Unick Fix-A-Form And Printers Auditors Report


We have audited the accompanying financial statements of UNICK FIX-A-FORM AND PRINTERS LIMITED (“the Company”), which comprise the balance sheet as at March 31, 2023, and the Statement of Profit and Loss and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013 (‘Act) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, its Profit and cash flows for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended ("the Act). Our responsibilities under those Standards are further described in the "Auditors Responsibilities for the Audit of the Standalone Financial Results" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters:

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Ind AS financial statements for the financial year ended March 31, 2023. These matters were addressed in the context of our audit of the Standalone Ind AS financial statements as a whole, we do not provide a separate opinion on these matters.

Managements Responsibility for the Financial Statements

The Statement has been prepared on the basis of the annual standalone financial statements for the year ended March 31, 2023. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that give a true and fair view of the Profit and other comprehensive income and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued there under and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations, This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 the 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 Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing Statement, the Board of Directors are responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Standalone Financial Results

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 there under.

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 auditors 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 Companys preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Companys 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.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 (“the Order”) issued by the Central Government in terms of Section 143 (11) of the Act, 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 an explanation which is to the best of our knowledge and beliefs were necessary for the purposes of our audit. b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books. c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account. d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with the Companies (Indian Accounting Standard) Rules, 2015, as amended e) On the basis of written representations received from the directors as on 31 March, 2023, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2023, from being appointed as a director in terms of Section 164(2) of the Act. f) With respect to the other matters included in the Auditors Report and to our best of our information and according to the explanations given to us: i. The Company does not have any pending litigations which would impact its financial position. ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses. iii. There is no amount required to be transferred, to the investors education & Protection Fund by the Company.

For, G M C A & Co.

Chartered Accountants FRN: 109850W

CA. Mitt S. Patel

Place: Ahmedabad (Partner)

Date: 22nd May 2023

Membership No. 163940

UDIN : 23163940BGPZMP8907

Annexure: A

Reports under The Companies (Auditors Report) Order, 2020 (CARO 2020) for the year ended on 31st March, 2023

Referred to in paragraph 1 under heading “Report on other legal and regulatory requirements” 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) All the fixed assets were physically verified by the management during the year. We are informed that no material discrepancies were noticed on such verification.

(c) The title deeds of the immovable property are in the name of the Company.

(d) The Company has not revalued its property, plant and equipment .

(e) There are no proceedings have been initiated against the company for holding any benami property under the Benami Transactions (Prohibition) Act , 1988 and rules made thereunder.

(ii) The inventories have been physically verified during the year by management. In our opinion, the frequency of verification is reasonable and the coverage and procedure for such verification is appropriate. As explained to us, there were no material discrepancies noticed on physical verification of inventories as compared to the book records.

(iii) The Company has neither made investments in nor provided any guarantee or security or granted any loans, secured or unsecured to Companies, firms and LLPs or any other entity covered in the register maintained under Section 189 of the Act. Consequently, requirement of clauses (iii,a), (iii,b) , (iii,c), (iii,d), (iii,e) and (iii, f) of paragraph 3 of the order are not applicable.

(iv) As regard loans, investments, guarantees, and security, the provisions of section 185 and 186 of the Companies Act, 2013 have been complied with.

(v) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits within the meaning of any directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Rules framed thereunder.

(vi) The maintenance of the Cost records is not applicable to the Company as per Companies (Cost Records and Audit) Rules,2014 prescribed by the Central Government under Section 148(1) of the Companies Act,2013.

(vii) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues Including Goods and Services Tax, Provident Fund, Employees state insurance, Income Tax, sales-tax, Service Tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of outstanding statutory dues were in arrears as at March 31, 2023 for a period of more than six months from the date they become payable.

(b) There are no any amounts under dispute which are required to be deposited by 31st March,2023.

(viii) There are no transaction which are not recorded in the books of account which have been surrendered or disclosed as income during the year in the tax assessment under the Income tax Act 1961.

(ix) According to the information and explanations given to us, the Company has neither defaulted in repayment of dues to nor declared defaulter by the Banks, Financial Institutions or any other lender. The Company has applied the term loan fund for the purpose for which it has been raised. No short term funds have been utilized for long term purposes. Company has not taken any funds from any entity or person on account of or to meet obligation of others. Company has not raised loans during the year on the pledge of securities held in any other company.

(x) To the best of our knowledge, belief and information and explanations given to us the Company has not raised the moneys by initial public offer or further public offer or by any preferential allotment or private placement of shares or convertible debentures.

(xi) To the best of our knowledge and belief and according to information and explanations given to us, no fraud by the Company or any fraud on the Company has been noticed or reported during the year. No report by the auditors under section 143(12) of the Companies Act in the Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors ) Rules, 2014, has been filed with the Central Government. During the year Company has not received any whistle-blower complaints during the year.

(xii) As the Company is not a Nidhi Company, the paragraph (xii) is not applicable to the company.

(xiii) As per our belief and information and explanations provided to us, all transaction to the related parties are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc. as required by the applicable accounting standards.

(xiv) The Company has internal audit system commensurate with the size and nature of its business. The reports of internal auditors have been considered by the statutory auditors.

(xv) As informed to us and as per information and explanations given to us, the company has not entered In to any non cash transactions with directors or persons connected with them as per provisions of Section 192 of the Companies Act, 2013.

(xvi) In our opinion the company is not required to be registered under section 45IA of the RBI Act, 1934.

(xvii) Company has neither incurred cash losses in the financial year also nor in the immediately preceding Financial year.

(xviii) There is no resignation of the statutory auditors during the year.

(xix) On the basis of the financial ratios, ageing and expected date of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements and knowledge of the Board of Directors and management plans, we are of the opinion that no material uncertainty exists as on the date of audit report that company is capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date.

(xx) As Provision of section 135(5) of the Companies Act, is not applicable to Company, this clause is not applicable to the Company.

(xxi) As this is the standalone financial statements of the company, the provisions of this clause is not applicable to the Company.

For, G M C A & Co.

Chartered Accountants

FRN: 109850W

CA. Mitt S. Patel

Place: Ahmedabad (Partner)

Date: 22nd May 2023

Membership No. 163940

UDIN : 23163940BGPZMP8907

Annexure: B

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of M/S. Unick Fix-A-Form & Printers Ltd.(“the Company”) as of March 31, 2023 in conjunction with our audit of the standalone financial statements of the 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. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of 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, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is 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 ICAI 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 and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether 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 procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of 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 for our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys 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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2023.

For, G M C A & Co.

Chartered Accountants FRN: 109850W

CA. Mitt S. Patel

Place: Ahmedabad (Partner)

Date: 22nd May 2023

Membership No. 163940

UDIN: 23163940BGPZMP8907