Report on the Financial Statements
We have audited the accompanying financial statements of UNIQUE
ORGANICS LIMITED ("the Company"), which comprise the Balance Sheet as
at 31st March, 2015, the Statement of Profit and Loss and the Cash Flow
Statement for the year ended, and a 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) of the Companies Act, 2013 ("the Act") with respect to
the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under
section 133 of the Act read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls that were operating effectively
for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments; the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give true and fair view in
order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015;
(b) In the case of the statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act, 2013, we give in
the Annexure a statement on the matters specified 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 best of our knowledge and belief were necessary for the
purpose of our audit;
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books and proper returns adequate for the purposes of our audit
have been received from branches not visited by us;
(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 and with the returns received from branches not visited by us;
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
Section 133 of the Companies Act, 2013, read with rule 7 of the
Companies (Accounts) Rules, 2014.
(e) On the basis of written representations received from the directors
as on 31st March 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2015, from being
appointed as a director in terms of sub-section (2) of section 164 of
the Companies Act, 2013.
(f) With respect to the other matters included in the Auditor's Report
in accordance with Rule 11 of the Companies(Audit and Auditors) Rules,
2015, in our opinion and to the best of our information and according
to the explanation given to us:
i) The Company has disclosed the impact of pending litigations on its
financial positions in its financial statements, if any.
ii) The Company has made provisions, as required under the applicable
law or Accounting Standards, for material foreseeable losses, if any,
on long term contracts including derivative contracts.
iii) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in paragraph 1 of our report of even date)
i) a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) Fixed assets have been physically verified by the Management at
reasonable intervals. According to the information and explanation
given to us, no material discrepancies were noticed on such
verification.
ii) a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c) The Company has maintained proper records of its inventories. The
discrepancies noticed on physical verification of inventory as compared
to the book records were not material and have been properly dealt with
in the books of accounts.
iii) The company has not granted loans, secured or unsecured, to
Companies, firms or other parties, covered in the register maintained
under section 189 of the Companies Act, 2013. Therefore, provisions of
clause (iii) (a) and (b) of the said order are not applicable.
iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and nature of its business, for the
purchase of inventories, fixed asset and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in internal control system.
v) In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits in terms of the
provisions of section 73 to 76 of the Companies Act, 2013 and the Rules
framed there under and the directives issued by the Reserve Bank of
India.
vi) We have broadly reviewed the books of account maintained by the
Company, pursuant to the Companies (Cost Records and audit) Rules, 2014
prescribed by the Central Government under Section 148(1) of the
Companies Act, 2013 and are of the opinion that prima facie, the
prescribed accounts and cost 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 and complete.
vii) a) In our opinion and according to the information and
explanations given to us, Company is generally been regular in
depositing with appropriate authorities undisputed statutory dues, as
required under this clause and applicable to the Company during the
year. According to the information and explanations given to us, there
is no undisputed amount payable in respect of statutory dues,
outstanding for more than six months from the date they become payable
as on 31st March, 2015.
b) According to the information and explanations given to us, there are
no statutory dues that have not been deposited with the appropriate
authorities on account of any dispute.
c) In our opinion and according to the information and explanations
given to us, there is no amount required to be transferred to investor
education and protection fund.
viii) The Company does not have any accumulated losses at the end of
the financial year and has not incurred any cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
ix) Based on our audit procedure and on the basis of information and
explanations given by the management, the Company has not defaulted in
repayment of dues to financial institutions or banks. The Company has
not issued any debentures.
x) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
xi) To the best of our knowledge and belief and according to the
information and explanations given to us, the company has not taken any
term loan. Other loans from bank were applied for the purpose for which
these were obtained.
xii) In our opinion and according to information and explanations given
to us, no fraud on or by the Company has been noticed or reported
during the course of our audit.
For A.K. Meharia & Associates
Chartered Accountants
(A. K. Meharia)
Partner
Place: Kolkata Membership No.53918
Dated: 27th May, 2015 Firm Reg. No. 324666E |