To the Members of
UNJHA FORMULATIONS LIMITED
Report on the Standalone Financial Statements
Wo haye audited Iho accompanying standalone financial statements erf Unjha Formulations
Limited (the Company!, which comprlsu iho tHiInnco shoot as at 31 March 2021 ihrr
t.taUiment of profit and low itnd Iho cash flow statement for Iho year then ended, and a
summary of significant accounting policies and other explanatory information
Managements Responsibility for the Standalone Financial Statements
The Comprin/s Board of Directors in responsible for the matters stated in Section
iS4(5)of the Companler. Act. 20131 the Ad) with res()ect to the preparation and
presentation of these standalone linanciat statements that give a true and lair view of
the financial poaiUon. financial performance and cash flows of the Company in accordance
with the accounting principles generally accepted in India, including the Accounting
Standards specified undei Section 133 of the Act. read with Rule 7 of the Companies
(Accounts) Rules, 2014 Tni& responsibility also includes maintenance of adequate
-iccourtang records in accordance with the provisions of the Act for safeguarding the
assets of Iho Company and for preventing and detecting frauds and othor irregularities
selection and application of appropriate accounting policies, making judgments
and-estimates that are reasonable and prudent: and design implementation arid maintenance
of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting reoords r&levnnf to the preparation and
presentation of the financial statements Ilia! give a true and fan view and are free from
material misstatement, whether duo to fraud or nrrot
Auditors Responsibility
Our rosponsjDilfty is to express an opinion cm these standalone financial statements
oased on out audit.
Wu have token into account tne provisions of ll to Act the accounting and auditing
standards and matters which are lequired to be Included in Iho audit report under iho
provhionn of the Ac! and the Rules inode there under
Wis conducted our audit m accordance with the Standards on Auditing specified under
Section 143(10) of the Act Those Standards raguire that wo comply with ethics!
requirements and plan and perform the audit to obtain reasonable assurance about whether
toe financial statements are free from material misstatement
An audit involves performing procedures to obtain audit evidence about the amounts and
the disclosures In the financial statements. The procedures selected depend on the
auditors judgment, including the assessment of Ifte risks of material misstatement of tho
financial statements, whether due to fraud or error In making those risk assessments, the
uuijltor considers Internal financial control relevant to the Companys preparation of tho
financial statements that give a true and fair view in order to design audit procedures
that are appropnale in the arcurmttances. An audit also includes evaluating pin
appropriate ness of tho
Accounting policies uaed and the reasonableness of the accounting estimates made by the
Companys Directors, aa well as evaluating the overall presentation of the financial
statements
Wo believe that the audit evidence we nave obtained is sufficient arid appropriate to
provide a basis for our audit opinion on the standalone financial statements
Opinion
In our opinion and to the best of our information anti according to the explanations
given to us, the aforesaid standalone financial statements give Urn information required
!:y Ihe Act in the manner so required arid give a hue nnd fair viow in conformity with tho
accounting principles genu rally accepted in India, of the state of affairs ol the Company
as at 31 March 2021 and Its profit and Its cash Hows for the year ended on that dale.
Roport on Other Legal and Regulatory Requirements
1 As required by the Companies (Auditors Report) Order, 2016 fthe Order") Issued
by the Central Govornmuril of India in terms of sub-section (11) of section 143 of tho
Act, wofliva in tho AnnexwrnA. a statement on the matters specified in tfie paragraph 3
and 4 of the order
2. As required by Section 143 (3) of Urn Act. we reporting!
a) we have sought and obtained alt Ihe information and explanations which to the best
of our knowledge and belief wore necessary tor tho purposes of our audit
b) in our opinion proper books ot account as required by law have been kopt by the
Company so far as t appears from our examination of those books:
ct the balance si loot, the Statement of profit and loss and the cash flow statement
doaft with oy fhig Report ate in agreement with the bonks of account;
d) in our opinion, the aforesaid standalone financial -Jtatements comply wilh Ihfc
Accounting Standards specified under Section 133 ot the Act read with Rule 7 cf the
Companies (Accounts) Rules. 2014;
e) on the basts cif the written representations received from Itie directors as on 31
March 2021 taken on record by Ihe Beard of Directors, none of the directors is
disqualified as on 31 March 2021 from being appointed rth a director in terms Of Section
164 (2) of the Ad;
f) with resped to Ihe adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of sudi controls, refer to out
separate report In "Annoxurp B"; and
g) willi respect to the other matters to be included in the Auditors Report m
accordance with Rule 11 of the Companies (Audit arid Auditors) Rules, 2014. (n our opinion
and to the best of our information and according U the explanations given to ua
I Tho Company has dlsdosed the impac! c*f ponding litigations on its financial position
in lb; financial stutnmenta
II The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any on long-term contracts including
derivative contracts.
III. There has been no delay in transferring amounts, required to be transferred to the
Investor Education and Protection Fund by tho Company
| Date;-21 Jun&,2021 |
Fnr, Ms Miiind Shah & Co |
| PtecsyAJimodnbed |
Chartered A ccountants |
|
MILJNDKSHAH (Proprietor) |
|
fwl.NO 036482 FR NO 127734W |
|
UDIN NO 21G36462AAAAAW1577 |
Annoxurc • A to tho Auditors* Rnport
Thu Armoxure reforrnd to in Independent Auditors Report to the members of tho Company
on tlie standalone financial statements for the year ended 31 March 2021.
wc report that:
(i) (3) The Company has maintained proper records showing lull particulars, including
quantitative details ami situation of fixed assets
(tTho Company has d regular programme of physical verification of 11 r. fixed assets
by wh irJi fixed nunetn are verified In a phased manner over a period of three years In
accordance with this programme, certain fixed assets were verified during tho year and no
materiel discrepancies were noticed on such verification in our opinion, this periodicity
of physical verification is reasonable having legard to tho ruze of ihe Company and the
nature of i ts assets
(c) According to ihe Information and ox plana! ions given to us and an tho basis of our
examination of the records of the Company, he title deeds of immovable properties are
held In the name of tho Company
(if) As explained to ur. me inventories were physically verified during Ihe year by ihe
Management at reasonable intervals and no male dal discrepancies were noticed on physical
verification
(ill) The Company him not granted any loans, secured or unsecured to companies, firms;,
limited liability partnerships or other parlies covered In fits resists r maintained under
Section t 89 of the Ac!
(iv) In our opinion and (recording io Ihe information aixf explanations given to uu the
Company has compiled with Ihs provisions ol section 185 and 186 of the Act. with respect
to the loans and investments made
(v) The Company has not accepted any deposits from the public
(v!) The Central Govemmonl has not prer.cnbod Ihn maintenance ol cost records under
section 148(1) of Ihe Act for any of the services rendered by the Company
(vni toj According to tho information and explanations grvon to us and on the basis of
our examination of the records of the Company, amounts deducted/ accrued m the hooks of
account in respect of undisputed statutory dues inducting provident fund, rncome-tux.
safes tax. value added tax. duty of customs, service tax, cess and cifhnr materiel
statutory dues have been regularly doposllod during the year by the Company with Ihe
appropriate aulhoniies. As explained to us, the Company did not havb any dues on account
of employees slate insurance and duty of excise
According to ttie information and explanations given to us, no undisputed amounts
payable in respect ot provident fund income tax. sales tax. value added tax duty of
customs, service Lax cess and other malarial statutory dues wore In mreure as at 31 March
2021 for ;t period of more than six months from the date they became payable.
(b) According to the information and explanations given to us. mere are no material
duos of duty of customs Income tax. sales lax. duly of excise, sor/lco tax and value added
tax
(viu) :n got opinion and according to the Information and explanation* given to us, the
Company lias nol defaulted In the repayment cif loans or borrowings to bankn The Company
dees not have any loans or borrowings from financial institutions or government arid has
not issued any debentures
(ix) Trie Company dirt noi rase any money by way of initial public otter or further
public offer (Including debt instruments) and term loans during the year Accordingly,
paragraph 3 (ix) of thir? Order is not applicable.
ix) According Id the information and explanation* given to us no material fraud by Die
Company or on the Company by Its officers or employees has been noticed or reported during
the course of our audit
(xi) According to the information and explanations give to us and based on our
examination of the records of the Company, the Company has paid ^provided for managerial
remuneration in accordance with the requisite approvals mandated by the provisions of
section 197 read vytlh Schedule V to the Act.
(xil) In our opinion and according to die Information and explanations given to us, the
Company is not a nldhl company Accordingly paragraph 3fxii) of the Older In not applicable
\xiii) According to the information and explanations given to us and based on our
examination of the records of the Company transactions with the related parties are fn
compliance with sections 177 and 188 of the Act where applicable and details of such
transactions have been disclosed in the financial statements as required by the applicable
accounting standards
(xtv) According to the information and explanations give to us and based on our
examination Of the records of the Company, the Company has nc-t made any pre ferentiat
allotment or pnvate placement of shares or fully or partly convertible debentures during
the year
(xv) According to the information and explanations given to us and based on our
examination of the records of the Company the Company lias not entered Into non-cash
transactions with directors ot persons connected with him. Accordingly, paragraph 3(xv)of
the O/der is not applicable
(xvi) The Company In not required to be registered undet section 45-lAaf the Reserve
Bank of India Act 11)34
Annexure • B to the Auditors* Report
Report on Iho Irrtornal Financial Controls undor Clause (i) of Sub*soction 3 of Section
143 of tho Companies Act. 2013 ("the Act")
We have audited the internal financial controls ovar financial reporting ol Unjhn
Formula Hons Limited ( ins Company) 35 ot 31 March 2021 in coniunr.ilon with our audit oi
the standalone financial statements of tho Company for the year ended on that date
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls baseci on the ml8mal control over financial reporting crltenn
established by the Company r.ons*denng tne essential components of internal control stated
in the Guidance Mots on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India flCAl). These responsibilities
Include tile design. Implementation ncJ maintenance of adequate internal financial
controls that wore operating effectively for ensuring the orderly and efficlenl conduct of
its business including adherence to companys policies, fhe safeguarding ol its assets the
prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information 3s
required under thft Companies Act. 2013
Auditors Responsibility
Our responsibility s to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
(the ‘Guidance Note*) and the Standards on Auditing, issued by ICA! and deemed to be
prescribed under section 143(10) of the Companies Act. 2013. to the extent applicable to
an audit of Internal financial controls, both applicable to an audit of Internal Financial
Controls 3nrt, both Issued b v t he institute of Chartered Accountants nf India Those
Standards and the Guidance Note require that we comply with ethical requirements and plan
and perform the audit to ohtain reasonable assurance sixiut >vhether adequate internal
financial controls over financial reporting was established and maintained and if such
controls operated effectively in all material respects
Our audit involves performing proceduios to obtain audit evidence about tho adequacy of
the interna) financial controls system aver financial reporting and Ihair operating
effectiveness Our audit cif internal financial controls over financial reporting Included
obtaining an understanding of internal financial controls over financial reporting
assessing the nsk that a materia! weakness exists, and footing and evaluating the design
and operating effectiveness of infernal control based on the assessed risk The procedures
selected depend on the auditors judgment including the assessment of the risks ot
material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate* to
provide a basis tor our audit opinion on the Companys internal finonclol controls system
over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial contra) over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial stot aments for external purposes in accordance with generally
accepted accounting principles. Acompany6 internal financial control
over financial reporting includes those policies and procedures mat (1) pertain to the
maintenance of records that, in reasonable betail, accurately and fairly reflect tne
transactions and dispositions of the assets of the company. (2) provide reasonable
assurance that transactions are recorded as necessary to pormil preparation of financial
statements in accordance with generally accepted accounting pnndptes and that receipts and
expenditures of Ihe company are being made only In accordance with authorizations ol
management and directors of the company, and (3) provide reasonable assurance regarding
prevention or timely defection af unaulhorlzed acquisition usa or disposition of (he
companys assets that could have a material effect on the financial statements
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of Ihe inherent limitations of internal financial controls over financial
reporting, Including the possibility of collusion or improper management override of
controls, material misstatements clue to error or fraud may occur and not be detected.
Also, projections otany evaluation of the internal financial controls over financiol
reporting to future ponods are subject to Ihe risK that Ihe internal financial control
over financial reporting may become inadequate because of cha nges in conditions, or that
the degree of compliance with the policies or procedures may deteriorate
Opinion
In our opinion the Company has. fcn all matonal respects, an adequate intomat financial
controls system over financial reporting and such internal financial controls over
financial reporting were op-eralmg effectively as al 31 March 2021, based on the internal
control over financial reporting catena established by the Company considering the
essential components of internal control stated in the Guidance Nolo on Audit of Internal
Financial Controls Over Financial Reporting issued by trie Institute of Chartered
Accountants of India
| Date -21 June. 2021 |
For. Mfe.Milind Shah & Co |
| Plua* -Ahmvdubad |
CHnrto nxi Accountants |
|
MILIND K SHAH (Propnetor) |
|
M NO 03G4S2 . FR.NO I27734W |
|
UDtN NO 21036*182AAAAAW1577 |
+91-9892691696
