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Grovy India Ltd.

BSE: 539522 Sector: Infrastructure
NSE: N.A. ISIN Code: INE343C01012
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NSE 05:30 | 01 Jan Grovy India Ltd
OPEN 142.30
PREVIOUS CLOSE 142.30
VOLUME 5
52-Week high 172.85
52-Week low 38.60
P/E 31.98
Mkt Cap.(Rs cr) 47
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 142.30
CLOSE 142.30
VOLUME 5
52-Week high 172.85
52-Week low 38.60
P/E 31.98
Mkt Cap.(Rs cr) 47
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Grovy India Ltd. (GROVYINDIA) - Auditors Report

Company auditors report

To

The Members of Grovy India Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of Grovy India Limited("the Company") which comprise the Balance Sheet as at March 31 2022 theStatement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year then ended and notes tothe financial statements including a summary of the significant accounting policies andother explanatory information.

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 theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Principles under section 133 of thecompanies Act 2013 generally accepted in India of the state of affairs of the Companyas at March 31 2022 its profit including other comprehensive income the changes inequity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing (SAs) as specified under section 143(10) of the Act. Our responsibilities underthose Standards are further described in the Auditor’s Responsibilities for the Auditof the Financial Statements section of our report. We are independent of the Company inaccordance with the ‘Code of Ethics’ issued by the Institute of CharteredAccountants of India together with the ethical requirements that are relevant to our auditof the financial statements under the provisions of the Act and the Rules made thereunderand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence obtained by us issufficient and appropriate to provide a basis for our opinion on the financial statements.

Key Audit Matters

Key audit matters (‘KAM’) are those matters that in our professionaljudgment were of most significance in our audit of the financial statements of thecurrent period. These matters were addressed in the context of our audit of the financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined that there are no key audit mattersto be communicated in our report.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the other information. Theother information comprises the information included in the Company’s Annual Reportbut does not include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated. If based on the workwe have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Responsibilities of Management and Those Charged with Governance for the FinancialStatements

The Company’s Board of Directors are responsible for the matters stated in section134(5) of the Companies Act 2013 with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performance(including other comprehensive income) changes in equity and cash flows of the Company inaccordance with the Indian Accounting Standard (‘Ind AS’) and other accountingprinciples generally accepted in India. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement 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 mattersrelated to 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.

The Board of Directors are responsible for overseeing the Company’s financialreporting process.

Auditor’s Responsibility 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 ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud 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 scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal financial controls relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management’s use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on theCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor’s report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor’s report. However future events or conditions may cause theCompany to cease to continue as a going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually 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 auditwork and in evaluating the results of our work; and (ii) to evaluatethe effect of anyidentified misstatements in the financial statements.

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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2020 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

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 purposes 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 Sheetthe Statement of Profit and Loss including Other Comprehensive Income

Statement of Changes in Equity and the Statement of Cash Flow dealt with by this reportare in agreement with the books of account;

d. In our opinion the aforesaid financial statements comply with the Ind AS specifiedunder

Section 133 of the Act;

e. On the basis of the written representations received from the directors as on March31 2022 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2022 from being appointed as a director in terms of Section 164(2) of theAct

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 our separate Reportin "Annexure B". Our report expresses an unmodified opinion on the adequacy andoperating effectiveness of the Company’s internal financial controls over financialreporting;

g. With respect to other matters to be included in the auditor’s report inaccordance with the requirements of Section 197(16) of the Act as amended. In ouropinion the managerial remuneration for the year ended March 31 2022 has beenpaid/provided by the Company to its directors in accordance with the provisions of section197 read with Schedule V to 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 as amended 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 as at March 31 2022 which wouldimpact its financial position.

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

iii. There was no amount which was required to be transferred to the Investor Educationand

Protection Fund by the Company.

iv. (a) The Management has represented that to the best of its knowledge and beliefno funds

(which are material either individually or in the aggregate) have been advanced orloaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the Company to or in any other person or entity including foreignentity ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall whether directly or indirectly lend or investin other persons or entities identified in any manner whatsoever by or on behalf of theCompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries;

(b) The Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been received bythe Company from any person or entity including foreign entity ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused us to believe thatthe representations under sub-clause (i) and (ii) of Rule 11(e) as provided under (a) and(b) above contain any material misstatement.

v. The dividend declared or paid during the year is in compliance with Section 123 ofthe

Companies Act 2013.

For Doogar & Associates
Chartered Accountants
Firm Registration No. 000561N
Vardhman Doogar
Partner
Membership No. 517347
UDIN: 22517347AKBXGR4184
Date:May 30 2022
Place: New Delhi

Annexure "A" to the Independent Auditor’s Report

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements’ section of our report to the Members of Grovy India Limited of evendate)

i. In respect of the Company’s Property Plant and Equipment: -

a. The Company has maintained proper records showing full particulars includingquantitative details and situation of property Plant and Equipment.

b. The Company has a program of physical verification of Property Plant and Equipmentto cover all the assets once every three year which in our opinion is reasonable havingregard to the size of the Company and the nature of its assets. Pursuant to the programcertain property plant and equipment were physically verified by the management duringthe year. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification.

c. Based on our examination title deeds of all immovable properties disclosed in thefinancial statements included under Property Plant and Equipment are held in the name ofthe Company as at the balance sheet date.

d. The Company has not revalued any of its Property Plant and Equipment during theyear.

e. No proceedings have been initiated during the year or are pending against theCompany as at March

31 2022 for holding any benami property under the Benami Transactions (Prohibition)Act 1988 (as amended in 2016) and rules made thereunder.

ii. (A) The inventory (excluding materials in transit and stock lying with thirdparties) has been physically verified by the management during the year. In our opinionthe frequency of such verification is reasonable and procedures and coverage as followedby management were appropriate. No discrepancies were noticed on verification between thephysical stocks and the book records that were 10% or more in the aggregate for each classof inventory.

(B) The Company has not been sanctioned working capital limits in excess of Rs. fivecrores in aggregate from banks or financial institutions during any point of time of theyear on the basis of security of current assets. Accordingly the requirement to report onclause 3(ii)(b) of the Order is not applicable to the Company.

iii. (a) During the year the Company has not provided loans advances in the nature ofloans stood guarantee or provided security to [companies firms Limited LiabilityPartnerships or any other parties]. Accordingly the requirement to report on clause3(iii)(a) of the Order is not applicable to the Company.

(b) During the year the investments made by the company are not prejudicial to theCompany's interest. Further no guarantees provided security given during the year by theCompany.

(c) The Company has not granted loans and advances in the nature of loans to[companies firms Limited Liability Partnerships or any other parties]. Accordingly therequirement to report on clause 3(iii)(c) (d) (e)and (f) of the Order is not applicableto the Company.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Companies Act 2013in respect of grant of loans making investments and providing guarantees and securitiesas applicable. v. According to the information and explanations given to us the Companyhas not accepted any deposits within the meaning of Sections 73 to 76 of the Act and theCompanies (Acceptance of Deposits) Rules 2014 (as amended). Accordingly reporting underClause 3(v) of the Order are not applicable.

vi. The Central Government has not prescribed the maintenance of cost records underSection 148 of the

Act for any of the services rendered by the Company. Accordingly reporting underclause (vi) of the Order is not applicable to the Company.

vii. According to the information and explanations given to us in respect of statutorydues:

(a) In our opinion the Company has generally been regular in depositing undisputedstatutory dues including provident fund employees’ state insurance income-taxsales tax service tax customs duty excise duty value added tax goods and service taxcess and other material statutory dues applicable to it with the appropriate authorities.

There are no undisputed amounts payable in respect of provident fund employees’state insurance income-tax sales tax service tax customs duty excise duty valueadded tax goods and service tax cess and other material statutory dues in arrears as atMarch 31 2022 for a period of more than six months from the date they became payable.

(b) According to records and information & explanation given to us there is nodues in respect of income tax service tax goods and service tax and value added taxthat have not been deposited with the appropriates authorities on account of any disputeand the forum where the dispute is pending.

viii. According to the information and explanation given to us and the records of theCompany examined by us there is no income surrendered or disclosed as income during theyear in the tax assessments under the Income Tax Act 1961 that has not been recorded inthe books of account.

ix. (a) According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or otherborrowings or in the payment of interest to any lender as at the balance sheet date.

(b) According to the information and explanation given to us and on the basis of ouraudit procedures we report that the Company has not been declared wilful defaulter by anybank or financial institution or government or any government authority.

(c) In our opinion and according to the information and explanation given to us theterm loans have been applied for the purpose for which they were obtained.

(d) According to the information and explanation given to us and the proceduresperformed by us and on the overall examination of the financial statements of theCompany we report that no funds raised on the short-term basis have been used forlong-term purposes by the Company.

(e) There is no subsidiary of the Company. Accordingly the reporting under Clause3(ix)(e) of the Order are not applicable to the Company.

(f) There is no subsidiary joint venture or associate of the company. Accordingly thereporting under Clause 3(ix)(f) of the Order are not applicable to the Company.

x. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) during the year. Accordingly the reporting underClause 3(x)(a) of the Order are not applicable to the Company.

xi. (a) During the course of the examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company noticed or reported during theyear nor have been informed of any such case by the Management.

(b) During the year no report under sub-section (12) of section 143 of the CompaniesAct 2013 has been filed by us in Form ADT – 4 as prescribed under Rule 13 ofCompanies (Audit and Auditors) Rules 2014 with the Central Government.

(c) During the course of the examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us and as represented to us by themanagement no whistle blower complaints have been received during the year by theCompany. Accordingly the reporting under Clause 3(xi)(c) of the Order are not applicableto the Company.

xii. The Company is not a Nidhi Company. Accordingly the reporting under Clause 3(xii)of the Order are not applicable.

xiii. According to the information and explanation and records made available by thecompany the

Company has complied with the provision of Section 177 and 188 of the Companies Act2013 where applicable for all transactions with the related parties and the details ofrelated party transactions have been disclosed in the financial statements as required bythe applicable accounting standards.

xiv. (a) The Company has implemented internal audit system on a voluntary basis whichis commensurate with the size of the Company and nature of its business though it is notrequired to have an internal audit system under Section 138 of the Companies Act 2013.

(b) The internal audit reports of the Company issued till the date of the audit reportfor the period under audit have been considered by us.

xv. Our opinion and according to the inf ormation and explanations given to us duringthe year the Company has not entered into any non-cash transactions with its directors orpersons connected with him. Accordingly reporting under Clause 3(xv) of the Order are notapplicable.

xvi. (a) In our opinion the Company is not required to be registered under section45-IA of the Reserve

Bank of India Act 1934. Accordingly reporting under Clause 3(xvi) (a) (b) (c) ofthe Order are not applicable.

(b) There are no other Companies part of the Group hence the requirement to report onclause 3(xvi) (d) of the Order is not applicable to the Company.

xvii. The Company has not incurred cash losses during the financial year covered by ouraudit and the immediately preceding financial year.

xviii. There has been no resignation of the statutory auditors of the Company duringthe year. Accordingly reporting under Clause 3(xviii) of the Order are not applicable.

xix. According to the information and explanations given to us and on the basis of thefinancial ratios ageing and expected dates of realization of financial assets and paymentof financial liabilities other information accompanying the financial statements and ourknowledge of the Board of Directors and Management plans nothing has come to ourattention which causes us to believe that any material uncertainty exists as on the dateof the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the Company as and when they fall due.

xx. The company is not required to spend CSR Expenditure as required by section 135 ofthe Companies

Act 2013 hence reporting under paragraph 3(xx) of the Order is not applicable.

 

For

Chartered Accountants

Firm Registration No. 000561N

Vardhman Doogar

Partner

Membership No. 517347

UDIN: 22517347AKBXGR4184

Date: May 30 2022

Place:New Delhi

Annexure "B" to the Independent Auditor’s Report

(Referred to in paragraph 2 (f) under ‘Report on Other Legal and RegulatoryRequirements’ section of our report to the members of GrovyIndia Limited of evendate)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Grovy IndiaLimited ("the Company") as of March 31 2022 in conjunction with our audit ofthe financial statements of the Company for the year ended on 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.These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company’s policies thesafeguarding 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 Companies Act 2013 ("theAct") .

Auditor’s 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 of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India (‘the Guidance Note’) and theStandards on Auditing prescribed under Section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects.

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 controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany’s 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 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2022 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For Doogar & Associates

Chartered Accountants

Firm Registration No. 000561N

Vardhman Doogar

Partner

Membership No. 517347

UDIN: 22517347AKBXGR4184

Date: May 30 2022

Place:New Delhi

.