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Shiva Suitings Ltd.

BSE: 521003 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Shiva Suitings Ltd. (SHIVASUITINGS) - Auditors Report

Company auditors report

To the Members of SHIVA SUITINGS LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of SHIVA SUITINGSLIMITED ("the Company") which comprises the Balance Sheet as at March 312015 the Statement of Profit and Loss and Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134 (5) of the Companies Act 2013 (" the Act") with respect to the preparationof these standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance withaccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014.This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the act for safeguarding of the assets of the companyfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; Making judgments and estimates that are reasonable andprudent; and the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatementswhether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the rules made there under. We conducted our audit inaccordance with the Standards on Auditing issued by the Institute of Chartered Accountantsof India as specified under section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances but not for thepurpose of expressing an opinion on whether the company has in place an adequate internalfinancial system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of the accounting estimates made by the company’sDirectors as well as evaluating the overall presentation of the 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2015;

b) In the case of statement of Profit and Loss of the Profit for the year ended onthat date; and

c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the

Central Government of India in terms of sub-section (11) of section 143 of the Act wegive in the Annexure 1 a statement on the matters specified in paragraphs 3 and 4 of theOrder.

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 our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified undersection 133 of the Act read with rule 7 of theCompanies (Accounts) rules2014; e) On the basis of written representations received fromthe directors as on March 31 2015 and taken on record by the Board of Directors none ofthe directors is disqualified as on March 31 2015 from being appointed as a director interms of section 164(2) of the Act;

f) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinionand to the best of our information and according to the explanations given to us;

i) The company does not have any pending litigations which have any impact on itsfinancial position in its financial statements.

ii) The company does not have any long term contracts including derivative contractsfor which there were any material foreseeable losses.

iii) The Company has not transferred following amounts which were required to betransferred to the Investor Education and Protection Fund :

Nature of Amount Period Rs.
Debenture Interest FY 2006-07 7571/-

For V.K. Beswal & Associates

Chartered Accountants

Firm Registration No.101083W

CA K. V. Beswal

Partner

Membership No.131054

Place : MUMBAI

Date : May 29 2015

Annexure to the Auditor's Report even date (Referred to in paragraph 1 thereof)

1. According to the information and explanations received by us from the management weare of the opinion that the question of commenting on maintenance of proper records offixed assets physical verification and any substantial sale does not arise since thecompany had no fixed assets as on 31st March 2015 or at any time during thefinancial year ended 31st March 2015.

2. In respect of Inventories:

a. As explained to us physical verification of inventories has been conducted duringthe year by the management at reasonable intervals.

b. In our opinion the procedures of physical verification of inventories followed bythe management are reasonable and adequate in relation to the size of the company andnature of its business.

c. In our opinion and according to the information and explanation given to us theCompany is maintaining proper records of its inventories and no material discrepancieswere noticed on physical verification.

3. The company has not granted any loans secured or unsecured to the companies firmsor other parties covered in the register maintained under Section 189 of the companiesAct 2013.

4. In our opinion and according to the information and explanations given to us thereis adequate internal control system commensurate with the size of the Company and thenature of its business for the purchase of inventory and sale of goods. Further on thebasis of our examination of the books and records of the company carried out inaccordance with the auditing standards generally accepted in India and according to theinformation and explanations given to us we have neither come across nor have we beeninformed of any continuing failure to correct weaknesses in the aforesaid internal controlsystem.

5. According to the information and explanations given to us the Company has notaccepted any deposits from public.

6. As informed to us the Central Government has not prescribed the maintenance of Costrecords under section 148 of the Companies Act 2013 for any of the activities of thecompany.

7. (a) According to the records of the company the Company is generally regular indepositing with appropriate authorities undisputed statutory dues including ProvidentFund Employee’s State Insurance Income Tax Sales Tax Wealth Tax Custom DutyDuty of Excise Value Added Tax Cess and other statutory dues applicable to it.

(b) According to the information and explanations given no undisputed amounts payablein respect of Income-Tax Sales Tax Wealth Tax Service Tax Customs Duty ExciseDuty/Cess were outstanding as at 31-03-2015 for a period of more than six months from thedate they became payable.

(c) According to the records of the company there are no dues of Income-Tax sales taxwealth tax service tax customs duty excise duty/cess which have not been deposited onaccount of any dispute.

(d) The Company has not transferred following amounts which were required to betransferred to the Investor Education and Protection Fund:

Nature of Amount Period Rs.
Debenture Interest FY 2006-07 7571/-

8. The accumulated losses of the company have not exceeded fifty percent of its networth as at 31.03.2015. The company has not incurred any cash loss during the currentfinancial year or in the preceding year covered by our audit.

9. As per the information and explanations given to us the company has not obtainedany loan from any financial institution or bank and issued debentures.

10. The company has not given any corporate guarantees for loans taken by others frombanks and financial Institutions.

11. According to the records of the Company the Company has not obtained any termloans during the year. Hence comments under the clause are not called for.

12. Based upon the audit procedure performed and information and explanations given bythe management we report that no fraud on or by the company has been noticed or reportedduring the course of our audit.

For V.K. Beswal & Associates

Chartered Accountants

Firm Registration No.101083W

CA K. V. Beswal

Partner

Membership No.131054

Place : MUMBAI

Date : May 29 2015