITAT-Delhi
2. The Income Tax Act 14 A/Sales tax subsidy 161.68 2013-2014 ITAT-Delhi
3. Sales Tax Act Defective of Form C 5.26 2003-2004 Sales Tax Tribunal Guwahati
4. Sales Tax Act Non Production of Waybill 1.06 2014-2015 Sales Tax Tribunal West Bengal
5. Sales Tax Act Disallowance of Export Sales 1.16 1993-1994 Supreme Court

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of loans or borrowings to financialinstitution banks and Government and dues to debenture holders.

(ix) The company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Therefore theprovisions of clause (ix) of the order are not applicable to the company.

(x) Based on the audit procedures performed and according to the information andexplanations given to us no fraud by the Company or on the Company by its officers oremployees has been noticed or reported during the year

(xi) In our opinion and according to the information and explanations given to us thecompany has paid/ provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

(xii) The company is not a nidhi company and hence provisions of clause (xii) of theorder are not applicable to the company

(xiii) In our opinion and according to the information and explanations given to usthe Company's transactions with its related parties are in compliance with sections 177and 188 of the Act where applicable and details of related party transactions have beendisclosed in the Standalone Ind AS financial statements etc as required by the accountingstandards in notes to the Financial Statements

(xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly paid convertible debentures and hence reportingunder clause (xiv) of the Order is not applicable to the Company

(xv) In our opinion and according to the information and explanation given to usduring the year the company has not entered into any non-cash transactions with directorsor persons connected with him

(xvi) In our opinion and according to the information and explanations given to us theCompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934

For Suresh Kumar Mittal & Co.
Chartered Accountants
Firm Registration No.: 500063N
New Delhi Ankur Bagla
Date : 28. 06. 2021 Partner
UDIN:21521915AAAADF2474 Membership No.: 521915

Annexure B referred to in Paragraph (II)(f) under the heading of "Report on OtherLegal and Regulatory Requirements" of our report of even date to the members ofthecompany on the standalone Ind AS Financial Statements for the year ended 31st March 2020.

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 UniversusPhoto ImagingsLimited ("the Company") as of March 31st 2020 in conjunction withour audit of the Standalone Ind AS Financial Statements of the Company for the year endedon that 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 Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India(ICAI)". These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

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 and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement 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 controls systemover 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:

a) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

b) 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 authorizations of management and directors of the Company; and

c) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company's assets that could have amaterial 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 2020 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Noteissued by the ICAI".

For Suresh Kumar Mittal & Co.
Chartered Accountants
Firm Registration No.: 500063N
New Delhi Ankur Bagla
Date : 28.06.2021 Partner
UDIN:21521915AAAADF2474 Membership No.: 521915

.